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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, February 27, 2026, Vol. 30, No. 58

                            Headlines

151 MAPLE: Commences Chapter 7 Bankruptcy in New York
1803 FAIRFAX: Starts Chapter 11 Bankruptcy in New York
219 VERNON: Seeks Chapter 11 Bankruptcy in New York
21ST CENTURY CHEMICAL: Unsecureds to Get $1K per Month over Years
22ND CENTURY: Anson Funds and Affiliates Hold 9.9% Equity Stake

23ANDME INC: Court Okays Legal Fees, Canadian Data Breach Deal
ADAVEN PLUMBING: August 10 Governmental Claims Bar Date
ALGORHYTHM HOLDINGS: L1 Capital Global Holds 4.99% Equity Stake
AMC ENTERTAINMENT: Pentwater Capital No Longer Holds Stake
AMC ENTERTAINMENT: Plans Additional Theater Closures

AMC ENTERTAINMENT: S&P Rates New $750MM First-Lien Term Loan 'B'
ANTONIO MUNOZ: Claims to be Paid from Continued Operation
APPALACHIAN PRODUCER: Motion for Default Judgment Tossed
APPALACHIAN PRODUCER: Seeks 120-Day Extension of Plan Filing
ARETHUSA OFF-SHORE: Denial of Douglas May's Proof of Claim Upheld

ASHER HOMES: To Sell Oklahoma Properties to Rochdale Homes
AVALON GLOBOCARE: Secures $207,000 Funding via Convertible Note
AVIS BUDGET: S&P Lowers ICR to 'BB-', Outlook Stable
AXIP ENERGY: Gets Interim OK for DIP Financing From JPMorgan
AXIP ENERGY: Seeks to Sell Gas Compression Services at Auction

BAYTEX ENERGY: Moody's Withdraws 'B1' Corporate Family Rating
BESTWALL LLC: Claimants Ask SCOTUS to Hear Chapter 11 Challenge
BEYOND AIR: Alyeska Investment Group Holds 7.27% Equity Stake
BEYOND AIR: Balyasny Asset and Affiliates Hold 9.53% Equity Stake
BIGTIME HOUSING: Gets Interim OK to Use Cash Collateral

BLOOM HOTELS: Seeks Chapter 11 Bankruptcy in Florida
BON MORRO: Final Cash Collateral Hearing Adjourned to March 2
BON MORRO: Plan Exclusivity Period Extended to May 1
BRDL WARDEN: Case Summary & One Unsecured Creditor
BRIGHT MOUNTAIN: 10th Lane Partners Holds 24.5% Equity Stake

BROOKS CUSTOM: Court Extends Plan Exclusivity Period to March 16
BUDDY MAC: Court OKs Retail Business Sale to Phonix RBS
CAFE PASSE: Gets Final OK to Use Cash Collateral
CALDWELL HOLDINGS: Gets OK to Use Cash Collateral Until March 11
CARBON HEALTH: Junior Lenders Object to Proposed Financing

CARDLYTICS INC: Fidelity Marks $29,000 Corporate Bond at 61% Off
CARPENTER FAMILY: To Sell Crawfordsville Property to Shadle Farms
CATURUS ENERGY: SM Energy Deal No Impact on Moody's 'B2' CFR
CBDMD INC: Swings to $283,131 Net Loss in Q1 2026
CEMTREX INC: Posts Q1 Loss of $20.6MM; Liquidity Pressures Persist

CIMG INC: Delays Q1 2026 10-Q Filing Due to Accounting Preparation
CIMG INC: Regains Nasdaq Minimum Bid Price Compliance
CITIUS PHARMACEUTICALS: CVI Reports Beneficial Ownership
CLAROS MORTGAGE: Posts $489MM Net Loss in 2025, Liquidity Pressures
CONSOLIDATED ENERGY: Moody's Alters Outlook on Caa1 CFR to Positive

CONTAINER STORE: District Court Affirms Third-Party Releases
CONTAINER STORE: Status Conference Scheduled for March 4
CORNERSTONE SCHOOLS: S&P Rates 2026 Facility Revenue Bonds 'BB+'
COVETRUS INC: S&P Affirms 'CCC+' ICR, On CreditWatch Developing
CREATIVE REALITIES: Repurchases $200,000 Warrant from Slipstream

CURIS INC: Armistice Capital Holds 9.99% Equity Stake
DCA OUTDOOR: Seeks to Extend Plan Exclusivity to June 24
DIGITAL DOLPHIN: Case Summary & 20 Largest Unsecured Creditors
DIVERSIFIED MASONRY: Unsecureds Will Get 8.41% to 57.77% in Plan
DYNATRONICS CORP: Armistice Capital Holds 9.45% Equity Stake

EB LOGISTICS: Seeks Chapter 7 Bankruptcy in Georgia
EKSO BIONICS: Armistice Capital Holds 9.99% Equity Stake
EKSO BIONICS: Signs Business Combination With Applied Digital
EL DORADO: Court OKs Continued Use of Cash Collateral
ESCALON MEDICAL: Posts Q2 Loss of $97,677, Warns of Cash Crunch

