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260224.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, February 24, 2026, Vol. 30, No. 55 Headlines 10 LAWRENCE LLC: Hires BFSNG Law Group LLP as Counsel 24/7 TOWING: Hires Hayward PLLC as Bankruptcy Counsel 52 SALEM: Voluntary Chapter 11 Case Summary 568 REALTY: Files Amendment to Disclosure Statement AETC INC: Claims to be Paid from Rental Income & Sale Proceeds ALABAMA AUTO: Hires Spain & Gillon LLC as Legal Counsel ALL SOUTH AC: Case Summary & Eight Unsecured Creditors ALTICE USA: Suit vs. Lenders Moves Forward Despite Dismissal Bid AMENTUM HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable AMI ENTERPRISES: Trustee Hires Ordinary Course Professional ARMADILLO PIZZA: Case Summary & Five Unsecured Creditors ARTELLA SOLUTIONS: Voluntary Chapter 11 Case Summary AVANT GARDNER: Reaches Settlement with Electric Zoo Fans B&BC ESTATES: Case Summary & Four Unsecured Creditors BEDFORD CAPITAL: Seeks to Hire NRRK Inc. as Accountant BEELINE HOLDINGS: AWM Investment Holds 6.6% Equity Stake BICK GROUP: Unsecureds to Get Share of Income for 5 Years BKM HOLDINGS: Hires Stevenson & Bullock P.L.C. as Counsel BLACK SHEEP: Hires Adelman & Gettleman Ltd. as Counsel BLUE RIBBON: Moody's Affirms 'Caa3' CFR, Outlook Remains Negative BLUESTAR MARKETING: Case Summary & Four Unsecured Creditors BURMAN'S TREE: Hires Donald C. Darnell Esq. as Counsel BUTTE PROPERTY: Hires Power Law P.C. as Legal Counsel CACI INTERNATIONAL: S&P Rates Proposes $800MM Term Loan B-2 'BB+' CAMPBELL REALTY: Seeks to Extend Plan Exclusivity to May 18 CAROLINA CLEANING: Case Summary & 11 Unsecured Creditors CARROLL CREEK: Gets Interim OK to Use Cash Collateral CEDAR HAVEN: Receiver Hires Cunningham Chernicoff as Counsel CHOATE ENGINEERING: Hires Strawn Law Firm as Counsel CLEVELAND AVENUE: Unsecureds Will Get 55% of Claims over 60 Months COAST TO COAST: U.S. Trustee Unable to Appoint Committee COMPASS COFFEE: Caffe Nero to Purchase Company Out of Bankruptcy CONKLIN MEDIA: Unsecureds Will Get 10% of Claims over 36 Months COOPER-STANDARD AUTOMOTIVE: Moody's Rates New First Lien Notes 'B3' CORNERSTONE GENERATION: Moody's Affirms Ba2 on Secured Loans COVETRUS INC: MWI Animal Transaction No Impact on Moody's 'B3' CFR CPV VALLEY: S&P Assigns 'BB-' Rating on $325MM Term Loan B CREATIVE FOODS: U.S. Trustee Unable to Appoint Committee CYTOSORBENTS CORP: Avenir Corp, James Rooney Hold 8.3% Stake DATAVAULT AI: Gregory Castaldo No Longer Holds Shares DATAVAULT AI: Joseph Reda, SEG No Longer Hold Shares DELTA OAKS: Hires Totaro & Shanahan LLP as Legal Counsel DFND SECURITY: Expands Scope of Work of Goe Forsythe & Hodges E. GLUCK CORP: Committee Hires Foresight as Financial Advisor EDDIE BAUER: Gets Interim OK to Use Cash Collateral EDGE DOCUMENT: Seeks to Extend Plan Filing Deadline to March 19 ENERGIZER HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B+' ICR ESSEX REAL: Dismissal of "Weeks" Defamation Case Upheld EXECUTIVE SPINE: Seeks Chapter 7 Bankruptcy in New Jersey EYWA TRADING: Hires Law Office of Jeremy T. Wood as lead Counsel FAIRFIELD WILLIAMSBURG: Hires Hilco as Real Estate Agent FAIRFIELD WILLIAMSBURG: Hires Omni as Administrative Agent FAT BRANDS: Hires GLC Advisors & Co as Investment Banker FAT BRANDS: Hires Huron Consulting Services as Financial Advisor FAT BRANDS: Hires Latham & Watkins LLP as Counsel FCG ACQUISITIONS: S&P Affirms 'B-' ICR, Outlook Stable FINANCE OF AMERICA: Beach Point Entities Report 8.3% Stake FIRST BRANDS: Examiner Hires Guidepost Solutions as Accountant FIRST BRANDS: Onset Responds to $2.9-Bil. Fraud Claims FLIPCAUSE INC: Trustee Hires Cole Schotz P.C. as Counsel FLYING HORSE COMMUNICATION: Seeks Chapter 7 Bankruptcy in Montana FRESCO BAGELS: Commences Chapter 7 Bankruptcy in New Jersey FRIEDENBACH FAMILY: Case Summary & 20 Largest Unsecured Creditors G&D TRANSMISSION: Hires Kantrow Law Group as Counsel GENESIS ENERGY: Moody's Rates New Sr. Unsecured Notes Due 2034 'B2' GLOBAL JOINT: Unsecureds Will Get 13.7% of Claims in Sale Plan GOLDEN TIGER: Seeks Chapter 7 Bankruptcy in California GPS HOSPITALITY: S&P Suspends 'SD' Long-Term Issuer Credit Rating GREENWAVE TECHNOLOGY: Gregory Castaldo No Longer Holds Shares GREENWAVE TECHNOLOGY: Joseph Reda, SEG No Longer Hold Shares H & H FAST: Court Tosses Appeal in Toorak Capital Case HEALTHY OCEANS: Hires Sherman and Boone as Real Broker HFR HOLDING: Claims to be Paid from Continued Operations HUBBARD RADIO: Moody's Cuts CFR to Ca & Alters Outlook to Stable ICRYO BRANDS: U.S. Trustee Appoints Creditors' Committee INDEPENDENCE BEVERAGES: Case Summary & 18 Unsecured Creditors J&L INVESTMENTS: Case Summary & Four Unsecured Creditors JASNIA REALTY: Case Summary & One Unsecured Creditor JERSEY AUTO: Seeks Subchapter V Bankruptcy in New Jersey JJTA18 REAL: Gets Interim OK to Use Cash Collateral JOBEE EXPRESS: Cash Collateral Hearing Set for Feb. 25 JSMITH CIVIL: Challenge to Barnhill Claim Ongoing JUMP PEORIA: Gets Interim OK to Use Cash Collateral KARYOPHARM THERAPEUTICS: Net Loss Surges to $196 Million in 2025 KIRKBRIDE LAND: Plan Exclusivity Period Extended to April 12 KMART CORP: "Scotland" Case Dismissed Without Prejudice KOSMOS ENERGY: American Century Investment Holds 2.4% Stake LANCASTER PACKAGING: Hires Madoff & Khoury LLP as Counsel LEEBAN HOLDINGS: Voluntary Chapter 11 Case Summary LIMETREE BAY: Loses Bid to Stay Boynes, et al., Case LIVEONE INC: Posts $4.1MM Net Loss in Q3, Warns of Liquidity Strain LUNA CAFE: Seeks Chapter 7 Bankruptcy in Pennsylvania MAPLE RIDGE: Hires Hilco Real Estate as Real Estate Broker MARE ISLAND: Seeks Chapter 11 Bankruptcy in California MAST TRUCKING: Seeks to Hire WM Law as Counsel MAZCOTA LLC: Case Summary & Three Unsecured Creditors MILAN SAI: Gets Final OK to Access Cash Collateral MORE OPPORTUNITY: Hires Allan D. NewDelman P.C. as Counsel MORRIS REAL: Hires Austin's Accounting Services as Accountant MOTOS AMERICA: Hires Shaw & Nielsen P.C. as Accountant MOUNTAIN VIEW: Involuntary Chapter 11 Case Summary MOUNTAINEER MERGER: Moody's Rates New First Lien Term Loan 'Ca' MULTI-COLOR CORP: Ch. 11 Sale Hearing Delayed Over Marketing Claims MULTI-COLOR CORP: DOJ Challenges Chapter 11 Bankruptcy Venue NATEL ENGINEERING: S&P Withdraws 'CCC' Issuer Credit Rating NEAREST GREEN: Judge Orders Receivership to Retain Original Scope NEVADA RISE ACADEMY: S&P Assigns 'BB-' ICR, Outlook Stable NEW DESIGNS CHARTER: S&P Affirms 'BB+' LT Rating on Revenue Bonds NEWARK EXPO: Hires Law Office of Ruth Auerbach as Counsel NEWKIRK LOGISTICS: Hires Whitaker Chalk as Bankruptcy Counsel NORCOLD LLC: Judge Expresses Intent to Confirm Chapter 11 Plan NORDICUS PARTNERS: Posts $1.25MM Q3 Net Loss, Warns of Cash Crunch NOVA HOME: Case Summary & Four Unsecured Creditors O'BRIEN ENERGY: Hires Amann Burnett PLLC as Counsel OASIS GB: Hires Taylor Porter as Special Litigation Counsel OEP GLASS: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable OFFICE PROPERTIES: U.S. Trustee Opposes Approval of Chapter 11 Plan OLE BISTRO: Hires Fuchs Law Office LLC as Counsel OSTENDO TECHNOLOGIES: Gets Final OK to Use Cash Collateral PARAISO INFANTIL: Hires Bufete Emmanuelli as Legal Counsel PAT MCGRATH: Hires Paladin Management, Gary Lembo as CRO PCR AGAWAM: Case Summary & One Unsecured Creditor PETER DAMON: Hires Vivona Pandurangi PLC as Bankruptcy Counsel PINE GATE: Seeks to Extend Plan Exclusivity to June 4 PIZZAHQ NJ: Seeks Subchapter V Bankruptcy in New Jersey PLATINUM HEIGHTS: Plan Exclusivity Period Extended to March 24 PMHC II: S&P Lowers ICR to 'D' on Distressed Debt Restructuring PPF GIN: Court Extends Cash Collateral Access to March 27 PRECIOUS GEMS: Seeks Chapter 11 Bankruptcy in New Jersey PRIMALEND CAPITAL: Court Confirms Chapter 11 Plan w/ Asset Sales RAMH ENTERTAINMENT: Case Summary & 13 Unsecured Creditors RED ROCK: Case Summary & 20 Largest Unsecured Creditors REIGN ROOFING: Case Summary & Nine Unsecured Creditors REINFRO LLC: Case Summary & 16 Unsecured Creditors RM IMAGING: Gets Interim OK to Access Cash Collateral ROCKY MOUNTAIN: Wax Asset Management Holds 2.51% Equity Stake ROYAL HASS: Gets Interim OK to Use Cash Collateral Until March 16 RUSSELL E. FORCHION: Seeks Subchapter V Bankruptcy in New Jersey RYVYL INC: Arena Investors and Affiliates No Longer Hold Shares S2 ENERGY: Unsecured Creditors to Get Nothing in Plan SAKS GLOBAL: Landlords Seek Protections in Chapter 11 Funding Deal SAKS GLOBAL: Wins Final Approval for $1.2B+ in Chapter 11 Financing SAN JUAN CROSSINGS: Case Summary & Seven Unsecured Creditors SCILEX HOLDING: Oramed Pharmaceuticals Holds 4.9% Equity Stake SCOTLAND DEVELOPMENT: Case Summary & Six Unsecured Creditors SIDE YARD: Unsecureds to Recover 12.4% via Quarterly Payments SIERRA TRAIL: Involuntary Chapter 11 Case Summary SOBE THERMAL: Receiver Reg Martin Agrees to Resign SSI PRODUCTS: Hires Stuart C. Hill Jr. CPA PLLC as Accountant STARSHIP LOGISTICS: Files Amended Plan; Plan Hearing April 14 TAWR PROPERTY: Gets Interim OK to Use Cash Collateral TECH READY: Hires Houston Legal Counsel as Special Counsel TESSEMAE'S LLC: Court Narrows Claims in McDermott, et al., Case THENTIA GLOBAL: Chapter 15 Case Summary TRIPLE CROWN: Starts Chapter 11 Bankruptcy in Kentucky TVT HOLDINGS: Hires Law Office of Jeremy T. Wood as Lead Counsel UNIVISION COMMUNICATIONS: Moody's Alters Outlook on CFR to Stable VANGUARD DEVELOPMENT: Hires Pare & Associates LLC as Counsel VERASTEM INC: Nantahala Capital Holds 4.72% Equity Stake VILLAGE ROADSHOW: Secures Court Approval for Liquidation Plan Vote VOCI CENTER: Cash Collateral Hearing Set for Feb. 25 WALKING COMPANY: Court Affirms Dismissal of MOAC's MUVTA Claim WEBSTERNT LLC: Seeks to Hire Maltz Auctions Inc. as Broker WEST RIDGE: Seeks to Hire Schneider Downs as Tax Advisor X4 PHARMA: Nantahala Capital Holds 2.80% Equity Stake YELLOW CORP: Asks Supreme Court for Pension Liability Ruling Review [] Finance and Public M&A Partners Join Latham & Watkins [] Lucas Schneider Joins Husch Blackwell's Insolvency Practice ********* 10 LAWRENCE LLC: Hires BFSNG Law Group LLP as Counsel ----------------------------------------------------- 10 Lawrence, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ BFSNG Law Group, LLP as counsel to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are: Partners $600 to $725 per hour Associates $500 to $550 per hour Paralegals $210 per hour Prior to the petition date, the Debtor paid the firm a retainer of $15,000, plus $1,738 filing fee. In addition, the firm will seek reimbursement for expenses incurred. Mr. Cohen 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: Mark E. Cohen, Esq. BFSNG Law Group, LLP 6851 Jericho Turnpike, Suite 250 Syosset, NY 11791 Tel: (516) 747-1136 About 10 Lawrence, LLC 10 Lawrence, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 8:25-bk-74257) on Nov 04, 2025. The Debtor hires BFSNG Law Group, LLP as counsel. 24/7 TOWING: Hires Hayward PLLC as Bankruptcy Counsel ----------------------------------------------------- 24/7 Towing and Recovery, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Hayward PLLC as bankruptcy counsel. The firm's services include: a. give the Debtor legal advice with respect to its powers and duties as Debtor as Debtor-in-Possession in the continued operation of its business and management of its property; b. advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; c. prepare and file Voluntary Petition, DIP Loan Financing, and other paperwork necessary to commence this proceeding; d. assist in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, and any amendments thereto; e. assist in preparing the Initial Debtor's Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; f. represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor; g. represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the Chapter 11 Case, and in obtaining the necessary approvals of such sales or refinancing by this Court; and h. assist the Debtor in the formulation of, among other things, a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. The firm will be paid at these rates: Charlie Shelton $600 per hour Other attorneys and clerks $300 to $550 per hour Paralegals $150 to $215 per hour Legal Assistants $95 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On Dec. 22, 2025, the Debtor paid $10,000 as a retainer. Charlie Shelton, a partner of Hayward PLLC, 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: Charlie Shelton, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7102 Email: cshelton@haywardfirm.com About 24/7 Towing and Recovery, LLC 24/7 Towing and Recovery LLC provides towing, vehicle recovery, and roadside assistance services to motorists and commercial operators. 24/7 Towing and Recovery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-70014) on January 15, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Shad M. Robinson handles the case. The Debtor is represented by Herbert C. Shelton II, Esq. of Hayward PLLC. 52 SALEM: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: 52 Salem Street LLC 84 State Street 8th Floor Boston MA 02109 Business Description: 52 Salem Street LLC provides real estate services related to property transactions, assisting clients with buying, selling, and leasing residential and commercial properties, and offering support services within the real estate sector. Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-10339 Debtor's Counsel: Christopher M. Condon, Esq. BOWDITCH & DEWEY LLP 75 Federal Street, Suite 1000 Boston MA 02110 Tel: (617) 757-6513 E-mail: ccondon@bowditch.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Boyea as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LXQGL6A/52_Salem_Street_LLC__mabke-26-10339__0001.0.pdf?mcid=tGE4TAMA 568 REALTY: Files Amendment to Disclosure Statement --------------------------------------------------- 568 Realty, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated February 12, 2026. The Plan is designed as a mechanism for the reorganization of Debtor. The Debtor is the owner of nine (9) cooperative units located at 325 East 201 Street, Bronx, NY 10458. The Debtor will continue to own and rent the Co-op Units. The Co-op Units are valuable assets that should increase in value over time. Once the dispute with Bainbridge is settled, the Debtor expects to only encounter normal business issues, and a refiling is not likely or necessary. To the extent the Debtor is unable to meet any of its obligations under the Plan the Debtor's principal, Joel Fishman, will personally guarantee and personally fund the Plan payments which are modest. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * The Class 3 Unsecured Claims consists of all unsecured creditors. The Allowed Class 3 Claims shall be paid over a two-year period in equal monthly installments. Because the Class 3 Claims do not bear interest, they may be considered to be impaired. Class 3 claims consist of the following: MF Mgmt. Services, Inc. ($10,000); Sergio Marquez, Esq. ($4,000); and Smith Buss & Jacobs ($4,000). * Class 4 consists of the Equity Interest of the limited liability owners of Debtor. Joel Fishman is the sole owner of the Equity Interest. On the Effective Date, Joel Fishman will contribute $5,000 to the Debtor as new value and he will retain his interest in Debtor as managing member and sole owner. On the Effective Date the Debtor will pay the Administrative Claims, Joel Fishman will contribute $5,000 in cash to the Debtor and the first installment on any payments owed under the Plan will be made. The litigation with Bainbridge and the Co-op board will continue until it is determined whether Bainbridge owes the Debtor or the Debtor owes Bainbridge. If the Debtor owes Bainbridge for past payments, Debtor will make those payments within 90 days of a final order in the Adversary Proceeding. To the extent the Debtor should be unable to make any of the proposed payments under the plan, its principal, Joel Fishman personally guarantees the payments and will make the Plan payments on behalf of the Debtor. A full-text copy of the Amended Disclosure Statement dated February 12, 2026 is available at https://urlcurt.com/u?l=4kqvzq from PacerMonitor.com at no charge. Counsel for the Debtor: H. Bruce Bronson, Esq. Bronson Law Offices P.C. 94 Hudson Park Road New Rochelle, NY 10801 Tel: (914) 269-2530 Fax: (888) 908-6906 Email: hbbronson@bronsonlaw.net About 568 Realty LLC 568 Realty LLC is primarily engaged in renting and leasing real estate properties. 568 Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11890) on October 31, 2024. In the petition filed by Joel Fishman, as managing member, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Carlos J. Cuevas, Esq. AETC INC: Claims to be Paid from Rental Income & Sale Proceeds -------------------------------------------------------------- AETC Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement describing Chapter 11 Plan dated February 11, 2026. The Debtor employed, hired, and trained personnel for AETC and other companies in and around Hartsfield-Jackson International Airport ("HJIA") in Atlanta, Georgia, for approximately twenty years. In 2021, Debtor submitted a bid for a contract at HJIA, which was awarded in 2023. However, the contract was not signed and space completed for Debtor's occupancy to open a retail store named ATL Community News Market ("ATL Market") in or around May 2025. Between 2021 and 2025, Debtor had five different contracts, and approximately 350 employees. Once the presidential administration changed, the politics were different, and the balance of the ten years on the contract was not honored, and the contract was abruptly ended. As a result of the Diversity, Equity, and Inclusion ("DEI") contract reductions, operations at CIA were terminated abruptly, causing Debtor to lose approximately $10,000,000.00 of income. Additional income loss has been caused by the delays in completion of the store, ATL Market, at HJIA. Additionally, Debtor owns real property located at (i) 1445 Cleveland Avenue, East Point, Georgia 30344; (ii) 1453 East Cleveland Avenue, East Point, Georgia 30344; and (iii) 2735 Harris Street, East Point, Georgia 30344. There are six units on said property available for rent, of which all six were occupied, as of September, 2025 with one (1) unit being occupied by Debtor, one (1) by Debtor's CEO, Ms. Garvin, two were occupied by paying tenants, and two occupied by tenants whose rent payments were delinquent. Currently, three units are occupied by Debtor, Ms. Garvin, and one tenant who has agreed to pay $2,000.00 per month while also remitting installment payments to retire the arrearage in the approximate amount of $6,000.00. On or about February 7, 2026, Debtor executed a contract to lease a unit for a period of three years with monthly rent in the amount of $2,500.00 per month starting on March 1, 2026. The primary funding source for the proposed plan will be income received from the sale of 29.5% of AETC by Maximum Video Productions LLC, in the total amount of $5,000,000.00 with $1,300,000.00 being paid initially and the balance of $3,700,000.00 being paid within thirty days from the date the Court approves the Equity Purchase Agreement ("EPA"). Additionally, funding for the proposed plan will be income from the sale of products at Debtor's new retail store, ATL Market located at Hartsfield-Jackson International Airport, Concourse E, 6000 North Terminal Parkway, Atlanta, GA 30320. The anticipated amount of monthly revenue generated by ATL Market is approximately $190,203.58 per month, and from leasing real property located at (i) 1445 Cleveland Avenue, East Point, Georgia 30344; (ii) 1453 East Cleveland Avenue, East Point, Georgia 30344; and (iii) 2735 Harris Street, East Point, Georgia 30344, in the minimum amount of $4,500.00 per month. Class 5 consists of Allowed Unsecured Non-Priority Claims. Claims in this class shall be paid at the rate of one hundred cents on the dollar which is the rate at which said claims would be paid in a Chapter 7 liquidation. Any Class 5 Claim (or as otherwise allowed by the Court) shall be paid in full within twelve months from the effective date of the plan. To the best of Debtor's knowledge and belief, there are no other unsecured, non-priority creditors. However, if any additional unsecured, non-priority creditors exist who file a proof of claim by the Bar Date or whose untimely filed proof of claim is approved by the Court, said creditors in Class 5 shall be paid from the remaining profits realized in the sale or refinancing of the Real Property on a pro rata basis; if there are no remaining profits from liquidated real properties, then no payout shall be made for such claims. The funds necessary for the satisfaction of all claims shall come from the equity purchase of 29.5% of Debtor's business, the sale of merchandise at ATL Market, and rental income from the lease of real property owned by Debtor located at 1445 Cleveland Avenue, East Point, Georgia 30344; 1453 East Cleveland Avenue, East Point, Georgia 30344; and 2735 Harris Street, East Point, Georgia 30344. A full-text copy of the Disclosure Statement dated February 11, 2026 is available at https://urlcurt.com/u?l=IVt79N from PacerMonitor.com at no charge. Counsel to the Debtor: Sims W. Gordon, Jr., Esq. The Gordon Law Firm, PC 400 Galleria Parkway, SE, Suite 1500 Atlanta, GA 30339 Tel: (770) 955-5000 Fax: (770) 955-5010 Email: law@gordonlawpc.com About AETC Inc. AETC, Inc. owns and manages commercial real estate located at 1445 and 1453 Cleveland Avenue in East Point, in East Point, Georgia, with an estimated fair market value of $6.9 million. AETC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.: 25-62865) on November 4, 2025. In the petition filed by Shawnalea Garvin as chief executive officer, the Debtor disclosed total assets of $6,900,000 and total liabilities of $4,257,767. Judge Jonathan W. Jordan presides over the case. Sims W. Gordon, Jr. at The Gordon Law Firm PC, represents the Debtor as legal counsel. ALABAMA AUTO: Hires Spain & Gillon LLC as Legal Counsel ------------------------------------------------------- Alabama Auto Top Specialists, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Spain & Gillon, LLC as counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its duties in either the continued operation of its business and management of its assets or sale thereof; (b) take the necessary action required to reject or accept the executory contracts of the Debtor; (c) prepare on behalf of the Debtor necessary legal documents; (d) perform any and all legal services on behalf of the Debtor arising out of or connected with the bankruptcy case; and (e) perform any and all other legal services for the Debtor. The firm's counsel and staff will be paid at these hourly rates: Fred Garfield, Attorney $400 per hour Paralegal $115 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $15,000. Mr. Garfield 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: Frederick M. Garfield, Esq. Spain & Gillon, LLC 505 20th Street North, Suite 1200 Birmingham, AL 35203 Telephone: (205) 328-4100 Facsimile: (205) 324-8866 Email: sleara@spain-gillon.com About Alabama Auto Top Specialists, Inc. Alabama Auto Top Specialist, Inc. is an Alabama-based automotive service company specializing in vehicle roof systems, upholstery, and related auto restoration services. Alabama Auto Top Specialist, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00436) on February 5, 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 Tamara O. Mitchell handles the case. The Debtor is represented by Frederick Mott Garfield, Esq., of Spain & Gillon, LLC. ALL SOUTH AC: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: All South AC Heating & Refrigeration, Inc. 1870 E. Grand Ave #59 Hot Springs, AR 71901 Business Description: All South AC Heating & Refrigeration, Inc., based in Hot Springs, Arkansas, provides heating, ventilation, air conditioning, and refrigeration (HVACR) services, including installation, maintenance, and repair for residential and commercial clients. The company specializes in climate control systems and offers 24/7 emergency service. Chapter 11 Petition Date: February 17, 2026 Court: United States Bankruptcy Court Western District of Arkansas Case No.: 26-70254 Judge: Hon. Richard D Taylor Debtor's Counsel: Marc Honey, Esq. HONEY LAW FIRM, P.A. PO Box 1254 1311 Central Avenue Hot Springs, AR 71902 Tel: (501) 321-1007 Fax: (877) 697-1777 E-mail: mhoney@honeylawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Bryan Alexander as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3VES4WA/All_South_AC_Heating__Refrigeration__arwbke-26-70254__0001.0.pdf?mcid=tGE4TAMA ALTICE USA: Suit vs. Lenders Moves Forward Despite Dismissal Bid ---------------------------------------------------------------- Chris Dolmetsch of Bloomberg Law reports that A federal judge has allowed Altice USA Inc.’s lawsuit against a group of prominent lenders to proceed, rejecting a request to pause the case while a motion to dismiss is pending. The decision means discovery will continue as the court evaluates whether the claims should survive. U.S. District Judge Jeannette Vargas ruled from the bench Thursday, February 19, 2026, that the lenders -- including Apollo Capital Management, BlackRock Financial Management, and Oaktree Capital Management -- failed to demonstrate sufficient grounds for a stay. The defendants had sought to freeze discovery, contending that the complaint is legally deficient, the report states. Altice alleges that the lenders violated federal antitrust law by coordinating through a cooperation agreement that stifled competition among creditors. The complaint claims the arrangement constrained negotiations and improperly influenced the company's debt restructuring process. Attorneys for Altice, now known as Optimum Communications Inc., maintained that the case presents serious competitive concerns that warrant immediate discovery. With the stay denied, the parties must proceed with fact-finding while the court considers whether the claims will ultimately be dismissed, the report relays. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. Effective November 7, 2025, the Company will change its corporate name to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on November 5, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMENTUM HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating to 'BB' from 'BB-' on Amentum Holdings Inc. S&P said, "We also raised our issue-level rating on the company's senior secured debt to 'BB' from 'BB-'. The '3' recovery rating is unchanged and indicates our expectation for meaningful recovery (50%-70%) in our simulated default scenario. Our rounded estimate improved to 65% from 50%, reflecting recent debt repayment. "We also raised our issue-level rating on the company's senior unsecured debt to 'BB-' from 'B'. We raised the recovery rating to '5' from '6', indicating our expectation for modest recovery (10%-30%; rounded estimate 10%) in our simulated default scenario, reflecting the lower senior secured debt. "The stable outlook reflects our expectation that credit metrics will remain appropriate for the rating over the next 12 months with debt to EBITDA around 3x as Amentum continues integrating Jacobs Solutions Inc.'s Critical Mission Solutions (CMS) businesses and positions itself for additional acquisitions and capital distribution to shareholders over the next few years." Amentum Holdings Inc. has steadily executed on projects in its backlog, resulting in growing and meaningfully positive free operating cash flow (FOCF), which allowed it to repay debt. The company ended fiscal 2025 with S&P Global Ratings-adjusted debt to EBITDA at 3.5x. S&P said, "This is below our previous assumption of 4x and in line with our upside threshold. We expect leverage will improve further to about 3x by the end of fiscal 2026." The upgrade reflects Amentum's deleveraging on continued project execution and debt repayment. The company voluntarily repaid a combined $750 million of term loan debt in fiscal 2025 for the period ended Oct. 3, 2025 ($200 million of debt in its second-quarter 2025 and an additional $550 million of debt in its fourth quarter), which has accelerated deleveraging in line with S&P's upside threshold. The backlog was over $47 billion as of the end of the first quarter (up from $45 billion in the prior-year period) with $23 billion of pending awards, which provides visibility into demand over the next few years and further confidence that demand will remain sufficient to support continued deleveraging in 2026. Amentum's first quarter (ended Jan. 2, 2026) coincided with a 43-day government shutdown, which, coupled with the divestiture of the rapid solutions business and joint-venture deconsolidation, resulted in a 5% year-over-year revenue decline to $3.2 billion. Reported EBITDA of $263 million and reported free operating cash flow (FOCF) of negative $142 million also reflected the effect of the shutdown. S&P said, "Despite the sluggish start to the year, we expect performance to improve and continued deleveraging in fiscal 2026. We anticipate sequential improvement through the remainder of the year given typical seasonality of government services activity and expect revenue, EBITDA, and FOCF to be more heavily weighted in the second half of the year." S&P said, "Based on our last-12-month calculation, its S&P Global Ratings- adjusted debt to EBITDA was 3.7x as of the end of the first quarter. Therefore, as earnings and FOCF improve in the balance of fiscal 2026, its S&P Global Ratings- adjusted debt to EBITDA could improve further. We forecast leverage of 3.2x at fiscal year-end 2026. If Amentum uses a portion of its FOCF to repay debt, which it has publicly outlined remains part of its capital allocation strategy during its recent earnings call, leverage could be somewhat better than we forecast." Amentum's growth will likely be supported by commercial and government end markets. Congress recently passed an $890 billion defense budget for government fiscal year (GFY) 2026. U.S. defense spending could be above $1 trillion in GFY 2026 after reconciliation. S&P believes Amentum is well positioned in operations and maintenance budgets (on aircraft platforms, base support, and environmental remediation) and space (including both communications and missile defense systems). Over the next few years, Amentum's growth will likely include commercial and government demand across space, digital infrastructure, and nuclear energy, which will balance its core government offerings (aircraft maintenance, environmental remediation, and military base logistics). S&P believes demand across its commercial exposure will support growth over time. Amentum expanded its nuclear energy business through the Jacobs CMS acquisition (which supports construction of nuclear reactors in the U.K.), positioning it to bid on nuclear reactor projects in the U.S. The current U.S. administration has outlined the strategic importance of improving energy infrastructure to meet data demand and AI output needs. S&P said, "We expect meaningful shareholder distributions will keep leverage around 3x. We anticipate a full-year revenue decline of 1%-2% in fiscal 2026 to about $14.2 billion, reflecting continued execution on recently awarded contracts offset by divestiture and joint-venture deconsolidation. We forecast revenue will grow 5%-7% in fiscal 2027 to about $15 billion as Amentum continues to execute projects in the backlog. We also expect S&P Global Ratings-adjusted EBITDA margin will improve to the low-8% area, driving reported FOCF generation of about $550 million in fiscal 2026 and $700 million-$750 million in fiscal 2027. "Based on these assumptions, we expect S&P Global Ratings adjusted leverage of 3.2x in fiscal 2026 and 3.1x in fiscal 2027, comfortably in line with credit measures for the 'BB' rating. There is uncertainty in Amentum's future capital allocation, particularly on potential shareholder distribution over the next few years. Given the Jan. 7, 2026, executive order we believe U.S. defense contractors could face limitations to share repurchases and dividends. "We believe if Amentum were to forgo returning capital to shareholders, it would instead pursue acquisitions that accelerate growth in commercial end markets. Our forecast includes $1 billion of combined share repurchases and dividends beginning in fiscal 2027. Excluding these distributions, we calculate leverage of 2.5x in fiscal 2027. We estimate the company's long-term target of 3x corresponds to about 3.25x on an S&P Global Ratings-adjusted basis. Accordingly, we believe the company would need to adopt a more conservative financial policy to consider a higher rating. "The stable outlook reflects our expectation that Amentum will maintain credit metrics in line with the rating as it makes progress expanding into commercial end markets and continues to benefit from robust defense spending. We expect S&P Global Ratings adjusted debt to EBITDA of 3.2x in fiscal 2026." S&P could lower its ratings on Amentum if debt to EBITDA deteriorates above 4x. This would likely occur if the company: -- Does not win new business in line with our forecast to offset potential contract losses, or contract delays or award protests delay EBITDA generation; or -- Engages in more-aggressive-than-anticipated shareholder distribution or debt-financed acquisitions. S&P could raise its ratings on Amentum if debt to EBITDA improves to and remains below 3x. This would likely occur if the company: -- Improves its business mix and on-contract performance or extends into higher-margin activities, either organically or through acquisitions, such that EBITDA margins expand closer to higher rated peers; or -- Adopts a more conservative financial policy, including a reduced net leverage target. AMI ENTERPRISES: Trustee Hires Ordinary Course Professional ----------------------------------------------------------- AMI Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Evans & Woulfe Accounting, Inc. as ordinary course professional. The firm will provide accounting and tax services. The firm will agreed to charge $435 to prepare the Form 1009s, $100 for each sales tax return, and $2,600 to prepare the Form 1120S forms. Mr. Wolfe disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas Wolfe Evans & Woulfe Accounting, Inc. 511 Thornhill Dr Ste B Carol Stream, IL 60188 Tel: (630) 510-0415 About AMI Enterprises, LLC AMI Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18803) on December 8, 2025, with up to $50,000 in assets and liabilities. Judge David D. Cleary presides over the case. Gregory J. Jordan, Esq., at Jordan & Zito, LLC represents the Debtor as legal counsel. ARMADILLO PIZZA: Case Summary & Five Unsecured Creditors -------------------------------------------------------- Debtor: Armadillo Pizza, LLC d/b/a Crust Pizza Co. 28607 Pinnacle Pointe Place Spring, TX 77386 Business Description: Armadillo Pizza, LLC, doing business as Crust Pizza Co., owns and operates a restaurant at 4625 Kingwood Drive in Kingwood, Texas, serving Chicago-style thin-crust pizzas, pasta, salads, and other Italian-inspired menu items. The restaurant is part of the Crust Pizza Co. franchise system and operates in the casual dining and fast-casual restaurant industry. Chapter 11 Petition Date: February 18, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-31060 Debtor's Counsel: Lloyd A. Lim, Esq. KEAN MILLER LLP 711 Louisiana St. Suite 1800 Houston TX 77002 Tel: 713-844-3000 E-mail: Lloyd.Lim@keanmiller.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Charles M. Vieau as owner and manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BEANUCI/Armadillo_Pizza_LLC_dba_Crust__txsbke-26-31060__0001.0.pdf?mcid=tGE4TAMA ARTELLA SOLUTIONS: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Artella Solutions, Inc. FKA Ramsey Medical Technologies, Inc. FKA CorVitals of Texas Inc. 710 N. Post Road, Suite 510 Houston, TX 77024 Business Description: Artella Solutions, Inc. provides remote cardiac monitoring technology and services that enable continuous electrocardiogram (ECG) data collection and real-time transmission to healthcare providers. The company offers a device-agnostic platform utilizing wearable monitoring devices and proprietary software designed to support physicians in tracking patients' heart rhythms outside traditional clinical settings. Based in Houston, Texas, Artella Solutions operates within the digital health and remote patient monitoring industry. Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-31092 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Melissa A. Haselden, Esq. HASELDEN FARROW, PLLC 708 Main Street 10th Floor Houston, TX 77002 Tel: 832-819-1149 E-mail: MHaselden@HaseldenFarrow.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Patrick Magill as president. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R3E4JTA/Artella_Solutions_Inc__txsbke-26-31092__0001.0.pdf?mcid=tGE4TAMA AVANT GARDNER: Reaches Settlement with Electric Zoo Fans -------------------------------------------------------- James Nani of Bloomberg Law reports that Avant Gardner, the operator of the ill-fated 2023 Electric Zoo festival, has agreed to settle with groups of ticket buyers who alleged widespread mismanagement and cancellations. The proposed settlement grants eligible claimants a $4 million general unsecured claim under the company's Chapter 11 liquidation plan, according to filings in Delaware bankruptcy court. The company's parent, AGDP Holding Inc., sought bankruptcy protection last 2025 after mounting financial difficulties, including delays and cost overruns tied to renovations at the Brooklyn Mirage. The popular venue failed to reopen for the 2025 season amid permitting setbacks, compounding the fallout from the troubled festival, the report relays. Ticket buyers sued EZ Festivals LLC, an Avant Gardner affiliate, claiming organizers canceled portions of the Labor Day weekend event without explanation, oversold thousands of tickets, and failed to provide refunds. Allegations included incomplete stage construction, missing safety structures, and permit failures that forced cancellation of the festival's opening day. The lawsuit, which sought certification of a class of roughly 60,000 people, was stayed by the bankruptcy filing, according to Bloomberg. Under the settlement, only ticket holders who remain unpaid are eligible for recovery. Avant Gardner's court-approved liquidation plan guarantees a minimum distribution of $6.8 million to unsecured creditors, with potential additional payouts depending on the reorganized business's future performance. The restructuring included a deal with Axar Capital Management LLC, whose affiliate purchased key assets. Five Holdings and Axar plan to relaunch the Brooklyn Mirage as Pacha New York, the report states. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. It owns New York City's popular Brooklyn Mirage and other event spaces. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. B&BC ESTATES: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: B&BC Estates LLC 179 Columbus Road Demarest, NJ 07627 Business Description: B&BC Estates LLC is a single-asset real estate company that owns a commercial property at 246-248 Pegasus Avenue Northvale, NJ 07647. Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-11838 Debtor's Counsel: Leonard S. Singer, Esq. ZAZELLA & SINGER, ESQS. 195 Route 46 West Suite 3 Totowa, NJ 07512 Tel: 973-696-1700 Fax: 973-696-3228 Email: zsbankruptcy@gmail.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Batuhan Cakmak as member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V2IYEDQ/BBC_Estates_LLC__njbke-26-11838__0001.0.pdf?mcid=tGE4TAMA BEDFORD CAPITAL: Seeks to Hire NRRK Inc. as Accountant ------------------------------------------------------ Bedford Capital Lofts LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ NRRK Inc. as accountant. The firm will provide these services: a. gather and verify all pertinent information required to compile and prepare monthly operating reports; and b. prepare monthly operating reports for the Debtor in the bankruptcy case. The firm will be paid at the rate of $150 per hour. Mr. Pishchiker 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: Eugene Pishchiker NRRK Inc. 1923 McDonald Ave Ste 59 Brooklyn, NY 11223 About Bedford Capital Lofts LLC Bedford Capital Lofts LLC is a Brooklyn-based single asset real estate investment company that operates as an investment vehicle with its principal business address at 1266 36th Street in Brooklyn and its principal assets located at 2347 Bedford Avenue. Bedford Capital Lofts LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43691) on July 31, 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 Elizabeth S. Stong handles the case. The Debtor tapped the Law Offices of Alla Kachan as counsel. BEELINE HOLDINGS: AWM Investment Holds 6.6% Equity Stake -------------------------------------------------------- AWM Investment Company, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 1,875,000 shares of common stock -- with sole voting and dispositive power as investment adviser to Special Situations Fund III QP, L.P. holding 1,462,346 shares and Special Situations Cayman Fund, L.P. holding 412,654 shares; David M. Greenhouse and Adam C. Stettner are controlling principals of AWM and members of the general partners of the funds -- of Beeline Holdings, Inc.'s common stock, par value $0.0001 per share, representing 6.6% of the shares outstanding. AWM Investment Company, Inc. may be reached through: Adam Stettner, Executive Vice President 527 Madison Avenue, Suite 2600 New York, NY 10022 Tel: 212-319-6670 A full-text copy of AWM Investment Company, Inc.'s SEC report is available at: https://tinyurl.com/2s6b8w68 About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BICK GROUP: Unsecureds to Get Share of Income for 5 Years --------------------------------------------------------- Bick Group Holdings, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Missouri a Disclosure Statement describing Plan of Reorganization dated February 12, 2026. The Debtor is a limited liability company organized under the laws of Missouri. Prior to April of 2025, Debtor operated three distinct business units: one focused on fire safety consulting and sale of related systems (the "Fire Division"), one focused on construction of raised-floor structures (the "Construction Division"), and a third division specializing in data center servicing (the "Mission Critical Division"). Due to the cashflow difficulties brought on by this job and others, Debtor sought non-traditional merchant cash advance financing. The merchant cash advance financing that Debtor took on required steep payments and imposed significant interest expenses, causing Debtor to take on yet more merchant cash advance loans. This indebtedness created significant operational difficulties for the Debtor and resulted in further indebtedness to trade creditors. Despite the indebtedness, Debtor continued to operate as a going concern and courted interest from potential purchasers of its business units. The Mission Critical Division was sold to Brinkmann Constructors in April of 2025. This sale allowed Debtor to pay off some of its existing indebtedness, but significant indebtedness remained following the sale. To address the remaining indebtedness in a sustainable way, Debtor filed for Chapter 11 bankruptcy. Since the Petition Date, Debtor has continued to operate its business in the ordinary course. Debtor has filed operating reports within this case demonstrating the financial performance of Debtor. Class 11 shall consist of all Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims will receive their Pro Rata share of Excess Monthly Income on the first day of the month after Class 1 Claims are paid in full, and quarterly thereafter for five years, until or the holders of Allowed Class 11 Claims are paid in full, whichever is shorter. The Class 11 Claimants are Impaired. Class 12 consists of all Allowed Interests in Debtor. All Class 12 Allowed Interests will be retained on the Effective Date and therefore are unimpaired under the Plan. On the Effective Date, all Estate Property, including Chapter 5 Claims, will revest in the Reorganized Debtor and shall be free and clear of all claims and interests of Creditors and Parties in Interest, except as expressly provided in the Plan or the Confirmation Order. Payments under the Plan shall primarily be Debtor's business income. Additionally, Debtor has approximately $800,000.00 of outstanding accounts receivable, which Debtor shall use to pay claims. Additionally, Debtor is entitled to Earnout Payments, which provide for a potential return based on the earnings of the Mission Critical business unit that was sold to RGBC, with a maximum possible return of $3.3M. The Earnout Payments have been assigned to STLB and would reduce the balance of the STLB Loan. The Debtor's business operations will continue in the same manner they have throughout the duration of the case. A full-text copy of the Disclosure Statement dated February 12, 2026 is available at https://urlcurt.com/u?l=cnRzQz from PacerMonitor.com at no charge. Bick Group Holdings, LLC is represented by: Robert E. Eggmann, Esq. Nathan R. Wallace, Esq. Thomas H. Riske, Esq. Carmody Macdonald P.C. 120 S. Central Avenue, Suite 1800 St. Louis, MO 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 Email: ree@carmodymacdonald.com nrw@carmodymacdonald.com About Bick Group Holdings LLC Bick Group Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-43081) on August 12, 2025. In the petition signed by Christopher T. Pondoff, member and chief executive officer, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Bonnie L. Clair oversees the case. Robert Eggmann, Esq., at Carmody MacDonald P.C., represents the Debtor as legal counsel. St. Louis Bank, as DIP Lender, is represented by: Laura Toledo, Esq. Armstrong Teasdale, LLP 7700 Forsyth Blvd., Suite 1800 St. Louis, MO 63105 Tel: 314.621.5070 Fax: 314.621.5065 ltoledo@atllp.com BKM HOLDINGS: Hires Stevenson & Bullock P.L.C. as Counsel --------------------------------------------------------- BKM Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Stevenson & Bullock, P.L.C. as legal counsel. The firm will provide these services: (a) prepare all schedules, applications, motions, orders, and reports, and appear at bankruptcy court hearings on behalf of the Debtor, in the bankruptcy case; and (b) generally counsel the Debtor in all legal matters during the Chapter 11 case; whereby it has retained the firm for the purposes of representing it in all bankruptcy related matters, and in negotiations