EZ FREIGHT: Seeks Chapter 7 Bankruptcy in Georgia
EZ TRADE: Seeks Chapter 7 Bankruptcy in Georgia
F-STAR SOCORRO: Seeks to Extend Plan Exclusivity to June 2
FETTES MANUFACTURING: Gets Interim OK to Use Cash Collateral
FIRST BRANDS: Creditor Talks Put on Hold to Advance Case Resolution

FLUX POWER: CVI Investments No Longer Holds Stake
FTX TRADING: Court Extends Victims' Claims Filing Window
FTX TRADING: Wins Bid to Dismiss Akmyradov, et al. Adversary Case
GENESIS HEALTHCARE: Secures Court OK for $105MM Bankruptcy Loan
GLENWOOD CAVERNS: Seeks to Pursue Appeal of $116MM Judgment

GLOBAL LOGISTICS: Initiates Subchapter V Bankruptcy in Nevada
GREENWICH RETAIL: Court Narrows Claims in Moby, et al., Case
GRYPHON-AG INVESTORS: Michael F. Flanagan Appointed as Receiver
GUAM: S&P Raises GO Debt LT Rating to 'BB', Outlook Positive
HARRIS INTERNAL: Gets Final OK to Use Cash Collateral

HERBALIFE LTD: S&P Upgrades ICR to 'BB-', Outlook Stable
HUNTSMAN CORP: Moody's Cuts CFR to Ba2 & Sr. Unsecured Notes to Ba3
HW BURBANK: Case Summary & Seven Unsecured Creditors
IKER'S PROMISE: Gets OK to Use Cash Collateral
ILPEA PARENT: Moody's Affirms 'B1' CFR & Alters Outlook to Negativ

INSPIRED HEALTHCARE: Ferguson Braswell Represents DST Investors
INSPIREMD INC: OrbiMed Advisors Holds 7.4% Equity Stake
IREN LTD: Fidelity Multistrategy Marks $31,000 Bond at 26% Off
J.G. JEWELRY: Court OKs Chapter 15 Recognition Deadlines
JACKSON HOSPITAL: To Get $17.5MM Boost from Montgomery County

JAGUAR HEALTH: Declares Special One-Time Series O Stock Dividend
KARYOPHARM THERAPEUTICS: T. Rowe Price Investment Holds 11.8% Stake
KAWEAH DELTA: Moody's Affirms Ba1 Rev. Bond Rating, Outlook Stable
KKR REAL ESTATE: Moody's Alters Outlook on 'Ba3' CFR to Negative
KSF NW: S&P Raises 'BB+' Bond Rating On Improved KIPP Miami

MALLINCKRODT PLC: Judge Rules Chapter 11 Bars Antitrust Payouts
MICHAELS COMPANIES: Moody's Ups CFR to 'B2', Outlook Stable
MILLSIDE PLAZA: Rivlin Ordered to Produce Certain Documents
MISSION ACHIEVEMENT: S&P Affirms 'BB' ICR, Outlook is Stable
MULTI-COLOR CORP: 3rd Cir. Denies Creditors' Bid to Transfer Ch. 11

MULTI-COLOR CORP: Court Appoints Mediator in Bankruptcy Case
MVP GROUP: Seeks to Extend Plan Exclusivity to March 27
NARU LLC: August 10 Governmental Claims Bar Date
NAVELLIER & ASSOCIATES: Plan Exclusivity Period Extended to April 6
NEUROONE MEDICAL: Swings to $1.4 Million Net Loss in Q1 2026

NEW FORTRESS: Fidelity Multistrategy Marks $184,225 Loan at 59% Off
NOISA INC: Gets Final OK to Use Cash Collateral
OCEANWIDE PLAZA: KPC Group and Lendlease Buys Tower for $470MM
ODYSSEY MARINE: FourWorld Capital Cuts Stake to 0.8%
OFFICE PROPERTIES: $1.1B Debt-Cut Plan Cleared for Creditor Voting

ONE 7 COMMUNICATIONS: Seeks Subchapter V Bankruptcy in Nevada
ORION HEALTHCORP: Court Narrows Claims in Allied World, et al. Case
P3 HEALTH: Extends $19MM Third Tranche Draw Period to June 30
PARAGON INDUSTRIES: Whitney Wachob Must Produce Certain Documents
PATCHELL HOLDINGS: S&P Withdraws 'B' Issuer Credit Rating

PHIL KEAN: Unsecured Creditors to Get Share of Income for 3 Years
PHOENIX FUND: Case Summary & 20 Largest Unsecured Creditors
PHOENIX FUND: Seeks Chapter 11 Bankruptcy in Puerto Rico
PHOENIX MOTOR: JJ Astor Seeks Expedited Hearing on Receiver Bid
POSIGEN PBC: Gets Court OK to Obtain $43.9MM DIP Financing

POWER STOP: Fidelity Multistrategy Marks $68,734 Loan at 17% Off
PUERTO RICO: Court Narrows Claims in Barclays, et al., Case
QUANTUM CORP: Narrows Q3 Loss to $27.8MM, Warns of Cash Crunch
REBORN COFFEE: Three Board Members Step Down
REDSTONE BUYER: S&P Upgrades ICR to 'CCC+' on Lower Cash Burn

REKOR SYSTEMS: Anson Funds and Affiliates Hold 5.5% Stake
REKOR SYSTEMS: Armistice Capital Holds 9.99% Equity Stake
RENTAL HUB: Case Summary & 10 Unsecured Creditors
REVIVA PHARMACEUTICALS: 683 Capital Exits Stake Holding
RND PROPERTIES: Case Summary & One Unsecured Creditor

ROBERT BAS LAW: Case Summary & Five Unsecured Creditors
ROYALE ENERGY: Hires Roth Capital to Lead Strategic Review Process
RYMAN HOSPITALITY: S&P Rates New $700MM Sr. Unsecured Notes 'BB'
SAN FRANCISCO ARCHDIOCESE: Jeff Anderson Advises Sex Abuse Victims
SAN FRANCISCO ARCHDIOCESE: Joseph George Advises Sex Abuse Victims

SERVICE PROPERTIES: S&P Downgrades ICR to 'B-', Outlook Negative
SIX FLAGS: S&P Downgrades ICR to 'B+' on Delayed Deleveraging
SLEEP QUARTERS: Claims to be Paid from Property Sale Proceeds
SPAC RECOVERY: Plan Exclusivity Period Extended to March 25
SPIN HOLDCO: Fidelity Multistrategy Marks $168,673 Loan at 23% Off

SRAN VINEYARDS: Voluntary Chapter 11 Case Summary
STAKEHOLDER MIDSTREAM: S&P Withdraws 'B+' Issuer Credit Rating
TALPHERA INC: Laurence Lytton, Foundation Hold 5.9% Equity Stake
TEAM SYSTEMS: Owners Can't Compel Abandonment of FEMA Receivables
TEMPO ACQUISITION: S&P Downgrades ICR to 'B+', Outlook Negative

THREE DELUNA: Voluntary Chapter 11 Case Summary
THRIVE COMMERCE: Gets Interim OK to Use Cash Collateral
TP BRANDS: Unsecured Creditors to Get Share of Annual Payments
TRINSEO PLC: Amends Credit Deal to Extend Grace Period to March 19
TURNER DEVELOPMENT: Case Summary & Nine Unsecured Creditors

TURNKEY SOLUTIONS: John Deere May Repossess, Sell Equipment
ULTRA CLEAN: S&P Raises First-Lien Facility Rating to 'BB-'
URBAN ONE: Citadel Securities and Affiliates Hold 9.4% Stake
V&H HOLDINGS: Voluntary Chapter 11 Case Summary
VELOCITY VEHICLE: Moody's Cuts CFR to B3 & Alters Outlook to Stable

VERASTEM INC: Armistice Capital Holds 5.30% Equity Stake
VERASTEM INC: Balyasny Asset Management Holds 6.18% Equity Stake
VERASTEM INC: Point72 Asset and Affiliates Cut Stake to 1.3%
VERASTEM INC: RTW Investments, Roderick Wong Hold 9.9% Stake
VERRICA PHARMACEUTICALS: Armistice Capital Holds 4.99% Stake

VERSACE DOMINICAN: Hearing Today on Bid to Use Cash Collateral
VOLITIONRX LTD: Armistice Capital Holds 4.99% Equity Stake
VOLITIONRX LTD: Lagoda Investment Holds 10.1% Equity Stake
WENDY'S CO: S&P Alters Outlook to Negative, Affirms 'B+' ICR
WESCO DISTRIBUTION: S&P Rates New $650MM Sr. Unsecured Notes 'BB'

WESTCHESTER COUNTY HEALTH CARE: S&P Cuts Rev. Bonds Rating to 'BB'
WORKSPORT LTD: Armistice Capital Holds 9.84% Equity Stake
WYNDHAM HOTELS: S&P Rates New $650MM Senior Unsecured Notes 'BB-'
X4 PHARMA: Bain Capital and Affiliates Hold 8.41% Stake
X4 PHARMA: Biotechnology Value and Affiliates Cut Stake to 3.9%

X4 PHARMA: Saturn V Capital Holds 7.36% Equity Stake
X4 PHARMA: Trails Edge Entities Hold 5.8% Equity Stake
ZHE CHANG: Loses Bid to Stay Foreclosure Proceedings
[] Fitch Affirms Ratings on 11 North American Services Companies
[^] BOOK REVIEW: Bankruptcy in United States History


                            *********

151 MAPLE: Commences Chapter 7 Bankruptcy in New York
-----------------------------------------------------
On February 18, 2026, 151 Maple Street LLC commenced a voluntary
Chapter 7 case in the Eastern District of New York Bankruptcy
Court. Court documents indicate the Debtor owes between $0 and
$100,000 to approximately 1–49 creditors.