and proceedings pertaining to the Chapter 11 case. The firm will be paid at these rates: Michael A. Stevenson $625 per hour Charles D. Bullock $625 per hour Elliot Crowder $510 per hour Kimberly Bedigian $510 per hour John Polderman $510 per hour Ernest M. Hassan, III $510 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $42,257.46, for pre-petition fees and expenses. Elliot Crowder, Esq., an attorney at Stevenson & Bullock, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Elliot G. Crowder, Esq. Stevenson & Bullock, P.L.C. 26100 American Drive, Suite 500 Southfield, MI 48034 Telephone: (248) 354-7906 Facsimile: (248) 354-7907 Email: ecrowder@sbplclaw.com About BKM Holdings, LLC BKM Holdings, LLC is a real estate entity that owns a commercial property situated at 35855 Stanley in Sterling Heights, Michigan 48312. BKM Holdings, LLC in Royal Oak, MI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 26-41407) on Feb. 11, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Robert Martin as member, signed the petition. Judge Paul R. Hage oversees the case. STEVENSON & BULLOCK, PLC serve as the Debtor's legal counsel. BLACK SHEEP: Hires Adelman & Gettleman Ltd. as Counsel ------------------------------------------------------ The Black Sheep, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Adelman & Gettleman, Ltd. as counsel. The firm's services include: a. reviewing and analyzing creditor documentation, corporate documentation, contracts to which the Company is a party and other necessary documentation and information regarding the Company or otherwise evidencing claims which have been or may be asserted against the Company and its properties; b. conducting appropriate legal research and due diligence necessary to draft and seek approval of a subchapter V plan; c. identifying potential claims of the bankruptcy estate and prosecuting or otherwise preserving the claims for the benefit of the estate; d. working with various constituencies which may have claims to particular assets of the Company, with a view toward reaching resolutions or otherwise prosecuting the rights of the Company in the bankruptcy court; e. preparing various motions and other court filings required by chapter 11 to allow the Company to operate in the ordinary course of business in the Chapter 11 Case as debtor-in-possession and wind down its affairs; f. advising the Company and preparing the appropriate pleadings on actions to be taken in the Chapter 11 Case; and g. assuming the professional responsibility for and taking the necessary steps to file the Chapter 11 Case and therein pursue court approval of the matters described in items (a) through (f) above. The firm will be paid at these rates: Howard L. Adelman $695 per hour Chad H. Gettleman $695 per hour Henry B. Merens $695 per hour Adam P. Silverman $625 per hour Steven B. Chaiken $575 per hour Erich S. Buck $575 per hour Alexander F. Brougham $495 per hour Nicholas R. Dwayne $495 per hour Tevin D. Bowens $395 per hour Dina A. Kostrow $395 per hour Paralegals/Research Clerks $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Adam P. Silverman, a partner at Adelman & Gettleman, Ltd, 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: Adam P. Silverman, Esq. Alexander F. Brougham, Esq. Tevin D. Bowens, Esq. Adelman & Gettleman, Ltd. 53 West Jackson Boulevard, Suite 1050 Chicago, IL 60604 Tel: (312) 435-1050 Email: asilverman@ag-ltd.com abrougham@ag-ltd.com tbowens@ag-ltd.com About The Black Sheep, Inc. The Black Sheep, Inc., a marketing agency in Chicago, Illinois, specializes in connecting brands with college students across the United States through services including market research, field marketing, influencer campaigns, and paid advertising. Founded in 2008 by Atish Doshi as a satirical college newspaper at the University of Illinois, the company has expanded its network of student contributors and evolved its content to serve businesses and student housing properties nationwide. The Black Sheep filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01105) on January 22, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Atish Doshi, president and chief executive officer, signed the petition. Neema Varghese of NV Consulting Services serves as Subchapter V trustee. The Debtor is represented by: Adam P. Silverman, Esq. Adelman & Gettleman, Ltd. Tel: (312) 435-1050 ext 229 Email: asilverman@ag-ltd.com BLUE RIBBON: Moody's Affirms 'Caa3' CFR, Outlook Remains Negative ----------------------------------------------------------------- Moody's Ratings affirmed Blue Ribbon, LLC's ("Blue Ribbon" or "Pabst") Caa3 corporate family rating and downgraded the probability of default rating to D-PD from Caa3-PD following the company's January 30th amendment to the principle and interest payment terms on its existing credit facilities. Moody's also affirmed the B3 ratings on Pabst Financing NewCo, LLC's ("NewCo") $68 million senior secured super-priority first-out revolving credit facility (now named the Tranche A Revolving Loan) and $100 million senior secured super-priority first-out term loan, and affirmed the Ca rating on Blue Ribbon's existing $368 million senior secured term loan. Moody's also assigned a B3 rating on NewCo's Tranche B Revolving Loan and a Ca rating on Blue Ribbon's incremental $35 million term loan. The outlooks for Blue Ribbon and NewCo remain negative. The PDR downgrade reflects Moody's views that the conversion of the term loan and revolver to partial paid-in-kind (PIK) interest and an amortization holiday on the term loan principal is a distressed exchange on all of the company's debt instruments. Moody's expects to subsequently upgrade the PDR to Caa3-PD. The D-PD designation reflects Moody's views that the amendment to the company's credit facilities constitutes a distressed exchange transaction because it will allow interest to be paid-in-kind (PIK) or PIK at a higher level across all the debt tranches while it will also allow for a delay in previously required amortization payments for the term loans to the earlier of the sale of the Irwindale facility or September 2027. The amendment also includes a new $35 million contribution from the sponsor in the form of a senior secured first lien term loan with Blue Ribbon as the obligor and borrowings pari-passu to the existing $368 million senior secured term loan. The transaction is being pursued to support liquidity while the company works toward a sale of its Irwindale facility, with proceeds expected to be used to repay debt. In addition, the amendment includes covenant relief, minimum liquidity adjustments, and a defined waterfall for the application of proceeds from the sale of the Irwindale facility, with proceeds prioritizing repayment of debt at Newco. The affirmation of the Caa3 CFR reflects the improvement in Blue Ribbon's liquidity position due to the revolver paydown and reduction in cash interest and principal payments over the next year. Free cash flow nevertheless remains weak due to poor operating earnings across many of the company's core brands resulting from sustained volume declines across its beer portfolio. The incremental term loan and PIK interest will also add to debt and the company's elevated leverage. The company has faced certain challenges in its strategic transition of beer production from City Brewing to ABInBev, mainly within logistics. While the beer production transition is complete, the logistics transition to ABInBev is underway and expected to be complete in the next 12 months. Blue Ribbon says that the production transition to ABInBev has improved production reliability and production costs, but cost efficiencies for logistics have yet to materialize. Execution risks in this transition may result in lost volume or increased costs, further pressuring margins and liquidity. These factors heighten the risk of a distressed exchange or other default scenario. The liquidity relief is intended to provide the company additional leeway to transition production to AB InBev and time to sell the Irwindale property, but the excess proceeds and timing of the asset sale are uncertain. Moody's expects the company will be reliant on the revolver to support the company's obligations over the next 12 months including operating cash shortfalls and contractual payments due. As of September 30, 2025, the company reported just $21.5 million of availability under its $68 million revolver and only a $1.1 million cash balance. As a result, the risk of default remains high. Without a sustained improvement in operating performance, sale of the Irwindale property and additional external support, Blue Ribbon faces a significantly heightened risk of a distressed exchange or other default scenario as it navigates this period of operational and financial uncertainty. RATINGS RATIONALE Blue Ribbon's Caa3 CFR reflects its very high leverage, ongoing volume pressure across the US beer portfolio and negative free cash flow. The rating is also constrained by the company's small scale compared with much larger brewing peers, and its heavy reliance on its largest brand, Pabst Blue Ribbon (PBR), which accounts for nearly half of sales. The company is investing in PBR and Pabst Light to reverse historical volume declines through distribution expansion. After facing production challenges at City Brewing (City) over the last three years, Blue Ribbon modified its contract with City to largely exit its beer production at City and entered into a new agreement with AB Inbev for its beer production and logistics services. Phase 1 of the transition, which included production and basic logistics, was completed in July 2025. Phase 2 of the transition, which includes wholesaler inventory management and outbound freight and logistics through ABI's distribution network is expected to be completed in the next 12 months. Weak liquidity, elevated leverage and persistent negative free cash flow reflect operating difficulties, including inefficiencies related to the supplier transition. The company's relatively small scale, limited geographic diversity, and high revenue concentration in the Pabst Blue Ribbon brand further constrain its credit profile. Additionally, several brands face secular category headwinds and volume declines, while margins remain weak relative to peers and are likely to be pressured by transition costs and operational inefficiencies over the coming quarters. Despite these challenges, Blue Ribbon, LLC benefits from a strong market position in the sub-premium beer segment, supported by well-recognized brands including PBR, Lone Star, and Rainier. The company's new long-term co-manufacturing supply agreement with ABI provides operational stability, and its asset-lite business model enables low capital spending. These strengths provide some resilience to the company's credit profile as it navigates the current weak period of operational transition and financial pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects the risk that a continued deterioration in product volumes and profitability could lead to a more comprehensive debt restructuring or weaken recovery prospects. The negative outlook also reflects uncertainty relating to the proceeds and timing of a potential sale of the Irwindale property, and execution risks with the transition of remaining warehousing and logistics to AB InBev. The ratings could be downgraded if liquidity deteriorates, operating performance fails to improve, or if the company fails to restore positive free cash flow. Operational difficulties in transitioning to a new co-packer or failure to improve efficiencies once transitioned, failure to grow new third party relationships to become more profitable, or delays in selling the Irwindale property or anticipated proceeds could also lead to a downgrade. The ratings could be upgraded if the company can demonstrate meaningful and repeatable positive free cash flow, increased margins, reduced leverage and improved liquidity. Blue Ribbon would also need to successfully execute on its growth strategies to support sustained top line and operating profit expansion. Significant debt reduction from Irwindale asset sale proceeds could also lead to an upgrade. COMPANY PROFILE Headquartered in San Antonio, TX, Blue Ribbon, LLC (parent company of Pabst Brewing Company) markets and sells a portfolio of iconic American beer brands. Major brands in the company's portfolio include its flagship Pabst Blue Ribbon, Pabst Light, Lone Star, Rainier, Old Milwaukee, Colt 45, Schlitz and Not Your Fathers. The company also has Brown Forman's Jack Daniels Country Cocktails US business on its platform. The company is owned by Blue Ribbon Partners, LLC, an investment platform led by American beverage entrepreneur, Eugene Kashper. Annual net sales are approximately $500 million as of last 12 months ending September 30, 2025. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Alcoholic Beverages published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BLUESTAR MARKETING: Case Summary & Four Unsecured Creditors ----------------------------------------------------------- Debtor: Bluestar Marketing, LLC 6494 Scenic Hwy Pensacola, FL 32504 Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court Northern District of Florida Case No.: 26-30156 Judge: Hon. Jerry C Oldshue Jr. Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 E-mail: twright@brunerwright.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William L White as managing member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6BJ3NTA/Bluestar_Marketing_LLC__flnbke-26-30156__0001.0.pdf?mcid=tGE4TAMA BURMAN'S TREE: Hires Donald C. Darnell Esq. as Counsel ------------------------------------------------------ Burman's Tree Services, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Donald C. Darnell, Esq. of Darnell Law as counsel. The firm will provide these services: a. represent the Debtor in this Chapter 11 case and to advise the Debtor as to its rights, duties and powers as a debtor in possession; b. prepare and file all necessary documents and to negotiate and prepare one or more plans of reorganization for the Debtor; c. represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and d. perform such other legal services as may be necessary in connection with this case. The firm will be paid at the rate of $375 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Darnell 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: Donald C. Darnell, Esq. Darnell Law 8005 Main St., Ste. 5 Dexter, MI 48130 Tel: (734) 424-5290 Email: dondarnell@darnell-law.com About Burman's Tree Services, LLC Burman's Tree Services, LLC provides tree care and related services, including tree removal, trimming, stump grinding, land clearing, arborist consultations, and emergency tree response, serving residential and commercial customers. Established in 2016, the Company operates a 24-hour emergency response team and focuses on storm-related and hazardous tree clearing. Burman's Tree Services operates primarily in Southeast Michigan, including Jackson, Vandercook Lake, Spring Arbor, and Michigan Center. Burman's Tree Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41101) on February 2, 2026. In its petition, the Debtor lists estimated assets and liabilities each in the range of $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Lisa S. Gretchko. The Debtor is represented by Donald C. Darnell, Esq. BUTTE PROPERTY: Hires Power Law P.C. as Legal Counsel ----------------------------------------------------- Butte Property Investment LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Power Law P.C. as legal counsel. The firm's services will include: (a) advise the Debtor concerning the administration of the Debtor's case; (b) assist Debtor in the preparation of its schedules and statement of financial affairs; (c) assist Debtor in legal aspects of compliance with the rules of the Office of the United States Trustee; (d) assist Debtor in defense of motions for relief from stay, where appropriate; (e) prepare the behalf of the Debtor all necessary and appropriate applications, motions, pleadings, proposed orders, notices and other documents to be filed in this case; (f) advise the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other papers that may be filed and served in this case; (g) assist Debtor in post-petition borrowing, if appropriate, and motions concerning the same; (h) assist Debtor in the investigation into the nature and extent of the property of the estate; (i) assist Debtor in the investigation of, and, to the extent appropriate, represent Debtor in litigation to avoid and recover fraudulent transfers, preferences and other avoidable transfers; (j) assess prospects for reorganization of the Debtor's financial affairs under Chapter 11 of the Bankruptcy Code, and, if appropriate, assist in the formulation, proposal, confirmation and implementation of a Chapter 11 Plan to conclude the Bankruptcy Case; (k) counsel and assist the Debtor in its claims analysis and resolution of such matters; (l) prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professional, monthly operating reports; and (m) perform such other legal services for and on the behalf of the Debtor as may be necessary or appropriate to assist the Debtor in satisfying its duties under Section 1107 of the Bankruptcy Code. Stacie Power, Esq., the firm's attorney who will be handling the case, will be paid at $500 per hour. The firm will be paid a retainer of $10,000. Ms. Power disclosed in court filings that her law firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The law firm can be reached at: Stacie L. Power, Esq. Power Law, P.C. 1058 Mangrove Ave. Suite C Chico, CA 95926 Tel: (530) 576-5740 Fax: (888) 790-2216 About Butte Property Investment LLC Butte Property Investment LLC is a single asset real estate company. Butte Property Investment LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26079) on October 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Joseph Dell Zink, Esq. of Zink & Lenzi. CACI INTERNATIONAL: S&P Rates Proposes $800MM Term Loan B-2 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level and '3' recovery ratings to CACI International Inc.'s proposed $800 million term loan B-2 due 2033, in line with the company's existing first-lien debt. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. S&P expects CACI will use the proceeds from the additional loan, along with cash on hand, new unsecured notes and revolver borrowings, to fund the recently announced acquisition of ARKA Group L.P. for $2.6 billion. S&P's 'BB+' issuer credit rating on CACI is unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- CACI's proposed capital structure will consist of a $2 billion revolver ($1 billion available at close) due 2030, a $1.25 billion term loan A due 2030, a $743 million term loan B due 2031, an $800 million term loan B-2 due 2033, and $1 billion unsecured notes due 2033. -- S&P values the company on a going-concern basis using a 5x multiple of its projected emergence EBITDA and assume SOFR of 2.5% at default. Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: $525 million -- EBITDA multiple: 5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.5 billion -- Valuation split (obligors/nonobligors): 97%/3% -- Value available for first-lien claims: $2.16 billion -- Secured first-lien debt claims: $4.24 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) -- Value available for unsecured claims: $26 million -- Senior unsecured note claims: $1.55 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) CAMPBELL REALTY: Seeks to Extend Plan Exclusivity to May 18 ----------------------------------------------------------- Campbell Realty Investment Group, LLC, of the U.S. Bankruptcy Court for the Eastern District of Louisiana to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 18 and July 17, 2026, respectively. The Debtor explains that here, for a number of reasons, cause exists to grant its request for a 90-day extension of the Exclusivity Periods. First, this case is complex because it involves five apartment complexes and nine single-family homes. Each of the Properties is subject to different security interests. This adds complexity to a reorganization of the Debtor's business relationships and financial statements. The complexities require the Debtor and its advisors to focus on specific issues when formulating a Chapter 11 plan. Second, this is the Debtor's first request for an extension of the Exclusivity Periods. Because of the complexity of this case, an extension of the Exclusivity Periods will give the Debtor sufficient and much needed time to continue negotiating terms of a Chapter 11 plan of reorganization with its stakeholder and memorialize the terms of both a plan and disclosure statement. Third, the Debtor's purpose in seeking extension of the Exclusivity Periods is a good-faith effort to continue the reorganization efforts it has initiated without the distraction and costs of a competing plan process, which would be a distraction and waste of the Debtor's limited time and resources. The relief requested in the Motion is not intended for the purpose of coercing or strong-arming any creditor, but rather to benefit all of the Estate's stakeholders as a whole. Moreover, an extension of the Exclusivity Periods will not result in prejudice to any creditor or party-in-interest, and instead, will enable the Debtor to continue focusing on preserving and enhancing its going-concern value and proposing a viable, fair, and comprehensive plan that is (ideally) supported by all major constituents. Such a result is clearly in the best interest of the Estate. Fourth, the Debtor is paying its bills as they become due, the Debtor has displayed a willingness to accommodate and negotiate with its various stakeholders, and the Debtor's actions have shown that the Debtor have a reasonable prospect of generating a viable plan. As such, those factors also weigh in favor of granting the Debtor an extension of the Exclusivity Periods. Finally, the Debtor and its professionals have worked to reaffirm relationships with tenants, restructure its business operations, commence a new cash management process, obtain approval of cash collateral budgets, employ professionals to assist the Debtor in its reorganization efforts, file schedules, statements, and monthly operating reports, engage in discussions with various stakeholders. In addition, the Debtor has spent time coordinating the flow of information with the U.S. Trustee, the secured lenders, and potential lenders, all of whom have requested extensive access to books, records, and personnel. All the while, the Debtor has also paid close attention to its liquidity and financial status to ensure a successful emergence from Chapter 11. Campbell Realty Investment Group LLC is represented by: Ryan J. Richard, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 E-mail: ryan@snw.law About Campbell Realty Investment Group Campbell Realty Investment Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12356) on Oct. 20, 2025, listing up to $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Ryan J. Richard, Esq., at Sternberg, Naccari & White, LLC, serves the Debtor as counsel. CAROLINA CLEANING: Case Summary & 11 Unsecured Creditors -------------------------------------------------------- Debtor: Carolina Cleaning Company Inc 7837 Adeline Lane Sherrills Ford, NC 28673 Business Description: Carolina Cleaning Company Inc provides commercial, industrial, and institutional cleaning services, including janitorial services, floor maintenance, carpet and tile cleaning, and disinfecting services for offices, schools, churches, and warehouses. The company is based in Sherrills Ford and operates in North Carolina and South Carolina within the building services and facilities maintenance industry. Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 26-50067 Judge: Hon. Laura T Beyer Debtor's Counsel: R. Keith Johnson, Esq. LAW OFFICES OF R. KEITH JOHNSON, P.A. 1275 S. NC 16 Bus. Hwy. Stanley, NC 28164 Tel: 704-827-4200 Email: paralegal@kjattorney.com Total Assets: $9,410 Total Liabilities: $1,180,178 The petition was signed by Jeffery Coffey as president. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M2QB77A/Carolina_Cleaning_Company_Inc__ncwbke-26-50067__0001.0.pdf?mcid=tGE4TAMA CARROLL CREEK: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division entered an interim order granting Carroll Creek Whiskey, LLC approval to use cash collateral. Under the interim order, the Debtor is authorized to use cash, receivables, and future receivables in the ordinary course of business in accordance with an approved budget. Permitted uses include operating expenses such as overhead, taxes, insurance, utilities, raw materials, subcontractors, and other routine business costs necessary for continued operations. The Debtor must strictly comply with the budget. Any amendment requires consent from secured creditors, Meridian Management Group, Inc., the U.S. Small Business Administration, and Home Run, LLC. Variances exceeding 10% of any line item require approval from all secured creditors, the Subchapter V Trustee, and the U.S. Trustee, with deemed approval if no response is received within seven days. As adequate protection, the secured creditors will receive replacement liens on the Debtor’s pre-petition collateral and assets generated from its use, maintaining the same validity, priority, and extent as before bankruptcy. The order preserves all parties' rights to challenge claims or seek further relief, requires service of the order on secured lenders, and sets deadlines for objections and submission of a future operating budget beginning April 1. A final hearing is scheduled for March 25. The interim order is available for free at: http://bankrupt.com/misc/CarrollCreek_InterimCashCollOrder.pdf About Carroll Creek Whisky LLC Carroll Creek Whisky, LLC, doing business as Tenth Ward Distilling Company, is a woman-owned distillery based in Frederick, Maryland, founded in 2016 in the historic Tenth Ward district. The Company produces a range of spirits, including Absinthe Nouvelle, Genever Gin, Maryland Rye Whiskey, and Smoked Bourbon, as well as seasonal liqueurs and canned cocktails, with its whiskey distilled in-house using locally sourced grains. Tenth Ward Distilling also operates a cocktail bar and tasting room, hosts events in its Whiskey Hall venue, and distributes its products through retail and offsite events. Carroll Creek Whisky, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10931) on January 29, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. No judge is identified in the employment application or related docket information provided. Law Office of David Cahn, LLC serves as the Debtor's legal counsel. CEDAR HAVEN: Receiver Hires Cunningham Chernicoff as Counsel ------------------------------------------------------------ Flanagan & Associates LLC, the receiver for Cedar Haven Acquisition, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Cunningham, Chernicoff & Warshawsky, P.C. as counsel. The firm will provide these services: a. give the Debtor legal advice regarding its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. prepare and file on behalf of the Debtor, as Debtor-in-Possession, the original Petition and Schedules, and all necessary applications, complaints, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor, as Debtor-in-Possession, which may be necessary. The firm will be paid at these rates: Robert E. Chernicoff $450 to $500 per hour Partners $350 to $450 per hour Associate Attorneys $150 to $300 per hour Paralegals $100 to $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Chernicoff 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: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, P.C. 2320 North Second Street Harrisburg, PA 17106 Tel: (717) 238-6570 About Cedar Haven Acquisition, LLC Cedar Haven Acquisition, LLC, doing business as Cedar Haven Healthcare Center, operates a skilled nursing and long-term care facility in Lebanon, Pennsylvania, offering post-acute rehabilitation, memory care, respite and hospice services to patients following hospital stays, surgery, illness or injury. The facility provides around-the-clock nursing and chronic disease management with on-site clinical support. Cedar Haven Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00118) on January 16, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, PC. CHOATE ENGINEERING: Hires Strawn Law Firm as Counsel ---------------------------------------------------- Choate Engineering Performance, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Strawn Law Firm as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. assisting the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that the Debtor is required to file in these cases; c. representing the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code or that seeks the turnover or recovery of property; d. providing assistance, advice and representation concerning the formulation, negotiation and confirmation of a Plan of Reorganization, and accompanying ancillary documents; e. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; f. representing Debtor at hearings or matters pertaining to affairs as Debtor-In-Possession; g. prosecuting and defending litigation matters and such other matters that might arise during and related to these Chapter 11 cases; h. providing counseling and representation with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters; i. representing the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; j. rendering advice with respect to the myriad of general corporate and litigation issues relating to these cases, including, but not limited to, health care, real estate, securities, corporate finance, tax and commercial matters; and assisting Debtor in connection with any necessary application, orders, reports or other legal papers and to appear on behalf of the Debtor in proceedings instituted by or against the Debtor; and k. performing such other legal services as may be necessary and appropriate for the efficient and economical administration of these Chapter 11 cases. The firm will be paid at these rates: Thomas H. Strawn $375 per hour Paralegals $125 per hour The Debtor paid the firm a retainer of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Strawn disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas H Strawn, Esq. Strawn Law Firm 400 W Masonic Street Dyersburg, TN 38024 Tel: (731) 285-3375 Fax: (731) 285-3392 E-mail: tstrawn42@bellsouth.net About Choate Engineering Performance, LLC Business Description: Choate Engineering Performance, based in Bolivar, Tennessee, specializes in the remanufacture and engineering of diesel engines for Duramax, Powerstroke, and Cummins applications, focusing on correcting known factory weak points and enhancing durability. The company produces short blocks, long blocks, and fully running engines, incorporating upgraded pistons and internal components to meet or exceed OEM specifications. It operates in the automotive and diesel engine performance sector, providing in-house machining, engineering, and nationwide distribution for individual and commercial diesel owners. Choate Engineering Performance, LLC in Bolivar, TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 26-10171) on Feb. 9, 2026, listing $0 to $50,000 in assets and $1 million to $10 million in liabilities. Cass Choate as owner, signed the petition. STRAWN LAW FIRM serve as the Debtor's legal counsel. CLEVELAND AVENUE: Unsecureds Will Get 55% of Claims over 60 Months ------------------------------------------------------------------ Cleveland Avenue Cafe, Inc., dba Sirens, filed with the U.S. Bankruptcy Court for the Southern District of Ohio a Plan of Reorganization dated February 11, 2026. The Debtor opened in November, 2011and operated at its current location since that time. Prior to the COVID Restrictions, the Debtor operated successfully at that location. The COVID Restrictions caused the Debtor to suspend operations in March, 2020. During the period of suspended operations, Debtor made improvements to the property in preparation for its re-opening. Disputes arose between the owner and management of the Debtor and an individual who worked with the owner and management. Funds were provided to that individual for payment to certain vendors, including advertising entities, and Shoreland Properties. The disputes over Debtor's right to remain in the Property caused the Debtor to expend significant resources, both financially and the commitment of management to respond to the litigation, which adversely affected management's ability to maximize the Debtor's financial returns. Additionally, payments made for advertising and other expenses were not paid to these vendors which prevented the Debtor from advertising its business operations. These events adversely impacted the Debtor's cash flow. As of the Petition Date, the Debtor's estimated assets totaled $783,482.42 and the estimated secured and unsecured liabilities total approximately $3,437,137.68, of which in excess of $700,000 in claims were identified as insider claims and/or unliquidated, contingent, or disputed claims. This Plan proposes to pay creditors of the Debtor from cash flow generated through future income and operations. The Debtor will make quarterly payments of no less than $63,000.00 (the "Scheduled Minimum Payments") for 60 months after the Effective Date which will be disbursed quarterly beginning on the First Distribution Date. Any Allowed Priority Tax claim will be paid by the Debtor through the Plan. The Plan shall provide a minimum distribution to Unsecured Claimants of 55%. Debtor reserves the right to request a modification of the percentage to be paid to unsecured creditors if the allowed unsecured claims exceed $2,200,000. The length of the Plan from the Effective Date shall be 60 months. Class 5 consists of all Allowed Unsecured Claimants. The Class 5 creditors will receive payments under the Plan from the Debtor's net disposable income over the Commitment Period. The Debtor has provided projections with the Plan indicating its general projected monthly performance over the life of the Plan, and, based on those projections, Class 6 creditors shall receive at least 55% of their Allowed Unsecured Claims unless the Allowed Unsecured Claims exceed $2,200,000.00. In addition, this Class will potentially receive Additional Profit-Sharing Distributions. Class 6 is impaired under the Plan. Class 7 will retain their equity interests but will receive no dividends or stock-related benefits until creditors have been paid as required in this Plan. During the period from the Confirmation Date up to and including the Effective Date, the Debtor may continue to operate the business in the normal course, subject to all applicable orders of the Bankruptcy Court. A full-text copy of the Plan of Reorganization dated February 11, 2026 is available at https://urlcurt.com/u?l=uQt2jn from PacerMonitor.com at no charge. Counsel to the Debtor: William B. Fecher, Esq. Statman Harris, LLC 35 E. 7th St., Ste 315 Cincinnati, OH 45202 Tel: (513) 328-2666 Email: (513) 328-2666 About Cleveland Avenue Cafe, Inc. dba Sirens Cleveland Avenue Cafe Inc. operates as a food-service business in Ohio, offering cafe-style meals and beverage options. Its menu features coffee, tea, pastries, light fare, and other staples aimed at serving local customers, commuters, and surrounding businesses. Cleveland Avenue Cafe Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-55028) on November 13, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by William B. Fecher, of Statman, Harris & Eyrich, LLC. COAST TO COAST: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Coast to Coast Palm, LLC, according to court dockets. About Coast to Coast Palm Coast to Coast Palm, LLC, doing business as Coast to Coast Linen, provides commercial linen and textile rental and laundering services, supplying items such as uniforms and linens to business customers. The company operates from West Palm Beach, Florida, serving clients in the surrounding South Florida region. It operates within the industrial laundry and linen supply services industry. Coast to Coast Palm sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10247) on January 12, 2026. At the time of the filing, the Debtor listed between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Mindy A. Mora oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan Delaney & Eller, PLLC is the Debtor's legal counsel. COMPASS COFFEE: Caffe Nero to Purchase Company Out of Bankruptcy ---------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Caffe Nero North America Inc., an affiliate of the UK-based coffeehouse chain, won an auction to purchase Compass Coffee LLC out of bankruptcy for $4.76 million. The bid topped all competitors after several rounds of competitive bidding held Thursday, February 19, 2026, Compass disclosed in papers filed with the US Bankruptcy Court for the District of Columbia. The final price reflects a nearly $2 million increase from Caffé Nero’s earlier $2.9 million stalking-horse bid. Next Gen Coffee Enterprises LLC participated in the auction process but was unable to outbid Caffe Nero's final proposal, leaving the international coffee operator as the successful purchaser, the report states. Compass plans to seek court approval of the sale, which would transfer its assets to Caffé Nero and allow the company to move forward with restructuring efforts while maximizing value for creditors, the report relays. About Compass Coffee Compass Coffee is a coffee chain founded in Washington, D.C., in the early 2010s. Compass Coffee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00005) on January 6, 2026. In its pettion, the Debtor reports estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Jennifer Ellen Wuebker, Esq., of Hunton Andrews Kurth LLP. CONKLIN MEDIA: Unsecureds Will Get 10% of Claims over 36 Months --------------------------------------------------------------- Conklin Media, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization dated February 11, 2026. The Debtor was formed on January 7, 2019 and is a Pennsylvania limited liability company operating a digital marketing agency. In 2020, the Debtor, together with one affiliate, became the victims of a Ponzi scheme. As a result, litigation was brought against the Debtor, together with one affiliate, to turn over funds allegedly received from the person who was operating the Ponzi scheme. The cost of the litigation, and the ultimate settlement regarding the Ponzi scheme, resulted in significant losses to Debtor. The initial demand from the Debtor in the lawsuit for the clawback under the Ponzi scheme was $1,400,000.00. The litigation was settled in January, 2022, by payment by the Debtor of $170,000.00. The cost of the litigation, which was considerable, together with the settlement payment, caused significant cash flow problems to the Debtor. In order to survive, additional financing was obtained by the Debtor. In addition, the Debtor's principal owner, Jodi Conklin, and the president of the Debtor, her husband, David Conklin, placed personal loans into the Debtor. Because of the inability of the principal to provide additional capital and an inability to borrow under appropriate terms, the Debtor determined to file Chapter 11. The Debtor continues to maintain its digital marketing business while at the same time working to solicit new clients. The Debtor has stepped up marketing and hopes this will result in the Debtor continuing to be able to operate. Among other steps, the Debtor has a new web developer who is assisting in obtaining additional clients. Class 8 consists of General Unsecured Creditors. Class 8 includes all other Claim holders of the Debtor who are not otherwise classified under the Plan, including all general unsecured creditors, which includes any other creditors not otherwise classified under this Plan. Beginning six months after the Effective Date, the general unsecured creditors in Class 8 shall be paid ten percent of each allowed Class 8 Claim, payable in thirty-six equal monthly installments. The equity interests of the Debtor are held by Jodi Conklin, who is the sole member of and holds 100% of the membership interests in the Debtor. The Equity Holder will continue to hold the equity subsequent to the Effective Date of the Plan. As of the Effective Date, the Debtor retains the right to cancel the equity and issue new equity in the same percentages as exist pre-Petition. The Debtor will continue to operate its digital marketing business. The Debtor is seeking additional clients which it hopes will be added and therefore the revenue of the Debtor may be higher. A full-text copy of the Plan of Reorganization dated February 11, 2026 is available at https://urlcurt.com/u?l=VMsi6E from PacerMonitor.com at no charge. Counsel to the Debtor: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, PC 2320 North Second Street P.O. Box 60457 Harrisburg, PA 17106 Telephone: (717) 238-6570 About Conklin Media LLC Conklin Media, LLC was formed on January 7, 2019 and is a Pennsylvania limited liability company operating a digital marketing agency. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14673) on Nov. 17, 2025, listing up to $50,000 in assets and liabilities. Leona Mogavero, Esq., at Zarwin Baum serves as Subchapter V trustee. Judge Patricia M. Mayer oversees the case. Lawrence V. Young, Esq., at CGA Law Firm, is the Debtor's legal counsel. COOPER-STANDARD AUTOMOTIVE: Moody's Rates New First Lien Notes 'B3' ------------------------------------------------------------------- Moody's Ratings affirmed Cooper-Standard Automotive Inc.'s (Cooper-Standard) corporate family rating at B3 and the probability of default rating at B3-PD. Moody's also affirmed the senior secured first lien notes at B1, the senior secured third lien notes at Caa1 and the senior unsecured notes at Caa2. Concurrently, Moody's assigned a B3 rating to the company's proposed senior secured first lien notes. The outlook is stable. The Speculative Grade Liquidity Rating was upgraded to SGL-2 from SGL-3. The rating affirmations reflect Moody's expectations for a continued rebound in earnings since 2022, driven by sustainable price adjustments, higher margin new and replacement business launches and incremental savings from lean initiatives in manufacturing and purchasing. In addition, savings from footprint and cost base rightsizing and the roll-off of lower margin revenues will also contribute to margin improvement into 2027. The rating assignment and change in SGL reflect a refreshed debt capital structure that is expected to extend the debt maturity profile into 2031. Proceeds from the proposed secured notes are expected to pay off the existing first lien notes, the third lien notes and the unsecured notes upon closing of the transaction. RATINGS RATIONALE Cooper-Standard maintains solid market positions in sealing systems, fuel and brake delivery systems and fluid transfer systems where demand fundamentals are largely drivetrain agnostic. A product mix skewed toward SUVs/CUVs and light trucks, including content on top selling vehicle platforms, helps mitigate the competitive, highly fragmented nature in its core end markets. Moody's expects the company to outpace overall market growth over the next several years, supported by new business awards, favorable mix on top selling vehicle platforms and growing market share with Chinese automakers. For 2026, Moody's expects an EBIT margin over 5% and debt-to-EBITDA in the mid-4x range. Moody's anticipates margin expansion even in a flat-to-modestly lower light vehicle production environment. However, if production volumes fall sharply lower than currently projected, potentially as a result of ongoing tariff implications and vehicle affordability concerns, margin growth will be more challenging. Free cash flow should be solidly positive for the fourth consecutive year despite expectations for higher cash taxes and increased investment in working capital and capital expenditures. The stable outlook reflects Moody's expectations that higher margin business launches replacing lower return programs, combined with heightened focus on continuous improvement, will strengthen operating results even with the potential for flat light vehicle production in 2026. Cooper-Standard's SGL-2 Speculative Grade Liquidity Rating reflects Moody's expectations that the company will maintain good liquidity, supported by a cash balance of at least $150 million and solidly positive free cash flow. The undrawn $180 million asset-based lending facility (ABL) had availability of approximately $161 million at December 31, 2025 based on the borrowing base less posted letters of credit. The ABL, which has not been drawn the last couple of years, is scheduled to expire in May 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with an EBIT margin remaining above 5%, debt-to-EBITDA maintained below 4.5x and EBITDA-to-interest in excess of 3.5x. Increasing free cash flow would also be important for an upgrade. The ratings could be downgraded due to significant margin erosion, free cash flow falling back towards breakeven or debt-to-EBITDA moving back above 6x. Deteriorating liquidity could also lead to a rating downgrade. The principal methodology used in these ratings was Automotive Suppliers published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Cooper-Standard Automotive Inc. is a global automotive supplier of sealing and trim, fuel and brake delivery systems and fluid transfer systems. Revenue for the fiscal year ended December 31, 2025 was approximately $2.7 billion. CORNERSTONE GENERATION: Moody's Affirms Ba2 on Secured Loans ------------------------------------------------------------ Moody's Ratings has affirmed Cornerstone Generation's, LLC's (CSG) Ba2 rating on its senior secured term loan and revolving credit facilities. The rating outlook is stable. On January 15, 2026, Talen Energy Corporation (Talen) announced an agreement under which it will effectively acquire CSG for $3.45 billion. The transaction is expected to close early in the second half of 2026. Given the planned transaction with Talen, CSG has proposed an amendment (Amendment) that seeks several changes including deeming Talen, the parent of Talen Energy Supply, LLC (Ba3 negative) as a qualified owner, revisions to the provision regarding the distribution of any cash received by CSG from PJM related to another project not owned by CSG, and a holiday to the excess cash sweep until the earlier of effectively 3-months after the closing of Talen's acquisition of CSG, the termination of the planned acquisition or 12 months after the Amendment effective date. RATINGS RATIONALE CSG's Ba2 rating affirmation considered the overall improved market conditions for capacity and energy especially given PJM's latest capacity auction that had prices clear at the cap. The excess cash sweep holiday in the Amendment has been tailored to correspond with the expected timing of the proposed acquisition of CSG by Talen. The structured cash sweep holiday is expected to end in the early part of the second half of 2026 and its maximum tenor is limited to no more than 12 months after the Amendment's effectiveness. Under the revised Moody's Case that considered both improved market conditions and the Amendment, CSG's forecasted financial metrics are modestly higher than earlier expectations but still well within the expected range of 15% to 20% for Project CFO to Debt and 2.5x to 3.0x for debt service coverage ratio (DSCR). That said, the proposed Amendment also weakens a key structural enhancement meant to reduce debt, especially when CSG has its highest period of cash flow certainty on a prospective basis. This weakening of standard lender protection raises concerns around the borrower's financial policy and its governance. CSG's Ba2 rating also reflects significant hedges mostly through 2027, known capacity prices through May 2028, and two six-year 'capacity only' contracts at the 1,171 MW Lawrenceburg combined cycle power plant. On the latter, predictable stream of capacity revenues under these contracts represents a key credit strength for CSG relative to similar peers. Further supporting CSG's credit quality are the competitiveness of its combined cycle natural gas fired plants in PJM, some asset diversification across three plants, and certain project finance features. However, CSG's financing terms also have some weaknesses relative to its peers including a flat 50% excess cash flow sweep, the ability to pay up to $20 million of deemed tax distribution annually that is ahead of the excess cash sweep, and greater flexibility to make acquisitions. On the latter, some control is provided to creditors as any incremental debt above $50 million including any debt to fund an acquisition requires a rating affirmation. The borrower' rating further incorporates significant exposure to both merchant energy and capacity over time, significant leverage and the weighted average age of the assets being over 21 years. On the former, the project's longer-term exposure to energy price risk and uncertain capacity prices post-May 2028 represent the greatest risk drivers for the issuer's credit quality given the inherent high volatility of both the capacity and energy markets. RATING OUTLOOK The stable outlook considers CSG's hedging program and Moody's expectations that it will achieve Project CFO to Debt between 15% to 20% and DSCR of 2.5x to 3.0x over the next several years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING CSG's rating could be upgraded if it is able to substantially mitigate its energy margin and capacity price risk beyond the debt maturity or it is able to pay down debt greater than expected leading to DSCR significantly in excess of 3.5x and Project CFO to Debt of above 25% on a sustained basis. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING The project's rating can be downgraded if it incurs major operating problems on a portfolio basis, if the IURC does not approve of the capacity contract or financial metrics are substantially weaker than expected leading to DSCR below 2.4x or Project CFO to Debt below 13% on a sustained basis. Profile Cornerstone Generation, LLC (CSG) expects to own a 2.5 GW of gas fired power plants comprising of the 1,171 MW Lawrenceburg combined-cycle natural gas fired plant in Indiana; the 905 MW Waterford combined-cycle natural gas fired plant in Ohio; and the 472 MW Darby simple cycle gas fired plant in Ohio. The borrower is expected to be indirectly owned by affiliates of Energy Capital Partners (ECP). On January 15, 2026, Talen announced an agreement under which it will acquire CSG for $3.45 billion. The transaction is expected to close early in the second half of 2026. LIST OF AFFECTED RATINGS Issuer: Cornerstone Generation, LLC Affirmations: Senior Secured Bank Credit Facility, Affirmed Ba2 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COVETRUS INC: MWI Animal Transaction No Impact on Moody's 'B3' CFR ------------------------------------------------------------------ Moody's Ratings says that Covetrus, Inc.'s planned acquisition of MWI Animal Health, a segment of Cencora, Inc. (Baa1 stable) is credit positive. If completed as announced, the combination will strengthen Covetrus' business profile, increase revenue and lower financial leverage. The acquisition will be funded with a combination of a new, privately-placed term loan, common and preferred equity held by Cencora, and new sponsor equity. The acquisition will more than double Covetrus' scale and significantly increase its market position as a distributor of companion animal health products in the US market. Benefits also include a more diversified customer base and strengthened position in supplier relationships. The transaction is subject to customary regulatory approvals and is not currently contemplated to close within Cencora's fiscal 2026 ending September 30, 2026. At this time, there is no change to Covetrus, Inc.'s ratings, including its B3 corporate family rating, B3-PD probability of default rating, and B2 rating on the senior secured first lien bank credit facilities. The outlook remains negative. Headquartered in Portland, Maine, Covetrus, Inc. is a leading provider of distribution and technology solutions to the global animal health market. The company generated about $4.8 billion of revenue for the twelve months ended September 30, 2025. Covetrus is owned by private equity sponsors Clayton, Dubilier & Rice (CD&R) and TPG. CPV VALLEY: S&P Assigns 'BB-' Rating on $325MM Term Loan B ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' rating and '1+' recovery rating to CPV Valley Holdings LLC's (CPVV) $325 million term loan B (TLB). CPVV will use the proceeds to refinance existing debt, pay transaction fees, and make a distribution. CPVV has low starting leverage of $452 per kilowatt (/kW) and low leverage at maturity. CPVV benefits from low-cost natural gas; at the same time capacity revenues are lower than Zone J assets. S&P's '1+' recovery rating indicates its expectation for full (100%) recovery in a default scenario. The stable outlook reflects S&P's expectation of robust debt service coverage ratios (DSCRs) during the TLB period (2026-2033), with a minimum DSCR of 1.51x in the post-refinancing period. S&P expects the project will repay $140 million of its TLB. CPV Valley Holdings LLC is an operational 720-megawatt (MW), 2x1 combined cycle gas turbine (CCGT) in the Town of Wawayanda, N.Y. CPVV reached commercial operation in 2018 (commercial operation date; COD) and has a baseload heat rate of about 7,000 Btu per kilowatt-hour (Btu/kWh). CPVV has two Siemens SGT6-5000F gas turbines, and a Siemens SS-5000 steam turbine. The project participates in the NYISO Zone G market, selling energy, capacity, and ancillary services. CPVV's capacity prices and capacity factors are lower than those of peers in Zone J. CPVV has low initial leverage of $452/kW and provides baseload power in New York Zone G. However, the low leverage is more than offset by weaker capacity prices (about 40% lower historically and forecast) compared with those of Zone J peers, as well as lower TLB-term capacity prices than PJM assets. The lower capacity prices translate to approximately $220 million forecast lower capacity revenues for the TLB period versus Zone J--a material difference. Capacity factors of about 75%-80% are lower than those of Zone J baseload peers. Consequently, Zone J peers are able to bear higher leverage, and the impact of lower capacity revenues is more pronounced in later years as projects become dependent on capacity revenues. High spark spread expectations are supported by access to inexpensive natural gas. The project demonstrates robust spark spreads (approximately $31 per megawatt-hour [/MWh]), supported by its access to cheap natural gas from the Millenium Pipeline, providing a project life spark uplift of about $4/MWh-$5/MWh relative to TZ6NY gas, which other generators and power price nodes use. S&P expects this advantage to persist. This is a key advantage over other New York generators, including Zone J peers. The project is also relatively efficient and sits at the bottom of the dispatch curve. Through its prudent hedging program, CPVV has a solid track record of realizing robust capacity factors and sparks spreads, especially during the winter season. S&P said, "CPVV is relatively new and efficient, but its asset life is limited to 2047 due to regulations. CPVV reached COD in 2018 but due to state regulations, we limit asset life to 2047. We expect CPVV will capitalize on rising demand and electrification in NYISO, then face competition from renewables. New York State has mandated clean generation by 2040, which will slip at least a few years, as the ISO has publicly said the 2030 target has fallen behind at least three years. The grid will still need reliability in the 2040s and given this is a new and efficient asset, we expect it to dispatch through to 2047. We expect capacity factors will decrease later as more supply comes online. "The stable outlook reflects our expectation of robust DSCRs during the TLB period (2026-2033), with a minimum DSCR of 1.51x in the post-refinancing period. We expect the project will pay down $140 million of its TLB." S&P could lower the rating if it expects the minimum DSCR to be below 1.35x on a sustained basis or the project's resiliency weakens. This could occur if: -- Capacity prices, energy margin, or ancillary revenues are materially lower than our forecast; -- The project experiences forced outages, resulting in lower generation; -- The project's excess cash flows don't translate into debt paydown as expected. S&P could raise the rating if: -- S&P expects the project will maintain a minimum base-case DSCR above 1.80x in all years, including the post-refinancing period; and -- S&P believes a sufficient performance track record will adequately mitigate operational and financial risks associated with a single-asset plant. This could occur if spark spreads and uncleared capacity prices in NYISO Zone G improve while CPVV realizes favorable capacity factors. S&P would also need to see that a stronger financial performance results in a lower-than-expected TLB balance at maturity. CREATIVE FOODS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 9 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Creative Foods, LLC. About Creative Foods LLC Creative Foods, LLC is a privately held food company operating in Ohio. The company specializes in food production and distribution, serving retailers, restaurants, and other clients in the region. Creative Foods sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Bankr. Case No. 26-50186) on January 14, 2025. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by Andrew Dennis Rebholz, Esq., at Allen Stovall Neuman & Ashton, LLP. CYTOSORBENTS CORP: Avenir Corp, James Rooney Hold 8.3% Stake ------------------------------------------------------------ Avenir Corp and James H. Rooney, disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 5,230,099 shares of Cytosorbents Corp's common stock, representing 8.3% of the shares outstanding. Avenir Corp may be reached through: James H. Rooney, President 277 South Washington Street, Suite 350 Alexandria, VA 22314 Tel: 973-329-8885 A full-text copy of Avenir Corp's SEC report is available at: https://tinyurl.com/39y4m2s5 About CytoSorbents Based in Monmouth Junction, N.J., CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 75 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure, and patient death. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used in operations, and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $45.75 million in total assets, $36.73 million in total liabilities, and $9.02 million in total stockholders' equity. DATAVAULT AI: Gregory Castaldo No Longer Holds Shares ----------------------------------------------------- Gregory Castaldo, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, he no longer beneficially owns shares of Datavault AI Inc.'s common stock. 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/53zftt2b 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. DATAVAULT AI: Joseph Reda, SEG No Longer Hold Shares ---------------------------------------------------- Joseph Reda and SEG Opportunity Fund, LLC, disclosed in a Schedule 13G (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, they no longer beneficially own shares of Datavault AI Inc.'s common stock. 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/3cdh4n9d 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. DELTA OAKS: Hires Totaro & Shanahan LLP as Legal Counsel -------------------------------------------------------- Delta Oaks, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of California to employ Totaro & Shanahan, LLP as counsel. The firm's services include: a. preparing documents, including the petition and schedules, status reports, review and consultation concerning Monthly Operating Reports, and personal attendance at all hearings; b. consulting with Debtor's representative concerning documents needed and reports to be prepared and consultation with real estate counsel re title and other issues; c. assisting Debtor in preparation of documents for compliance with the requirements of the Office of the United States Trustee; d. negotiating with secured and unsecured creditors regarding the amount and payment of their claims; e. discussing with Debtor's representative concerning the Disclosure Statement and plan of reorganization; f. preparing Disclosure Statement and Chapter 11 Plan of Reorganization and any amendments/changes to the same. g. submitting ballots to creditors, tally of ballots and submission to the Court; h. responding to any objections to disclosure statement and/or plan; i. negotiating with creditors as to values, etc., and the plan of reorganization; j. responding to any motions for relief from stay, motions to dismiss or any other motions or contested matters; In cases where no litigation counsel is employed, the firm will undertake these matters: a. preparation, submission and prosecution of any adversary proceedings that may be necessary to the case including but not limited to determining the value of real property as collateral and extinguishing unsecured liens on real property; b. review of proofs of claims and if necessary, preparation of formal objections with respect to claims asserted; c. opposition to any motion sought by trustee, court and/or creditors; d. any other adversary matter that arises during the administration of this chapter 11 case. The firm will be paid at the rate of: Attorney $650 per hour Paralegal $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Totaro, Esq., an attorney at Totaro & Shanahan, disclosed in a court filing 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: Michael R. Totaro, Esq. Totaro & Shanahan, LLP P.O. Box 789 Pacific Palisades, CA 90272 Telephone: (310) 804-2157 Email: Ocbkatty@aol.com About Delta Oaks, LLC Delta Oaks, LLC is a single-asset real estate company that owns a commercial building located at 445 E. Main St. in Stockton, California, with an appraised value of $2.2 million. Delta Oaks, LLC in San Leandro, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 26-40014) on Jan. 5, 2026, listing $2,200,000 in assets and $926,341 in liabilities. Steven Kent Peterson as president, signed the petition. Judge William J. Lafferty oversees the case. TOTARO & SHANAHAN, LLP serve as the Debtor's legal counsel. DFND SECURITY: Expands Scope of Work of Goe Forsythe & Hodges ------------------------------------------------------------- DFND Security, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to expand the scope of work of Goe Forsythe & Hodges LLP. The firm will assist the Debtor in relation to the case titled as CrowdStrike, Inc. v. DFND Security, Inc., et. al., Case No. CPF-22517845, filed in the Superior Court of the State of California, County of San Francisco. The firm will provide these services: a. advise and assist Debtor with respect to compliance with the responding to the Petition to Confirm Arbitration Award and Debtor's Petition to vacate the Arbitration Award both filed in the Superior Court of California, County of San Francisco; b. advise Debtor regarding matters of state law, including the rights and remedies of Debtor with respect to Creditor's Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award. c. represent Debtor in any proceedings or hearings concerning the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award in the State Court where Debtor's right may be litigated or affected. d. conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award; e. advise Debtor concerning the requirements of the Superior Court of California and applicable rules in the State Court Proceeding related to the Petition to Confirm Arbitration Award and Debtors' Petition to Vacate the Arbitration Award; f. assist Debtor in filing its reply, negotiation and resolution of the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award; g. make any Court appearances on behalf of Debtor regarding the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate Arbitration Award; and h. take such other action and perform such other services as Debtor may require the Firm in connection with the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award. The firm will be paid at these rates: Robert P. Goe, Attorneys $695 per hour Marc C Forsythe, Attorneys $695 per hour Ronald S. Hodges, Attorneys $695 per hour Dixon L. Gardner, Attorneys $595 per hour Reem J. Bello, Attorneys $590 per hour Charity J. Manee, Attorneys $585 per hour Ryan S. Riddles, Attorneys $495 per hour Brandon J. Iskander, Attorneys $$495 per hour Olivia Cannon, Attorneys $450 per hour Lauren E. Rava, Attorneys $425 per hour Adam O'Shea, Attorneys $385 per hour Ashley Kinder, Attorneys $350 per hour Paralegals $200 to 250 per hour Counsel $450 to 750 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Marc C Forsythe, Esq., a partner at Goe Forsythe & Hodges LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marc C. Forsythe, Esq. Reem J. Bello, Esq. Goe Forsythe & Hodges LLP 17701 Cowan, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 Email: mforsythe@goeforlaw.com rbello@goeforlaw.com About DFND Security, Inc. DFND Security Inc. is a California-headquartered cybersecurity and IT strategy firm that provides enterprise-level technology architecture, security solutions and talent sourcing for global corporations. It partners with organizations across North and South America, Europe and beyond, drawing on a team of former C-suite IT and security leaders with experience at Oracle, NetApp, Broadcom, Sony and Intuit. Through a flexible engagement model, DFND Security helps clients address complex IT and cybersecurity challenges at scale. DFND Security Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12150) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Marc C. Forsythe, Esq. at GOE FORSYTHE & HODGES LLP. E. GLUCK CORP: Committee Hires Foresight as Financial Advisor ------------------------------------------------------------- The official committee of unsecured creditors of E. Gluck Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Foresight Restructuring LLC as financial advisor. The firm will provide these services: a) monitor Debtor's financial and operating performance including current operations, monthly operating reports, and other financial and operating analyses or periodic reports provided by Debtor; b) assist in the analysis, review, and monitoring of the restructuring and/or liquidation process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; c) perform due diligence with respect to the assets and liabilities, business, financial conditions, and opportunities for the Debtor to enhance its profitability; d) assess cash and liquidity requirements of the Debtor, as well as analyze proposed Debtor-in-Possession financing, including proposing and negotiating alternatives as considered necessary; e) monitor and, to the extent appropriate, assist the Debtor in efforts to develop and solicit transactions which would support unsecured creditor recovery; f) evaluate the possible rejection of any executory contracts and unexpired leases; g) assist in the negotiations, evaluation, and formulation of any proposed Plan of Reorganization or restructuring-related alternatives; h) assist the Committee in determining the best strategy for maximizing values for creditors; and i) provide testimony (including deposition testimony) before the Bankruptcy Court on matters within the financial advisory firm's expertise. The firm will be paid at these rates: Partners $750 to $850 per hour Analysts/Associates $250 to $450 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. 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: Yi Zhu Foresight Restructuring LLC 151 Mt Grove Rd Califon, NJ 07830 Tel: (609) 216-9679 Email: yi@foresightrestructuring.com About of E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.S.D. N.Y. Case No. 25-12683 (MG)) on December 1, 2025. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. EDDIE BAUER: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Eddie Bauer LLC and its affiliated debtors received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral to fund operations. The court authorized the Debtors to use cash collateral to pay the expenses set forth in their 13-week budget from February 10 until the earliest of (i) 45 days after the petition date (unless extended); (ii) confirmation of a Chapter 11 plan; or (iii) notice of a termination event. Termination events include budget noncompliance; unauthorized use of cash collateral; dismissal or conversion of any Chapter 11 case; appointment of a trustee or examiner with expanded powers; relief from the automatic stay (without lender consent) permitting a third party to recover or possess estate property (other than cash collateral deposits) exceeding $1 million; modification or reversal of the interim order without lender consent; and filing a plan or asset sale (without lender consent) that materially departs from the treatment set forth in the restructuring support agreement. As of the petition date, the Debtors hold about $20 million in cash, with projected average weekly disbursements of $1.6 million. Access to this cash collateral is essential to preserve business value, maintain relationships with employees, vendors, and landlords, and enable the administration of the Debtors' Chapter 11 cases while pursuing value-maximizing transactions. Parties with interests in the cash collateral include lenders under three credit agreements and their agents: Wells Fargo Bank, National Association; Whitehawk Capital Partners, LP; and Copper Retail JV, LLC. Wells Fargo Bank and Whitehawk Capital Partners serve as administrative agents under the Debtors' 2020 pre-petition ABL facility and 2025 pre-petition term loan facility, each maturing on September 19, 2030. The Debtors owe approximately $925.3 million under the ABL facility and $600 million under the term loan facility. Copper Retail JV, LLC serves as administrative agent under the Debtors' 2024 pre-petition subordinated loan facility, which matures on February 19, 2031. Approximately $216.3 million is outstanding under the facility. In case of any post-petition diminution of their collateral, these secured parties will receive an "adequate protection package" consisting of replacement liens on the Debtors' assets, superpriority claims, and periodic cash payments. The interim order is available for free at: http://bankrupt.com/misc/EddieBauer_InterimCashCollOrder.pdf A final hearing is scheduled for March 3, at 1:00 p.m. (prevailing Eastern time). Wells Fargo Bank, as ABL administrative agent, is represented by: Joseph Lubertazzi, Jr., Esq. Jeffrey T. Testa, Esq. McCarter & English, LLP 100 Mulberry Street Four Gateway Center Newark, NJ 07102 Telephone: (973) 622-4444 jlubertazzi@mccarter.com jtesta@mccarter.com -and- Daniel F. Fiorillo, Esq. Matthew J. Stockl, Esq. Varinder P. Singh, Esq. Antonio J. Aguilera, Esq. Otterbourg, P.C. 230 Park Avenue New York, NY 10169-0075 Telephone: (212) 661-9100 dfiorillo@otterbourg.com mstockl@otterbourg.com vsingh@otterbourg.com aaguilera@otterbourg.com Copper Retail JV, as subordinated loan agent, is represented by: Michael E. Comerford, Esq. Alexandra M. Thomas, Esq. Choate, Hall & Stewart, LLP Two International Place Boston, MA 02110 Telephone: (617) 248-5000 Facsimile: (617) 502-5000 mcomerford@choate.com athomas@choate.com -and- Thomas M. Walsh, Esq. Sam Della Fera, Jr., Esq. Chiesa Shahinian & Giantomasi, PC 105 Eisenhower Parkway Roseland, NJ 07068 Telephone: (973) 325-1500 Facsimile: (973) 325-1501 twalsh@csglaw.com sdellafera@csglaw.com About Eddie Bauer LLC Eddie Bauer, LLC operates approximately 175 brick-and-mortar retail stores across the U.S. and Canada as the exclusive licensee of the Eddie Bauer brand for physical retail sales, offering men's and women's apparel, outerwear, footwear, accessories, gifts, sportswear, and outdoor gear. Eddie Bauer's intellectual property, wholesale, and e-commerce activities are managed separately from the in-store business. Eddie Bauer and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-11422) on February 9, 2026. In the petition signed by Stephen Coulombe, co-chief restructuring officer, Eddie Bauer disclosed assets of between $100 million and $500 million and liabilities of between $1 billion and $10 billion. Judge Stacey L. Meisel oversees the cases. The Debtors tapped Cole Schotz P.C. as general co-bankruptcy counsel; Kirkland & Ellis LLP and Kirkland & Ellis International LLP as restructuring counsel; GBH SOLIC Holdco, LLC as investment banker; Berkeley Research Group, LLC as restructuring advisor; Stretto, Inc. as claims and noticing agent; and Retail Consulting Services, Inc. (doing business as Real Estate Advisors) as real estate consultant. EDGE DOCUMENT: Seeks to Extend Plan Filing Deadline to March 19 --------------------------------------------------------------- EDGE Document Solutions, LLC asked the U.S. Bankruptcy Court for the Southern District of Indiana to extend the period during which the company can file a Subchapter V Small Business Plan through March 19, 2026. On October 17, 2025, Debtor initiated its petition for relief under Subchapter V of Chapter 11 of Title 11, U.S.C., and has continued as a debtor-in-possession since that date. On February 11, 2026, the Court entered the Order Authorizing Sale of Substantially All of Debtor's Assets Pursuant to Section 363 of the Bankruptcy Code Free and Clear of Liens, Claims, Interests, and Encumbrances ("Sale Order") whereby Debtor obtained this Court's authority to sell its assets (the "Assets") to Software Solutions, Inc. (the "Purchaser") for $69,000.00 ("Sale Proceeds"). The Debtor explains that the company and Purchaser are working towards a closing on the sale of the Assets, and pursuant to the Sale Order, the Sale Proceeds will be paid to Debtor's counsel and held in trust subject to further order of this Court. The Debtor claims that the company and its counsel are reviewing whether to file a plan of liquidation or a structured dismissal, and additional time is needed to review and prepare pleadings. The interests of all parties are best served by allowing Debtor an extension of time. The Debtor asserts that the extension to time to file a plan is necessary due to circumstances not attributable to Debtor. This motion is not being made for the purpose of delay and is being submitted in good faith. EDGE Document Solutions LLC is represented by: John J. Allman, Esq. Allman Kight Hester LLC 54 Monument Circle, Suite 501 Indianapolis, IN 46204 (317) 833-3030 Fax: (317) 833-3031 Email: jallman@akhlaw.com About EDGE Document Solutions EDGE Document Solutions, LLC provides print and digital document management solutions for clients in education, municipal, and commercial sectors. It develops and integrates software systems for eDocuments and electronic content management while continuing to support traditional print and mailing needs such as checks and forms. EDGE Document Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06350) on October 17, 2025, listing total assets of $112,146 and total liabilities of $1,198,635. Judy Wolf Weiker of Manewitz Weiker Associates, LLC is the Subchapter V trustee. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by John Allman, Esq., at Hester Baker Krebs, LLC. ENERGIZER HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B+' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based Energizer Holdings Inc. to negative from stable because of the potential it will not strengthen credit ratios in line with its forecast. S&P also affirmed all its ratings on the company: the 'B+' issuer credit rating, 'BB' ratings on the senior secured debt, and 'B' ratings on the senior unsecured debt (recovery ratings remain '1' and '5', respectively). The negative outlook reflects a potential downgrade in the next 12 months if Energizer cannot stabilize organic volume drops and improve margins, sustaining leverage above 6x. Energizer faces headwinds from tariffs, weakening consumer spending, and substantial restructuring and acquisition-related costs. S&P Global Ratings-adjusted leverage was 6.3x as of Dec. 31, 2025, above our 6x downgrade trigger. S&P said, "We expect leverage will remain about 6.3x in fiscal 2026, improving to the high-5x area by the end of 2027, supported by price increases, the winding down of its Project Momentum program, and organic volume stabilization. "We revised the outlook to negative, reflecting expected leverage of about 6.3x in 2026. It also indicates the potential for weak consumer spending and input cost volatility to derail credit measure improvement in line with our base-case forecast, which includes reducing S&P Global Ratings-adjusted leverage to the high-5x area in 2027. Our 2026 expectations are above our prior forecast of below 6x, our downgrade threshold. While first-quarter fiscal 2026 performance came in weak, as expected, its forecast for the second quarter (which incorporates continued organic volume declines in both the batteries and lights and auto care segments) places significant reliance on a second-half recovery to meet full-year guidance. We revised our base-case forecasts downward to reflect continued weakness across both segments, driven by soft consumer spending and retailers tightening inventory management." Additionally, Energizer's profit margin has been significantly pressured by tariffs and restructuring-related costs. Management estimates unmitigated tariff costs of $60 million-$70 million and acquisition and restructuring costs of $60 million-$75 million in 2026, which it expects to partially offset with targeted pricing actions and savings from productivity initiatives. S&P said, "We expect most restructuring-related costs to roll off in 2027, particularly those associated with Project Momentum, which the company extended to allow further optimization of its supply chain in response to tariffs. Additionally, we anticipate upside from production tax credits, which management projects will add approximately $60 million to gross margins in 2026, up from $41.6 million in 2025, driven by increased U.S. production capacity. We now forecast adjusted EBITDA to decline about 6% in 2026 to $534 million before improving to about $565 million in 2027." S&P said, "We expect credit metrics consistent with the rating, though not in 2026. Aside from the weaker profitability, Energizer's credit metrics have deteriorated because of its decision to accumulate inventory related to its transition to plastic-free packaging. This had a substantial impact on reported free operating cash flow (FOCF) in 2025, reducing cash available for debt repayment and raising leverage above 6x. The company is focused on selling down this inventory, which benefited its first-quarter fiscal 2026 cash flow by $87 million. Along with about $35 million net refunds from production tax credits, it used this to prepay $90 million of term loan debt. We estimate the company will generate about $250 million in FOCF in 2026, assuming working capital unwinding benefits, and about $230 million in 2027 as working capital investment normalizes. "We believe Energizer remains committed to its deleveraging target. The company has a history of using discretionary cash flow (FOCF less dividends and share repurchases) to reduce debt, including about $200 million of term loan debt repaid in each of 2023 and 2024. However, in 2025, it repurchased $90 million in shares, citing the view that they were undervalued. While we expect deleveraging to remain a priority, we recognize that Energizer may repurchase shares again. We model about $50 million in repurchases for both 2026 and 2027. Furthermore, although the company has a history of taking on substantial debt for large acquisitions, it has limited recent activity to smaller international manufacturing assets. "Weaker-than-expected macroeconomics and higher commodity costs are risks. We forecast consolidated organic revenue will remain constrained in fiscal 2026 but expect sequential improvement in the second half, driven by improving organic battery volumes, growth in auto care volumes from innovation and distribution gains in international markets, and price increases. However, if consumer spending falls short of our expectations, demand for Energizer's discretionary products could be weaker, particularly in the battery segment; consumers might trade down from its higher-margin premium products to lower-margin alternatives or private label competitors (which we believe have gained market share from branded competitors recently). Price increases may not resonate well with consumers, especially after a heavily promotional environment in the past two years, which could limit margin recovery. "We assume that commodity costs will have a neutral impact in 2026. Energizer has locked in pricing for most of its inputs. However, it remains exposed to higher input prices in 2027 (including zinc, nickel, lithium, R-134a, silver, steel, and aluminum), which could constrain our margin recovery and deleveraging expectations. "The negative outlook reflects a potential downgrade over the next 12 months if Energizer cannot deleverage in line with our expectations. "We could lower the ratings if management does not prioritize cash flow for debt repayment or operating performance falls short of our expectations, including weaker-than-expected profitability and cash flow, and we forecast that adjusted debt to EBITDA will remain above 6x." This could occur if: -- Consumer spending decreases due to substantially weak economic conditions; -- The company cannot offset tariffs, restructuring-related costs, and potentially higher commodity prices with pricing and productivity initiatives; -- Competition from branded or private label players escalates and it loses market share; or -- Management aggressively repurchases shares or pursues sizable acquisitions. S&P could revise the outlook to stable if Energizer improves operating performance such that it sustains adjusted leverage below 6x. This could happen if: -- Consumption trends for the company's products improve; -- It executes its volume recovery and cost-saving strategy; and -- It prioritizes debt reduction ahead of shareholder returns. ESSEX REAL: Dismissal of "Weeks" Defamation Case Upheld ------------------------------------------------------- In the appeal styled DAVID WEEKS, Appellant, vs. ADAM STEIN-SAPIR, Respondent, Judges Linda M. Bell, Lidia S. Stiglich and Elissa F. Cadish of the Nevada Supreme Court affirmed the order of the Eighth Judicial District Court, Clark County, dismissing David Weeks' defamation action against Adam Stein-Sapir. Appellant David Weeks is a co-manager of non-party Essex Real Estate Partners, LLC (Essex). In 2019, Essex filed for Chapter 11 bankruptcy reorganization. In approximately 2020, respondent Adam Stein-Sapir acquired shares in Essex through his company, non-party Pioneer Funding Group. To increase Pioneer's interest in the bankruptcy proceeds, Stein-Sapir contacted other Essex shareholders seeking to purchase their shares. Weeks sued Stein-Sapir for defamation, arguing that Stein-Sapir made defamatory statements about Weeks to two Essex shareholders. The district court dismissed the case because it found the statements were covered by the absolute litigation privilege. Weeks now appeals. The parties do not dispute that there was pending litigation -- the Essex bankruptcy -- when the challenged statements were made. Additionally, Weeks' complaint alleged that Stein-Sapir made the challenged statements when seeking to purchase Essex shares from shareholders during the pendency of the bankruptcy. The panel holds, "Although the statements go toward Weeks' character, the statements are also relevant to Weeks' competence to successfully navigate Essex through bankruptcy and to negotiate a fair payout to Essex shareholders. Thus, we conclude the statements were 'in some way pertinent to the subject of the controversy.' And even though the recipients were not parties to the Essex bankruptcy, they nonetheless had 'a relevant interest in, or a connection to, the outcome of the proceeding,' as both individuals stood to receive funds from the bankruptcy for their Essex shares. Accordingly, we conclude the district court did not err in applying the absolute litigation privilege to bar Weeks' claims and granting Stein-Sapir's motion to dismiss." A copy of the Court's Order dated February 12, 2026, is available at https://urlcurt.com/u?l=AiWBjJ About Essex Real Estate Partners Reno, Nev.-based Essex Real Estate Partners, LLC filed a Chapter 11 petition (Bankr. D. Nev. Case No. 19-51486) on Dec. 27, 2019. In the petition signed by Jeri Coppa-Knudson, manager, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Natalie M. Cox oversees the case. Stephen R. Harris, Esq., a Harris Law Practice, LLC, serves as the Debtor's bankruptcy counsel. EXECUTIVE SPINE: Seeks Chapter 7 Bankruptcy in New Jersey --------------------------------------------------------- On February 13, 2026, Executive Spine Surgery, PC 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 $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Executive Spine Surgery, PC Executive Spine Surgery, PC is a New Jersey-based professional corporation providing specialized spinal and orthopedic surgical services. Executive Spine Surgery, PC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11628) on February 13, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The Debtor is represented by Joan Sirkis Warren, Esq., of Lavery & Sirkis. EYWA TRADING: Hires Law Office of Jeremy T. Wood as lead Counsel ---------------------------------------------------------------- Eywa Trading Consultants, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Law Office of Jeremy T. Wood, PLLC as counsel. Mr. Wood will provide these services: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession; (b) prepare and file all necessary pleadings, motions, applications, and other legal documents; (c) represent the Debtor in cash collateral and DIP financing matters; (d) prepare and prosecute a plan of reorganization and disclosure statement; (e) commence and prosecute any adversary proceedings or contested matters as necessary; (f) assist with general estate administration and compliance with court orders; (g) negotiate with creditors and address claim objections; (h) ensure compliance with monthly operating report requirements and other statutory obligations; (i) represent the Debtor at all hearings and proceedings before this Court; and (j) perform all other legal services necessary for the Debtor to fulfill its duties under the Bankruptcy Code. The firm will be paid at the rate of $350 per hour. The Debtor paid the firm a retainer of $10,762. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Spencer Fane LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeremy T. Wood, Esq. Law Office Of Jeremy T. Wood, PLLC 2950 North Loop West, Suite 500 Houston, TX 77092 Telephone: (713) 366-1288 Facsimile: (281) 954-3277 E-mail: Jeremy@jeremywoodlaw.com About Eywa Trading Consultants, LLC Eywa Trading Consultants, LLC owns and leases four residential properties in Spring and Tomball, Texas, holding fee simple title, with a combined appraised value of $1.31 million according to County Appraisal District records. Eywa Trading Consultants sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30115) on January 5, 2026, with $1,312,205 in assets and $863,499 in liabilities. Tronown Thomas, authorized representative of Eywa Trading Consultants, signed the petition. Judge Jeffrey P. Norman presides over the case. Jeremy Wood, Esq., at the Law Office of Jeremy T. Wood, PLLC represents the Debtor as bankruptcy counsel. FAIRFIELD WILLIAMSBURG: Hires Hilco as Real Estate Agent -------------------------------------------------------- The Fairfield Williamsburg Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Hilco Real Estate, LLC as real estate agents. The firm will market and sell the Debtor's real property located at 220 House of Burgess Way, Williamsburg, VA and commonly known as Fairfield Williamsburg - Patriot Place. The firm will be paid a commission of 4 percent of the gross purchase price. 