            About 151 Maple Street LLC

151 Maple Street LLC operates as a limited liability company
organized under New York law.

151 Maple Street LLC filed for liquidation under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-70703) on February 18,
2026. The filing lists estimated assets ranging from $0 to $100,000
and liabilities ranging from $0 to $100,000.

Honorable Bankruptcy Judge Louis A. Scarcella presides over the
proceedings.


1803 FAIRFAX: Starts Chapter 11 Bankruptcy in New York
------------------------------------------------------
On February 18, 2026, 1803 Fairfax Street LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District of
New York. According to court filings, the Debtor reports between
$100,001 and $1,000,000 in debt owed to 1–49 creditors.

                 About 1803 Fairfax Street LLC

1803 Fairfax Street LLC is a New York-based limited liability
company.

1803 Fairfax Street LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-40781) on February 18, 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 Elizabeth S. Stong handles the case.

The Debtor is represented by Narissa A. Joseph, Esq.


219 VERNON: Seeks Chapter 11 Bankruptcy in New York
---------------------------------------------------
On February 18, 2026, 219 Vernon Ave LLC filed for Chapter 11
protection in the Eastern District of New York. According to court
filing, the Debtor reports between $100,001 and $1,000,000 in debt
owed to 1-49 creditors.

               About 219 Vernon Ave LLC

219 Vernon Ave LLC is a New York-based company that owns real
estate assets and manages its property holdings.

219 Vernon Ave LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-40775) 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.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.


21ST CENTURY CHEMICAL: Unsecureds to Get $1K per Month over Years
-----------------------------------------------------------------
21st Century Chemical, Inc. filed with the U.S. Bankruptcy Court
for the Southern District of Florida a Disclosure Statement
describing Plan of Reorganization dated February 16, 2026.

The Debtor is a Florida for profit corporation. The President and
100% owner is Bryan Hacht. The Debtor manufactures various solvents
used in the marine industry.

The location that Debtor operates is owned by an entity known as
Aphex Holdings, which is also owned by Bryan Hacht. About two years
ago, Mr. Hacht had an accident that caused him to have extensive
time away from this business to recover. As a result, Aphex could
not pay the mortgages, which resulted in that entity filing Chapter
11.

The Debtor is a party to several unfavorable money judgments that
also arose as a result of the time Mr. Hacht was forced away from
his business. Accordingly, the Debtor filed this Chapter 11 to
restructure its financial affairs.

The Debtor's principal has been working diligently to increase the
business income now that his health has improved. Since the filing
of this case, there have been no contested matters filed by any of
the creditors. This has allowed the Debtor time to work toward
rebuilding the business.

Class Six consists of General Unsecured Claims. The General
Unsecured claims include all other allowed claims of Unsecured
Creditors of the Debtor, subject to any Objections that are filed
and sustained by the Court. The general unsecured claims prior to
the filing of any objections total the amount of $1,078,977.73,
which will be paid over the five-year term of the Plan at the rate
of $1,000.00 per month on a pro-rata basis. The payments will
commence on the Effective Date of the Plan. The dividend to this
class of creditors is subject to change upon the determination of
objections to claims.

To the extent that the Debtor is successful or unsuccessful in any
or all of the proposed Objections, then the dividend and
distribution to each individual Class of General Unsecured Claims
then the dividend and distribution to each individual creditor will
be adjusted accordingly. These claims are impaired.

Class Seven consists of Equity Holders. There shall be no
distribution to the equity holders of the Debtor under the
confirmed Plan and no dividends to this class of claimants.

The Debtor believes that the Plan of Reorganization provides the
best value for the creditors' claims and is in their best interest.
Attached hereto as Exhibit "E" are cash flow Projections setting
forth a projected budget of the Debtor for the five-year term of
the Plan.

As with any investment, there are risks associated with all Plans
of Reorganization, and this matter is no exception. A possible risk
includes the possibility of a loss or decrease of employment
income. As with any similar situation, there is always the risk
that the Debtor may not perform as forecasted, but the Debtor
firmly believes that the projections for its future income and
expenses are conservative and reasonable

A full-text copy of the Disclosure Statement dated February 16,
2026 is available at https://urlcurt.com/u?l=Px5Xsj from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Dana Kaplan, Esq.
     Kelley Kaplan Delaney& Eller, PLLC
     1665 Palm Beach Lakes Blvd., Suite 1000
     West Palm Beach, FL 33401
     Telephone: (561) 491-1200
     Facsimile: (561) 684-3773
     Email: bankruptcy@kelleylawoffice.com

                      About 21st Century Chemical

21st Century Chemical, Inc., manufactures various solvents used in
the marine industry.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19560) on Aug.
18, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.

The Debtor is represented by Craig I. Kelley, Esq., at Kelley
Kaplan & Eller, PLLC.


22ND CENTURY: Anson Funds and Affiliates Hold 9.9% Equity Stake
---------------------------------------------------------------
Anson Funds Management LP, Anson Management GP LLC, Tony Moore,
Anson Advisors Inc., Amin Nathoo, and Moez Kassam, disclosed in a
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of December 31, 2025, they beneficially own 763,212 shares
of common stock -- with shared voting and dispositive power through
co-investment advisory roles to private funds; Anson Funds
Management LP and Anson Advisors Inc. as co-investment advisers,
Anson Management GP LLC as general partner, Tony Moore as
principal, and Amin Nathoo and Moez Kassam as directors -- of 22nd
Century Group, Inc.'s common stock, $0.00001 par value,
representing 9.9% of the 7,652,661 shares outstanding as reported
in the Company's Definitive Proxy Statement filed December 30,
2025.

Anson Funds Management LP may be reached through:

     Tony Moore, Manager
     16000 Dallas Parkway, Suite 800
     Dallas, Texas 75248
     Tel: 214-866-0202

Anson Advisors Inc. may be reached through:

     Amin Nathoo / Moez Kassam, Directors
     181 Bay Street, Suite 4200
     Toronto, ON M5J 2T3, Canada

A full-text copy of Anson Funds Management LP's SEC report is
available at: https://tinyurl.com/3skzwtth

                     About 22nd Century Group

Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco
products company specializing in the sales and distribution of its
proprietary reduced nicotine tobacco products, which have been
authorized as Modified Risk Tobacco Products by the FDA. The
company also provides contract manufacturing services for
conventional combustible tobacco products for third-party brands.

As of September 30, 2025, the Company had $32.37 million in total
assets, $11.26 million in total liabilities, and $18.37 million in
total shareholders' equity.

Buffalo, New York-based Freed Maxick P.C., the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated March 20, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024 citing that the Company
has incurred significant losses and negative cash flows from
operations since inception and expects to incur additional losses
until such time that it can generate significant revenue and profit
in its tobacco business. This raises substantial doubt about the
Company's ability to continue as a going concern.


23ANDME INC: Court Okays Legal Fees, Canadian Data Breach Deal
--------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that a U.S.
bankruptcy court judge has given final approval to a
$3.25 million class settlement between Chrome Holding Co. and
over 300,000 Canadian customers who sued over a 2023 data breach.
The payout concludes the last major international component of
litigation related to the company’s privacy failures.

Judge Brian C. Walsh of the U.S. Bankruptcy Court for the Eastern
District of Missouri signed the order at a Tuesday, February 17,
2026, hearing, following his earlier preliminary approval last
2025. He had previously approved comparable settlements for
affected customers based in the United States.

The settlement forms part of the bankruptcy case's comprehensive
resolution framework after 23andMe, now rebranded Chrome Holding
Co., sold its assets to satisfy creditor claims. As part of that
process, the company reached separate agreements to address
thousands of claims from consumers, business partners, and others
connected to the data breach, the report states.

With final court approval in place, the Canadian class members will
begin to receive their compensation under the terms of the
settlement. The ruling paves the way for the company to move closer
to completing its Chapter 11 reorganization and distributing
recoveries to claimants, according to report.

              About 23andMe Holding Co.

23andMe Holding Co. is a genetics-led consumer healthcare and
biotechnology company in San Francisco, Calif. Through its
direct-to-consumer genetic testing, 23andMe offers personalized
insights into ancestry, genetic traits, and health risks. The
company has developed a large database of genetic information from
over 15 million customers, enabling it to provide health and
carrier status reports and collaborate on genetic research for drug
development. On the Web: http://www.23andme.com/         

On March 23, 2025, 23andMe and 11 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe
disclosed $277,422,000 in total assets against $214,702,000 in
total liabilities as of Dec. 31, 2024.

Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis &
Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to
the Debtors while Alvarez & Marsal North America, LLC serve as the
restructuring advisor. The Debtors tapped Reevemark, LLC and Scale
Strategy Operations, LLC as communications advisors and Kroll
Restructuring Administration Services, LLC as claims agent.

Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve
as special local counsel, investment banker, and legal advisor to
the Special Committee of 23andMe's Board of Directors,
respectively.

Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP
and Stinson, LLP as legal counsel and FTI Consulting, Inc. as
financial advisor.


ADAVEN PLUMBING: August 10 Governmental Claims Bar Date
-------------------------------------------------------
On February 9, 2026, Adaven Plumbing Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of Nevada.
According to court filings, the Debtor reports between $100,001 and
$1,000,000 in debt owed to 1–49 creditors.

Government entities must submit any claims no later than August 10,
2026.

                 About Adaven Plumbing Inc.

Adaven Plumbing Inc. is a Nevada-based plumbing contractor
providing residential and commercial plumbing installation, repair,
and maintenance services.                 

Adaven Plumbing Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 26-10812-nmc) on February
9, 2026. In the petition signed by Gerardo Salazar, president, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.

Judge Natalie M. Cox oversees the case.