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 through: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 About The Fairfield Williamsburg Property Owners Association, Inc. Fairfield Williamsburg Property Owners Association is a nonprofit organization responsible for the administration and management of the Fairfield Williamsburg neighborhood. Fairfield Williamsburg Property Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-51179) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor tapped Neil E. McCullagh, Esq., at Spotts Fain PC and Daniel M. Eliades, Esq., at K&L Gates LLP as counsel. FAIRFIELD WILLIAMSBURG: Hires Omni as Administrative Agent ---------------------------------------------------------- The Fairfield Williamsburg Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Omni Agent Solutions, Inc. as administrative agent. The firm's services include: a. assisting with, among other things, the preparation of Debtor's schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; b. assisting with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any chapter 11 plan; c. generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results for any chapter 11 plan(s) in the Chapter 11 Case; d. generating stipulated orders soliciting Interest Owners' consent to a sale of the Property under section 363(h) of the Bankruptcy Code, collecting and tabulating the same, and, if necessary, testifying in support of the results; e. generating, providing, and assisting with claims objections, exhibits, claims reconciliation, and related matters; f. complying with applicable federal, state, municipal, and local statutes, ordinances, rules, regulations, orders, and other requirements. g. Providing temporary employees to process claims as necessary; and h. providing such other solicitation and administrative services as may be requested from time to time by Debtor. The firm will be paid at these rates: Office Services $50 - $75 per hour Case Administration Services $80 - $275 per hour Claims Management $80 - $275 per hour Noticing Services $80 - $275 per hour Schedules and SOFA Services $80 - $275 per hour Solicitation Services $80 - $295 per hour Disbursement/Treasury Services $150 - $295 per hour Communications Services – Call Center $75 - $175 per hour Quality Control/Oversight Management $150 - $275 per hour Senior Management/Consulting Services $225 - $275 per hour Programming and IT Customization $95 - $175 per hour Prior to the petition date, the firm received from the Debtor a retainer of $17,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Deutch 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: The firm can be reached through: Paul H. Deutch Omni Agent Solutions Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 Facsimile: (818) 783-2737 Email: lacontact@omniagnt.com About The Fairfield Williamsburg Property Owners Association, Inc. Fairfield Williamsburg Property Owners Association is a nonprofit organization responsible for the administration and management of the Fairfield Williamsburg neighborhood. Fairfield Williamsburg Property Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-51179) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor tapped Neil E. McCullagh, Esq., at Spotts Fain PC and Daniel M. Eliades, Esq., at K&L Gates LLP as counsel. FAT BRANDS: Hires GLC Advisors & Co as Investment Banker -------------------------------------------------------- FAT Brands, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ GLC Advisors & Co., LLC as investment banker. The firm's services include: a. familiarizing themselves with the Company's financial condition and business; b. assisting the Company in assessing near-term liquidity, sensitivities, debt capacity, alternative capital structures and related strategic alternatives; c. advising and assisting the Company in examining, analyzing, developing, structuring and negotiating the financial aspects of any potential or proposed strategy and/or Transaction; d. preparing offering and/or information materials for and managing the due diligence process with potential bidders or potential financing parties, in connection with an applicable Transaction; e. advising the Company on its preparation of Information Memorandum as needed for any potential Transaction; f. assisting the Company in soliciting, coordinating and evaluating indications of interest and proposals, tenders and consents in connection with any Transaction; g. providing expert advice and testimony regarding financial matters related to any Transaction(s), if necessary; h. attending meetings of and advising and otherwise communicating with the Company's Board of Directors, creditor groups and other interested parties, as GLC and the Company determine to be necessary or desirable; i. assisting the Company in developing a strategy to effectuate any Transaction; and j. providing such other financial advisory services as may be agreed in writing between GLC and the Company. The firm will be paid as follows: a. Monthly Advisory Fee. A $175,000 fee (each, a "Monthly Advisory Fee"), payable in advance for the period commencing on the Effective Date of the GLC Engagement Letter, with the first payment due upon execution of the GLC Engagement Letter and subsequent payments due on each monthly anniversary of the Effective Date. Each Monthly Advisory Fee is earned in full when due. b. Financing Fee. A fee payable directly out of the gross proceeds of any and all Financing Transactions equal to: 1.50% of the gross amount of any debt raised, including, without limitation, any DIP Financing or exit financing raised (a "Financing Fee"). As used therein, "raised" shall include all committed amounts; provided that fifty percent (50%) of any Financing Fee resulting from debt raised from any existing debt holder shall be credited against any Transaction Fee earned and payable to GLC. Each Financing Fee shall be payable in cash in full at the closing of each Financing Transaction. c. Sale Fee. A fee to be mutually agreed upon between GLC and the Company (the "Sale Fee"). The Sale Fee shall be earned and payable promptly upon the consummation of the applicable Sale Transaction, and, to the extent applicable, payable directly out of the gross proceeds of the Sale Transaction. In addition, a one-time credit of 100% of any Sale Fee actually paid to GLC under the GLC Engagement Letter will be applied against the Restructuring Fee, on a dollar-for-dollar basis up to 100% of the Restructuring Fee. d. Restructuring Fee. A fee of $9,500,000 (payable directly out of the gross proceeds of any Restructuring, if available) upon the consummation of any Restructuring (the "Restructuring Fee" and together with the Sale Fee, a "Transaction Fee"). Notwithstanding anything to the contrary herein, in no circumstance shall the Company pay in excess of $9,500,000 on account of a Transaction Fee. e. Expense Reimbursement. GLC shall be entitled to monthly reimbursement from the Company of reasonable, earned, and documented out-of-pocket expenses incurred in connection with the services to be provided under this Agreement (including, without limitation, travel fees, document productions fees, GLC's reasonable out-of-pocket fees and expenses for outside legal counsel and other outside professional advisors incurred in connection with the negotiation and performance of the GLC Engagement Letter and the matters contemplated thereby, and sales, use or similar tax incurred thereon, and including, in connection with any Bankruptcy Case(s), GLC's retention in such case(s) and any fee issues or disputes that may arise, including defending its fee applications), whether or not a Transaction occurs or is consummated. In connection with the foregoing, the Company, upon execution of the Original Agreement, provided GLC with an advance retainer in the amount of $25,000 (the "Expense Retainer"). Mr. Raithel 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: Jeff Raithel GLC Advisors & Co., LLC GLC Securities,LLC 1900 Avenue of the Stars, Suite 2410 Los Angeles, CA 90067 Tel: (213) 573-1080 About FAT Brands, Inc. FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The company currently owns restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Café & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed more than $1 billion in both assets and liabilities. Judge Alfredo R. Perez handles the cases. The Debtors tapped Latham & Watkins, LLP as legal counsel, GLC Advisors & Co., LLC as investment banker and Huron Consulting Services, LLC as financial advisor. Omni Agent Solutions, Inc. serves as claims, noticing and solicitation agent. White & Case, LLP represents the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as trustee to certain series of notes. FAT BRANDS: Hires Huron Consulting Services as Financial Advisor ---------------------------------------------------------------- FAT Brands, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Huron Consulting Services LLC as financial advisor. The firm's services include: (i) overseeing workstreams related to the Company's restructuring efforts; (ii) coordinating with the Ad-Hoc Group of lenders (and any other groups of noteholders or creditors that may form, including their representatives), major creditors, and key stakeholders on financial and operational issues; (iii) preparing and maintaining Debtor in Possession ("DIP") and/or cash collateral cash flow budgets, liquidity analysis and cash flow forecasts, and financial projections; (iv) managing liquidity, cash disbursement procedures, controls, and guidelines; (v) addressing pre- and post-petition bankruptcy planning, in coordination with counsel; and (vi) offering any additional customary services related to analyzing and negotiating restructuring initiatives, as mutually agreed upon in writing by the CROs and the Company. The firm will be paid at these rates: Managing Director $1,125 to $1,500 per hour Senior Director $995 per hour Director $875 per hour Manager $700 per hour Associate $575 per hour Analyst $485 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. DiDonato 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: The firm can be reached at: John C. DiDonato Huron Consulting Services, LLC 1166 Avenue of the Americans 3rd Floor, NY 10036 Tel: (212) 785-1900 About FAT Brands, Inc. FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The company currently owns restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Café & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed more than $1 billion in both assets and liabilities. Judge Alfredo R. Perez handles the cases. The Debtors tapped Latham & Watkins, LLP as legal counsel, GLC Advisors & Co., LLC as investment banker and Huron Consulting Services, LLC as financial advisor. Omni Agent Solutions, Inc. serves as claims, noticing and solicitation agent. White & Case, LLP represents the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as trustee to certain series of notes. FAT BRANDS: Hires Latham & Watkins LLP as Counsel ------------------------------------------------- FAT Brands, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Latham & Watkins LLP as counsel. The firm will provide these services: a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b) advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; c) advise the Debtors and take all necessary action to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigation in which the Debtors are involved; d) analyze proofs of claim filed against the Debtors and object to such claims as necessary; e) represent the Debtors in connection with obtaining authority to continue using cash collateral and obtaining postpetition financing; f) attend meetings and negotiate with representatives of creditors, interest holders, and other parties in interest; g) analyze executory contracts and unexpired leases, and potential assumptions, assignments, or rejections of such contracts and leases; h) prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; i) advise the Debtors in connection with any potential sale of assets; j) take necessary action on behalf of the Debtors to obtain approval of a disclosure statement and confirmation of a chapter 11 plan; k) appear before this Court or any appellate courts to protect the interests of the Debtors' estates before those courts; l) advise on corporate, litigation, regulatory, finance, tax, employee benefits, and other legal matters; and m) perform all other necessary legal services for the Debtors in connection with the Chapter 11 Cases. The firm will be paid at these rates: Partners $1,895 to $3,050 per hour Counsel $1,815 to $2,550 per hour Associates $945 to $1,850 per hour Professional Staff $280 to $1,410 per hour Paralegals $390 to $970 per hour During the 90-day period prior to the Petition Date, the firm received payments and advances in the aggregate amount of $4,639,951.50 for services performed and expenses incurred, and to be performed and incurred, including in preparation for the commencement of the Chapter 11 Cases. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Schrock 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: Ray C. Schrock, Esq. Latham & Watkins LLP 355 South Grand Avenue, Suite 100 Los Angeles, CA 90071-1560 Tel: (213) 485-1234 Fax: (213) 891-8763 About FAT Brands, Inc. FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The company currently owns restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Café & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed more than $1 billion in both assets and liabilities. Judge Alfredo R. Perez handles the cases. The Debtors tapped Latham & Watkins, LLP as legal counsel, GLC Advisors & Co., LLC as investment banker and Huron Consulting Services, LLC as financial advisor. Omni Agent Solutions, Inc. serves as claims, noticing and solicitation agent. White & Case, LLP represents the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as trustee to certain series of notes. FCG ACQUISITIONS: S&P Affirms 'B-' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on FCG Acquisitions Inc. S&P also assigned its 'B-' issue level rating and '3' recovery rating (rounded estimate: 50%) to its proposed revolver of up to $120 million due in 2031 and $1.7 billion term loan due in 2033. S&P will discontinue its ratings on the existing debt once it's fully repaid. The stable outlook reflects S&P's forecast for organic and inorganic EBITDA growth to offset incremental debt and high but stable S&P Global Ratings-adjusted leverage. It also reflects our forecast for continued positive FOCF and adequate liquidity. FCG plans a new revolver of up to $120 million (undrawn at close) and $1.7 billion term loan, which with cash on hand it will use to refinance term loan balances and fund acquisitions under letters of intent. The financing is largely leverage neutral. S&P continues to forecast high S&P Global Ratings-adjusted leverage of about 7.9x in fiscal 2026, with positive free operating cash flow (FOCF). S&P Global Ratings-adjusted leverage will remain high but stable at 7x-8x. The proposed $1.7 billion term loan will refinance about $1.67 billion in debt (as of January 2026), prefund acquisitions under letters of intent, and pay transaction-related fees and expenses. It does not affect our view of FCG's credit quality since we previously incorporated debt-funded acquisitions into our prior analysis. S&P said, "We continue to forecast S&P Global Ratings-adjusted leverage will improve to 7.9x in fiscal 2026 (ending June 30) from 8.4x at the end of 2025, but remain high. We expect FCG will continue to pursue acquisitions to increase its revenue and EBITDA base across geographic regions and product lines, and to gain market share. Organic EBITDA growth and contributions from acquisitions will be sufficient to offset incremental debt issuance and keep adjusted leverage in the 7x-8x area over the next 12-18 months." S&P said, "Acquisition contributions will supplement moderate organic revenue growth. We forecast FCG's organic revenue will expand 5%-6% through fiscal 2027 on low-single-digit percent volume and price increases and market share gains. Given our forecast for continued, albeit decelerating, GDP growth and higher investment equipment spending in the U.S., we believe demand for FCG's products will rise incrementally. While we believe demand from general industrial customers (about 44% of revenue) may remain muted, sales into end markets such as life sciences (about 10%) and water and wastewater (about 12%) will face secular demand tailwinds. We also assume FCG will increase pricing given investments in its sales effectiveness program. "We believe the company will gain modest market share as it increases scale through acquisitions, which generally expand FCG's product breadth and addressable market, and because we expect the company to invest in and attract technical salesforce to support growth. "Adjusted EBITDA margin will improve modestly in 2026, because we believe FCG can pass on price increases from suppliers to customers and since we believe higher margin services and solutions will increase as a portion of revenue. Further, it is our understanding that acquisitions have generally higher margins than those of FCG. We forecast corporate expenses will continue to increase to build out back-office functions and support larger scale, but that incremental investments will decline over the next two years. "FCG should continue to generate positive FOCF. We forecast about $45 million of S&P Global Ratings-adjusted FOCF in 2026, similar to 2025. Despite higher absolute EBITDA in 2026, we expect modestly higher year-over-year interest expense (from incremental debt for acquisitions) and assume working capital is a moderate use of cash given acquisition-related expansion. We believe it will use FOCF, along with incremental debt, to fund future acquisitions. "The stable outlook on FCG reflects our forecast for organic and inorganic EBITDA expansion to offset incremental debt for acquisitions, and for S&P Global Ratings-adjusted leverage to remain high but stable. The outlook also reflects our forecast for FCG to continue to generate positive FOCF and adequate liquidity." S&P could lower its rating on FCG if: -- S&P Global Ratings adjusted leverage increases over the next 12 months, for instance because of end-market weakness or FCG's pursuit of additional leveraging acquisitions, leading us to view its capital structure as unsustainable; -- EBITDA interest coverage approaches 1x; -- S&P anticipates liquidity or covenant challenges, possibly due to lower EBITDA generation; or -- FOCF enters significant deficits, particularly in an operating environment with low working capital requirements. S&P could raise its rating on FCG if: -- Scale and scope improve in line with higher rated peers, with stability in EBITDA margins over the business cycle; or -- It maintains S&P Global Ratings-adjusted leverage below 6.5x, and financial policy supports it. FINANCE OF AMERICA: Beach Point Entities Report 8.3% Stake ---------------------------------------------------------- Beach Point Capital Management LP and Beach Point GP LLC, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 789,399 shares of Finance of America Companies Inc.'s Class A Common Stock, par value $0.0001 per share, representing 8.3% of the 9,495,486 shares outstanding, as of December 10, 2025, as reported in exhibit 10.1 to the Company's Form 8-K filed on December 15, 2025). Beach Point Capital Management LP may be reached through: David Rosenblum, General Counsel c/o Beach Point Capital Management LP 1620 26th Street, Suite 6000N Santa Monica, CA 90404 Tel: (310) 996-9700 A full-text copy of Beach Point Capital Management LP's SEC report is available at: https://tinyurl.com/45rshkp7 About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of September 30, 2025, the Company had $30.65 billion in total assets, $30.29 billion in total liabilities, and a total stockholders' equity of $365.83 million. * * * In December 2025, Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating Outlook has been assigned. Fitch has also affirmed Finance of America Funding's senior secured rating at 'CCC-' with a Recovery Rating of 'RR5'. This rating action has been taken as part of a periodic peer review of non-bank mortgage companies, which is comprised of seven publicly rated firms. FIRST BRANDS: Examiner Hires Guidepost Solutions as Accountant -------------------------------------------------------------- Martin De Luca, the Examiner for First Brands Group, LLC and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Guidepost Solutions, LLC as forensic accountant. The firm will provide these services: a. provide forensic accounting, forensic advisory, financial investigation, investigative consulting, and asset tracing services in support of the Examiner's mandate under the Examiner Order and applicable law; b. assist the Examiner and his other retained professionals with the collection, review, and analysis of financial records, data sets, documents, and other materials relevant to the Examiner's investigation; c. assist with interviews, examinations, and investigative procedures involving parties in interest and other relevant witnesses; d. support the Examiner in evaluating financial transactions, intercompany transfers, asset dispositions, and other matters within the scope of the Examiner's investigation; d. assist the Examiner and his other retained professionals in the preparation of reports, motions, applications, notices, and other pleadings or submissions required in connection with the Examiner's duties; and e. perform such other investigative, forensic, and advisory services as may be necessary or appropriate to carry out the Examiner's duties as directed by the Court. The firm will be paid at the rates of $300 to $700 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. 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: Satiago Batista Guidepost Solutions, LLC 260 Madison Ave. 3rd Floor New York, NY 10016 Tel: (212) 817-6700 About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Onset Responds to $2.9-Bil. Fraud Claims ------------------------------------------------------ Emily Lever of Law360 reports that Onset Financial Inc., a lender to First Brands, has urged a Texas bankruptcy judge to throw out a $2.9 billion fraud suit brought by the auto parts maker in its Chapter 11 case. Onset argues the lawsuit wrongly portrays it as a wrongdoer when it, too, suffered losses. According to the lender, it provided financing based on standard underwriting practices and representations from the borrower. Onset disputes allegations that it orchestrated or knowingly participated in any fraudulent activity, calling the complaint an effort to deflect responsibility from First Brands' own management. The lender contends the claims are legally deficient and unsupported by evidence, and it is seeking dismissal at an early stage. Onset says the court should not allow the debtor to use the bankruptcy forum to pursue what it characterizes as meritless litigation. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLIPCAUSE INC: Trustee Hires Cole Schotz P.C. as Counsel -------------------------------------------------------- Jeffrey T .Testa, the Trustee for Flipcause, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz P.C. as counsel. The firm's services include: (a) advising the Chapter 11 Trustee as to his rights, powers, and duties as chapter 11 trustee in the Chapter 11 Case, including those set forth in sections 1106 and 704 of the Bankruptcy Code; (b) advising the Chapter 11 Trustee as to his investigation into the property of the Debtor's estate, including the pursuit of any actions to collect and recover property for the benefit of the Debtor's estate; (c) provide all necessary services as the Chapter 11 Trustee's bankruptcy counsel, including, without limitation, providing the Chapter 11 Trustee with advice, representing the Chapter 11 Trustee, and preparing necessary documents on behalf of the Chapter 11 Trustee in the areas of restructuring and bankruptcy; (d) commencing, conducting, and/or continuing litigation necessary and appropriate to assert rights held by the Debtor's estate, protect assets of the Debtor's estate, or otherwise further the goal of completing the Chapter 11 Case; (e) prepare or coordinate preparation on behalf of the Chapter 11 Trustee, any necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the Chapter 11 Case; (f) advising the Chapter 11 Trustee concerning, and preparing responses to, applications, motions, other pleadings, notices, and other papers that may be filed by other parties in the Chapter 11 Case; (g) advising and assisting the Chapter 11 Trustee in connection with any potential asset sales and property dispositions; (h) advising the Chapter 11 Trustee in connection with the formulation, negotiation, and promulgation of a plan of reorganization or liquidation, and related transactional documents; (i) assisting the Chapter 11 Trustee in reviewing, estimating, and resolving claims asserted against the Debtor's estate; (j) negotiating with parties in interest; (k) coordinate with the Chapter 11 Trustee's other professionals in representing the Chapter 11 Trustee in connection with these cases; and (l) perform all other necessary or requested legal services. The firm will be paid at these rates: Ryan T. Jareck, Member $975 per hour Matteo Percontino, Member $780 per hour Jack M. Dougherty, Associate $650 per hour Melissa M. Hartlipp, Associate $485 per hour Pauline Z. Ratkowiak, Paralegal $425 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: Question Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response Yes. As an accommodation and at the request of the Chapter 11 Trustee, Mr. Jareck has agreed to voluntarily reduce his hourly rate from $1,050.00 to $975.00 per hour for this engagement only. The other Cole Schotz professionals working on this matter will bill at Cole Schotz's standard hourly rates. Question Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response No. Question If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response As set forth above, Cole Schotz will bill at its standard hourly rates, other than Mr. Jareck, with all fees and expenses being subject to approval of the Court, subsequent to the commencement of this Chapter 11 Case. Question Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response The Chapter 11 Trustee and his professionals are currently in the process of formulating a detailed budget that is consistent with the form of budget attached as Exhibit C-1 to the Revised UST Guidelines, recognizing that in the course of a case like this Chapter 11 Case, it is highly likely that there may be a number of unforeseen fees and expenses that will need to be addressed by the Chapter 11 Trustee and his professionals. Mr. Jareck 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: Ryan T. Jareck Cole Schotz P.C. 500 Delaware Avenue 600 Wilmington, DE 19801 Tel: (302) 652-3131 Fax: (302) 652-3117 About Flipcause, Inc. Flipcause Inc. is a technology company that provides a nonprofit fundraising platform and payment-processing services. The company's software enables small and medium-sized nonprofit organizations to manage online donations, donor engagement, and fundraising campaigns. Flipcause sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12246) on December 19, 2025. In its petition, the Debtor listed between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown, LLC. FLYING HORSE COMMUNICATION: Seeks Chapter 7 Bankruptcy in Montana ----------------------------------------------------------------- On February 2, 2026, Flying Horse Communication, Inc., filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Montana. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Flying Horse Communication, Inc. Flying Horse Communication, Inc. is a Montana-based communications company providing media, marketing, and related communication services. Flying Horse Communication, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20025) on February 2, 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 Benjamin P. Hursh handles the case. The Debtor is represented by Stuart R. Whitehair, Esq. FRESCO BAGELS: Commences Chapter 7 Bankruptcy in New Jersey ----------------------------------------------------------- On February 13, 2026, Fresco Bagels and Grill LLC 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 $1,000,001 and $10,000,000 in debt owed to 1–49 creditors. About Fresco Bagels and Grill LLC Fresco Bagels and Grill LLC is a New Jersey-based restaurant operator specializing in bagels, sandwiches, and casual dining. The company has served local communities with breakfast and lunch offerings and catered events for customers in the region. Fresco Bagels and Grill LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11637) on February 13, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1,000,001–$10,000,000. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Dean J. Despotovich, Esq. FRIEDENBACH FAMILY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Friedenbach Family Farms LLC Panoche Creek Trust in 2003 234 E Alhambra Avenue Fresno, CA 93728 Business Description: Friedenbach Family Farms LLC is an agricultural company engaged in almond farming in Fresno, California. Chapter 11 Petition Date: February 17, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-10638 Judge: Hon. Jennifer E Niemann Debtor's Counsel: Peter A. Sauer, Esq. FEAR WADDELL, P.C. 7650 N. Palm Avenue Suite 101 Fresno CA 93711 Tel: (559) 436-6575 Email: psauer@fearlaw.com Total Assets: $26,304,025 Total Debts: $43,309,842 The petition was signed by Kurt Michael Friedenback as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ARU2NPQ/Friedenbach_Family_Farms_LLC__caebke-26-10638__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Westlands Water District $15,548,671 3130 N Fresno Street Fresno, CA 93703 2. Nutrien Ag Solutions, Inc. $1,063,371 7815 N Palm Ave Fresno, CA 93711 3. BeeHero $1,000,458 550 California Ave, Ste 1 Palo Alto, CA 94306 4. Jeffrey M Peracchi $732,717 c/o Chielpegian Cobb LLP 5200 N Palm Ave, Ste 201 Fresno, CA 93704 5. JP Farm Management, Inc. $732,717 1155 W Shaw Ave, Suite 101 Fresno, CA 93711 6. Kasson Farms $453,750 28065 S Kannon Road Tracy, CA 95304 7. Gar Bennett, LLC $214,280 8246 S Crawford Ave Reedley, CA 93654 8. Henry Lara $180,360 5846 Eastside Court Firebaugh, CA 93622 9. TD Ripping Inc. $147,500 17748 Road 19 1/2 Madera, CA 93637 10. Panoche Ag Solutions, LLC $125,325 7340 W Tenaya Ave Fresno, CA 93723 11. Superior Ag Services, LLC $124,207 9080 18th Ave Lemoore, CA 93245 12. Frasier Irrigation $108,121 Division of Landmark Irrigation, Inc. PO Box 395 Dos Palos, CA 93620 13. UBees $106,500 PO Box 6 Mims, FL 32754 14. Marv Coit Inc. $99,250 534 North Lyon Ave Mendota, CA 93640 15. West Side Ag II Inc. $62,184 PO Box 359 Kerman, CA 93630 16. Kurt Friedenbach $60,000 234 E Alhambra Ave Fresno, CA 93728 17. Password Farms, LLC $51,000 3016 W. Central Ave Fresno, CA 93706 18. Anderson Pumps $46,182 24719 Robertson Blvd Chowchilla, CA 93610 19. Whitney Thompson & Jeffcoach $42,839 970 W Alluvial Ave Fresno, CA 93711 20. Global Ag Insurance Services $39,420 45 E River Park PI W, Ste 601 Fresno, CA 93720 G&D TRANSMISSION: Hires Kantrow Law Group as Counsel ---------------------------------------------------- G&D Transmission & Fleet Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ The Kantrow Law Group, PLLC as counsel. The firm's services include: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor; (b) representation of the Debtor; (c) preparation of motions, documents, applications, disclosure statement(s) and plan in connection with the case; and (d) provision of legal advice to the Debtor in connection with all matters pending before the Court. The firm will be paid at these rates: Partners $655 per hour Associates $300 to $365 per hour Paralegal $110 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Fred S. Kantrow, Esq., a partner at The Kantrow Law Group, PLLC, 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: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 Tel: (516) 703-3672 Email: fkantrow@thekantrowlawgroup.com About G&D Transmission & Fleet Service, Inc. G&D Transmission & Fleet Service Inc. is a specialized automotive repair and fleet maintenance company based in Deer Park, New York. The firm provides transmission repair, preventive maintenance, and comprehensive servicing for commercial and private vehicles. G&D Transmission & Fleet Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70352) on January 26, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000, and estimated liabilities in the same range. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Fred S. Kantrow, Esq. of The Kantrow Law Group, PLLC. GENESIS ENERGY: Moody's Rates New Sr. Unsecured Notes Due 2034 'B2' ------------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Genesis Energy, L.P.'s (Genesis Energy) proposed senior unsecured notes due 2034. Genesis Energy's existing ratings, including the B1 Corporate Family Rating, B1-PD Probability of Default Rating, B2 ratings on its existing senior unsecured notes and SGL-3 Speculative Grade Liquidity (SGL) rating are unchanged. The ratings outlook is stable. "Genesis Energy will use the proceeds of the proposed debt offering to partially repay its existing senior unsecured notes due 2028," says Thomas Le Guay, a Moody's Ratings' Vice President. "The transaction is leverage neutral and reduces the company's upcoming debt maturities." RATINGS RATIONALE The proposed senior unsecured notes are rated B2, one notch below the B1 CFR and at the same level as the ratings on Genesis Energy's existing senior unsecured notes. The senior unsecured notes B2 rating reflects their contractual subordination to the $800 million senior secured revolving credit facility maturing in September 2028 (springing to November 2027 so long as more than $150 million of the February 2028 notes remain outstanding). Genesis Energy's B1 CFR benefits from the scale of its primary businesses, a meaningful proportion of fee-based cash flow, and a degree of business line diversification relative to its size, with offshore pipeline transportation, marine transportation and onshore transportation and services operations. The company will benefit from higher earnings from its expanded offshore pipeline transportation business in 2026 following the completion of new offshore wells that will increase throughput volumes, and from the continued strong performance of its marine transportation business. Combined with the completion of the company's large capital expansion programs, these higher earnings will result in meaningful positive free cash flow starting in 2026. Genesis Energy's B1 CFR continues to be constrained by the company's high level of financial leverage. Moody's anticipates that adjusted debt to EBITDA will decline below 5.0x in 2026 and towards 4.5x in 2027, driven primarily by EBITDA growth. The company also has around $553 million of convertible preferred units outstanding as of December 31, 2025, which pay a 11.24% dividend rate and represent a meaningful cash flow burden for the company. The convertible preferred units are not included in Moody's calculations of debt. The stable outlook reflects Moody's expectations that Genesis Energy will reduce and maintain adjusted leverage below 5.0x debt to EBITDA and begin a track record of positive free cash flow generation. The outlook also assumes no material debt-financed project or acquisition, and continued adherence to a conservative distribution policy. The SGL-3 Speculative Grade Liquidity Rating reflects Moody's expectations that Genesis Energy will have adequate liquidity over the next 12 to 18 months, supported by cash flow from operations and its $800 million revolving credit facility ($6 million drawn as of December 31, 2025). The revolver matures in September 2028 (springing to November 2027 so long as more than $150 million of the February 2028 notes remain outstanding). The credit facility has three financial covenants (1) a maximum consolidated leverage ratio of 5.50x; (2) a maximum senior secured leverage ratio of 2.50x; and (3) a minimum interest coverage ratio of 2.50x. In its most recent amendment, the company received the following temporary covenant adjustments: a maximum of 5.75x through September 30, 2025 for the consolidated leverage ratio; and a minimum of 2.00x through December 31, 2025, 2.25x from and after December 31, 2025 through December 31, 2026 for the interest coverage ratio. Moody's expects Genesis Energy to remain in compliance with its financial covenants over the next 12 to 18 months, with modest cushion that should improve if it delivers on anticipated EBITDA growth. The company's next debt maturity is $679 million of notes due in February 2028. Substantially all of Genesis Energy's assets are currently pledged as security under the revolver which limits the extent to which asset sales could provide additional sources of liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Genesis Energy's business continues to exhibit steady earnings growth, maintains positive free cash flow generation, reduces debt to EBITDA below 4.0x and increases interest expense to EBITDA towards 3.0x. The ratings could be downgraded if the company fails to generate positive free cash flow, if debt to EBITDA does not decline below 5.0x on a sustained basis, or if interest coverage does not rise above 2.0x. Genesis Energy, L.P., headquartered in Houston, Texas, is a master limited partnership (MLP) with midstream assets primarily located in the Gulf Coast region of the United States and the US Gulf of America. The company conducts a wide variety of operations through three different business segments: offshore pipeline transportation, marine transportation and onshore transportation & services. The principal methodology used in this rating was Midstream Energy published in October 2025. GLOBAL JOINT: Unsecureds Will Get 13.7% of Claims in Sale Plan -------------------------------------------------------------- Global Joint Venture Inc. filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated February 11, 2026. The main goal of this Chapter 11 case was to pursue a sale of the Property, which consists of a mixed-use condominium apartment building located in the Lower East Side of Manhattan. While the construction was completed, nine of the units were sold prior to the bankruptcy. While the Debtor was unable to restructure its underlying mortgage debt with Emerald Creek Capital 3, LLC (the "Lender") prior to bankruptcy, the parties subsequently came to agreement to pursue an auction sale process during bankruptcy. The Debtor obtained entry of a Bidding Procedures Order on October 14, 2025 (the "Bid Procedures") and thereafter the Debtor noticed an auction sale of its property located at 139-141 Bowery Street (the "Property"). Ultimately, however, no Qualifying Bids were received and the Lender's ensuing credit bid in the sum of $47,373,000 (equal to the allowed amount of its secured claim) was accepted as the highest and best bid for the Property. Besides the credit bid, the Lender has agreed to fund all amounts (the "Lender Contribution") sufficient to pay priority claims in full totaling approximately $883,000, agreed professional fees in the capped amount of $100,000 (net of retainer), and establish a general creditor fund of $10,000. The Debtor filed the liquidating plan of reorganization as a means to close on the credit bid and sell the Property to the Lender, and thereafter to distribute the Lender's Contribution to the holders of allowed claims and Administration Expenses. The Debtor retained BK Real Estate Advisors (the "Broker") to market the Property and conduct an auction sale process. The Property is subject to the senior mortgage lien held by the Lender. Class 2 consists of Unsecured Claims. Based upon the Lender Contribution, the holders of Allowed Class 2 Unsecured Claims shall be paid a pro rata dividend from the GUC Fund. The Debtor projects that the allowed total Class 2 pool of Unsecured Claims is approximately $72,877 and, thus, general creditors are projected to receive a pro rata dividend of approximately 13.7% from the GUC Fund. The Class 2 Claims of Allowed General Unsecured Creditors are impaired and are eligible to vote on the Plan. Class 3 consists of the Equity Interests in the Debtor. No payments shall be made on account of Equity Interests, and Equity Interests will be cancelled following the Effective Date with due regard as to any tax ramifications. Class 3 Equity Interests are impaired and eligible to vote on the Plan. The Plan shall be implemented and funded through the Sale and transfer of the Property to the Lender based on the Lender's Credit Bid. The Credit Bid shall be confirmed at the Confirmation Hearing and incorporated as part of the Confirmation Order. The Sale and transfer of the Property to the Lender as the Successful Purchaser shall be made pursuant to the Confirmation Order, free and clear of all Liens, Claims, Encumbrances, Taxes and Interests pursuant to Section 1123 (a)(5) of the Bankruptcy Code except for real estate taxes, which shall be separately paid by the Lender as part of the Lender Contribution at Closing in accordance with the Plan. The Sale of the Property to the Lender has been and is being undertaken, by the Debtor and the Lender, at arm's-length without collusion or fraud, and in good faith within the meaning of section 363(m) of the Bankruptcy Code. As a result of the foregoing, the Lender is entitled to the protections of section 363(m) of the Bankruptcy Code. On the Effective Date, the Lender shall pay to the Disbursing Agent the full amount of the Lender Contribution to be held in escrow to pay the balance of the other claims in the Chapter 11 case, including Allowed Professional Fees, U.S. Trustee fees and the GUC Fund. A full-text copy of the Disclosure Statement dated February 11, 2026 is available at https://urlcurt.com/u?l=GcIeNr from PacerMonitor.com at no charge. Global Joint Venture Inc. is represented by: Goldberg Weprin Finkel Goldstein LLP J. Ted Donovan, Esq. 125 Park Avenue, 12th Floor New York, NY 10017 Telephone: (212)221-5700 About Global Joint Venture Global Joint Venture Inc. owns a mixed-use commercial condominium situated at 139-141 Bowery in New York, NY. Global Joint Venture Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42139) on May 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. GOLDEN TIGER: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On February 13, 2026, Golden Tiger Life Corp. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Golden Tiger Life Corp. Golden Tiger Life Corp. is a financial services entity that may specialize in life insurance products and protection-based solutions. Its operations could include issuing policies, managing client accounts, and overseeing insurance portfolios. Golden Tiger Life Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11343) on February 13, 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 Barry Russell handles the case. The Debtor is represented by Michael S. Kogan, Esq., of Kogan Law Firm, APC. GPS HOSPITALITY: S&P Suspends 'SD' Long-Term Issuer Credit Rating ----------------------------------------------------------------- S&P Global Ratings suspended its 'SD' (selective default) long-term issuer credit rating on GPS Hospitality Holding Co. LLC and 'D' issue-level rating on the company's secured debt because of a lack of sufficient and timely information necessary to maintain the ratings. This action relates particularly to the credit agreement amendments related to GPS's recent interest expense grace period extension. S&P said, "We will resume our surveillance and reinstate the ratings once we receive the missing data, assuming it meets our standards for quantity, timeliness, and reliability. If our information requirements for surveillance are not fulfilled within a reasonable period, we will withdraw the ratings." GREENWAVE TECHNOLOGY: 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 Greenwave Technology Solutions, Inc.'s common stock. 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/4eve9eez About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $64,122,691 in total assets, $26,172,440 in total liabilities, and $37,950,251 in total stockholders' equity. GREENWAVE TECHNOLOGY: Joseph Reda, SEG 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 Greenwave Technology Solutions, Inc.'s common stock. 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/ybzbwfmc About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $64,122,691 in total assets, $26,172,440 in total liabilities, and $37,950,251 in total stockholders' equity. H & H FAST: Court Tosses Appeal in Toorak Capital Case ------------------------------------------------------ Judge Lindsay C. Jenkins of the U.S. District Court for the Northern District of Illinois dismissed as moot the appeal styled H & H Fast Properties Inc., Appellant/Debtor v. Toorak Capital Partners, LLC, Appellee, Case No. 25-cv-06564 (N.D. Ill.). H&H Fast Properties appeals a bankruptcy court order granting Toorak Capital Partners' motion to enforce a settlement agreement. Prior to the underlying bankruptcy case, Toorak initiated a mortgage foreclosure action against an H&H principal in state court and in response, H&H filed for Chapter 11 bankruptcy in 2023. Approximately a year later, H&H and Toorak entered into a preliminary settlement agreement, and H&H submitted an unexecuted copy of that agreement for the bankruptcy court's approval through a Fed. R. Bank. R. 9019 motion. After H&H withdrew that motion, however, Toorak moved the bankruptcy court to enforce the settlement. On June 11, 2025, the bankruptcy court entered an order enforcing settlement, requiring H&H to submit a new Rule 9019 motion within 21 days. H&H did not comply with that deadline and instead appealed that order to this court. Meanwhile, Toorak filed a motion for a rule to show cause and for sanctions against H&H for its failure to comply. On September 9, 2025, the U.S. Bankruptcy Trustee moved the bankruptcy court to either convert H&H's bankruptcy case into a Chapter 7 action, or to dismiss it. On January 21, 2026, H&H filed an amended Rule 9019 motion that complied with the bankruptcy court's earlier order to enforce settlement and the bankruptcy court approved the fully executed settlement agreement. It then granted the Trustee's motion to dismiss the bankruptcy case in a written order that also barred H&H from filing for bankruptcy relief under all chapters of the Bankruptcy Code for two years under 11 U.S.C. Sec. 349(a). H&H urged the District Court to issue a ruling on the appeal before the motions pending before the bankruptcy court were set to be resolved on January 21. But now that the bankruptcy court has approved the executed settlement agreement, dismissed the bankruptcy case, and vacated the show cause request, this appeal is now moot. Because there remains no case or controversy on which relief could be granted, the District Court dismisses H&H Fast Properties' appeal. A copy of the Court's Memorandum Opinion and Order dated February 18, 2026, is available at https://urlcurt.com/u?l=s0ESGp from PacerMonitor.com. About H & H Fast Properties H & H Fast Properties, Inc., a Chicago-based company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-16874) on December 18, 2023, with $1 million to $10 million in both assets and liabilities. Amanda Henderson, president, signed the petition. Judge Jacqueline P. Cox oversaw the case. Paul M. Bach, Esq., at Bach Law Offices represented the Debtor as bankruptcy counsel. The bankruptcy case was dismissed on January 21, 2026. HEALTHY OCEANS: Hires Sherman and Boone as Real Broker ------------------------------------------------------ Healthy Oceans Property Company, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Sherman and Boone Real Estate as real estate broker. The firm will market and sell the Debtor's real property located at 1035 17th Avenue, Santa Cruz, California. The firm will be paid a real estate broker's commission in an amount equal to 2.5% of the purchase price of the Property. In the event of a cooperating buyer's broker, the omission would equal 5%of the sale price, and both brokers would each receive a 2.5 % split of the total 5% commission. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. 