Zachariah Larson, Esq. and Matthew C. Zirzow. Esq., at Larson &
Zirzow, LLC, represents the Debtor as legal counsel.


ALGORHYTHM HOLDINGS: L1 Capital Global Holds 4.99% Equity Stake
---------------------------------------------------------------
L1 Capital Global Opportunities Master Fund, Ltd., 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 142,905 shares of common stock -- includes 142,905 warrants to
purchase shares of common stock; excludes 140,507 warrants subject
to a 4.99% beneficial ownership limitation -- of Algorhythm
Holdings, Inc.'s common stock, par value $0.01 per share,
representing 4.99% of the 2,721,778 shares outstanding as of
November 17, 2025, as reported in the Company's Form 10-Q filed
November 19, 2025, plus the warrant shares.
David Feldman and Joel Arber are the Directors of L1 Capital Global
Opportunities Master Fund, Ltd. As such, L1 Capital Global
Opportunities Master Fund, Ltd., Mr. Feldman, and Mr. Arber may be
deemed to beneficially own (as that term is defined in Rule 13d-3
under the Securities Exchange Act of 1934) the Company's securities
described herein. To the extent Mr. Feldman and Mr. Arber are
deemed to beneficially own such securities, Mr. Feldman and Mr.
Arber disclaim beneficial ownership of these securities for all
other purposes.

L1 Capital Global Opportunities Master Fund, Ltd. may be reached
through:

     David Feldman, Director
     161A Shedden Road, One
     Artillery Court, PO Box 10085
     Grand Cayman, Cayman Islands KY1-1001
     Tel: 646-688-5654

A full-text copy of L1 Capital Global Opportunities Master Fund,
Ltd.'s SEC report is available at: https://tinyurl.com/5n8mttyb

                     About Algorhythm Holdings

Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. --
http://www.singingmachine.com/-- is a holding company for an AI
enabled software logistics business operated through its SemiCab
Holding subsidiary and a home karaoke consumer products company
that designs and distributes karaoke products globally to retailers
and ecommerce partners through the Singing Machine subsidiary.

As of September 30, 2025, the Company had $10,845,000 in total
assets, $10,745,000 in total liabilities, and a total stockholders'
equity of $100,000.

Philadelphia, Penn.-based Marcum LLP, the Company's auditor since
2023, 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 significant losses and needs to raise additional funds
to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


AMC ENTERTAINMENT: Pentwater Capital No Longer Holds Stake
----------------------------------------------------------
Pentwater Capital Management LP and Matthew Halbower, disclosed in
a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and
Exchange Commission that as of December 31, 2025, they no longer
beneficially own shares of AMC Entertainment Holdings, Inc.'s Class
A Common Stock, par value $0.01 per share.

Pentwater Capital Management LP may be reached through:

     Matthew Halbower, Chief Executive Officer
     1001 10th Avenue South, Suite 216
     Naples, FL 34102
     Tel:  239-384-9750

A full-text copy of Pentwater Capital Management LP's SEC report is
available at: https://tinyurl.com/35skf2ad

                      About AMC Entertainment

AMC Entertainment Holdings, Inc., is engaged in the theatrical
exhibition business. It operates through theatrical exhibition
operations segment. It licenses first-run motion pictures from
distributors owned by film production companies and from
independent distributors. The Company also offers a range of food
and beverage items, which include popcorn; soft drinks; candy;
hotdogs; specialty drinks, including beers, wine and mixed drinks,
and made to order hot foods, including menu choices, such as curly
fries, chicken tenders and mozzarella sticks.

As of September 30, 2025, the Company had $8,020.7 million in total
assets, $9,798.2 million in total liabilities, and $1,777.5 million
in total stockholders' deficit.

                           *     *     *

In October 2025, Moody's Ratings assigned Caa2 ratings to AMC
Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes
due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico)
Backed Senior Secured Second-lien Notes (Existing Exchangeable
Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2
Corporate Family Rating and Caa2-PD Probability of Default Rating,
and all other instrument ratings including the B3 on the Senior
Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower
with Muvico, the B3 on the Backed Senior Secured First-Lien Notes
rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on
the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca
rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's
Speculative Grade Liquidity Rating (SGL) remains unchanged at
SGL-4. The outlook for all Companys remains stable.

In July, the Company announced [1] that it entered into a
Transaction Support Agreement with key creditor groups, including
certain holders of its 7.5% Notes, certain holders of Muvico
Existing Exchangeable Notes, and certain lenders representing AMC's
TL outstanding under its existing credit agreement. In connection
with the agreement, (1) Muvico issued new $194 million (now with
$154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien
Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which
have a 1.25 lien claim on Muvico assets, effectively a second lien,
and (2) AMC issued the 1.5 Notes comprised of approximately $267.0
million of incremental new money financing and an exchange of
$590.0 million of 7.5% Notes for a total of approximately $857
million. These lenders have a 1.5 lien on Muvico assets,
effectively third claim priority behind the New Exchangeable Notes
at Muvico.

As a result of the transaction, the 7.5% Notes (with a pro forma
debt principal amount totaling approximately $360 million), which
did not participate in the exchange for the 1.5 Notes, retained
existing terms and conditions (e.g. notably, no lien on Muvico
assets) and therefore have lower recovery prospects relative to the
New Exchangeable Notes (which have a 1.25 lien on Muvico). In
addition, Moody's rank the Existing Exchangeable Notes (with
approximately $108 million outstanding) that did not participate in
the exchange behind the New Exchangeable Notes and the 1.5 Notes
due to a change in the definition of permitted liens to allow
superior liens. Moody's expects the New Exchangeable Notes to be
fully extinguished in the near term (in a stock exchange) when
certain conditions are met (e.g. company stock price reaches a
pre-determined level and noteholders elect to exchange).


AMC ENTERTAINMENT: Plans Additional Theater Closures
----------------------------------------------------
Thomas Buckley of Bloomberg News reports that the world's largest
movie theater operator says trimming its footprint may create more
value than expanding it. AMC Entertainment Holdings Inc. signaled
that closing weak locations remains a central part of its strategy
as it works to strengthen its balance sheet.

Chief Financial Officer Sean Goodman told investors Tuesday that
the company sees "a significant opportunity" to shutter additional
underperforming theaters. AMC typically has the ability to renew or
exit about 85 leases annually, representing roughly 10% of its
global locations.

The selective closures are intended to eliminate weaker performers
while allowing the company to concentrate resources on stronger
markets. At the same time, AMC plans to open a smaller number of
new theaters in more promising areas, the report states.

With the cinema industry facing muted growth as more consumers
stream films at home, AMC has also refinanced portions of its debt
and extended maturities to manage liquidity and reduce near-term
financial pressure, according to Bloomberg News.

              About AMC Entertainment

AMC Entertainment Holdings, Inc., is engaged in the theatrical
exhibition business. It operates through theatrical exhibition
operations segment. It licenses first-run motion pictures from
distributors owned by film production companies and from
independent distributors. The Company also offers a range of food
and beverage items, which include popcorn; soft drinks; candy;
hotdogs; specialty drinks, including beers, wine and mixed drinks,
and made to order hot foods, including menu choices, such as curly
fries, chicken tenders and mozzarella sticks.

AMC operates over 900 theatres with 10,000 screens globally,
including over 661 theatres with 8,200 screens in the United States
and over 244 theatres with approximately 2,200 screens in Europe.
The Company's subsidiary also includes Carmike Cinemas, Inc.

AMC was forced to close its shutter its theaters when the Covid-19
pandemic struck in March 2020. It eventually reopened its theaters
but admissions remained substantially low.

The world's biggest theater chain said in an October 2020 filing
that liquidity will be largely depleted by the end of the year or
early 2021 if attendance doesn't pick up, and it's exploring
actions that include asset sales and joint ventures.

However, AMC managed to raise $1.8 billion in 2021, capitalizing on
the rally triggered by retail investors' interest in meme stocks.

                 *     *     *

In February 2024, S&P Global Ratings raised its issuer credit
rating to 'CCC+' from 'SD' (selective default) on AMC Entertainment
Holdings Inc., the world's largest motion picture exhibitor. S&P
also raised its issue-level rating on the second-lien notes to
'CCC-' from 'D'.

The negative outlook reflects S&P's expectation that AMC's revenue
will decline 8%-9% in 2024 due to a limited theatrical release
slate, resulting in negative free operating cash flow (FOCF) and
leverage around 8x.

AMC completed a series of distressed exchanges to swap an aggregate
$123 million of its second-lien notes due 2026 for common equity.


AMC ENTERTAINMENT: S&P Rates New $750MM First-Lien Term Loan 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '1'
recovery rating to AMC Entertainment Holdings Inc.'s (AMCEH)
proposed $750 million first-lien term loan due 2031 and $1.73
billion of first lien senior secured notes due 2031. The '1'
recovery rating indicates its expectation for very high (90%-100%;
rounded estimate: 90%) recovery for lenders in the event of a
payment default. S&P's 'CCC+' issuer credit rating and negative
outlook on AMCEH are unchanged. As discussed below, S&P also
lowered its issue level and recovery ratings on Muvico's existing
$857 million senior secured notes due 2029 on account of an error
correction involving S&P's previous recovery analysis. The error in
its previous recovery analysis also extended to AMCEH's 7.5% senior
secured notes although the ratings on this debt aren't changing.

AMCEH is co-borrower of the term loan along with Muvico LLC, while
Muvico is the issuer of the first lien senior secured notes. The
company plans to use the proceeds from the issuances to refinance
its existing Muvico term loan due 2029, its Odeon 12.75% notes, as
well as to cover transaction-related fees and accrued interest. As
a part of the transaction the Odeon collateral will be released,
enabling AMCEH to create a unified pari passu first-lien collateral
pool.