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: Nicholas Torres Sherman and Boone Real Estate 1260 41st Ave Capitola, CA 95010 Tel: (831) 464-5000 About Healthy Oceans Property Company, LLC Healthy Oceans Property Company, LLC owns real property improved with a seafood manufacturing facility in Santa Cruz, California, including equipment and fixtures related to seafood processing. Healthy Oceans Property Company, LLC in Santa Cruz, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 26-50009) on Jan. 6, 2026, listing $2,113,393 in assets and $1,083,859 in liabilities. Matthew Owens as managing member and CEO, signed the petition. Judge Stephen L Johnson oversees the case. STANLEY A. ZLOTOFF serve as the Debtor's legal counsel. HFR HOLDING: Claims to be Paid from Continued Operations -------------------------------------------------------- HFR Holding LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement for Plan of Reorganization dated February 11, 2026. The Debtor is a Texas limited liability company and was formed on April 30, 2021. It is owned by Mark and Sabrina Sellers. It owns real property in Hamilton County, Texas. The Debtor operates in a symbiotic relationship with Hamilton Farm and Ranch, LLC. Hamilton Farm and Ranch, LLC operates a farm and ranch retail business on the property. Hamilton Farm and Ranch, LLC is the maker on two notes owed to The First National Bank of McGregor. However, Debtor's real property was the security for the notes. The debt owed to First National Bank of McGregor required monthly payments of $25,068.53, These payments were beyond the ability of Hamilton Farm and Ranch, LLC to pay from its cash flow. In order to make the payments to The First National Bank of McGregor, Hamilton Farm and Ranch, LLC became delinquent to its vendors. Additionally, it failed to advance sufficient funds to the Debtor to pay its property taxes. On September 24, 2025, the Hamilton County taxing authorities obtained a judgment against HFR Holdings, LLC in the amount of $60,078.83. The judgment included liability for personal property owned by Hamilton Farm and Ranch, LLC which had been assessed to the Debtor in error. The bankruptcy was filed to prevent a sheriff's sale by the Hamilton County taxing authorities. The Plan depends on the ability of Hamilton Farm and Ranch, LLC to pay rent of approximately $20,000 per month. This is a reduction from the payments owed prior to bankruptcy of $25,068.53 plus ad valorem taxes. Based on prior experience, the Debtor believes that a payment to the bank of $18,000 per month would be feasible. The ability of Hamilton Farm and Ranch, LLC to make the rent payments depends on the health of the agricultural economy. During several of the first years that Hamilton Farm and Ranch was in business, the agricultural economy suffered from drought conditions. The weather, tariffs and other factors affecting the agricultural economy will affect the ability of the plan to succeed. The Debtor will also be required to refinance the debt after five years. The Debtor intends to do so by pledging the assets of HFR Holdings, LLC and Hamilton Farm and Ranch, LLC. The Plan shall treat the debt secured by the Debtor's property as an obligation of the Debtor pursuant to Section 102 and shall restructure such debt. The debt shall be paid from the operations of Hamilton Farm and Ranch, LLC. Class 4 shall consist of the Equity Interest of the Debtor. The Class 4 Equity Interest shall be retained and preserved. Class 4 is not impaired. The Debtor proposes to continue to own its real estate and to make the payments on the restructured debts from the earnings of Hamilton Farm and Ranch, LLC. The Debtor will continue to be owned and managed by Mark Sellers and Sabrina Sellers. A full-text copy of the Disclosure Statement dated February 11, 2026 is available at https://urlcurt.com/u?l=OhdJ4i from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen Sather, Esq. Barron & Newburger, P.C. 7320 N. MoPac Expwy., Suite 400 Tel: (512) 476-9103 Fax: (512) 476-9253 About HFR Holding LLC HFR Holding LLC owns and manages two commercial real estate parcels in Hamilton, Texas -- 415 E Highway 36 and 413 E Highway 36 -- together appraised at about $833,940. The Company operates as a real estate holding entity overseeing these assets. HFR Holding LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-60835) on November 14, 2025, listing $833,940 in assets and $2,567,257 in liabilities. The petition was signed by Mark Sellers as president and manager. Judge Michael M Parker presides over the case. Stephen W. Sather, at BARRON & NEWBURGER, P.C., serves as the Debtor's counsel. HUBBARD RADIO: Moody's Cuts CFR to Ca & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded Hubbard Radio, LLC's (Hubbard) Corporate Family Rating to Ca from Caa2, Probability of Default Rating to Ca-PD from Caa3-PD, and the backed senior secured first lien term loan rating to Ca from Caa2. The outlook was changed to stable from negative. The downgrade reflects Hubbard's weaker-than-expected operating performance, driven primarily by the secular decline in traditional radio advertising, which continues to pressure revenue and earnings. The resulting underperformance has led to very high financial leverage and constrained free cash flow generation. Although the company obtained covenant relief through the fourth quarter of 2025, the financial maintenance covenant is scheduled to be reinstated in the first quarter of 2026. Based on current operating trends and leverage levels, Moody's expects the company to be in breach of this covenant upon reinstatement. In addition, Hubbard faces refinancing risk related its term loan maturity in September 2027, which Moody's views as challenging given the company's unsustainable capital structure and weak credit profile. These factors, together, increase the risk of another distressed debt exchange, particularly in light of the elevated leverage and depressed trading levels of the company's debt. RATINGS RATIONALE The Ca CFR reflects Hubbard's modest operating scale, secular pressures in broadcast radio, very high leverage, and refinancing risks. Moody's adjusted debt to EBITDA (including Moody's standard lease adjustments) increased to 9.7x as of LTM Q3 2025 from 7.2x in 2024, and Moody's expects leverage to increase above 10.0x at year end 2025. While the company continues to benefit from its digital segment, these contributions are insufficient to offset declines in traditional radio advertising. In 2026, Moody's expects leverage to remain above 10.0x, based on Moody's projections of a mid-single-digit percentage revenue decline and flat EBITDA. Despite 2026 being a political year, Hubbard's exposure to political advertising is limited, as its stations primarily feature music formats rather than news-oriented programming. Moody's expects Hubbard's liquidity to be weak over the next 12 to 15 months given Moody's expectations of limited free cash flow generation, no access to a revolving credit facility, and $7 million of cash holdings as of Q3 2025. Additionally, there is significant risk of a covenant breach in 2026 given that the financial maintenance covenant that was waived through Q4 2025 will be reinstated with a step down starting at total net leverage ratio of 7.0x in Q1 2026 and 6.5x in Q2 and thereafter. The company's basic cash needs include annual interest expense of approximately $20 million, modest capital expenditure and minimal working capital needs. The Ca rating on the senior secured first lien term loan due September 2027 is the same as the Ca CFR as the senior secured debt represents the preponderance of debt capital. Hubbard's ESG Credit Impact Score of CIS-5 indicates the rating is lower than it would have been if ESG risk exposures did not exist. Governance risks are related to the company's track record of operating with elevated leverage which has led to a distressed exchange and risks related to the sustainability of the capital structure. The stable outlook reflects Moody's views that the capital structure is unsustainable and that a distressed exchange or other default event is likely. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Hubbard is able to increase revenue and profitability or reduce debt levels such that the liquidity position improves and the probability of default declines. The ratings could be downgraded further if Moody's assessments of recoveries at default were to decrease. Hubbard Radio, LLC, formed in 2011, is a family controlled and privately held media company that owns and operates radio stations in 8 of the top 50 markets, including Chicago, Washington, D.C., Minneapolis-St. Paul, St. Louis, Cincinnati, Seattle, Phoenix, and West Palm Beach. Hubbard also operates 2060 Digital, LLC, a national digital marketing agency based in Cincinnati, Ohio. Hubbard is a wholly owned subsidiary of Hubbard Broadcasting, Inc. (HBI), a television and radio broadcasting company that was started in 1923. Headquartered in St. Paul, Minnesota, Hubbard generated revenue on a standalone basis of $183 million as of LTM Q3 2025. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ICRYO BRANDS: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of ICRYO Brands, LLC and iCRYO Franchise Systems, LLC. The committee members are: 1. Jill Fudo JF Architecture 2543 Manrow Road Auburn, NY 130231 jill@jfarchitecturestudio.com 2. Josh & Valyn Jenkins 510 The Village, Unit 201 Redondo Beach, CA 90277-2755 Jenkinsktl3@gmail.com 3. Jim Taylor Taylor & Company 505 W Crawford Street Denison, TX 75020 jim@taylorcpa.pro Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About ICryo Brands LLC ICryo Brands, LLC is a wellness company focused on cryotherapy and recovery-based health services offered through franchised and company-owned centers. ICryo Brands and affiliate, iCRYO Franchise Systems, LLC, filed Chapter 11 petitions (Bankr. S.D. Texas Case No. 26-90118) on January 21, 2026. At the time of the filing, both Debtors reported $1 million to $10 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Vickie L. Driver, Esq., at Driver Stephenson, PLLC is the Debtors' legal counsel. INDEPENDENCE BEVERAGES: Case Summary & 18 Unsecured Creditors ------------------------------------------------------------- Debtor: Independence Beverages, LLC 915 N Main St Independence, OR 97351 Business Description: Independence Beverages, LLC is a single- asset real estate company that owns one income-producing property. Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court District of Oregon Case No.: 26-60416 Judge: Hon. Peter C McKittrick Debtor's Counsel: Troy G. Sexton, Esq. ELEVATE LAW GROUP 6000 SW Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Fax: (503) 417-0501 Email: troy@elevatelawpdx.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Greenwood as member. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FCWZBRA/Independence_Beverages_LLC__orbke-26-60416__0001.0.pdf?mcid=tGE4TAMA J&L INVESTMENTS: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: J&L Investments of SWFL, LLC d/b/a Gulf Coast Realty and Property Management 26711 Dublin Woods Suite 202 Bonita Springs, FL 34135 Business Description: J&L Investments of SWFL, LLC, doing business as Gulf Coast Realty and Property Management, provides full-service real estate brokerage and property management services in Southwest Florida, offering residential leasing, tenant placement, rental marketing, resident screening, rent collection, owner reporting, and maintenance coordination. The company advertises rental properties across online listing platforms, facilitates electronic applications and payments, conducts background and credit checks, and provides owners with online access to statements and property information. Chapter 11 Petition Date: February 20, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00406 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com Total Assets: $216,091 Total Liabilities: $1,249,217 The petition was signed by Joseph E. Oster as managing member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ULSVRQA/JL_Investments_of_SWFL_LLC__flmbke-26-00406__0001.0.pdf?mcid=tGE4TAMA JASNIA REALTY: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Jasnia Realty, LLC 1162 - 1176 Springfield Street Feeding Hills, MA 01030 Business Description: Jasnia Realty, LLC is a real estate company that owns various residential properties in Agawam, Massachusetts. Chapter 11 Petition Date: February 16, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-30102 Judge: Hon. Elizabeth D Katz Debtor's Counsel: Louis S. Robin, Esq. LAW OFFICES OF LOUIS S. ROBIN 1200 Converse Street Longmeadow, MA 01106-1760 Tel: (413) 567-3131 Fax: (413) 565-3131 E-mail: louis.robin@prodigy.net Total Assets: $6,407,000 Total Liabilities: $5,592,000 The petition was signed by Russell J. Sabadosa as manager. The Debtor listed Louis Cardaropoli, Trustee of 1162–1172 Springfield St Realty Trust II, located at 2071 Riverdale Street, #C2, West Springfield, Massachusetts 01089, as its sole unsecured creditor, holding a claim of $330,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NKF7BXQ/Jasnia_Realty_LLC__mabke-26-30102__0001.0.pdf?mcid=tGE4TAMA JERSEY AUTO: Seeks Subchapter V Bankruptcy in New Jersey -------------------------------------------------------- On February 11, 2026, Jersey Auto Trans, 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 $1 million and $10 million in debt owed to 1–49 creditors. About Jersey Auto Trans, LLC Jersey Auto Trans, LLC is a New Jersey-based transportation company engaged in automotive hauling and vehicle transport services. Jersey Auto Trans, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11557) on February 11, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. The Debtor is represented by Brian Gregory Hannon, Esq., of Law Office of Norgaard O'Boyle. JJTA18 REAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------- JJTA18 Real Properties, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The court issued a second interim order authorizing the Debtor to use cash collateral through March 2 solely for limited purposes including utilities, emergency property repairs and related labor costs. The Debtor projects total monthly operational expenses of $10,434.44. Any additional expenditures require approval of secured lender Computershare Trust Company, National Association, trustee for BBCMS Mortgage Trust 2023-C22. Payment of management fees to Jarek Tadla or Peoples Choice Management, LLC is prohibited by the order. Computershare will be granted a replacement lien on post-petition cash collateral, with the same validity and priority as its pre-bankruptcy lien. The Debtor must also maintain required insurance and provide access to records and premises as additional protection. A continued hearing is scheduled for March 2. The order is available at http://bankrupt.com/misc/JJTA18_2ndInterimCashCollOrder.pdf As of the petition date, the Debtor had accounts receivable of approximately $8,482, which may qualify as cash collateral to the extent they include rents subject to the interests of Computershare and other secured creditors. Post-petition, all rents and proceeds from the Debtor's multifamily apartment buildings in Jacksonville, Florida, may also constitute cash collateral. About JJTA18 Real Properties JJTA18 Real Properties LLC owns and leases a single property at 5601 California Avenue in Jacksonville, Florida, generating revenue exclusively from leasing this property. It operates in the real estate industry under NAICS 5311 (Lessors of Real Estate). JJTA18 Real Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04534) on December 8, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw PLLC. JOBEE EXPRESS: Cash Collateral Hearing Set for Feb. 25 ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, is set to hold a hearing on February 25 to consider extending Jobee Express, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's February 11 second interim order expires on February 25. The second interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and granted secured lenders replacement liens on post-petition assets similar to their pre-bankruptcy collateral. The lenders are Global Merchant Cash, Inc., Vox Funding, LLC and the U.S. Small Business Administration. The SBA claims a blanket lien arising from a 2020 Economic Injury Disaster Loan with an outstanding balance of approximately $143,000, while Global Merchant Cash and Vox Funding assert interests through merchant cash advance arrangements that the Debtor contends function as loans rather than true receivables sales and are disputed as to amount, validity, and priority. Pre-bankruptcy ACH debits by the MCAs caused severe cash-flow volatility, contributing to the Debtor's liquidity crisis. About Jobee Express LLC Jobee Express, LLC is an interstate freight trucking company based in Pineville, North Carolina, that provides general freight transportation services across state lines, operating a fleet of trucks and drivers under federal authority. Jobee Express sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.C. Case No. 25-31361) on December 17, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Jorge Nunez Silveira, president of Jobee Express, signed the petition. Judge Laura T. Beyer oversees the case. Rashad Blossom, Esq., at Blossom Law, PLLC, represents the Debtor as legal counsel. JSMITH CIVIL: Challenge to Barnhill Claim Ongoing ------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina granted the third motion for extension of time to respond to objection to the claim filed by Barnhill Contracting Company in the Chapter 11 case of JSmith Civil LLC. The time to reply or otherwise respond to the objection of Barnhill's claim is extended to the earlier of 60 days from the date of this order -- April 12 -- or 30 days from the issuance of the decision in the arbitration. A copy the Court's Order dated February 11, 2026, is available at https://urlcurt.com/u?l=jXYted from PacerMonitor.com. About JSmith Civil LLC JSmith Civil LLC is a Goldsboro contractor. JSmith Civil LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-02734) on Sept. 19, 2023. In the petition filed by Jeremy Smith, as president, the Debtor estimated assets and liabilities between $10 million and $50 million each. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Joseph Zachary Frost, Esq., at Buckmiller, Boyette & Frost, PLLC. JUMP PEORIA: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered a stipulated interim order granting Jump Peoria, Inc. to use cash collateral. Under the order, the Debtor is authorized to use cash collateral in accordance with its budget. The court reduced the monthly management services agreement payment from $24,500 to $14,500 and incorporated a $10,000 monthly adequate protection payment to Southwest Heritage Bank. The Debtor must operate within permitted budget variances, generally capped at 10% per month, excluding professional fees which require further court approval. The Debtor projects total operational expenses of $304,750 for February; $331,000 for March; and $304,750 for April. As adequate protection, Southwest Heritage Bank will be granted a $10,000 monthly payment and a post-petition replacement lien on cash collateral generated after the petition date. The revised budget reflects both the reduced management payment and the new adequate protection payments. The order also prohibits any cash collateral paid to MY UAAP from being distributed to Aubrey Hall. Objections to final approval must be filed by February 26. A final hearing is scheduled for March 3. About Jump Peoria, Inc. Jump Peoria, Inc. operates an indoor adventure and trampoline park under the Urban Air Adventure Park franchise in Peoria. Jump Peoria, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00706) on January 26, 2026, listing $4,046,000 in assets and $10,584,998 in liabilities. Aubrey Hall signed the petition as president. Judge Madeleine C Wanslee presides over the case. Mark J. Giunta, Esq. at LAW OFFICE OF MARK J. GIUNTA serves as the Debtor's counsel. KARYOPHARM THERAPEUTICS: Net Loss Surges to $196 Million in 2025 ---------------------------------------------------------------- Karyopharm Therapeutics Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $196 million for the year ended December 31, 2025, compared to a net loss of $76.4 million for the year ended December 31, 2024. The Company recognized total revenue of $146.1 million in 2025, compared to a revenue of $145.2 million. Karyopharm have historically financed its operations primarily through a combination of proceeds from: (i) product revenue sales; (ii) public and private placements of equity securities; (iii) the issuance of convertible debt; (iv) a term loan; (v) its deferred royalty obligation; (vi) at the market offerings; and (vii) business development activities. As of December 31, 2025, the Company had $63.7 million of cash, cash equivalents and investments and an accumulated deficit of $1.8 billion. The Company have incurred significant operating losses since its inception, and it anticipates that it will continue to incur significant operating losses to maintain its research and development programs, including as it continue to develop and seek regulatory approval of selinexor for multiple cancer indications, and to support the company's continued operations. As a result, Karyopharm's continued operations are dependent on its ability to raise additional funding or enter in other strategic alternatives and marketing XPOVIO in its currently approved indications. Based on Karyopharm's current business plan and current capital resources, given the uncertainty regarding the availability of additional funding or other strategic alternatives and considering its debt service obligations and financial covenant to maintain minimum liquidity, the Company have concluded that there is substantial doubt regarding its ability to continue as a going concern within 12 months after February 13, 2026, the date the accompanying consolidated financial statements are issued. Accordingly, Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 12, 2026, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Management Plans Karyopharm said, "We plan to address the conditions that raise substantial doubt regarding our ability to continue as a going concern by, among other things, obtaining additional funding through equity offerings, debt financings and refinancings, collaborations, strategic alliances and/or licensing arrangements. However, there is no assurance that these efforts will result in additional funding, strategic alliances or licensing arrangements or sufficiently address the Company's ability to continue as a going concern." "If we utilize our capital resources more quickly than anticipated or are unable to obtain additional funding or engage in strategic alternatives, we may have to significantly curtail, delay, reduce or eliminate one or more of our research and development programs or any current or future commercialization efforts for one or more of our products or product candidates, which could materially adversely affect our business, financial condition, and results of operations. We may determine to take additional actions to reduce our spending in the near term. As we announced in July 2025, we reduced our workforce by approximately 20% as part of our ongoing careful management of operating expenses." "If we are unable to continue as a going concern, we may have to liquidate assets and may receive less than the value at which those assets are carried on our financial statements. We may also determine to cease operations or file for bankruptcy protection. In any of these circumstances, it is likely that investors will lose all or part of their investment. If there remains substantial doubt about our ability to continue as a going concern, investors or other financing sources may be unwilling to provide funding to us on commercially reasonable terms, if at all." A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/mu869c3z About Karyopharm Therapeutics Karyopharm Therapeutics Inc. is a commercial-stage pharmaceutical company pioneering novel cancer therapies and dedicated to the discovery, development and commercialization of first-in-class drugs directed against nuclear export for the treatment of cancer. As of December 31, 2025, the Company had $108.4 million in total assets, $401.3 million in total liabilities, and $292.9 million in total stockholders' deficit. KIRKBRIDE LAND: Plan Exclusivity Period Extended to April 12 ------------------------------------------------------------ Judge Mina Nami Khorrami of the U.S. Bankruptcy Court for the Southern District of Ohio extended Kirkbride Land and Snow Management LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 12 and June 11, 2026, respectively. In a court filing, the Debtor submits that cause exists to extend the Debtor's Exclusivity Periods for the following reasons: * First, the size and complexity of the Case warrant extension of the Debtor's Exclusivity Periods. The Case involves assets of approximately $2.4 million1 and debts of approximately $3.3 million. In addition, there is the real property ("PAI Real Property") of PAI Properties LLC that is directly involved in the issue of the Debtor's plan because the claim of Kemba Financial Credit Union, which is the largest claim in the Case, is secured by a second mortgage on the PAI Real Property. The combination of the post-petition events regarding the PAI Real Property and the Debtor's business are positive and will all impact the Debtor’s cash flow and the terms of the Debtor’s plan in ways that will benefit all concerned. * Second, the Debtor has complied with the requirements of the Court and the US Trustee while the Case has been pending. The Debtor is acting in good faith with respect to the Case and the good faith behavior justifies the extension of the Exclusivity Periods to give the Debtor time to obtain confirmation of a plan. * Third, this is the Debtor's first request for an extension of the Exclusivity Periods and the extensions requested are not lengthy nor will the extensions cause any unnecessary delays in the administration of the Case. * Fourth, the Debtor is not seeking an extension of the Exclusivity Periods to pressure creditors, and no creditors will be prejudiced by the Court granting the requested extensions. Conversely, if the Court denies this Motion, it could pave the way for a non-debtor party to propose a chapter 11 plan, which would result in the Court being presented with two (or more) competing chapter 11 plans. Not only would this distract the Debtor from its chapter 11 goals, but it would unnecessarily deplete the resources of the Debtor's bankruptcy estate. Kirkbride Land and Snow Management, LLC is represented by: David M. Whittaker, Esq. Andrew D. Rebholz, Esq. Allen Stovall Neuman & Ashton LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 T: (614) 221-8500 F: (614) 221-5988 Email: whittaker@asnalaw.com Email: rebholz@asnalaw.com About Kirkbride Land and Snow Management Kirkbride Land and Snow Management, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-53599) on Aug. 18, 2025, listing up to $10 million in both assets and liabilities. Angelia Kirkbride, managing member, signed the petition. Judge Mina Nami Khorrami oversees the case. David Whittaker, at Allen Stovall Neuman & Ashton, LLP, is the Debtor's legal counsel. KMART CORP: "Scotland" Case Dismissed Without Prejudice ------------------------------------------------------- Senior District Judge of the U.S. District Court for the District Court of the Virgin Islands dismissed without prejudice the case captioned as AUBIN SCOTLAND, Plaintiff, v. KMART CORPORATION, Defendant, Case No. 18-cv-00007 ((D.V.I.). Kmart Corporation's motion to dismiss plaintiff's complaint is denied as moot. This matter comes before the Court on Plaintiff Aubin Scotland's "Notice Pursuant to Court's December 18, 2023 Order". Magistrate Judge Emile A. Henderson III previously permitted Defendant Kmart Corporation to withdraw from the case and ordered Plaintiff Scotland to file a notice informing the Court how or if he plans to proceed in this action. Kmart moved to withdraw in the instant case due to the Bankruptcy Court for the Southern District of New York's confirmation of the Modified Second Amended Joint Chapter 11 Plan of Sears Holding Corporation and its Debtor Affiliates, of which Defendant Kmart was included as one of the debtors. Because it was not anticipated that any recovery will be available for distribution on account of any general unsecured claims, the Liquidating Trustee requested that attorneys withdraw from actions such as this one. Accordingly, Judge Henderson granted Kmart's Motion to Withdraw. Plaintiff Scotland states that he is amenable to this matter being dismissed, without prejudice, and the basis for that decision is that it appears that Plaintiff is unlikely to receive any compensation for his damages in this matter but through a distribution through the bankruptcy court, which distribution to him, a general unsecured creditor, also appears unlikely. The Court construes this statement as a notice of dismissal because the Plaintiff's intent to no longer pursue the case is clear. Because no answer or motion for summary judgment was filed in the instant action, the effect of Plaintiff Scotland's Notice was automatic and immediate upon its filing, and served to dismiss the instant case. A copy of the Court's Memorandum Opinion and Order dated February 15, 2026, is available at https://urlcurt.com/u?l=mY9Mfe from PacerMonitor.com. About Kmart Corporation Kmart -- http://www.kmart.com/-- a wholly owned subsidiary of Sears Holdings Corporation, is a mass merchandising company. Retailer Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on Jan. 22, 2002. Kmart emerged from chapter 11 protection on May 6, 2003, pursuant to the terms of an Amended Joint Plan of Reorganization. John Wm. "Jack" Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, represented the retailer in its restructuring efforts. The Company's balance sheet showed $16,287,000,000 in assets and $10,348,000,000 in debts when it sought chapter 11 protection. Kmart bought Sears, Roebuck & Co., for $11 billion to create the third-largest U.S. retailer, behind Wal-Mart and Target, and generate $55 billion in annual revenues. Kmart completed its merger with Sears on March 24, 2005. KOSMOS ENERGY: American Century Investment Holds 2.4% Stake ----------------------------------------------------------- American Century Investment Management, Inc., American Century Companies, Inc., and Stowers Institute for Medical Research, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 11,300,711 shares of common stock -- with sole voting power over 9,736,137 shares and sole dispositive power over 11,300,711 shares; held through investment companies and separate institutional investor accounts advised by American Century Investment Management, Inc. -- of Kosmos Energy Ltd.'s common stock, representing 2.4% of the shares outstanding. The report notes that various persons, including the investment companies and separate institutional investor accounts that American Century Investment Management, Inc. serves as investment adviser, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities that are the subject of this schedule. Except as may be otherwise indicated if this is a joint filing, not more than 5% of the class of securities that is the subject of this schedule is owned by any one client advised by ACIM. American Century Investment Management, Inc. may be reached through: John Pak, Senior Vice President 4500 Main Street, 9th Floor Kansas City, MO 64111 Tel: 816-531-5575 A full-text copy of American Century Investment Management, Inc.'s SEC report is available at: https://tinyurl.com/4ms8sf4a About Kosmos Energy Ltd. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. As of September 30, 2025, the Company had $5.09 billion in total assets, $4.19 billion in total liabilities, and $898.78 million in total stockholders' equity. * * * In December 2025, Fitch Ratings has downgraded Kosmos Energy Ltd.'s Long-Term Company Default Rating (IDR) and senior unsecured ratings to 'CCC+' from 'B-' and removed them from Rating Watch Negative (RWN). The Recovery Rating is 'RR4'. The downgrade reflects increasing risk that Kosmos is unlikely to meet its financial covenants under the reserve-based lending (RBL) facility in its March 2026 test. Failure to meet financial covenants under the RBL facility constitutes an event of default. Fitch said, "We cannot fully rule out lender acceleration even though we consider it to be unlikely. We also believe refinancing risk is still significant for Kosmos despite its recently signed secured debt funding." LANCASTER PACKAGING: Hires Madoff & Khoury LLP as Counsel --------------------------------------------------------- Lancaster Packaging, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Madoff & Khoury LLP as counsel. Madoff & Khoury LLP as counsel to handle its Chapter 11 bankruptcy case. The firm will be paid at these rates: Partner $450 per hour Associate $350 per hour Paralegals $160 per hour The firm received a retainer from the Debtor in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Madoff, Esq., a partner at Madoff & Khoury LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David B. Madoff, Esq. Steffani M. Pelton, Esq. Madoff & Khoury LLP 124 Washington Street Foxboro, MA 02035 Tel: (508) 543-0040 Email: madoff@mandkllp.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. Lancaster Packaging, Inc. in Fitchburg, MA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Mass. Case No. 26-40138) on Feb. 11, 2026, listing $537,142 in assets and $1,038,674 in liabilities. Marianne Lancaster as president, signed the petition. Judge Christopher J Panos oversees the case. MADOFF & KHOURY LLP serve as the Debtor's legal counsel. LEEBAN HOLDINGS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Leeban Holdings, LLC 3848 N. Tarrant Pkwy., Suite 100 Keller, TX 76244 Chapter 11 Petition Date: February 17, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-40714 Debtor's Counsel: Robert A. Simon, Esq. WHITAKER CHALK SWINDLE AND SCHWARTZ 301 Commerce St. Ste 3500 Fort Worth, TX 76102 Tel: 817-878-0500 E-mail: rsimon@whitalkerchalk.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nabeel M. Shabout MD as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ODFPCYQ/Leeban_Holdings_LLC__txnbke-26-40714__0001.0.pdf?mcid=tGE4TAMA LIMETREE BAY: Loses Bid to Stay Boynes, et al., Case ---------------------------------------------------- Senior Judge Wilma A. Lewis of the U.S. District Court for the District of the Virgin Islands will deny Defendants Limetree Bay Terminals, LLC and Limetree Bay Refining, LLC's Joint Emergency Motion to Stay the case captioned as CLIFFORD BOYNES, et al., Plaintiffs v. LIMETREE BAY VENTURES, LLC, et al., Defendants, Case No. 21-cv-00253 (D.V.I.). Moving Defendants state that May 30, 2026 is the anticipated date that the statute of limitations arising out of the events at the Limetree Bay Refinery between February and May of 2021 is expected to run. Central to the issue before the Court is the invocation by certain non-party deponents of their privilege against self-incrimination, which Moving Defendants argue prevents them from presenting a substantive defense to the claims asserted against them. Plaintiffs maintain that a stay of proceedings pending the expiration of the statute of limitations in a yet-to-be-filed criminal matter is not warranted under the circumstances in this case. The Court finds that Moving Defendants have not met their burden to establish their entitlement to a stay in this civil case. The Court also finds that the circumstances of this litigation do not merit the extraordinary remedy of a stay in this civil case. Additionally, it is the Court's "studied judgment" as to the "particular facts before it" that a stay is not justified. In making that determination, the Court considered that Moving Defendants, as corporations, do not possess a Fifth Amendment privilege that can be implicated by these civil proceedings. Neither the Moving Defendants nor their former employees have been indicted, nor does it appear that an indictment is imminent. Further, the Court says given the duration of this litigation, the pending motions for preliminary approval of settlements, and the ongoing environmental damage alleged by Plaintiffs, Plaintiffs' interests in proceeding with this litigation are strong and they will be uniquely and significantly prejudiced by this requested stay. In sum, the Court concludes Moving Defendants have not shown that there is pressing need for delay, and that neither the other party nor the public will suffer harm from entry of the order. Accordingly, the Court will deny Moving Defendants' Motion to Stay and deny as moot Plaintiffs' Motion to Expedite. A copy of the Court's Memorandum Opinion dated February 12, 2026, is available at https://urlcurt.com/u?l=azcoBg About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel, Beckstedt & Kuczynski LLP as special counsel, and GlassRatner Advisory & Capital LLC, doing business as B. Riley Advisory Services, as restructuring advisor. Mark Shapiro of GlassRatner is the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. 405 Sentinel, LLC serves as administrative and collateral agent for the DIP lenders. LIVEONE INC: Posts $4.1MM Net Loss in Q3, Warns of Liquidity Strain ------------------------------------------------------------------- LiveOne, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4.1 million for the three months ended December 31, 2025, compared to a net loss of $5.6 million for the three months ended December 31, 2024. For the nine months ended December 31, 2025, the Company reported a net loss of $13.7 million, compared to a net loss of $9.5 million for the same period in 2024. Total revenues for the three months ended December 31, 2025 and 2024, were $20.3 million and $29.4 million, respectively. For the nine months ended December 31, 2025 and 2024, the Company had total revenues of $58.2 million and $95.1 million, respectively. As of December 31, 2025, the Company had $52.3 million in total assets, $62.8 million in total liabilities, and $10.5 million in total stockholders' deficit. Going Concern and Liquidity The Company's interim unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. The Company's principal sources of liquidity have historically been its debt and equity issuances and its cash and cash equivalents (which cash, cash equivalents and restricted cash amounted to $8.7 million as of December 31, 2025). As reflected in its interim unaudited condensed consolidated financial statements, the Company has a history of losses, incurred a net loss of $13.7 million for the nine months ended December 31, 2025, and used cash of $8.5 million in operating activities for the nine months ended December 31, 2025 and had a working capital deficiency of $18.1 million as of December 31, 2025. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern within one year from February 13, 2026, the date that the financial statements are filed. Management Plans The Company's ability to continue as a going concern is dependent on its ability to execute its growth strategy and on its ability to raise additional funds. The Company filed a new universal shelf Registration Statement on Form S-3 with the SEC on February 13, 2025, which was declared effective by the SEC on February 26, 2025. Under the Shelf S-3, the Company has the ability to raise up to $150.0 million in cash from the sale of its equity, debt and/or other financial instruments, subject to any limitation as applicable under General Instruction I.B.6 of Form S-3. In May 2024, the Company entered into an at-the-market agreement with Roth Capital Partners, LLC, pursuant to which the Company may, while the Shelf S-3 is effective, offer and sell shares of the Company's common stock, $0.001 par value per share, having an aggregate offering price of up to $25 million from time to time through Roth Capital acting as the Company's sales agent. As of the filing of this Quarterly Report, the Company has not sold any shares under such agreement. The uncertain market conditions may limit the Company's ability to access capital, may reduce demand for its services and may negatively impact its ability to retain key personnel. Management may seek additional funds, primarily through the issuance of equity and/or debt securities for cash to operate the Company's business. No assurance can be given that any future financing will be available or, if available, that it be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain terms that result in undue restrictions on its operations, in the case of debt financing or cause substantial dilution for its stockholders, in case of equity and/or convertible debt financing. If the Company is unable to obtain sufficient financing when needed, the Company may also have to reduce certain overhead costs through the reduction of salaries and other means and settle liabilities through negotiation. There can be no assurance that management's attempts at any or all of these endeavors will be successful. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3twpnw5f About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LUNA CAFE: Seeks Chapter 7 Bankruptcy in Pennsylvania ----------------------------------------------------- On February 12, 2026, Luna Cafe LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Luna Cafe LLC Luna Cafe LLC is a Pennsylvania-based limited liability company operating in the food and beverage industry as a café and dining establishment. Luna Cafe LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10562) on February 12, 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 Ashely M. Chan handles the case. The Debtor is represented by Brad J. Sadek, Esq. of Sadek Law Offices, LLC. MAPLE RIDGE: Hires Hilco Real Estate as Real Estate Broker ---------------------------------------------------------- Maple Ridge Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Hilco Real Estate, LLC as real estate broker. The firm will market and sell the Debtor's real property known at 747 Buffalo Creek Rd. Lake Lure, NC. The firm will be paid a commission of 4 percent of the gross sale proceeds. 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 through: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 About Maple Ridge Property Owners Association, Inc. Maple Ridge Property Owners Association, Inc. manages interval ownership interests for a resort community at 747 Buffalo Creek Road in Lake Lure, North Carolina, overseeing the rights and obligations of property owners within the development. Maple Ridge Property Owners Association filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40271) on November 25, 2025, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Michael Guelcher, president, signed the petition. Judge Ashley Austin Edwards presides over the case. K&L Gates LLP and Grier Wright Martinez, PA serve as the Debtor's counsel. MARE ISLAND: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On February 14, 2026, Mare Island Dry Dock, LLC 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 $10 million and $50 million in debt owed to between 100 and 199 creditors. About Mare Island Dry Dock, LLC Mare Island Dry Dock, LLC operates as a maritime services company providing ship repair, maintenance, and dry dock services. The company supports commercial and industrial marine vessels through repair, refurbishment, and related waterfront operations. Mare Island Dry Dock, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20777) on February 14, 2026. In its petition, the Debtor reports estimated assets of $10MM–$50MM and estimated liabilities of $10MM–$50MM. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Reno F.R. Fernandez, III, Esq. of Binder Malter Harris & Rome-Banks LLP. MAST TRUCKING: Seeks to Hire WM Law as Counsel ---------------------------------------------- Mast Trucking Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ WM Law as counsel. The firm will render these services: (a) prepare bankruptcy forms and schedules; (b) attend at the Sec. 341 meeting and other court hearings; (c) prepare the disclosure statement and Chapter 11 plan, client conferences; (d) file monthly operating reports, phone calls, emails, deal with creditors; and (e) resolve confirmation issues. Th firm's counsel and staff will be paid at these hourly rates: Ryan A. Blay $400 per hour Jeffrey L. Wagoner $300 per hour Errin P. Stowell $300 per hour Ryan M. Graham $300 per hour Chelsea Williamson $300 per hour Megan M. Tiede $275 per hour Bryan P. Cardwell $275 per hour Luke Trusdale $250 per hour Douglas Sisson $175 per hour Ana Van Noy $175 per hour Betsy Hayman $175 per hour Rosana Tovalin $175 per hour Sylvia Camacho $175 per hour Michael Sandri $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer of $20,000. Ms. Blay 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: Ryan A. Blay, Esq. WM Law 15095 W. 116th St. Olathe, KS 66062 Telephone: (913) 422-0909 Facsimile: (913) 428-8549 Email: blay@wagonergroup.com About Mast Trucking Inc. Mast Trucking Inc. is a transportation and logistics company based in Kansas, specializing in freight hauling and trucking services. Mast Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20176) on February 10, 2026. In its petition, the Debtor reports estimated assets of $1 million $10 million and estimated liabilities of $1 million $10 million. Honorable Bankruptcy Judge Dale L. Somers handles the case. The Debtor is represented by Ryan A. Blay, Esq. of Wm Law. MAZCOTA LLC: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Mazcota LLC d/b/a Ixtapa Restaurant d/b/a Ixtapa Fine Mexican Cuisine 7103 NW Barry Rd Kansas City, MO 64153 Business Description: Mazcota LLC, doing business as Ixtapa Restaurant and Ixtapa Fine Mexican Cuisine, operates a full-service Mexican restaurant in Kansas City, Missouri. The company provides dine-in services as well as online ordering and catering, offering a menu of traditional Mexican dishes and beverages. Chapter 11 Petition Date: February 18, 2026 Court: United States Bankruptcy Court Western District of Missouri Case No.: 26-50059 Judge: Hon. Cynthia A Norton Debtor's Counsel: Ryan A. Blay, Esq. WM LAW, PC 15095 West 116th Street Olathe, KS 66062 Tel: (913) 422-0909 Fax: (913) 428-8549 E-mail: bankruptcy@wagonergroup.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Victor Esqueda as co-owner. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G7PRF3I/Mazcota_LLC__mowbke-26-50059__0001.0.pdf?mcid=tGE4TAMA MILAN SAI: Gets Final OK to Access Cash Collateral -------------------------------------------------- Milan Sai Joint Venture, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. At the recently held hearing, the court granted final approval for the Debtor's use of cash collateral to fund its operations. The Debtor operates the Super 8 Motel in Stanton, Texas, and relies on the use of cash collateral of Gregory Milligan, the court-appointed receiver for Pride of Austin High Yield Fund 1, LLC, since it has no outside sources of funding. Pride is the secured lender claiming liens on the Debtor's personal property including rents. The secured lender is adequately protected through replacement liens on post-petition cash collateral and property of the Debtor and a superpriority administrative expense claim granted to it under the court's prior interim orders. Mr. Milligan is represented by: William R. Nix, Esq. Holland & Knight, LLP 100 Congress Avenue, Suite 1800 Austin, TX 78701 Telephone: 512.685.6476 Trip.nix@hklaw.com -- and -- Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1784 chris.bailey@hklaw.com About Milan Sai Joint Venture Milan Sai Joint Venture, LLC operates in the traveler accommodation industry. Milan Sai Joint Venture sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33560) on November 4, 2024, with up to $10 million in both assets and liabilities. Sunil Kumar Patel, managing member, signed the petition. Judge Michelle V. Larson oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's bankruptcy counsel. MORE OPPORTUNITY: Hires Allan D. NewDelman P.C. as Counsel ---------------------------------------------------------- More Opportunity Regarding Education, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allan D. NewDelman, P.C. as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to all matters related to this case; b. prepare on behalf of the Debtor, as Debtor-In-Possession, necessary applications, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor. The firm will be paid at these rates: Allan D. NewDelman $475 per hour Roberta J. Sunkin $395 per hour Paralegal $150 to $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Allan D. New Delman, Esq., a partner at Allan D. NewDelman, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Allan D. NewDelman, Esq. Allan D. Newdelman, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 Fax: (602) 277-0144 Email: anewdelman@adnlaw.net About More Opportunity Regarding Education, Inc. More Opportunity Regarding Education, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01245) on February 11, 2026, with $50,001 to $100,000 in assets and $50,001 to $100,000 in liabilities. Judge Daniel P. Collins presides over the case. Allan Newdelman, Esq., at Allan D Newdelman, PC represents the Debtor as legal counsel. MORRIS REAL: Hires Austin's Accounting Services as Accountant ------------------------------------------------------------- Morris Real Estate Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Austin's Accounting Services as accountant. The firm will prepare the Debtor's tax returns, PA 20S/65, and Form K-1s. The firm will be paid at the rate of $350 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Austin 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: Shauwn Austin, CPA Austin's Accounting Services 201 Penn Center Boulevard, Suite 400 Pittsburgh, PA 15235 Tel: (412) 229-2112 Email: Aaservices2016@outlook.com About Morris Real Estate Solutions, LLC Morris Real Estate Solutions, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa., Case No. 25-22958-GLT) on Oct. 31, 2025. The Debtor hires Thompson Law Group, PC as counsel. MOTOS AMERICA: Hires Shaw & Nielsen P.C. as Accountant ------------------------------------------------------ Motos America, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Shaw & Nielsen, P.C. as accountant. The firm will advise and consult with the Debtor concerning the cash flow, monthly reports, taxes and general accounting procedures necessary to operate a business. The firm will be paid at the rate of $100 to $340 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Shaw 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: B. Jonathan Shaw Shaw & Nielsen, P.C. 145 North Main Street Bountiful, UT 84010 Tel: (801) 872-4657 About Motos America, Inc. Motos America Inc. is the parent company of a network of motorcycle dealerships. The Company's subsidiary dealership entities are not filing bankruptcy and will continue to operate in the ordinary course of business. MOUNTAIN VIEW: Involuntary Chapter 11 Case Summary -------------------------------------------------- Alleged Debtor: Mountain View Residential Properties, LLC 1600 Wynkoop St Ste 200 Denver CO 80202 Business Description: Mountain View Residential Properties is a single-asset real estate company that owns one income-producing property. Case No.: 26-10967 Involuntary Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court District of Colorado Petitioners' Counsel: Unknown A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XU3O3WY/Mountain_View_Residential_Properties__cobke-26-10967__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Keith A. Novick Debt $6,390 629 Jasper Ave. Franklin TN 37064 Keith A. Novick Legal Fees $280,762 Keith A. Novick Unsecured Loan $52,012 Keith A. Novick GAIC (bond) $154,222 Indemnity MOUNTAINEER MERGER: Moody's Rates New First Lien Term Loan 'Ca' --------------------------------------------------------------- Moody's Ratings affirmed Mountaineer Merger Corporation's, parent of Gabriel Brothers, Inc. (together dba "Gabe's"), Caa3 corporate family rating and upgraded its probability of default rating to Caa3-PD from D-PD. Concurrently, Moody's assigned a Ca rating to the company's new senior secured first lien term loan. The outlook remains stable. The new $104.84 million senior secured term loan was put in place following Gabe's recapitalization transaction where its original $200 million term loan due 2028 was converted to equity and the lenders of that term loan become the owners of Gabe's. The upgrade of the PDR to Caa3-PD from D-PD reflects the successful closing of the recapitalization transaction which addressed Gabe's missed interest and principal payments going back to April 2025. RATINGS RATIONALE Gabe's Caa3 CFR reflects its very high leverage, weak interest coverage and tight liquidity. Moody's adjusted debt/EBITDA was around 8x for the LTM ended November 2025 and EBIT/interest was weak at less than 1.0x. Moody's expects a modest improvement in leverage but that interest coverage will remain less than 1.0x for the next 12 months. Moody's expects modest improvement in EBITDA in FY 2026 as the company rationalizes its store base and converts the remaining Old Time Pottery (OTP) stores into fresher and updated Gabe's stores while optimizing inventory offerings. Although liquidity is adequate it will still remain strained reflecting weak free cash flow generation and modest revolver availability that leaves very little cushion to absorb any underperformance. The rating also considers the company's small scale in a highly competitive business environment with very large and well capitalized competitors. Therefore, even small declines in EBITDA can impact credits metrics significantly. Other rating considerations include the somewhat discretionary nature of the company's products and macroeconomic headwinds that could cause constrained consumers to pull back purchases of discretionary items. The 2023 acquisition of Old Time Pottery, a value home decor retailer increased the company's scale but also increases its exposure to home categories. However, approximately 90% of Gabe's inventory purchases are opportunistic and its inventory purchasing cycle is shorter than its competitors which allows the company to quickly change assortments depending on consumer preferences. The company's off-price retail business model, a segment which has historically grown faster than other retail sub-sectors and has performed relatively well during economic downturns, further supports its rating. The stable outlook reflects that Moody's believes the current ratings appropriately reflect the company's expected performance and estimated recovery rate. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if there is a sustained improvement in operating performance and liquidity or if the expected recovery rate improves. The ratings could be downgraded if recovery expectations deteriorate further or should Gabe's default. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Mountaineer Merger Corporation is the parent of off-price retailer Gabriel Brothers, Inc., dba "Gabe's". The company generated about $857 million in revenue for the LTM period ended November 01, 2025. MULTI-COLOR CORP: Ch. 11 Sale Hearing Delayed Over Marketing Claims ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge approved a two-week extension of the sale process involving the assets of Multi-Color Corp., following objections from a cross-holder ad hoc group of hedge funds and affiliated creditors. The objectors said more time was needed to perform due diligence and potentially solicit alternative proposals. At the hearing, creditors emphasized that a compressed timeline could undermine efforts to maximize recoveries. The debtors countered that they had conducted substantial prepetition marketing and believed the existing schedule was appropriate under the circumstances, the report states. The court determined that a limited extension would balance the need for efficiency with creditor concerns about fairness and value. Revised deadlines will allow additional evaluation and bidding activity before the proposed sale is presented for final approval, according to Law360. About Multi-Color Corp Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.â€™s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MULTI-COLOR CORP: DOJ Challenges Chapter 11 Bankruptcy Venue ------------------------------------------------------------ James Nani of Bloomberg Law reports that the U.S. Trustee has filed a motion to dismiss or transfer the Chapter 11 bankruptcy of Multi‑Color Corp., arguing that the global label printer’s filing in New Jersey was orchestrated rather than legitimate. In filings before the U.S. Bankruptcy Court for the District of New Jersey, the watchdog described the choice of venue as “gamesmanship” aimed at securing a preferred courtroom. According to the Trustee, Multi‑Color's primary operations, corporate offices, and most subsidiaries are not located in New Jersey. The only connection cited was through MCC‑Norwood LLC, a related entity whose bankruptcy provided the legal anchor for the New Jersey case, despite minimal substantive ties to the district. Under federal venue requirements, a bankruptcy should be filed where a debtor's business is centered or significant assets are located. The Trustee contends that none of these criteria are met here, and that the filing improperly leveraged a technical link to justify the forum, according to Bloomberg Law. The motion requests that the court dismiss the bankruptcy or transfer it to a more appropriate venue. The dispute underscores ongoing concerns about forum shopping in complex bankruptcies and the need for venue rules to reflect genuine operational ties, the report states. About Multi-Color Corp. Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.â€™s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. NATEL ENGINEERING: S&P Withdraws 'CCC' Issuer Credit Rating ----------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Natel Engineering Co. LLC, including the 'CCC' issuer credit rating and 'CCC' issue-level rating, following the company's repayment of its outstanding rated debt. At the time of the withdrawal, S&P's outlook on Natel was negative. NEAREST GREEN: Judge Orders Receivership to Retain Original Scope ----------------------------------------------------------------- AfroTech reports that Uncle Nearest will stay under court-appointed receivership for the time being, following a federal judge's temporary ruling after a February 9, 2026 hearing in Knoxville. The whiskey company entered receivership in August 2025 after defaulting on more than $108 million in debt to Farm Credit Mid-America. Phillip G. Young Jr., appointed receiver, has since evaluated the company's finances and operations. Young testified that company records before 2024 were allegedly deleted and that additional liabilities have surfaced, pushing total reported obligations close to $209 million. Among those claims is $45 million allegedly owed to Advanced Spirits. He also cited unpaid tax filings dating back to 2018 and described the business as financially unstable, reporting nearly $1 million in monthly losses, the report states. Disputes over valuation remain central to the case. Young stated he could not justify the company's previously announced billion-dollar valuation and estimated its current worth closer to $100 million. Weaver disagreed, contending the brand could command a significantly higher figure and arguing that court oversight has negatively affected sales momentum and market confidence, according to AfroTech. For now, Judge Atchley has maintained the receivership's existing scope, giving both parties additional time to submit legal briefs. The court will reconsider the matter after reviewing those filings, the report relays. About Nearest Green Distillery Nearest Green Distillery, also known as Uncle Nearest Distillery, is a Shelby, Tennessee-based distillery. A Tennessee federal judge on August 14, 2025, granted Farm Credit Mid-America's motion to place Nearest Green Distillery and its related companies under receivership after alleged loan defaults of more than $108 million. The lender accused the distillery of overstating its barrel inventory, which served as collateral, and violating key financial covenants. The court appointed Phillip G. Young Jr. to oversee operations and protect the company's assets amid the dispute. NEVADA RISE ACADEMY: S&P Assigns 'BB-' ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating (ICR) to Nevada Rise Academy Inc. (Nevada Rise). The outlook is stable. S&P analyzed the school's environmental, social, and governance factors and consider them credit neutral. S&P said, "The stable outlook reflects our expectation that Nevada Rise Academy will increase enrollment as it relocates to its permanent facilities and pursues its growth strategy. We also anticipate it will achieve MADS coverage closer to 1x, and hold liquidity levels consistent with the rating level as the organization expands into its debt profile. We do not anticipate additional issuance plans over the one-year outlook. "We could consider a negative rating action during the outlook period if the school fails to meet enrollment targets, resulting in weaker-than-anticipated margins and MADS coverage, loan covenant violations, or material deterioration in its reserve position. However, we think Nevada Rise has demonstrated the ability to raise enrollment above 400 students, and has credible plans that increase the likelihood it will meet its enrollment goals. "We could consider a positive rating action if Nevada Rise meets its enrollment targets, translating to growth in its total operating base, lease-adjusted MADS above 1x, a moderating debt burden, and the maintenance of liquidity metrics in line with a higher rating." NEW DESIGNS CHARTER: S&P Affirms 'BB+' LT Rating on Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB+' long-term rating on the California School Finance Authority's charter school revenue bonds outstanding, issued for New Designs Charter School (NDCS). The outlook revision reflects S&P's view of the school's continued enrollment decline, which is likely to cause financial operating challenges over the near term if demand trends do not stabilize. NDCS faces elevated social capital risk given the impact of demographic factors on enrollment trends, with out-migration in the greater Los Angeles metropolitan statistical area, leading to a smaller school-age cohort. Volatile enrollment trends stemming from these risks could materially affect financial operations if negative trends are sustained. However, management has pursued strategic investments in marketing and recruitment to stabilize and improve enrollment. S&P Global Sustainable1 data shows that Los Angeles County, relative to other locations nationally, faces elevated exposure to wildfire and seismic risks as well as flood risk given the proximity to the Pacific coastline. S&P said, "In our view, based on NDCS' locations, the elevated exposure to these physical risks could pose challenges to the school's infrastructure and become material to our view of creditworthiness. However, we believe NDCS' locations in urban areas more inland and the state's robust building codes for educational buildings somewhat mitigate these risks. Consequently, we consider physical risk exposure neutral in our analysis. We view governance factors as neutral." S&P said, "The negative outlook reflects our view that there is a one-in-three chance that we could lower the rating if material enrollment declines continue amid the roll-off of federal funds, which have recently supported financial operations, thus affecting future financial performance. "We could lower the rating if enrollment and demand continue to deteriorate, operations soften as a result of weakened revenue related to deteriorated enrollment trends, lease-adjusted maximum annual debt service coverage weakens, or days' cash on hand materially decreases over a sustained period. "We could revise the outlook to stable if the school is able to improve enrollment trends while maintaining solid financial operations and its healthy liquidity position." NEWARK EXPO: Hires Law Office of Ruth Auerbach as Counsel --------------------------------------------------------- Newark Expo Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Law Office of Ruth Auerbach as counsel. The firm's services include: a. preparation of schedules and other pleadings required for this Chapter 11 case; b. resolution of issues involving creditors; c. assistance and advice to the Debtor in performing the acts required of the Debtors as set forth in the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; and d. preparation of a Chapter 11 Plan and the confirmation thereof. The firm will be paid at the rate of $450 per hour. The Debtor paid the firm a retainer of $25,000, of which $15,000 was paid prior to the filing of the petition. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Auerbach 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: Ruth Elin Auerbach, Esq. Law Office of Ruth Auerbach 236 West Portal Ave., #185 San Francisco, CA 94127 Tel: (415) 722-5596 Email: ruth.auerbach.esq@gmail.com About Newark Expo Center, Inc. Newark Expo Center, Inc., operating as Chandni Restaurant, provides event and banquet services and restaurant operations at 5748 Mowry School Road in Newark, California, hosting weddings, parties, corporate events, and other gatherings. The restaurant offers Pakistani and Indian cuisine, including halal and halal-Chinese options. Newark Expo Center, Inc. in Newark CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 25-419924) on Oct. 23, 2025, listing $0 to $50,000 in assets and $1 million to $10 million in liabilities. Syed Sarwat as CEO, signed the petition. RUTH AUERBACH serve as the Debtor's legal counsel. NEWKIRK LOGISTICS: Hires Whitaker Chalk as Bankruptcy Counsel ------------------------------------------------------------- Newkirk Logistics, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Whitaker Chalk Swindle & Schwartz PLLC as bankruptcy counsel. The firm will provide these services: a. represent the Debtor at its Initial Debtor Interview, Chapter 11 Section 341(a) meeting, and any status conferences, represent the Debtor in any discovery matters such as 2004 examinations or depositions, if any, and in resisting improper discovery efforts; b. assist the Debtor in opposing any motions to dismiss or convert the Chapter 11 or to remove the Debtor as debtor in possession; c. advise and consult with the Debtor concerning (i) legal questions arising in administering and reorganizing the Debtor's estate, and (ii) the Debtor's rights and remedies in connection with the estates' assets and creditors' claims; d. assist the Debtor in obtaining Court approval for the use of cash collateral, debtor in possession financing through postpetition factoring of receivable, and in paying the Debtor's employees and truck drivers for pre-petition work during the current pay period as of the Petition Date; e. provide legal services to the Debtor relating to the sale or use of assets, outside the ordinary course of business, refinancing indebtedness, and in assuming or rejecting executory contracts and unexpired leases of real and personal property; f. assist the Debtor in preserving and protecting property of the Debtor's estate, including the defense of motions for relief from the automatic stay, and the prosecution of litigation, if any; g. investigate and prosecute preferences, fraudulent transfers, and other actions arising under the Debtor's avoidance powers and any causes of action arising under state law, if necessary and unless special counsel is determined to be better qualified to do so; h. prepare any pleadings, motions, answers, notices, orders and reports that are required for the orderly administration of the Debtor's estate; and i. perform any and all other legal services for the Debtor that the Debtor determines to be necessary and appropriate to faithfully discharge his duties as a debtor-in-possession. The firm will be paid at these rates: Robert A. Simon (Member) $500 per hour Other Members $400 to $500 per hour Associates $250 to $325 per hour Bonnie Peck (paralegal) $150 per hour The Debtor paid the firm a retainer of $52,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Simon 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: Robert A. Simon, Esq. Whitaker Chalk Swindle & Schwartz PLLC 301 Commerce Street, Suite 3500 Fort Worth, TX 76102 Tel: (817) 878-0543 Fax: (817) 878-0501 About Newkirk Logistics, Inc. Newkirk Logistics, Inc., a Texas-based corporation with Subchapter S status, operates a nationwide trucking and logistics business, providing air freight, domestic transportation, warehousing and distribution, supply chain and fulfillment services, shipment tracking, and cross-docking using both owned and contracted assets. The company serves a diverse range of clients across the United States, including the automotive, high-tech, e-commerce, retail and consumer, heavy manufacturing, oil and gas, and healthcare sectors. It leverages an extensive network of transportation and third-party logistics partners to support its operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40551) on February 4, 2026, with $1,375,992 in assets and $4,244,200 in liabilities. Barry Newkirk, president, signed the petition. Robert A. Simon, Esq., at Whitaker Chalk Swindle and Schwartz, PLLC represents the Debtor as legal counsel. NORCOLD LLC: Judge Expresses Intent to Confirm Chapter 11 Plan -------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Friday signaled his intention to confirm the proposed Chapter 11 liquidating plan for recreational vehicle refrigerator maker Norcold LLC, but his approval was tempered by expressed concerns about the person selected to serve as the liquidating trustee under the plan. That issue led the court to delay signing the confirmation order. The liquidating plan would transition Norcold from restructuring to an orderly wind-down process, with a trustee overseeing the collection and distribution of estate assets to satisfy creditor claims. Although the plan's overall structure received judicial support, the choice of trustee drew scrutiny, as the judge questioned whether the appointment adequately serves the interests of stakeholders, according to report. Until the trustee issue is addressed, the court held off on issuing a final confirmation order, indicating that resolving that concern is a prerequisite to plan effectiveness. The decision highlights the role of trustee selection in Chapter 11 liquidations and the court's willingness to delay confirmation when issues remain, the report relays. About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORDICUS PARTNERS: Posts $1.25MM Q3 Net Loss, Warns of Cash Crunch ------------------------------------------------------------------ Nordicus Partners Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,247,524 for the three months ended December 31, 2025, compared to a net loss of $1,545,311 for the three months ended December 31, 2024. For the nine months ended December 31, 2025, the Company reported a net loss of $3,965,884, compared to a net loss of $2,310,876 for the same period in 2024. The Company has recognized nominal revenue and has incurred losses since inception resulting in an accumulated deficit of $50,730,422 and held cash of $189,297 as of December 31, 2025. As a result, the Company's current funds will not be sufficient to meet its needs for more than 12 months from February 13, 2026, the date of issuance of the unaudited condensed consolidated financial statements. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern. Management Plans The ability to continue as a going concern is dependent upon the Company's recent acquisitions, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with existing cash on hand and through private placements of Common Stock. From October 2025 through January 2026, the Company issued to certain private investors a total of 547,036 restricted shares of its common stock, par value $0.001 per share. The price per share was $2.75 for gross proceeds of $1.5 million. As of December 31, 2025, the Company had $75,856,649 in total assets, $11,106,028 in total liabilities, and $64,750,621 in total stockholders' equity. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4tcx4k6x About Nordicus Partners Headquartered in Beverly Hills, Calif., Nordicus Partners Corporation is a financial consulting company specializing in providing Nordic companies with the best possible conditions to establish themselves in the U.S. market. The Company leverages management's combined 90+ years of experience in the corporate sector, serving in various capacities both domestically and globally. Additionally, Nordicus operates as a business incubator, offering support resources and services such as office space, legal and accounting services, and marketing expertise to facilitate a smooth transition for companies entering the U.S. marketplace. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 29, 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 nominal revenue and has incurred losses since inception resulting in an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company's recent acquisitions, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with existing cash on hand and the private placement of Common Stock. NOVA HOME: Case Summary & Four Unsecured Creditors -------------------------------------------------- Debtor: Nova Home Hospice Inc. 1551 W 13th Street, Suite 104 Upland CA 91786 Business Description: Nova Home Hospice Inc. is a hospice care provider based in Upland, California, offering palliative and end-of-life care to patients with terminal illnesses and support services for families. The company is Medicare- and Medicaid-certified. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10931 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: Lofty Mrich, Esq. VINEYARD LAW GROUP 337 N. Vineyard Avenue Suite 217 Ontario CA 91764 Tel: (909) 972-8458 Email: vineyardlawyers@gmail.com Total Assets: $2,100 Total Liabilities: $2,316,041 The petition was signed by Wilma Eileen Ignacio Cambe as CEO. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JQGNNWY/NOVA_HOME_HOSPICE_INC__cacbke-26-10931__0004.0.pdf?mcid=tGE4TAMA O'BRIEN ENERGY: Hires Amann Burnett PLLC as Counsel --------------------------------------------------- O'Brien Energy Resources Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Amann Burnett PLLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business; (b) advise and assist in formulating and filing first-day motions, monthly operating reports, determining and paying U.S. Trustee quarterly fees, opening a debtor-in-possession (DIP) bank account, reviewing the UST Region 1 Operating Guidelines, providing insurance information, preparing and attending the Initial Debtor Interview and Section 341 Examination; (c) attend meetings and negotiate with representatives of creditors and other parties in interest, respond to creditor inquiries, and advise and consult on the conduct of the case; (d) negotiate and prepare on behalf of the Debtor a Plan or Plans of reorganization and all related documents and prosecute the Plan or Plans through the confirmation process; (e) advise the Debtor in connection with any sale, use or lease of assets; (f) represent and advise the Debtor regarding post confirmation operations and consummation of a Plan, Decree of reorganization; and (g) prepare necessary legal papers necessary to the administration of the estate. William Amann, Esq., the primary attorney in this representation, will be billed at his hourly rate of $295 and his paralegal's hourly rate is $170. The firm also received a retainer of $17,500 from the Debtor. Mr. Amann 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: William J. Amann, Esq. Amann Burnett PLLC 757 Chestnut Street Manchester, NH 03104 Telephone: (603) 695-5404 Email: wamann@amburlaw.com About O'Brien Energy Resources Corp. Business Description: O'Brien Energy Resources Corporation, a Colorado corporation, is a privately held independent oil and natural gas exploration and production company focused on conventional drilling, operating wells and fields across Colorado, Nebraska, Wyoming, Oklahoma, Kansas, Texas, and Louisiana. The Company, which has been in business since 1990 and is headquartered in Portsmouth, New Hampshire, develops new and existing leaseholds through operated interests and joint ventures with other energy companies and partners. O'Brien Energy Resources Corporation in Portsmouth, NH, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.N.H. Case No. 26-10092) on Jan. 30, 2026, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. John J. Forma as director, signed the petition. AMANN BURNETT, PLLC serve as the Debtor's legal counsel. OASIS GB: Hires Taylor Porter as Special Litigation Counsel ----------------------------------------------------------- Oasis GB, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Taylor, Porter, Brooks & Phillips, LLP as special litigation counsel. The Debtor needs the firm's legal assistance in connection with these cases: A. Debtor's reconventional demand for damages and for setoff against Double D Construction LLC. and its insurer Continental Casualty Company & Transportation Insurance Company in case of "Double D Construction, LLC v. Oasis GB, LLC", suit no. 733,572, 19th Judicial District Court, Parish of East Baton Rouge, State of Louisiana. B. Debtor's claims against contractor for damages and remediation work and overpayments in Oasis GB LLC v. Lincoln Builders of Baton Rouge Inc. 21st JDC Parish of Livingston Case No. 000000180231. Claim in arbitration on petition date. The firm will be paid at these rates: Attorneys $400 per hour Associates $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Richard 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: Murphy Richard, Esq. Taylor, Porter, Brooks & Phillips, LLP 450 Laurel St 8th Floor Baton Rougue, LA 70801 Tel: (225) 387-3221 About Oasis GB, LLC Oasis GB, LLC, doing business as Tickfaw Landing, operates a full-service marina and waterfront residential development in Killian, Louisiana, offering boat storage, concierge boat services, and access to the Tickfaw River. The Company provides 250 dry boat slips across 48,750 square feet, alongside 62 waterfront residential lots and community amenities such as a pool and social events. Oasis GB serves recreational boating and waterfront property markets in the greater Baton Rouge area and southeastern Louisiana. Oasis GB, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-11131) on December 10, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. The Debtor is represented by Markus E. Gerdes, Esq. of GERDES LAW FIRM, L.L.C. OEP GLASS: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating and stable outlook to OEP Glass Holdings L.P. (dba PGW Auto Glass). S&P said, "Simultaneously, we assigned a 'B' issue-level rating to the first-lien term loan co-issued by OEP Glass Purchaser LLC and PGW Auto Glass ULC, with a '3' recovery rating indicating meaningful (50%-70%, rounded estimate: 50%) recovery in the event of a default. "The stable outlook reflects our view that PGW will maintain above-average EBITDA margins, supporting debt to EBITDA in the mid- to high-5x area and modest free cash flow in our base-case forecast." PGW, a distributor of aftermarket replacement windshields, proposes to raise a new $500 million first-lien term loan to recapitalize its balance sheet and pay transaction-related expenses. The company also plans to obtain a new $100 million cash flow revolver (undrawn at close). PGW has limited scale, narrow product focus, and a highly leveraged capital structure. The company competes in the fragmented $11 billion windshield replacement industry, primarily sourcing glass products from vendors in China, Indonesia, Malaysia, and the U.S. for distribution to installers, multi-shop operators (MSO), and fleet customers across the U.S. and Canada. S&P views PGW's share as small based on expected revenues of less than $1 billion, implying a small market position of 5%-10% based on industry estimates provided by management. The company's revenue and EBITDA base is smaller than that of similarly rated peers. Despite its small size, the company has established a national footprint made up of 153 wholesale locations and five distribution centers across the U.S. and Canada. This allows PGW to reach 95% of the addressable population in a 24-hour period with its delivery fleet of more than 850 trucks. Customers return to PGW because of its stock-keeping unit breadth of more than 14,000 products and ability to quickly fulfill orders. Windshield installers generally lack sufficient storage space for fragile replacement glass and depend on distributors such as PGW for an increasingly complex car parc made up of standard, advanced driver assistant systems (ADAS), and heads-up display (HUD) enabled windshields. PGW has significant supplier concentration with its top vendor accounting for more than half of its annual glass product spend. Its top vendor manufactures glass in China, Indonesia, and Malaysia. A disruption to this relationship, whether stemming from escalating trade tensions between the U.S. and China or a cessation of supply, could severely constrain PGW's ability to fulfill customer orders and maintain operational continuity. Beyond geopolitical risks, potential disruptions could also arise from the supplier's financial difficulties, production issues, or changes in strategic priorities. While PGW's reliance on overseas suppliers introduces potential geopolitical and logistical risks, the company mitigates some of these concerns through its long-standing supplier relationships. This affords PGW most-favored-nation treatment, including competitive pricing, direct fulfillment capabilities for smaller orders, and dedicated capacity. The adoption of ADAS and HUD technology has vastly changed the design of windshields, part of a shift toward safety and comfort features from pure functionality. ADAS technology in vehicles represent nearly one-third of the car parc today, and S&P expects higher penetration of this technology over the coming years as virtually all new vehicle sales will have built-in safety features. Windshields in ADAS enabled vehicles include lane-keeping assistance, active cruise control, and collision avoidance, and HUD enabled vehicles will display speedometer, speed limit, and navigation. PGW's profitability and margins have benefited from the mix shift of ADAS and HUD windshields as these products command higher average selling prices. This has contributed to improved S&P Global Ratings-adjusted EBITDA margins toward 17% in 2025 from 12.6% in 2022, when PGW was carved out from LKQ. Margins have also improved over the past few years as PGW deployed its hub-and-spoke model to better manage order fulfillment. S&P said, "While we expect average selling prices will continue to rise, EBITDA margins will tighten by almost 100-basis points over the next couple of years. This is a function of PGW selling through higher-cost inventories due to the full-year tariff impact on cost of goods and customer mix shift toward larger MSO and fleet customers that could demand savings or reduce pass-through from inflationary pressures and tariffs. We expect some margin dilution over the next few years." S&P said, "Longer term, we believe downstream competition from vertically integrated and well capitalized installers (e.g., Belron/Safelite) and MSO (e.g., Driven Brands, Caliber Collision) customers could disrupt smaller independent regional and local installers. We expect the disproportionate share of industry revenues held by these scaled operators will continue to increase as they consolidate or displace smaller independent shops and regional competitors. This could have ramifications for PGW if it leads to customer attrition or pricing pressures, or these larger customers attempt to negotiate pricing directly with glassmakers. We believe Belron/Safelite, the largest glass installer, already sources most of its glass directly from manufacturers. Further, if PGW formalizes a strategy to win share with select groups, this could degrade margins as these customers would likely negotiate greater savings, despite the associated incremental sales volumes. "We believe the company's foray into vehicle glass repair, replacement, and recalibration (VGRRR) services provides a small but higher-margin service segment that can expand." However, it also introduces operational and execution risks. This business is small and will take time to expand, likely through continued mergers and acquisitions such as its purchase of Dakotaland in mid-2025 and PH Vitres d'Autos in 2024. It could create channel conflict if installers perceive PGW as a direct competitor, reducing wholesale orders. The company could also face challenges operating sites different from the core distribution business. Pro forma leverage and decent free cash flow support the 'B' rating, but potential aggressive acquisitions or further debt-funded dividends under its financial sponsor could limit credit metric improvement. S&P said, "Pro forma for the transaction, we estimate closing debt to EBITDA of 5.6x and leverage in the mid- to high-5x area. Given the lower capital intensity of its distribution model, we expect free operating cash flow (FOCF) to debt to remain above 3% annually. We believe PGW will complete ongoing mergers and acquisitions to further consolidate the windshield distribution market, which could increase strain credit metrics depending on the size and price. In addition, we expect transactions to modestly drag on free cash flow as PGW replenishes inventory stock of its acquisition targets." The stable outlook reflects S&P's view that PGW will maintain above-average EBITDA margins, supporting debt to EBITDA in the mid- to high-5x area and modest free cash flow in our base-case forecast. S&P could lower its rating on PGW if: -- Leverage rises higher than 6.5x, FOCF to debt falls under 3%, or EBITDA cash interest coverage is less than 2x for a prolonged period. This could occur if EBITDA declines due to customer losses, operational difficulties in its distribution network, or challenges integrating acquisitions; or -- It pursues aggressive debt-funded acquisitions or further dividend distributions. While unlikely over the next 12 months, S&P could raise the rating if: -- Debt to EBITDA improves below 5x on a sustained basis and FOCF to debt well above 5% on a consistent basis; and -- Its financial sponsor demonstrates commitment to a financial policy framework that allows the company to maintain these credit metrics or better. OFFICE PROPERTIES: U.S. Trustee Opposes Approval of Chapter 11 Plan ------------------------------------------------------------------- Isaac Monterose of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has challenged the confirmation of a Chapter 11 reorganization plan filed by an office-focused real estate investment trust in bankruptcy court in Texas, saying the plan contains impermissible third-party release provisions. The Trustee argues that these elements of the plan go beyond what the Bankruptcy Code allows and could improperly extinguish creditors' rights without adequate statutory support. Under the proposed plan, certain claims against non-debtor entities would be released or barred, a feature the Trustee maintains cannot be justified absent express authorization. According to the objection, confirming the plan as drafted would set a problematic precedent by allowing debtors to shield non-debtor parties from liability despite creditor objections, the report states. The objection is likely to prompt additional debate and negotiation before a confirmation hearing. Stakeholders will have to evaluate the legal viability of the contested provisions and consider revisions that align with bankruptcy law requirements if the plan is to move forward, according to report. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OLE BISTRO: Hires Fuchs Law Office LLC as Counsel ------------------------------------------------- Ole Bistro, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Fuchs Law Office, LLC as counsel. The firm will provide these services: (a) assist in the administration of the estate and represent the Debtor in all matters arising during the Chapter 11 proceedings; (b) prepare, on behalf of the Debtor, the necessary applications, answers, orders, reports, and other legal papers; (c) review reports for legal sufficiency and furnish advice regarding legal actions and consequences; (d) represent the Debtor in the prosecution and/or defense of any adversary proceedings; and (e) perform all other legal services for the Debtor that may be necessary in connection with the Chapter 11 case. The firm will be paid at these rates: David L. Fuchs $325 per hour Teresa K. Fuchs $250 per hour On January of 2026, the Debtor paid the firm the amount of $12,500 as retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Fuchs disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David L. Fuchs, Esq. Fuchs Law Office, LLC 554 Washington Avenue, First Floor Carnegie, PA 15106 Telephone: (412) 223-5404 Facsimile: (412) 223-5406 E-mail: dfuchs@fuchslawoffice.com About Ole Bistro, LLC Ole Bistro, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 26-20383) on Feb. 10, 2026. The Debtor hires Fuchs Law Office, LLC as counsel. OSTENDO TECHNOLOGIES: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, entered a final order authorizing Ostendo Technologies, Inc. to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget to pay post-petition operating expenses. The Debtor is permitted to deviate from the budget by up to 15% in the aggregate. As adequate protection, creditors holding valid, perfected security interests in the Debtor's cash collateral will be granted replacement liens on all post-petition assets of the estate, except for avoidance actions under Bankruptcy Code sections 544–550 and similar provisions. These replacement liens maintain the same extent, validity, and priority as the creditors' respective pre-petition liens. The final order is available at http://bankrupt.com/misc/Ostendo_FinalCashCollOrder.pdf The Debtor has several secured creditors, including the U.S. Small Business Administration, John D. Pierce, NextMed III Owner, LLC, RAF Pacifica Group, and Rowen. As of the bankruptcy filing, the Debtor held around $72,917 in cash, which may be subject to claims by certain secured creditors. The Debtor said, however, that no creditor has a perfected lien on this cash since there are no deposit account control agreements in place or possession of the funds by creditors. About Ostendo Technologies Inc. Ostendo Technologies, Inc. develops advanced display and imaging technologies, including micro-LED and quantum photonic imagers. It operates in the semiconductor sector and maintains facilities in California. Ostendo Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June 24, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP as legal counsel and Sherwood Partners, Inc. as restructuring advisor. PARAISO INFANTIL: Hires Bufete Emmanuelli as Legal Counsel ---------------------------------------------------------- Paraiso Infantil Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Bufete Emmanuelli, LLC as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Rolando Emmanuelli-Jimenez, Esq. $285 per hour Paralegal $40 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Jimenez 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: Rolando Emmanuelli Jimenez, Esq. Bufete Emmanuelli LLC P.O. Box 10779 Ponce, PR 00732 Tel: (787) 848-0666 Fax: (787) 841-1435 Email: notificaciones@bufete-emmanuelli.com About Paraiso Infantil Inc. Paraiso Infantil Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00493) on February 10, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Rolando Emmanuelli Jimenez, Esq., at Bufete Emmanuelli, C.S.P. represents the Debtor as legal counsel. PAT MCGRATH: Hires Paladin Management, Gary Lembo as CRO -------------------------------------------------------- Pat McGrath Cosmetics LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Paladin Management Group, LLC to designate Gary Lembo as chief restructuring officer. The firm will provide these services: -- assist in preparing and updating liquidity projections, payment prioritization, and vendor rationalization; -- prepare Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports, and other filings that may be appropriate or required in connection with the Chapter 11 Case; -- if required, assist in preparing a Key Employee Incentive Plan or a Key Employee Retention Plan; -- assist in the administration of the Chapter 11 Case and assist with any negotiations and other interactions with the Debtor's stakeholders and their respective advisors in connection with the Chapter 11 Case; -- serve as a witness or otherwise as a representative for the Debtor in connection with the Chapter 11 Case; -- assist with the preparation of financial forecasts and reports that may be required by the Debtor's board of directors, lenders, and stakeholders; -- assist with strategic communications and negotiations with the Debtor's lenders, significant vendors, and other stakeholders; and -- provide such further advice and support that are conducive to the above or as the parties otherwise agree. The firm will be paid at these rates: CRO $850 per hour Professionals $450 to $975 per hour The firm will be paid a retainer in the amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Lembo 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: Gary Lembo Paladin Management Group, LLC 845 Third Avenue, 6th Floor New York, NY 10022 Tel: (917) 692-4192 Email: glembo@paladinmgmt.com About Pat McGrath Cosmetics LLC Pat McGrath Cosmetics LLC offers cosmetic products. Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10772) on January 22, 2026. In its petition, the debtor reports estimated assets of $50 million-$100 million and estimated liabilities of $50 million $100 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The debtor is represented by Jessey J. Krehl, Esq. PCR AGAWAM: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: PCR Agawam LLC 1176 Springfield Street Feeding Hills, MA 01030 Business Description: PCR Agawam LLC owns real properties in Agawam, Feeding Hills, East Longmeadow, Massachusetts. Chapter 11 Petition Date: February 16, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-30101 Judge: Hon. Elizabeth D Katz Debtor's Counsel: Louis S. Robin, Esq. LAW OFFICES OF LOUIS S. ROBIN 1200 Converse Street Longmeadow, MA 01106-1760 Tel: (413) 567-3131 Fax: (413) 565-3131 E-mail: louis.robin@prodigy.net Total Assets: $8,430,000 Total Liabilities: $5,860,000 The petition was signed by Russell J. Sabadosa as manager. The Debtor listed Russell J. Sabadosa, located at 2259 Candlewood Lane, New Smyrna Beach, FL 32168, as its sole unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NDJB2EI/PCR_Agawam_LLC__mabke-26-30101__0001.0.pdf?mcid=tGE4TAMA PETER DAMON: Hires Vivona Pandurangi PLC as Bankruptcy Counsel -------------------------------------------------------------- Peter Damon Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Vivona Pandurangi, PLC as counsel. The firm's services include: a. serving as general bankruptcy counsel; b. preparing schedules and related forms; c. representing the Debtor at the initial debtor interview, creditors' meeting and hearings before the Bankruptcy Court; d. advising the Debtor of his duties and responsibilities under the Bankruptcy Code; e. assisting in preparation of monthly operating reports; analyzing Debtor's financial matters; advising Debtor in connection with executory contracts; drafting documents to reflect agreements with creditors; resolving motions for relief from stay and adequate protection; negotiating for obtaining financing and use of cash collateral, as necessary; f. determining whether reorganization, dismissal, or conversion is in the best interests of the Debtor and his creditors; g. working with the creditors' committee and other counsel, if any; h. drafting any disclosure statement and plan of reorganization and attending any hearings thereon; and i. handling other matters that arise in the normal course of administration of this bankruptcy estate. The Debtor paid the firm a retainer of $12,500. The firm will be paid at the rate of $450 per hour. As disclosed in the court filings, Vivona Pandurangi is a disinterested person within the meaning of 11 U.S.C. Sec. 327. The firm can be reached through: Jonathan B. Vivona, Esq. Vivona Pandurangi, PLC 601 King Street, Suite 400 Alexandria, VA 22314 Tel: (571) 969-6540 Fax: (703) 337-0490 Email: jvivona@vpbklaw.com About Peter Damon Group, LLC Peter Damon Group, LLC filed Chapter 11 petition (Bankr. E.D. Va. Case No. 26-10221) on January 29, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Jonathan Baird Vivona, Esq., at Vivona Pandurangi, PLC represents the Debtor as legal counsel. PINE GATE: Seeks to Extend Plan Exclusivity to June 4 ----------------------------------------------------- Pine Gate Renewables LLC and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 4 and August 3, 2026, respectively. The Debtor explains that courts may consider a variety of factors in determining whether "cause" exists to extend a debtor's exclusive period for filing a plan. The Debtor asserts that the application of these factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the issues attendant to these cases warrants approval of the requested relief. As of the Petition Date, the Debtors comprised 119 affiliated entities operating in multiple jurisdictions (five of those entities have since been dismissed from these Chapter 11 Cases), with significant funded indebtedness and a complex capital structure. The complexity of these Chapter 11 Cases is further evidenced by ongoing asset sales and pending regulatory approvals to close the remaining sales. Second, termination of the Exclusive Periods at this juncture would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and advance these Chapter 11 Cases. If exclusivity were terminated, the Debtors could face the prospect of competing plans, which would introduce uncertainty and potentially delay or derail the progress made toward a value maximizing resolution. Granting the requested extensions will allow the Debtors to focus on finalizing their restructuring strategy and moving toward plan confirmation without the distraction, cost, and delay associated with a competing plan process. Third, the Debtors have obtained critical first day relief, secured postpetition financing, retained necessary professionals, completed their schedules and statements, and implemented procedures for claims and professional compensation. The Debtors have also gained approval for the sales of substantially all their assets, gained approval of the Disclosure Statement, and completed solicitation of the Plan, demonstrating meaningful progress in these cases. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Instead, the Debtors seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the tremendous progress made to date toward a broadly consensual outcome is not upended by a potential loss of their Exclusive Periods. In the context of these Chapter 11 Cases, granting the requested extensions of the Exclusive Periods will not pressure the Debtors' creditor constituencies or grant the Debtors any unfair bargaining leverage. Finally, the Debtors generally continue to make timely payments on their undisputed postpetition obligations. Counsel for the Debtors: LATHAM & WATKINS LLP Ray C. Schrock, Esq. Andrew M. Parlen, Esq. Alexander W. Welch, Esq. 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 Email: ray.schrock@lw.com andrew.parlen@lw.com alex.welch@lw.com Jason B. Gott, Esq. Jonathan C. Gordon, Esq. 330 N. Wabash Avenue Suite No. 2800 Chicago, IL 60611 Telephone: (312) 876-7700 Email: jason.gott@lw.com jonathan.gordon@lw.com HUNTON ANDREWS KURTH LLP Timothy A. Davidson II, Esq. Philip M. Guffy, Esq. Brandon Bell, Esq. 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Email: taddavidson@Hunton.com pguffy@Hunton.com bbell@Hunton.com About Pine Gate Renewables Pine Gate Renewables, LLC, develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables and 118 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90669) on Nov. 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, Pine Gate estimated assets on a consolidated basis of $1 billion to $10 billion and liabilities on a consolidated basis of $1 billion to $10 billion. The Hon. Christopher M. Lopez is the case judge. The Debtors tapped HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS LLP as counsel. ALVAREZ & MARSAL NORTH AMERICA, LLC, is the Debtors' financial advisor, and LAZARD FRERES & CO. LLC is the investment banker. OMNI AGENT SOLUTIONS, INC., is the claims agent. PIZZAHQ NJ: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------- On February 19, 2026, PizzaHQ NJ 1 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 PizzaHQ NJ 1 LLC PizzaHQ NJ 1 LLC is a New Jersey-based limited liability company operating in the restaurant and food service industry. PizzaHQ NJ 1 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11822) on February 19, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. The Debtor is represented by Brian Gregory Hannon, Esq., of Law Office of Norgaard O'Boyle. PLATINUM HEIGHTS: Plan Exclusivity Period Extended to March 24 -------------------------------------------------------------- Judge Alfred R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Platinum Heights, LP's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 24 and May 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the size and complexity of the Chapter 11 Case warrants extension of the Exclusive Periods. The Chapter 11 Case required the Debtor's principal to extend two postpetition unsecured loans as a result of ongoing issues and negotiations with the Debtor's tenants. The Debtor has also dealt with ongoing issues with CLS Heights and related mediation efforts. These issues added unforeseen layers of complexity to the Chapter 11 Case. The Debtor claims that the requested extension will enable the Debtor to secure consensus for a chapter 11 plan that will maximize the value of the Debtor's estate for the benefit of all stakeholders, without the risk of competing plans and the attendant disruption, expense, and delay. The Debtor's obligations are in the tens of millions, the majority of which is owed to sophisticated parties. Extension of the Exclusive Periods is, therefore, justified on the basis of the size and complexity of the Chapter 11 Case. The Debtor asserts that it has paid its undisputed postpetition debts as necessary in the ordinary course of business or as otherwise provided by Court order, continues to monitor liquidity closely, and is confident that sufficient funding will be available during the requested extension of the Exclusive Periods. Additionally, even if the Court approves an extension of the Exclusive Periods, nothing prevents parties in interest from later arguing for the termination of the Debtor's exclusivity, should such cause arise. Platinum Heights, LP is represented by: REED SMITH LLP Omar J. Alaniz, Esq. 2850 n. Harwood Street, Suite 1500 Dallas, Texas 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com About Platinum Heights LP Platinum Heights, LP, filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-90012) on Feb. 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Omar Jesus Alaniz, at Reed Smith, LLP, is the Debtor's legal counsel. B1 Bank, as secured lender, is represented by Michael P. Menton, Esq. and Danika L. Lopez, Esq. at SettlePou. PMHC II: S&P Lowers ICR to 'D' on Distressed Debt Restructuring --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on PMHC II Inc. (dba Vibrantz Technologies Inc.) to 'D' from 'CCC+'. S&P also lowered all of its issue-level ratings on the company's existing debt to 'D'. The downgrade follows a debt restructuring that S&P views as tantamount to a default. Through a private refinancing transaction, Vibrantz exchanged most of its debt for new instruments (mostly at discounts to par) and extended its maturities to 2030. The transaction also includes new money financing to address its liquidity concerns, in which first lien term loan lenders and noteholders can participate. In aggregate, the holders of more than 90% of Vibrantz's existing debt participated in this first phase of the restructuring transaction. The company also subsequently launched an offering for the remaining holders of its original first-lien term loan and unsecured notes, under which they could participate at discounts to par similar to those in the private exchange. The nonparticipating lenders and noteholders now face weaker credit protections and reduced claims on collateral. Amendments to their debt documents include the removal of substantially all affirmative and negative covenants, certain events of default, and certain other provisions. These lenders also do not benefit from the additional credit enhancements and guarantees provided to the participating group. S&P said, "We view these transactions as distressed exchanges and tantamount to a general default, given that the company is restructuring a majority of its debt and providing its lenders with less value than they were originally promised under the securities. Specifically, the exchanges for the term loans and notes are at discounts to par values and there is no scheduled amortization on the new proposed debt. We do not believe Vibrantz provided adequate compensation for the maturity extensions. "We will reevaluate our ratings on the company as the restructuring transaction progresses. At that time, we will incorporate Vibrantz's recent performance and our forward-looking opinion of its creditworthiness based on its updated capital structure and liquidity. The transactions have improved the company's near-term liquidity position by adding cash to its balance sheet and removing all principal amortizations on its exchanged debt." PPF GIN: Court Extends Cash Collateral Access to March 27 --------------------------------------------------------- PPF Gin & Warehouse, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. The court issued a second interim order authorizing the Debtor to use cash collateral solely to pay post-petition expenses listed in it budget from February 5 to March 27. The second interim order incorporates the terms of the initial order and limits expenditures to those outlined in the budget. As adequate protection, secured lenders will be granted replacement liens on post-petition cash and accounts receivable, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to Chapter 5 avoidance actions. If the replacement liens prove insufficient, the secured lenders will receive a superpriority administrative expense claim, junior only to statutory fees and the carveout established under the order for payment of U.S. Trustee fees and professional expenses. The final hearing is scheduled for March 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/xe4Di from PacerMonitor.com. The cash collateral at issue is claimed by three secured lenders: Texas Farm Credit Services, FCLA, Nutrien Ag Solutions, Inc., and the U.S. Small Business Administration. Texas Farm Credit asserts a first-priority lien on all of the Debtor's assets, including cash, and a second-priority deed of trust on land owned by Pilgrim Land Management, securing approximately $7.85 million in debt. Nutrien asserts a second-priority lien on the Debtor's assets and a third-priority deed of trust on the land, securing approximately $11.65 million. Meanwhile, the SBA asserts a third-priority lien on the Debtor's assets securing a $150,000 EIDL loan. About PPF Gin & Warehouse LLC PPF Gin & Warehouse, LLC operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40061) on January 5, 2026. In the petition signed by Patrick Pilgrim, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PRECIOUS GEMS: Seeks Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------- On February 10, 2026, Precious Gems Academy, Inc. 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 $1 million and $10 million in debt owed to 1–49 creditors. About Precious Gems Academy, Inc. Precious Gems Academy, Inc. is a New Jersey-based educational institution providing academic programs and student services. Precious Gems Academy, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11503) on February 10, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Andrew J. Kelly, Esq., of The Kelly Firm, P.C. PRIMALEND CAPITAL: Court Confirms Chapter 11 Plan w/ Asset Sales ---------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge has approved auto lender PrimaLend Capital's Chapter 11 plan, clearing the company to emerge from court protection. The confirmed plan centers on two credit bid sales of its loan portfolios and the formation of a liquidating trust. Through the credit bids, secured creditors will take ownership of the loan assets in satisfaction of a portion of their claims. The structure allows PrimaLend to resolve its secured debt while transferring core assets to lender-controlled entities, the report states. The plan also establishes a trust to administer remaining estate assets and distribute proceeds to creditors. With confirmation secured, PrimaLend can proceed with implementing the transactions and concluding its restructuring process, according to Law360. About Primalend Capital Partners PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, and its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen, president, signed the petitions. Judge Mark X. Mullin oversees the cases. The Debtors tapped Spencer Fane as legal counsel; FTI Consulting, Inc. as financial advisor; and Houlihan Lokey, Inc. as investment banker. Stretto, Inc. is the Debtors' claims and noticing agent. On November 6, 2025, the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Vartabedian Hester & Haynes LLP as counsel and Triple P TRS, LLC as restructuring advisor. RAMH ENTERTAINMENT: Case Summary & 13 Unsecured Creditors --------------------------------------------------------- Debtor: RAMH Entertainment LLC d/b/a All Star Jump 10502 E. Montgomery Dr. Spokane, WA 99206-4273 Business Description: RAMH Entertainment LLC, doing business as All-Star Jump, provides party and event rental services across Eastern Washington and Northern Idaho, including Spokane, WA, and Post Falls, ID, offering interactive inflatables, mechanical bulls, photo booths, carnival games, concessions, and entertainment services such as face painting, balloon twisting, and temporary airbrush tattoos. The company manages rentals for private parties, church events, and community gatherings, emphasizing safety, cleanliness, and a full-service experience for clients. Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-00290 Judge: Hon. Frederick P Corbit Debtor's Counsel: Amy Wilburn, Esq. LAW OFFICE OF AMY WILBURN, PLLC PO Box 112350 Tacoma, WA 98411 Tel: (253) 617-4380 Email: amy@amywilburnlaw.com Total Assets: $323,201 Total Liabilities: $3,210,733 The petition was signed by Tim Homer as owner. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RIXBHIA/RAMH_Entertainment_LLC__waebke-26-00290__0001.0.pdf?mcid=tGE4TAMA RED ROCK: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Red Rock Industries, Inc. 84 Southwoods Road Woodbury, NY 11797 Business Description: Red Rock Industries, Inc. is a U.S.-based construction company headquartered in Woodbury, New York, that provides general contracting services including site work, utilities, structural steel, and concrete construction in the New York area. The company manages commercial and industrial projects from pre-design and permitting through construction and operates within the commercial and industrial building construction sector. Chapter 11 Petition Date: February 18, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-70678 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Marc A. Pergament, Esq. WEINBERG, GROSS & PERGAMENT LLP 400 Garden City Plaza Suite 309 Garden City, NY 11530 Tel: (516) 877-2424 Fax: (516) 877-2460 E-mail: mpergament@wgplaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Domenico Del Monaco, Jr., as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/33A5SXI/Red_Rock_Industries_Inc__nyebke-26-70678__0001.0.pdf?mcid=tGE4TAMA REIGN ROOFING: Case Summary & Nine Unsecured Creditors ------------------------------------------------------ Debtor: Reign Roofing LLC 19901 Southwest Freeway Richmond, TX 77479 Business Description: Reign Roofing, based in Sugar Land, Texas, provides residential roofing services across the Greater Houston area, including Richmond, Katy, Missouri City, Greatwood, Rosenberg, and Cinco Ranch. The company offers roof repair, replacement, and maintenance solutions for metal, shingle, and flat roofing, specializing in storm damage restoration. With over 20 years of experience, Reign Roofing emphasizes customer service, professional craftsmanship, and industry-recognized warranties in the roofing sector. Chapter 11 Petition Date: February 17, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-31034 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Vicky M. Fealy, Esq. THE FEALY LAW FIRM, PC 1235 North Loop West Suite 1120 Houston TX 77008 Tel: (713) 526-5220 E-mail: vfealy@fealylawfirm.com Total Assets: $184,908 Total Liabilities: $1,188,971 The petition was signed by Joel Pond as owner. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YIK2GHA/Reign_Roofing_LLC__txsbke-26-31034__0001.0.pdf?mcid=tGE4TAMA REINFRO LLC: Case Summary & 16 Unsecured Creditors -------------------------------------------------- Debtor: Reinfro, LLC 30512 Ratliff St San Benito, TX 78586-0272 Business Description: Reinfro provides metal finishing and surface coating services, including electroplating, E-Coat, Magni coatings, and specialty coatings, serving clients in the industrial manufacturing sector across North America. Chapter 11 Petition Date: February 18, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-10023 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Total Assets: $1,350,296 Total Debts: $1,728,647 The petition was signed by Raul Gonzalez as vice president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZX44DQA/Reinfro_LLC__txsbke-26-10023__0001.0.pdf?mcid=tGE4TAMA RM IMAGING: Gets Interim OK to Access Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, entered an interim order granting RM Imaging, Inc. to use cash collateral. The court authorized the Debtor to use cash collateral to pay ordinary and necessary operating expenses in accordance with the approved budget through February 27. The Debtor may exceed individual budget line items by up to 10% or exceed individual line items by more than 10% so long as total aggregate variances do not exceed 10% of the overall budget. As adequate protection, the Debtor granted post-petition replacement liens to the U.S. Small Business Administration, New Lane Finance Company, and ODK Capital LLC, to the same extent and priority as their properly perfected pre-petition liens in accounts receivable, but only to the extent their cash collateral is used. The order expressly excludes liens on avoidance actions and assets not previously subject to prepetition liens. The interim authorization remains effective through February 27, unless modified by the court. The Debtor must file an actual-versus-projected budget and a proposed budget for the next period before the continued hearing scheduled for February 27. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yzM1B from PacerMonitor.com. About RM Imaging Inc. RM Imaging, Inc. operates a medical diagnostic center. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11368) on February 2, 2026. In the petition signed by Rachel Magro, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer PA, represents the Debtor as legal counsel. ROCKY MOUNTAIN: Wax Asset Management Holds 2.51% Equity Stake ------------------------------------------------------------- Wax Asset Management, LLC disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 234,531 shares of Rocky Mountain Chocolate Factory, Inc.'s common stock, representing 2.51% of the shares outstanding. Wax Asset Management, LLC may be reached through: Evan Wax, President 44 Cherry Lane Madison, CT 06443 Tel: 203-941-0111 A full-text copy of Wax Asset Management, LLC's SEC report is available at: https://tinyurl.com/5b2jaxrs About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, 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 year ended February 29, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of November 30, 2025, the Company had $20.7 million in total assets, $14.7 million in total liabilities, and a total stockholders' equity of $6 million. ROYAL HASS: Gets Interim OK to Use Cash Collateral Until March 16 ----------------------------------------------------------------- Royal Hass, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court entered an interim order authorizing the Debtor to use cash collateral through March 16 in accordance with its budget, subject to a 15% variance. The Debtor may carry over any unused budgeted amount. The projected weekly budget reflects $100,000 in net sales and recurring disbursements primarily for produce purchases ($80,000 weekly), payroll ($5,000 weekly), logistics ($9,000 weekly), storage, contractor commissions, rent, insurance, loan payments (including SBA and truck payments), and other operating costs. Most weeks reflect modest positive cash flow. Creditors including the U.S. Small Business Administration, Silo Technologies, Inc., JPMorgan Chase Bank, N.A. and CT Corporation System may assert an interest in the cash collateral. As adequate protection for any diminution in the value of their collateral, the creditors will be granted replacement liens on the Debtor's assets similar to their pre-bankruptcy collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens exclude claims and causes of action under Bankruptcy Code sections 544 to 550 and 553(b). The order is available at http://bankrupt.com/misc/RoyalHass_InterimCashCollOrder.pdf The final hearing is set for March 11. ttps://urlcurt.com/u?l=rXI6PP from PacerMonitor.com. About Royal Hass LLC Royal Hass, LLC engaged in importing and distributing fresh fruits and vegetables, particularly avocados from Mexico. It is headquartered in Forest Park, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51801) on February 10, 2026. In the petition signed by Antonio Moreno, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Lisa Ritchey Craig oversees the case. Leslie Pineyro, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. RUSSELL E. FORCHION: Seeks Subchapter V Bankruptcy in New Jersey ---------------------------------------------------------------- On February 18, 2026, Russell E. Forchion & Sons, 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 Russell E. Forchion & Sons, LLC Russell E. Forchion & Sons, LLC is a New Jersey-based limited liability company engaged in agricultural and farming-related operations. Russell E. Forchion & Sons, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11806) on February 18, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The Debtor is represented by Daniel L. Reinganum, Esq., of Law Offices of Daniel Reinganum, PC. RYVYL INC: Arena Investors and Affiliates No Longer Hold Shares --------------------------------------------------------------- Arena Investors, LP, Arena Investors GP, LLC, Arena Special Opportunities Partners III, LP, and Arena Special Opportunities Partners III GP, LLC disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they no longer beneficially own shares of RYVYL Inc.'s common stock. Arena Investors, LP may be reached through: Tsering Lama 2500 Westchester Avenue, Suite 401 Purchase, NY 10577 Tel: 212-257-4178 A full-text copy of Arena Investors, LP's SEC report is available at: https://tinyurl.com/3z9yzwyk About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $23.4 million in total assets, $26.6 million in total liabilities, and a total stockholders' deficit of $3.2 million. S2 ENERGY: Unsecured Creditors to Get Nothing in Plan ----------------------------------------------------- S2 Energy Operating, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Joint Plan of Reorganization and Joint Disclosure Statement dated February 12, 2026. S2 Operating is a Louisiana limited liability company with its principal place of business located at 200 Caroline Court, Covington, Louisiana 70433, founded in March of 2011. Krewe is a Delaware limited liability company with its principal place of business located at 200 Caroline Court, Covington, Louisiana 70433, founded in September of 2013. TBay is a Louisiana limited liability company with its principal place of business located at 200 Caroline Court, Covington, Louisiana 70433, founded in May of 2017. Krewe, L.P., TBay (the "Ownership Entities") all own assets, including certain oil and gas lease rights certain plays. Krewe owns assets in Burrwood, Lake Long, Little Lake, West Little Lake, Little Temple, Lapeyrouse, and West Delta. CRC Krewe AIV, LLC is the majority interest holder in Krewe with the other members being Barry R. Salsbury, Thomas D. De Brock, Donovan Capital Louisiana, LLC, and Sage Road Energy 1, LP. The Court approved the Debtors' Motions relative to the sale and bid procedures. The Debtors did not receive a conforming bid and undertook a process to obtain a buyer prior to the date the Debtors' insurance would lapse. Ultimately, a buyer was found and a Motion to Approve the sale was filed and a sales order was entered. The total sales price was $1,250,000.00. However, the offer was a bulk offer for the assets of all of the oil and gas assets owned by Krewe, L.P. and TBay with no allocation of sales price of the oil and gas interests owned by each entity. In addition to the oil and gas assets owned by the Debtors, the Debtors asserted an interest in certain Employee Retention Tax Credits ("ERTC"). The Plan Debtors have not received the ERTC credit for 2021 Quarter 3. They retain rights to dispute the refund and the offsets from the refund for 2020 (Quarters 3 and 4). No dispute exists and the funds have been received for 2021 Quarters 1 and 2. For Quarters 1 and 2 for 2021, such funds are included in the cash balance currently held by the Debtor. A dispute with S2 Operating arose in connection with the tax credits and whether the proceeds of the tax credits were property of the Debtors or property of S2 Operating. The Debtors are expecting an additional $300,000 being received from the ERTC credits. Those funds, when received, will be apportioned under the Settlement Agreement between the three debtors (Krewe, L.P. and TBay). The Debtors are presently holding $1,099,128.69 in cash and expect to receive another $300,000.00 in ERTC funds. After payment of professional fees, the Debtors believe they will make an initial distribution of $800,000.00 and a subsequent distribution of $300,000.00 when the ERTC funds are received. Allowed Louisiana Oilfield Lien Act (La. R.S. 9:4862 et seq.) ("LOWLA") lien claimants in each Debtor will receive their pro rata share of the allocable sales proceeds and ERTC funds after the deduction of the professional fee carve out. LOWLA lien claimants shall be any claimant whose claim qualifies for treatment as a LOWLA lien claim and has both filed a lien or filed a secured proof of claim and has either filed suit on the lien or a notice under Section 546(b)(2) of the Bankruptcy Code. Class 4 relates to the claims of the general unsecured creditors of each the Debtors. It is believed that no funds will be available for this Class of claim totaling over $1,000,000. No distribution will be received by this Class. Class 5 relates to the equity claims of each of the Debtors. No funds will be available to pay these claims. The funds to make the payments under the Plan are in the Debtors' accounts with the exception of the ERTC funds which are yet to be received. The Plan is not dependent upon receipt of the remaining ERTC funds. The Plan Debtors shall fund the Plan from the proceeds from the cash on hand as of the Effective Date and the receipt of additional ERTC funds. A full-text copy of the Joint Disclosure Statement dated February 12, 2026 is available at https://urlcurt.com/u?l=r82ZCP from PacerMonitor.com at no charge. Counsel for the Debtors: Douglas S. Draper, Esq. Greta M. Brouphy, Esq. Michael E. Landis, Esq. LUGENBUHL, WHEATON, PECK, RANKIN & HUBBARD (A LAW CORPORATION) 601 Poydras Street, Suite 2775 New Orleans, LA 70130 Telephone: (504) 568-1990/Fax: (504) 310-9195 Email: ddraper@lawla.com gbrouphy@lawla.com mlandis@lawla.com About S2 Energy Operating LLC S2 Energy Operating LLC is engaged in the acquisition, exploitation and development of creative business ventures within the shallow waters of the Gulf of Mexico and onshore south Louisiana. S2 Energy Operating, LLC, along with affiliates Krewe Energy, LLC, S2 Energy 1, LP, and Krewe-TBay, LLC, sought Chapter 11 bankruptcy protection (Bankr. E.D. La. Lead Case No. 23-10066) on Jan. 17, 2023. In the petition filed by Barry R. Salsbury, as manager, S2 Energy Operating reported assets and liabilities between $1 million and $10 million. Judge Meredith S. Grabill oversees the case. The Debtors are represented by Douglas S. Draper, Esq., at Heller, Draper & Horn L.L.C. SAKS GLOBAL: Landlords Seek Protections in Chapter 11 Funding Deal ------------------------------------------------------------------ Isaac Monterose of Law360 Bankruptcy Authority reports that landlords in the Chapter 11 case of Saks Global Enterprises LLC have filed objections in the Southern District of Texas to the Debtor's request for debtor‑in‑possession financing, arguing that the proposed budget excludes millions of dollars in rent the luxury retailer owes. The landlords contend that approving the DIP financing without addressing rent obligations would unfairly disadvantage them. The objection urges the bankruptcy court to require that the budget for the DIP facility include funding for post‑petition rent or provide other protections such as escrowed funds to cover the amounts owed. Landlords stressed that without those provisions, they would bear the cost of Saks’ continued occupancy without appropriate compensation, according to report. By pushing for these protections, the landlords seek to ensure that their claims for rent do not go unaddressed as Saks moves forward with its Chapter 11 plan and financing. The dispute underscores the challenges faced by landlords in bankruptcy cases involving major retail tenants, the report relays. 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: Wins Final Approval for $1.2B+ in Chapter 11 Financing ------------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Friday, February 19, 2026, a Texas bankruptcy judge approved more than $1.2 billion in Chapter 11 financing for luxury retailer Saks Global, clearing the way for the company to proceed with its reorganization. The approval followed a negotiated resolution with unsecured creditors. The debtor said the financing will provide the liquidity necessary to operate its stores and online platforms while restructuring its balance sheet. In exchange for creditor support, Saks agreed to certain concessions designed to enhance recoveries for unsecured stakeholders. Court approval allows Saks to draw on the funds to meet payroll, pay suppliers and cover other essential expenses. The company said the deal marks a significant step forward in its effort to emerge from Chapter 11 as a stronger enterprise, the report states. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAN JUAN CROSSINGS: Case Summary & Seven Unsecured Creditors ------------------------------------------------------------ Debtor: San Juan Crossings, LLC 1840 41st Ave., Suite 102-347 Capitola, CA 95010-2527 Business Description: San Juan Crossings, LLC is a single-asset real estate company that owns approximately 3.88 acres of entitled land planned for the development of 132 residential units -- comprising 61 one-bedroom, one-bath units and 71 two-bedroom, one-bath units -- along with one commercial unit with rentable space. The proposed development totals about 166,461 square feet and has an appraised value of approximately $5.4 million. Chapter 11 Petition Date: February 18, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-50257 Judge: Hon. Hannah L Blumenstiel Debtor's Counsel: Lars Fuller, Esq. THE FULLER LAW FIRM PC 60 N Keeble Avenue San Jose, CA 95126 Tel: (408) 295-5595 E-mail: admin@fullerlawfirm.net Total Assets: $5,613,244 Total Liabilities: $4,682,897 The petition was signed by Daniel Shaw as managing member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TE5Y6DA/San_Juan_Crossings_LLC__canbke-26-50257__0001.0.pdf?mcid=tGE4TAMA SCILEX HOLDING: Oramed Pharmaceuticals Holds 4.9% Equity Stake -------------------------------------------------------------- Oramed Pharmaceuticals Inc., disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 437,510 shares of common stock (issuable upon exercise of warrants and conversion of convertible notes exercisable within 60 days of filing) of Scilex Holding Co's common stock, par value $0.0001 per share, representing 4.9% of the 8,491,267 shares outstanding as of December 5, 2025, per the Issuer's Prospectus filed December 29, 2025, plus the convertible/exercisable shares. Oramed Pharmaceuticals Inc. may be reached through: Avraham Gabay, Chief Financial Officer 1185 Avenue of the Americas, Third Floor New York, NY 10036 Tel: 646-844-1164 A full-text copy of Oramed Pharmaceuticals Inc.'s SEC report is available at: https://tinyurl.com/4pmwmvh6 About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Scilex Holding had $275.9 million in total assets, $455.6 million in total liabilities, and a total stockholders' deficit of $179.7 million. SCOTLAND DEVELOPMENT: Case Summary & Six Unsecured Creditors ------------------------------------------------------------ Debtor: Scotland Development Corporation 606 Atkinson Street Laurinburg, NC 28352 Business Description: Scotland Development Corporation is a nonprofit organization based in Laurinburg, North Carolina, that focuses on community and economic development, including workforce and educational initiatives, and holds various land assets in the area such as campus tracts, equestrian facilities, and horseshoe tracts, with a total valuation of approximately $5.5 million. Chapter 11 Petition Date: February 17, 2026 Court: United States Bankruptcy Court Middle District of North Carolina Case No.: 26-80045 Debtor's Counsel: John A. Northen, Esq. NORTHEN BLUE LLP 1414 Raleigh Rd Ste 435 Chapel Hill, NC 27517-8834 Tel: (919) 948-6823 Fax: (919) 942-6603 Email: jan@nbfirm.com Total Assets: $5,569,302 Total Liabilities: $11,179,384 The petition was signed by Andrew G. Williamson, Jr., a president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A2WTJKA/Scotland_Development_Corporation__ncmbke-26-80045__0001.0.pdf?mcid=tGE4TAMA SIDE YARD: Unsecureds to Recover 12.4% via Quarterly Payments ------------------------------------------------------------- Side Yard Public House, Inc., and Milovan, Inc., filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated February 11, 2026. The Debtors operate from 10326 Meadow Glen Way E, Escondido, CA 92026 ("Premises"). Side Yard operates an outdoor bar and restaurant. Milovan operates a market, deli, and coffee shop. Alex Petric purchased the Premises in 1984 and constructed the building in 1986. From 1987 to 2006, Alex operated the Premises as a deli and market. From 2006 to 2016, Alex leased the Premises to third party tenants. Since then, Alex has operated the deli and market from the Premises. Since 2023, Side Yard has seen its sales grow between 5% to 10% year over year. To facilitate this growth, in or around 2023, Side Yard obtained a merchant cash advance (MCA) from Suncoast Funding Group. Under the MCA, Suncoast "purchased" $48,410 of Side Yard's "receivables" for $33,000. The MCA was initially repayable with weekly payments of $1,732.50, which implies a repayment term of 28 weeks (or about 6.5 months). In other words, the MCA implies an effective interest rate of 86% per annum ($48,410 repaid on $33,000 principal over 6.5 months). Side Yard contends that the MCA is a disguised loan, which is secured by a first priority UCC-1 lien against all of Side Yard's assets. Side Yard also contends that the MCA is usurious under California law. Prior to the Petition Date, Side Yard repaid $19,063 to Suncoast on the MCA. This Plan has a 60-month term which ends on December 31, 2030. Over this term, Side Yard will have $437,168.87 in projected disposable income. And Milovan will have $313,518.61 in projected disposable income. Under the Plan, Side Yard proposes to pay $443,100.00 to creditors. A table summarizing Side Yard's projected plan payments to creditors is attached hereto as Exhibit 4A. Under the Plan, Milovan proposes to pay $314,000.00. Plan payments will be paid on a quarterly basis with each quarterly payment due not later than the last day of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). This Plan of Reorganization proposes to pay creditors of Debtors from disposable operating income from normal business operations. Overall, the Plan projects to pay a 12.4% distribution to general unsecured creditors. With respect to each class of creditors, the Plan provides as follows: * The Plan provides for the payment of administrative expense claims in full by 1Q'27, and payment of priority tax claims in full (with applicable legal interest) by 3Q'28. * The Plan provides for the payment of $72,000.00 total to general unsecured claims from 4Q'29 to 4Q'30, which shall be distributed pro rata to holders of allowed general unsecured claims. Class 3A consists of General Unsecured Claims against Side Yard. Each allowed Class 3A claim shall receive a pro rata distribution of a quarterly payment in the amount of $25,000 in 4Q'30. Milovan's bankruptcy estate will receive a pro rata distribution on account of Milovan's Class 3A claim, and which will be distributed to Milovan's general unsecured creditors holding Class 3B claims. The allowed unsecured claims total $477,339.22. Class 3B consists of General Unsecured Claims against Milovan. Each allowed Class 3B claim shall receive a pro rata distribution of (1) equal quarterly payments in the amount of $12,000.00 in 1Q'30 and 2Q'30, and (2) equal quarterly payments in the amount of $21,000.00 in 3Q'30 and 4Q'30. The allowed unsecured claims total $1,098,980.97. The Plan will be funded with the following: (i) the Debtors' cash on hand, (ii) the Debtors' protected disposable income over a period of sixty months, and (iii) the Debtors' pursuit of other estate claims and causes of action, if any. After the Effective Date, the Debtors shall each be known as a "Reorganized Debtor" and, collectively, the "Reorganized Debtors." The managing member of the Debtors, Shari Nickelson, will remain as the sole managing member of the Reorganized Debtors. A full-text copy of the Plan of Reorganization dated February 11, 2026 is available at https://urlcurt.com/u?l=Cob6SV from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. Law Office Of Donald W. Reid PO Box 2227 Fallbrook, CA 92088 Tel: (951) 777-2460 E-mail: don@donreidlaw.com About Side Yard Public House Side Yard Public House, Inc., operates an outdoor restaurant and bar at 10326 Meadow Glen Way E, Escondido, CA 92026. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04126-JBM11) on October 2, 2025. In the petition signed by Shari Nickelson, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Barrett Marum oversees the case. Donald Reid, at Law Office of Donald W. Reid, is the Debtor's legal counsel. SIERRA TRAIL: Involuntary Chapter 11 Case Summary ------------------------------------------------- Alleged Debtor: Sierra Trail Investments, LLC Randal Lewis 1600 Wynkoop St Ste 200 Denver CO 80202 Business Description: Sierra Trail Investments, LLC is a single-asset real estate company that owns one income-producing property. Involuntary Chapter 11 Petition Date: February 19, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-10965 Petitioners' Counsel: Unknown A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/334QKRY/Sierra_Trail_Investments_LLC__cobke-26-10965__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Keith A. Novick Debt $6,390 629 Jasper Ave. Franklin TN 37064 Keith A. Novick Legal Fees $280,762 Keith A. Novick Unsecured Loan $52,012 Keith A. Novick GAIC (bond) $154,222 Indemnity SOBE THERMAL: Receiver Reg Martin Agrees to Resign -------------------------------------------------- Dan O'Brien of The Business Journal reports that the ongoing receivership at SOBE Thermal Energy LLC is set to transition as Reg Martin, the current receiver, has agreed to resign. PUCO has filed with Mahoning County Common Pleas Court to appoint John C. Collins, a local attorney with prior receivership experience, to assume oversight of the district heating company's operations. Court filings note that SOBE remains in imminent danger of insolvency, necessitating a locally based receiver who can monitor the facility and respond promptly to operational issues. The motion requests authorization to transfer assets to Collins and permits reimbursement of expenses for both the outgoing receiver and company personnel. The motion is reportedly uncontested. The utility, which supplies steam heat to 28 downtown customers including City Hall, experienced a recent service breakdown during extreme cold, leaving many buildings without heat for several days. Downtown stakeholders, including city officials and business owners, have criticized Martin's management and called for more effective oversight, the report cites. SOBE's operational issues stem from earlier boiler repossessions and delayed projects to implement recycled fuel systems, compounded by the failure of leased mobile boilers. These events have prompted the city and PUCO to take action to stabilize operations and protect public interests while a new receiver assumes control, the report states. About SOBE Thermal Energy Systems LLC SOBE Thermal Energy Systems LLC operates as a public utility regulated by the Public Utilities Commission of Ohio. It provides steam heating and cooling services to buildings downtown Youngstown. The troubled district heating company SOBE Thermal Energy LLC was placed in receivership after falling behind on critical lease payments and experiencing repeated boiler failures that disrupted service to downtown customers. SSI PRODUCTS: Hires Stuart C. Hill Jr. CPA PLLC as Accountant ------------------------------------------------------------- SSI Products, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stuart C. Hill Jr., CPA, PLLC as accountant. The firm will provide these services: (a) assisting the Debtor in preparing customary accounting books and records; (b) assisting the Debtor in implementing appropriate accounting systems and procedures; (c) assisting the Debtor in preparing financial statements and other financial reports; (d) assisting the Debtor in preparing monthly operating reports; (e) testifying on behalf of the Debtor if necessary; and (e) generally taking any reasonable actions and initiatives necessary to maintain Debtor's books, records, and accounting procedures in accordance with generally accepted accounting principles. The firm will be paid at the rate of $250 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Hill Jr. 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: Stuart C. Hill Jr. Stuart C. Hill Jr., CPA, PLLC 2501 Parkview Dr Suite 510 Fort Worth, TX 76102 Tel: (817) 332-3320 About SSI Products, LLC Based in Fort Worth, Texas, SSI Products, LLC manufactures and distributes laboratory consumables, including various grades of glass microfiber filters, oil and grease filters, cellulose filters, syringe filters, and aluminum weighing pans. Founded in 2008, the company serves environmental laboratories, water treatment plants, and industrial manufacturers across the United States, providing products designed to enhance laboratory performance while reducing operational costs. SSI Products filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43542) on September 16, 2025, listing $1 million to $10 million in both assets and liabilities. Terry Treacy signed the petition as authorized representative of the Debtor. Judge Edward L Morris presides over the case. Laurance C. Boyd, Esq., at The Law Office of Laurance C. Boyd, PLLC represents the Debtor as bankruptcy counsel. STARSHIP LOGISTICS: Files Amended Plan; Plan Hearing April 14 ------------------------------------------------------------- Starship Logistics LLC, submitted a Fifth Amended Disclosure Statement describing Plan of Reorganization dated February 12, 2026. The Plan described in this Disclosure Statement provides for the Debtor's emergence from its chapter 11 case, which the Debtor anticipates will occur in approximately May 2026. The Plan provides for a recapitalization as follows: (a) a $75,000 contribution from Clarence Xu, or his assignee in exchange for a 100% membership interest in the Debtor. This contribution will be used to, among other things, fund the Plan and provide the Reorganized Debtor with sufficient working capital. Like in the prior iteration of the Plan, holders of Allowed General Unsecured Claims in Class 4 shall receive their pro rata share of at least $100,000 over the life of the Plan. The Debtor will allocate $20,000 annually to Class 4 General Unsecured Claims, which will be paid pro rata to Allowed General Unsecured Claims. The initial payment will be due the fourth quarter following the Effective Date. The Debtor will make five annual payments. Class 4 will receive a distribution of 4% of their Allowed General Unsecured Claim. This calculation is subject to change based on resolution of Disputed Claims. The allowed unsecured claims total $2,551,166.62 (this number is subject to change based upon the resolution of Disputed Claims). This Class is impaired. The hearing where the Bankruptcy Court will determine whether or not to confirm the Plan will take place on April 14, 2026 at 10:00 a.m., before the Honorable Barry Russell, United States Bankruptcy Judge for the Central District of California, in Courtroom "1668" of the United States Bankruptcy Court, Central District of California, Los Angeles Division, located at 255 East Temple Street, Los Angeles, California 90012. Objections to the Confirmation of the Plan must be filed and served by March 24, 2026. Ballots must be received by March 24, 2026 to be counted as votes. The Plan will be funded by the contribution of Clarence Xu in the aggregate amount of $75,000, plus the Debtor's conservatively estimated Cash on hand of approximately $100,000 as of May 1, 2026, the estimated Effective Date. A full-text copy of the Fifth Amended Disclosure Statement dated February 12, 2026 is available at https://urlcurt.com/u?l=wxnJDS from PacerMonitor.com at no charge. Counsel to the Debtor: Susan K. Seflin, Esq. Steven T. Gubner, Esq. Jessica L. Bagdanov, Esq. BG Law LLP 21650 Oxnard Street, Suite 500, Woodland Hills, CA 91367 Tel: (818) 827-9000 Fax: (818) 827-9099 Email: sgubner@bg.law sseflin@bg.law jbagdanov@bg.law About Starship Logistics Starship Logistics, LLC, a company in Long Beach, Calif., offers freight transportation arrangement services. Starship Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18834) on Oct. 28, 2024, with $1 million to $10 million in both assets and liabilities. Clarence Xu, chief executive officer and managing director, signed the petition. Judge Barry Russell oversees the case. The Debtor is represented by Susan K. Seflin, Esq., at BG Law, LLP. TAWR PROPERTY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Tawr Property Owner, Ltd and affiliates got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The court issued an interim order allowing the Debtors to use cash collateral under their budgets through March 13, or until a sale of substantially all assets, plan confirmation, or a termination event, whichever occurs first. Termination events include the Debtors' breach of the interim order; dismissal or conversion of the Chapter 11 cases to Chapter 7; and entry of an order granting relief from the section 362(a) automatic stay to any party (other than the lenders) claiming an interest in the lenders' collateral. The lenders asserting interests in cash collateral include Fifth Third Bank, NA, American National Insurance Company, Randolph-Brooks Federal Credit Union, BCL-CRE 3 LLC, FirstBank Southwest, Jefferson Bank, BHA Financial, L.P., Sonora Bank, and the U.S. Small Business Administration. The lenders extended multiple construction and commercial loans -- many in the tens of millions of dollars -- secured by first-priority liens on various multifamily, retail, office, and mixed-use development properties located in several Texas counties. The loans are guaranteed in substantial part by non-debtor Darren B. Casey. As adequate protection against any diminution in collateral value, the lenders will receive automatically perfected replacement liens on their respective collateral, including property generated or acquired after the Debtors' Chapter 11 filing, with the same validity and priority as their pre-bankruptcy liens. The replacement liens do not apply to avoidance actions and their proceeds. The Debtors and other parties have until June 1 to (i) file an adversary proceeding against any lender challenging the amount, validity, priority, perfection, enforceability, or avoidability of the pre-bankruptcy loan obligations and liens; (ii) seek to avoid or challenge any pre-bankruptcy transfer to or for a lender's benefit; or (iii) pursue damages or equitable relief arising from a lender's pre-bankruptcy dealings with the Debtors. A copy of the interim order is available for free at: http://bankrupt.com/misc/TAWR_InterimCashCollOrder.pdf The final hearing is set for March 12. The deadline for filing objections is on March 6. The Debtors' portfolio includes multi-family apartment complexes such as Tacara at Weiss Ranch and Tacara at Steubing Heights, retail centers, shopping centers, and mixed-use redevelopment projects. Prior to bankruptcy filing, the Debtors faced mounting liquidity pressures, alleged loan covenant defaults, and foreclosure threats including a notice of foreclosure sale from Randolph-Brooks Federal Credit Union, notices of default and acceleration from Fifth Third Bank and pressure from BCL-CRE 3 relating to covenant breaches and potential acceleration. About TAWR Property Owner, Ltd. TAWR Property Owner, Ltd and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90162) on February 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million.\ Judge Edward L. Morris oversees the cases. The Debtors tapped Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. as general bankruptcy counsel. TECH READY: Hires Houston Legal Counsel as Special Counsel ---------------------------------------------------------- Tech Ready Mix, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Houston Legal Counsel as special counsel. The firm will assist the Debtor in the preparation of pleadings and services, and conducting examinations or depositions of witnesses, participation in negotiations for the sale of assets of the Estate and production of related documents. The firm will be paid at the rate of $350 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Houston 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: Michael Houston, Esq. Houston Legal Counsel 23209 Miles Rd. Suite 120C Cleveland, OH 44128 Tel: (216) 220-2905 About Tech Ready Mix, Inc. Tech Ready Mix, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10413) on February 2, 2026. In the petition signed by Mark Perkins, president, the Debtor disclosed $5,750,280 in total assets and $11,041,817 in total liabilities. Judge Jessica E. Price Smith oversees the case. The Debtor is represented by Frederic P. Schwieg, Esq. TESSEMAE'S LLC: Court Narrows Claims in McDermott, et al., Case --------------------------------------------------------------- The U.S. District Court for the District of Maryland granted in part and denied in part the Defendants' motion to stay the case captioned as DEMOCRACY CAPITAL CORPORATION, Plaintiff, v. ROBERT F. MCDERMOTT, JR., ET AL., Defendants, CASE NO. 25-cv-01654-BAH (D. Md.). MCDJR-TESSE, LLC, PMCDTESSE, LLC, Robert McDermott, and Peter McDermott and Democracy Capital Corporation filed numerous pleadings relating to the meaning of terms in the confirmed chapter 11 plan in the case. In short, the McDermott parties ask the U.S. Bankruptcy Court for the District of Maryland to interpret the confirmed chapter 11 plan and enforce a settlement agreement between the McDermott Parties and DCC. It is clear that at bottom, this dispute is whether DCC may recover funds paid to the McDermott Parties pursuant to the confirmed plan or whether such efforts are barred by the terms of the plan. Indeed, after the McDermott Parties asked the Bankruptcy Court to interpret the plan, DCC filed suit against the McDermott Parties in state court. However, the McDermott Parties have removed that state-court action (Democracy Capital Corp. v. McDermott, case no. 1:25-cv-01654-BAH) to the United States District Court for the District of Maryland and the McDermott Parties have asked the District Court to resolve the same question presently before the Bankruptcy Court. Alternatively, if the District Court does not stay the action, it should dismiss Count V of the Complaint for the reasons that have been fully briefed in the Motion to Interpret in the Bankruptcy Court. The Bankruptcy Court stayed all matters relating to the Motion to Interpret Chapter 11 Plan of Liquidation and to Enforce the Resulting Settlement Agreement and related filings are stayed until such a time as the District Court enters an order or orders in the case styled Democracy Capital Corp. v. McDermott with case number 1:25-cv-01654-BAH. The District Court ordered as follows: a. Count V is stayed pending resolution of the Motion to Interpret (and any appeal) pending in Case No. 23-10675 in the United States Bankruptcy Court for the District of Maryland; and b. the motion to stay is denied as to Counts I through IV. Defendants' motion to dismiss is denied without prejudice. A copy of the District Court's Order dated February 13, 2026, is available at https://urlcurt.com/u?l=u2RLcE from PacerMonitor.com. A copy of the Bankruptcy Court's Order Staying All Matters dated September 8, 2025, is available at https://urlcurt.com/u?l=Q19XTc from PacerMonitor.com. About Tessemae's LLC Tessemae's, LLC is a flavor-forward food company that makes clean-label, organic salad dressing. The company is based in Baltimore, Md. Tessemae's filed Chapter 11 petition (Bankr. D. Md. Case No. 23-10675) on Feb. 1, 2023, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Demian Costa, chief strategy officer, signed the petition. The Debtor tapped Gary H. Leibowitz, Esq., at Cole Schotz, PC as legal counsel; Aurora Management Partners, Inc. as financial advisor; and B. Riley Securities, Inc. as investment banker. DIP lenders Tesse Fund I, LLC, MCDJR-Tesse, LLC and PMCDTESSE, LLC, are represented by Richard L. Costella, Esq., at Tydings & Rosenberg, LLP. THENTIA GLOBAL: Chapter 15 Case Summary --------------------------------------- Lead Debtor: Thentia Global Systems Inc. 60 Adelaide St East, Suite 300 Toronto Ontario M5C 3E4 Business Description: Thentia Global Systems Inc., incorporated under the Canada Business Corporations Act, is the parent company of nine subsidiaries across Canada, the U.S., and Europe, including Thentia Canada Inc., Thentia USA Inc., and Thentia UK Limited, and operates in the GovTech sector, providing cloud-based software platforms that help government agencies and regulatory bodies manage licensing, compliance, and administrative functions. Its client base primarily consists of public sector organizations in Canada and the United States. Chapter 15 Petition Date: February 17, 2026 Court: United States Bankruptcy Court District of Delaware Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Thentia Global Systems Inc. (Lead Case) 26-10222 Thentia USA Inc. 26-10223 Thentia Canada Inc. 26-10224 Thentia UK Limited 26-10226 Thentia Payments Canada Inc. 26-10227 Thentia Consulting Services Canada Inc. 26-10228 Thentia Quebec Inc. 26-10229 Thentia Payments USA Inc. 26-10231 Thentia Consulting Services USA Inc. 26-10232 Thentia Europe Limited 26-10233 Judge: Hon. Craig T Goldblatt Foreign Proceeding: Proceeding under the Companies' Creditors Arrangement Act, pending before the Superior Court, Commercial Division, in Ontario, Canada (Court File No. CL-26-00000052-0000 Foreign Representative: Grant Thornton Limited 200 King Street West, 11th Floor Toronto Ontario M5H 3T4 Canada Foreign Representatives' Counsel: Derek C. Abbott, Esq. Tamara K. Mann, Esq. Scott D. Jones, Esq. Liam Davis, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Floor Wilmington, DE 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 E-mail: dabbott@morrisnichols.com tmann@morrisnichols.com sjones@morrisnichols.com ldavis@morrisnichols.com AND Larry Ellis, Esq. David Ward, Esq. Matthew Cressatti, Esq. MILLER THOMSON LLP 40 King Street West, Suite 5800 Toronto Ontario M5H 3S1, Canada Tel: (416) 595-8500 Fax: (416) 595-8695 E-mail: lellis@millerthomson.com dward@millerthomson.com mcressatti@millerthomson.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WN7VCYA/Grant_Thornton_Limited_and_Thentia__debke-26-10222__0001.0.pdf?mcid=tGE4TAMA TRIPLE CROWN: Starts Chapter 11 Bankruptcy in Kentucky ------------------------------------------------------ On February 19, 2026, Triple Crown Golf Cars, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Kentucky. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Triple Crown Golf Cars, Inc. Triple Crown Golf Cars, Inc. is a Kentucky-based company specializing in the sale, service, and leasing of golf carts and related equipment. Triple Crown Golf Cars, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50259) on February 19, 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 Douglas L. Lutz handles the case. The Debtor is represented by Noah R. Friend, Esq. of Noah R. Friend Law Firm, PLLC. TVT HOLDINGS: Hires Law Office of Jeremy T. Wood as Lead Counsel ---------------------------------------------------------------- TVT Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Law Office of Jeremy T. Wood, PLLC as counsel. Mr. Wood will provide these services: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession; (b) prepare and file all necessary pleadings, motions, applications, and other legal documents; (c) represent the Debtor in cash collateral and DIP financing matters; (d) prepare and prosecute a plan of reorganization and disclosure statement; (e) commence and prosecute any adversary proceedings or contested matters as necessary; (f) assist with general estate administration and compliance with court orders; (g) negotiate with creditors and address claim objections; (h) ensure compliance with monthly operating report requirements and other statutory obligations; (i) represent the Debtor at all hearings and proceedings before this Court; and (j) perform all other legal services necessary for the Debtor to fulfill its duties under the Bankruptcy Code. The firm will be paid at the rate of $350 per hour. The Debtor paid the firm a retainer of $10,762. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Spencer Fane LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeremy T. Wood, Esq. Law Office Of Jeremy T. Wood, PLLC 2950 North Loop West, Suite 500 Houston, TX 77092 Telephone: (713) 366-1288 Facsimile: (281) 954-3277 E-mail: Jeremy@jeremywoodlaw.com About TVT Holdings, LLC TVT Holdings LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30116) on January 5, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Eduardo V. Rodriguez presides over the case. Jeremy Thomas Wood, Esq. at the Law Office of Jeremy T. Wood, PLLC represents the Debtor as bankruptcy counsel. UNIVISION COMMUNICATIONS: Moody's Alters Outlook on CFR to Stable ----------------------------------------------------------------- Moody's Ratings affirmed Univision Communications Inc.'s (d/b/a "TelevisaUnivision," "TU" or the "company") B2 corporate family rating, B3-PD probability of default rating and B2 ratings on the company's senior secured bank credit facilities and senior secured notes. The outlook was revised to stable from negative. RATINGS RATIONALE The revision of the outlook to stable reflects TelevisaUnivision's progress on steadying its credit profile and reducing financial leverage from the recent peak of 6.7x in Q1 2025 to an estimated 6.4x at FYE 2025 (all leverage metrics are Moody's adjusted on a two-year average EBITDA basis). Further, given that management is committed to deleveraging the balance sheet, Moody's expects EBITDA performance will lead to leverage decreasing to the 5.5x-6x area at year end 2026. This performance is being driven by the new leadership team's strong execution and operational successes in 2025 that delivered on strategic priorities including: (i) achieving planned cost reductions and expense controls, (ii) evolving and rearchitecting the content distribution/creation strategies to enhance sustained user engagement, (iii) the ViX streaming platform's full year of profitability, (iv) expanded distribution of TU's content via new agreements with Hulu in the US and Walt Disney in Mexico, together with DISH and YouTubeTV distribution agreement renewals, and (v) meeting or exceeding financial forecasts. Notwithstanding the continuing declines in TU's linear advertising and subscription revenue (includes retransmission) in the US and Mexico (collectively comprising around 70% of revenue) and its sizable content programming, licensing and marketing costs, Moody's expects a stable credit profile in 2026 due to cyclical ad revenue associated with the FIFA World Cup and US midterm elections, as well as growth from new ViX partnerships, continued growth in direct-to-consumer (DTC) subscriptions and full-year benefits from Hulu and YouTubeTV renewals, supplemented by World Cup LATAM licensing revenue. Collectively, Moody's expects these drivers to produce high-single digit revenue growth in 2026 and offset weakness in linear advertising and subscription revenue, thus maintaining Moody's adjusted EBITDA margins in the 30%+ area. The affirmation of the B2 CFR reflects TelevisaUnivision's material scale, strong audience shares and position as the leading Spanish-language content and diversified media company. TU's diversification across multiple media platforms (i.e., broadcast, cable, digital, streaming and audio), each with dissimilar demand drivers, offers a unique value proposition compared to its TV broadcast and media peers, enabling TU to capitalize on its reach throughout Spanish-speaking populations in both Mexico and the US, and align its programming to its audience and advertisers. Notably, the Hispanic population in the US is expanding at a much faster rate than the overall US population, acting as a primary engine of demographic growth for the company. TU's ViX streaming platform offers free ad-supported video-on-demand (AVOD), ad-supported premium and subscription video-on-demand (SVOD) tiers. While ViX continues to grow at above market rates with high sell-throughs and premium pricing, Moody's estimates its contribution to total EBITDA is less than 30%. The B2 CFR is constrained by TelevisaUnivision's high financial leverage and exposure to advertising revenue (around 60% of revenue), which is inherently cyclical, as well as the ongoing structural decline in US linear TV core advertising as non-political TV ad budgets continue to erode in favor of digital media. Additionally, TU's retransmission revenue growth will continue to be challenged over the next several years because the rate of traditional subscriber losses is expected to outpace annual escalators in non-contract renewal years, offsetting the material fee increases occurring at the time of contract renewal. TU's exposure to the Hispanic population's demographic trends is an offsetting factor that supports the credit profile. Though the Hispanic audience is one of the fastest growing populations within the US, historically it has not received its proportionate share of advertising spend. With access to the US, the number one Spanish speaking population by GDP, and Mexico, the number one Spanish speaking country by population, TU can capitalize on its strong audience share (around 60%). This should position the company to grow its ad market share and potentially mitigate weakness in US linear TV core ad demand over the long-term if TU can successfully extract more value from the recent modernization of its content delivery model by shifting to a content-first approach that prioritizes multi-platform viability, audience reach, marketing and enhanced monetization. Over the next 12-18 months, Moody's expects TU will maintain good liquidity. At year-end 2025, Moody's estimates cash and cash equivalents were around $400 million, free cash flow (FCF), defined by us as cash flow from operations less capex less dividends, was around $200 - $250 million, and the roughly $500 million revolving credit facility (RCF) maturing July 2030 was undrawn. Moody's expects that TU will generate FCF of $100 - $150 million in 2026. The reduction in FCF is chiefly due to the one-time World Cup LATAM licensing fee and higher net interest expense. The RCF is subject to a first-lien net leverage maintenance financial covenant (as defined in the credit agreement) that stepped down to 6.75x at December 31, 2025 from 7.1x previously. Moody's expects sufficient headroom relative to the covenant over the coming year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Though unlikely near-term, ratings could be upgraded if TU sustained leverage below 5x and FCF to debt above 4% (Moody's adjusted on a two-year average FCF basis). TU would also need to: (i) exhibit organic revenue growth and stable-to-improving EBITDA margins on a two-year average basis; (ii) adhere to conservative financial policies; and (iii) maintain at least good liquidity to be considered for an upgrade. Ratings could be downgraded if Moody's expects that leverage will be sustained above 6x as a result of weak operating performance, more aggressive financial policies or inability to reduce debt levels. A downgrade could also arise if FCF to debt was sustained below 1% (Moody's adjusted on a two-year average FCF basis) or TU experienced deterioration in liquidity or covenant compliance weakness. Headquartered in N.Y., New York, Univision Communications Inc., is a leading Spanish-language multimedia conglomerate with operations in the US and Mexico serving a global audience offering original in-house content production, the largest owned Spanish-language content library, entertainment, news and sports. TU is privately owned with major investors including Grupo Televisa, ForgeLight, Searchlight Capital, Liberty Global and SoftBank. Revenue totaled around $4.9 billion for the twelve months ended September 30, 2025. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VANGUARD DEVELOPMENT: Hires Pare & Associates LLC as Counsel ------------------------------------------------------------ Vanguard Development Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Pare & Associates, LLC as counsel. The firm's services include: a. advising the Debtor regarding its duties as debtor-in-possession; b. assisting with compliance with Bankruptcy Code and Court requirements; c. representing the Debtor in negotiations with creditors; d. preparing and filing pleadings, motions, and other papers; e. representing the Debtor at hearings before this Court; and f. assisting with potential refinancing transactions, asset sales, or dismissal of the case, as appropriate. The firm will be paid at the rate of $400 per hour. The firm received $7,500 pre-petition for services rendered in connection with the filing of the bankruptcy case and received $6,000 post-petition, which funds are currently held in the firm's trust account pending Court approval. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Kim 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: Jisoo Kim, Esq. Pare and Associates, LLC 20300 Seneca Meadows Pkwy, Ste 210 Germantown, MD 20876 Tel: (301) 515-1190 Email: jisoo@alicelaw.com bankruptcy@alicelaw.com About Vanguard Development Group, LLC Vanguard Development Group, LLC is engaged in real estate development, with activities that include property acquisition, development planning, and asset management. Vanguard Development Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21788) on December 17, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $0 to $100,000. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Jisoo Kim, Esq. of Pare & Associates, LLC. VERASTEM INC: Nantahala Capital Holds 4.72% Equity Stake -------------------------------------------------------- Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel Mack, disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 3,795,473 shares of Verastem, Inc.'s common stock, $0.0001 par value per share, representing 4.72% of the shares outstanding. Nantahala Capital Management, LLC may be reached through: Taki Vasilakis, Chief Compliance Officer 130 Main St., 2nd Floor New Canaan, CT 06840 Tel: 203-404-1172 A full-text copy of Nantahala Capital Management, LLC's SEC report is available at: https://tinyurl.com/bp8zbv53 About Verastem, Inc. Verastem, Inc. is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma / mitogen activated pathway kinase pathway-driven cancers. The Company's pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition. As of September 30, 2025, the Company had $176.85 million in total assets, $192.38 million in total liabilities, and $15.53 million in total stockholders' equity. Boston, Mass.-based Ernst & Young LLP, 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 fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has a working capital deficiency, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. VILLAGE ROADSHOW: Secures Court Approval for Liquidation Plan Vote ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that on Friday, February 20, 2026, a Delaware bankruptcy judge permitted Village Roadshow, known for producing The Matrix and Ocean's Eleven, to move forward with soliciting votes on its Chapter 11 liquidation plan, despite objections from certain creditors. The court concluded that the disclosure statement provided adequate detail regarding asset sales, projected distributions and the wind-down process. Opponents had challenged elements of the plan, including the scope of releases and feasibility of projected recoveries. The debtor argued that those issues were more appropriately addressed during plan confirmation rather than at the disclosure stage, the report relays. With the ruling, Village Roadshow can distribute ballots to eligible creditors and equity holders. The outcome of the vote will determine whether the plan advances to confirmation and final approval by the court, according to report. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VOCI CENTER: Cash Collateral Hearing Set for Feb. 25 ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, is set to hold a hearing on February 25 to consider extending VOCI Center Plastic Surgery, P.A.'s authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's February 11 interim order. The interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and granted secured creditors replacement liens on the Debtor's post-petition property and proceeds. The creditors include Wachovia Bank, N.A. Wells Fargo Bank, N.A., CIT Bank, N.A., Partners Capital Financial Services, and Financial Pacific Leasing Inc., Corporation Service Company, CT Corporation System, Arena Funding Source, LLC, Funding Metrics, LLC, Smart Business, and F.B.F. Capital, LLC. About Voci Center Plastic Surgery, P.A. Voci Center Plastic Surgery, P.A. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30099) on January 27, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Laura T Beyer presides over the case. John C. Woodman, Esq., at Essex Richards, PA serves as the Debtor's legal counsel. WALKING COMPANY: Court Affirms Dismissal of MOAC's MUVTA Claim -------------------------------------------------------------- In the appeal styled MOAC Mall Holdings, LLC, Appellant, vs. The Walking Company, Defendant, WalkingCo, LLC f/k/a Walking Company Acquisition LLC, Respondent, No. A25-0681 (Minn. Ct. App.), Judges Rachel Bond, Renee L. Worke and Lucinda E. Jesson of the Minnesota Court of Appeals affirmed in part, and reversed in part, the judgment of the Hennepin County District Court that dismissed MOAC Mall Holdings, LLC's fraudulent transfer claim under the the Minnesota Uniform Voidable Transactions Act (MUVTA), Minn. Stat. Sec. 513.41(2)(i), and unjust-enrichment claim. The Walking Company (TWC) was a footwear retailer that had stores across the country, including one in the Mall of America. TWC leased its space in the mall from appellant MOAC Mall Holdings, LLC (MOAC). In March 2018, TWC's parent company filed for Chapter 11 bankruptcy protection. The subsidiaries, including TWC, emerged from bankruptcy with $10 million in new equity provided by several current owners of TWC and $50 million in financing from Wells Fargo Bank. It is undisputed that TWC pledged substantially all of its assets to secure the loan from Wells Fargo. Hoping to avoid a fire sale that would only recover pennies on the dollar, TWC's primary shareholder sought investors to purchase TWC's debt from Wells Fargo. To that end, TWC's primary shareholder formed respondent WalkingCo, LLC with a group of investors in order to purchase the loan from Wells Fargo. In November 2020, WalkingCo purchased the $15 million Wells Fargo debt for just over $12 million -- a $3 million discount -- and Wells Fargo assigned its rights as TWC's lender to WalkingCo, meaning that WalkingCo became TWC's senior secured lender. TWC's assets remained the collateral for the loan and TWC remained in default, now to WalkingCo. MOAC sued TWC for unpaid rent. In January 2021, WalkingCo began foreclosure proceedings under Article 9 of the Uniform Commercial Code (UCC) to sell TWC's assets. TWC could not find a buyer and determined it did not have sufficient liquidity for Chapter 11 bankruptcy. The public foreclosure auction was noticed on January 11 and concluded on February 8. MOAC did not bid; the only offer for TWC's assets was a $5 million credit bid by WalkingCo, which then successfully purchased TWC's assets. Because TWC's assets sold at auction for far less than the total amount of TWC's debt to its secured creditors, MOAC, as an unsecured creditor, did not receive any payments on TWC's unpaid rent. After the foreclosure, TWC terminated its employees and became defunct. In May 2021, MOAC obtained a default judgment against TWC for more than $1.4 million in unpaid rent. In May 2022, MOAC commenced this action against WalkingCo, alleging that the foreclosure sale of TWC's assets was a fraudulent transfer voidable under the MUVTA and that WalkingCo was unjustly enriched through the transfer of TWC's assets. The parties engaged in discovery, after which WalkingCo moved for summary judgment. After a hearing, the district court granted summary judgment to WalkingCo. The district court determined there was no genuine issue of material fact that TWC's property was "encumbered by a valid lien" and therefore not an "asset" subject to a fraudulent transfer claim under MUVTA, Minn. Stat. Sec. 513.41(2)(i), and that WalkingCo purchased TWC's assets pursuant to a valid UCC foreclosure sale. The district court also dismissed MOAC's unjust-enrichment claim, reasoning that MOAC is prohibited from pursuing an equitable claim as a matter of law because MUVTA provides a statutory framework for recovery. MOAC appeals. MOAC challenges the summary-judgment dismissal of its claims to void a transfer of assets under the MUVTA, and for unjust enrichment. Appellant also challenges the district court's partial denial of its motion to compel discovery. MOAC argues the district court improperly granted summary judgment in favor of WalkingCo on its MUVTA claim because there are genuine issues of material fact related to the value of TWC's assets and, thus, whether the assets were fully encumbered by a valid lien at the time of the transfer. As to its unjust-enrichment claim, MOAC contends that the district court misapplied the law when it determined that MOAC could not maintain its unjust-enrichment claim because MUVTA provided MOAC with an adequate remedy at law. According to the panel, "The record evidence relied on by MOAC fails to create a genuine issue of material fact that, at the time TWC's assets were transferred at the UCC foreclosure sale in February 2021, they were not fully encumbered by a valid lien. MOAC points to no other record evidence creating a disputed issue of fact as to the value of TWC's assets at the time of the transfer. As such, MOAC's contention that the actual value of TWC's assets was between $33 to $100 million in February 2021 is speculative, which is insufficient to create a genuine issue of material fact." The panel holds, "We conclude that the district court properly granted summary judgment for respondent on appellant's MUVTA claim because there is no genuine issue of material fact that the property transferred through a public foreclosure auction was encumbered by a valid lien and therefore not an 'asset' subject to MUVTA. We further conclude that the district court did not abuse its discretion in its discovery rulings. But we conclude that the district court misapplied the law when it granted summary judgment for respondent on appellant's unjust-enrichment claim. Therefore, we affirm in part, reverse in part, and remand for further proceedings." A copy of the Court's Opinion dated February 17, 2026, is available at https://urlcurt.com/u?l=zB8HC7 About The Walking Company The Walking Company is the leading national specialty retailer of high-quality, technically designed comfort footwear and accessories, and offers a selection of premium comfort brands including ABEO, Dansko, ECCO, Taos, and more. The Walking Company operates 208 stores in premium malls across the nation and the company's Web site http://www.thewalkingcompany.com/ On March 6, 2018, The Walking Company Holdings, Inc., along with affiliates The Walking Company, Big Dog USA, Inc., and FootStmart, Inc., filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 18-10474). The cases are pending joint administration before the Honorable Laurie Selber Silverstein. Pachulski Stang Ziehl & Jones LLP is the Debtors' counsel. Consensus Advisory Services LLC is the financial advisor. Kurtzman Carson Consultants LLC is the claims and noticing agent. Choate, Hall & Stewart LLP, led by Kevin J. Simard, Esq., and Womble Bond Dickinson, led by Matthew P. Ward, Esq., serve as counsel to the DIP Agent, DIP Term Agent, the Prepetition Senior Agent, and the Prepetition Term Agent. Irell & Manella LLP, led by Jeffrey M. Reisner, Esq., is counsel to the Prepetition Subordinated Creditors. WEBSTERNT LLC: Seeks to Hire Maltz Auctions Inc. as Broker ---------------------------------------------------------- Websternt LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Maltz Auctions, Inc. as broker. The firm will market and sell the Debtor's real property located at 54 Webster Street, North Tonawanda, New York 14120. The firm will be paid a 6 percent buyer's premium. 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 through: Richard B. Maltz Maltz Auctions, Inc. 39 Windsor Place Central Islip, NY 11722 Telephone: (516) 349-7022 About Websternt LLC WebsterNT, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 24-11436) on December 19, 2024, with $1 million to $10 million in both assets and liabilities. Judge Carl L. Bucki oversees the case. Scott J. Bogucki, Esq., at Gleichenhaus, Marchese & Weishaar, PC represents the Debtor as legal counsel. WEST RIDGE: Seeks to Hire Schneider Downs as Tax Advisor -------------------------------------------------------- West Ridge, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Schneider Downs & Co., Inc. as accountant and tax advisor. The firm will prepare, finalize and file the Debtors' Tax Returns for years 2021–2024. The firm will be paid at these rates: Shareholder $750 per hour Director $640 per hour Senior Manager $600 per hour Manager $525 per hour Senior/Sr. Tax Analyst $395 per hour Staff $300 per hour Intern $90 per hour Clerical $80 per hour Prior to the Petition Date, Schneider Downs received an ordinary course payment of $50,000 on account of prepetition services performed. Schneider Downs also received on December 11, 2025 a retainer of $150,000 in contemplation of its retention by the Debtors in the Chapter 11 Case, which is currently held in escrow. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. DiPietrantonio 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 DiPietrantonio Schneider Downs & Co., Inc. One PPG Place, Suite 1700 Pittsburgh, PA 15222 Telephone: (412) 261-3644 Facsimile: (412) 261-4876 About West Ridge, Inc. West Ridge, Inc. engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. West Ridge and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Lead Case No. 25-00451) on August 18, 2025. In its petition, West Ridge reported estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David L. Bissett handles the cases. The Debtors tapped David B. Salzman, Esq., at Campbell & Levine, LLC, as bankruptcy counsel and Barth & Thompson as local counsel. X4 PHARMA: Nantahala Capital Holds 2.80% Equity Stake ----------------------------------------------------- Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel Mack, disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 2,449,468 shares of X4 Pharmaceuticals' common stock, representing 2.80% of the shares outstanding. Nantahala Capital Management, LLC may be reached through: Taki Vasilakis, Chief Compliance Officer 130 Main St., 2nd Floor New Canaan, CT 06840 Tel: 203-404-1172 A full-text copy of Nantahala Capital Management, LLC's SEC report is available at: https://tinyurl.com/4d6dzk27 About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $163.56 million in total assets, $101.94 million in total liabilities, and $61.62 million in total stockholders' equity. YELLOW CORP: Asks Supreme Court for Pension Liability Ruling Review ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Yellow Corp., now in bankruptcy, and its top shareholder MFN Partners have petitioned the US Supreme Court to resolve a dispute over federal pension withdrawal calculations, saying regulators exceeded their statutory authority. At issue is a September 2025 ruling from the Third Circuit that upheld Pension Benefit Guaranty Corp. regulations addressing how multiemployer pension plans measure "unfunded vested benefits." Those figures determine the withdrawal liability assessed against employers exiting financially troubled plans. The petition, filed February 13, 2026 argues that the appellate court improperly deferred to the agency's interpretation of federal pension law and allowed a regulatory approach that inflates employer liability beyond what Congress authorized. The request for high court review comes weeks after the Delaware bankruptcy court overseeing Yellow's restructuring signaled that the pension dispute could materially affect the trucking company's estate and the distribution of assets to creditors, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [] Finance and Public M&A Partners Join Latham & Watkins -------------------------------------------------------- Latham & Watkins LLP announced that Emily Johnson and Mark Stagliano have joined the firm as partners in the New York office. Ms. Johnson joins the Banking & Private Credit and Capital Markets Practices, while Mr. Stagliano joins the Mergers & Acquisitions and Private Equity Practice. Ms. Johnson's practice focuses on all financing aspects of complex corporate transactions, including mergers, acquisitions, divestitures, and spin-offs, with particularly deep experience in company-side, issuer-focused financings. Mr. Stagliano's practice focuses on mergers and acquisitions, securities matters, and company representation work, including corporate governance. The addition of these prominent partners further elevates Latham's elite, fully integrated corporate and finance practice and marks a major expansion of the firm's industry-leading capabilities. "Emily and Mark are among a select group of highly experienced and incredibly talented practitioners, and we are delighted to welcome them to our firm," said Rich Trobman, Chair and Managing Partner of Latham & Watkins. "Their market-leading practices directly support our strategic focus to advise our clients on complex transactions across the capital structure and high-profile public company M&A. No other firm combines our excellence and scale -- nor our ambition -- and Emily and Mark joining us is another major milestone for our firm." Marc Jaffe, Managing Partner of Latham's New York office, said: "We are thrilled to add partners of Emily's and Mark's stature to our practice in New York and globally. They are well-respected senior counselors with enormous credibility in boardrooms. Having led numerous sophisticated and transformative transactions over many years, their range of skills and sought-after expertise significantly expands our already strong and growing platform and the best-in-class counsel we provide to our clients." Ms. Johnson's practice focuses on advising public companies, corporate borrowers, and strategic acquirers on the design and execution of debt and capital structures that advance strategic objectives and remain durable across market cycles. Her experience spans investment-grade and leveraged financings, bank and direct lending, public and private capital markets transactions, and liability management, including corporate separations, carve-outs, and transformational M&A transactions, as well as distressed acquisitions, divestitures, and restructurings. Ms. Johnson's practice also involves close, ongoing engagement with boards of directors, senior management teams, and corporate treasury functions to balance financing certainty, ratings considerations, disclosure obligations, and execution risk. "Emily is an incredible addition to our top-ranked practice at the intersection of complex financings, capital markets, and liability management," said Stelios Saffos, Global Chair of Latham's Capital Markets and Public Company Representation Practices and Global Chair of the Hybrid Capital Practice. "She further expands our unparalleled reach across private credit providers, banks, bond investors, and capital markets participants, and enhances the scaled advice we deliver to clients through our fully integrated practice. Her experience leading complex transactions that require coordinated advice across multiple disciplines -- often under heightened board, investor, and public market scrutiny -- carries tremendous credibility among public company boards and senior management teams. We are thrilled that Emily is joining our team, further expanding our capacity in an area where client demand is robust and expected to grow." Mr. Stagliano's practice focuses on public company and sponsor-side mergers and acquisitions, securities matters, and corporate governance. He advises companies in a variety of industries on a wide range of matters, including domestic and cross-border acquisitions and divestitures, spin-offs, joint ventures, IPOs, and other capital markets and private equity transactions, as well as shareholder activism, takeover defense, and proxy contests. Alex Kelly, Global Co-Chair of Latham's Mergers & Acquisitions and Private Equity Practice, said: "Mark's breadth of experience further enhances our world-class M&A practice, and he brings many complementary strands to our corporate ambitions in New York and globally. His impressive track record leading landmark transactions -- including high-profile strategic combinations, corporate governance matters, and contested situations --bolsters our capabilities, and it is exactly the kind of integrated, cross-practice advice that sophisticated boards and management teams need in today's increasingly competitive market. Mark has earned a standout reputation for being extremely hard-working, entrepreneurial, and an outstanding team player, and his arrival reinforces Latham's position at the forefront of the practice." "Latham is well-known for excellence across financial products, industries, and jurisdictions, and I am delighted to join the firm and contribute to its long-term growth," said Ms. Johnson. "Latham's unique 360-degree view of the public and private markets provides a powerful platform to help boards and senior management teams navigate increasingly complex financing decisions, combining strategic insight with execution across the full range of capital solutions -- from traditional syndicated and capital markets to the expanding private credit ecosystem." Mr. Stagliano said: "Latham is a transactional powerhouse that is exceptionally well positioned to capitalize on the increased activity in public M&A. I am delighted to join the firm's all-star team, and excited to be part of Latham's ongoing success and growth in New York and beyond." Ms. Johnson and Mr. Stagliano join Latham & Watkins from Wachtell, Lipton, Rosen & Katz. Ms. Johnson received her JD from Duke University School of Law and BA from University of North Carolina at Chapel Hill. Mr. Stagliano received his JD from Harvard Law School and BA from University of Pennsylvania. About Latham & Watkins Latham & Watkins -- https://www.lw.com/ -- is a global law firm that brings together exceptional legal talent in financial centers around the world to advise on complex transactions, litigation, and regulatory matters. Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in France, Hong Kong, Italy, Singapore, and the United Kingdom and as an affiliated partnership conducting the practice in Japan. Latham & Watkins operates in Israel through a limited liability company, in South Korea as a Foreign Legal Consultant Office, and in Saudi Arabia through a limited liability company. [] Lucas Schneider Joins Husch Blackwell's Insolvency Practice -------------------------------------------------------------- National law firm Husch Blackwell announced the continued expansion of its Insolvency & Commercial Bankruptcy practice with the addition of Lucas Schneider as a partner. Based in Denver, Mr. Schneider joins Husch Blackwell from Stinson. Mr. Schneider is a seasoned attorney focusing on creditors' rights and restructuring, with significant experience representing clients in the agriculture, utilities, and financial services industries in bankruptcy and receivership cases. He regularly counsels creditors before bankruptcy filings, pursuing pre-petition remedies such as foreclosures and state-court receiverships, developing strategic plans, and representing clients in subsequent bankruptcy and creditor disputes. "Lucas brings valuable depth to our insolvency and commercial bankruptcy team at a time when these services are in high demand," said John Cruciani, Husch Blackwell partner and leader of the Insolvency & Commercial Bankruptcy practice. "His former background as in-house counsel will also be a tremendous asset to our clients. We are excited to welcome him to the firm." Mr. Schneider has more than 13 years of law firm experience, three years as associate general counsel at a Fortune 200 telecommunications company, and has also served as a special prosecutor for two district attorneys' offices. His in-house legal experience provides him with unique insight into the needs of internal stakeholders and building consensus on complex issues, enabling clients to navigate decision-making processes more effectively. "Husch Blackwell's commercial restructuring practice is highly regarded, and I'm excited to join a team focused intently on growth," Mr. Schneider said. "My clients will benefit from the firm's national reach and deep knowledge of the agribusiness industry." Mr. Schneider's arrival follows the firm's continued investment in the Insolvency & Commercial Bankruptcy team, including the addition of Austin-based partner Tara LeDay, in April 2025. He is the second addition in Denver in a week following the arrival of former colleague Ryan Sugden. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***