S&P said, "We understand that as a part of the refinancing, the
company is removing the turnover provision on its collateral. Under
the new capital structure, all first-lien debt will rank equally
(pari passu) against AMCEH's collateral. This largely equalizes our
estimated recoveries across most of the secured debt at both AMCEH
and Muvico. In addition, the proposed new term loan and senior
secured notes will benefit from incremental collateral pledged by
Muvico on a first-lien basis, which materially improves their
recovery prospects. In addition, the company's proposed term loan
and senior secured notes, Muvico $857 million senior secured notes
due 2029, and Muvico senior secured exchangeable notes due 2030
(unrated) rank pari passu against Odeon's collateral. Against the
backdrop of these changes, we also took the following rating
actions:

-- S&P said, "Corrected an error in our recovery analysis, which
led us to revise the recovery rating on Muvico's $857 million
senior secured notes due 2029 to '4' from '1'. As a consequence of
the change in the recovery rating, we lowered the issue-level
rating on the $857 million senior secured notes to 'CCC+' from 'B'.
The '4' recovery rating indicates our expectation for average
(30%-50%; rounded estimate: 45%) recovery for lenders in the event
of a payment default;"

-- Revised S&P's recovery rating on AMCEH's 7.5% senior secured
notes due 2029 to '4' from '3'. The '4' recovery rating indicates
its expectation for average (30%-50%; rounded estimate: 35%)
recovery for lenders in the event of a payment default; and

-- S&P said, "Raised our issue-level rating on the company's $107
million exchangeable notes due 2030 to 'CCC+' from 'CCC-' and
revised the recovery rating to '4' from '6'. The '4' recovery
rating indicates our expectation for average (30%-50%; rounded
estimate: 35%) recovery for lenders in the event of a payment
default."

S&P said, "The downgrade of our issue-level rating and downward
revision of the recovery rating on the Muvico $857 million senior
secured notes is due to an error in our previous recovery analysis.
In our previous analysis we overestimated the value of the
collateral at AMCEH available to lenders in a hypothetical
default.

"The error in our prior recovery valuation also affected AMCEH's
7.5% senior secured notes, which prior should have been rated
'CCC-' with a '6' recovery rating.

"While the transaction will push out AMCEH's debt maturities, we
continue to view its capital structure as unsustainable. Even with
a potential improvement in box office performance, its cash flows
will remain constrained by its high fixed charges, including more
than $400 million of annual interest expense and $850 million of
rent.

"We expect AMCEH will modestly improve its operating performance
over the next 12 months on strengthening theater attendance. The
domestic box office achieved revenue of about $8.6 billion in 2025,
which was slightly higher than in 2024. We forecast domestic box
office revenue of about $9.3 billion, or an increase of about 8%,
in 2026. Our forecast incorporates a more-consistent and robust
pipeline of theatrical and tentpole films, especially as Paramount
Skydance, Amazon, and Apple increase their film output. In
addition, 2026 will be the first year the industry will not face a
lagging impact from the 2023 Hollywood labor disputes, thus we
believe the studios will benefit from a more-normalized schedule."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- AMCEH's capital structure comprises the proposed $750 million
first-lien senior secured term loan maturing in 2031, proposed
$1.73 billion first-lien senior secured notes due 2031, $107
million of exchangeable notes due 2030, $155 million of
exchangeable notes due 2030 (not rated), and $857 million of
secured notes due 2029 (all issued by co-borrowers Muvico LLC and
AMCEH), as well as $360 million of 7.5% senior secured first-lien
notes due 2029 and $126 million of other outstanding subordinated
notes due 2027 both issued by AMCEH.

-- The proposed term loan and senior secured notes have a
first-priority claim on the assets at Muvico as well as AMCEH.

-- The first-lien debt is contractually senior to all subordinated
debt.

Simulated default assumptions

-- S&P's simulated default contemplates a hypothetical default in
2027 due to a slower-than-expected recovery in theater attendance
and a sudden, sharp shift toward alternative film delivery
methods.

-- All debt includes six months of prepetition interest.

-- S&P assumes that, in the event of a default or insolvency
proceeding, the company would reorganize, close its underperforming
theaters, and unwind its leases. S&P used a distressed EBITDA
multiple of 6x to value the company.

Simplified waterfall

-- EBITDA at emergence: $543 million

-- EBITDA multiple: 6x

-- Net enterprise value (after 5% administrative costs): $3.1
billion

-- Net enterprise value attributable to AMCEH: $1.6 billion

-- Net enterprise value attributable to Muvico: $1.2 billion

-- Net enterprise value attributable to Odeon: $331 million

-- Total value available to first-lien senior secured debt: $2.4
billion

-- Estimated first-lien senior secured debt claims: $2.6 billion

    --Recovery expectations: 90%-100% (rounded estimate: 90%)

-- Total value available to senior secured notes: $418 million

-- Estimated senior secured notes claims: $896 million

    --Recovery expectations: 30%-50% (rounded estimate: 45%)

-- Total value available to AMCEH senior secured first-lien notes:
$140 million

-- Estimated AMCEH senior secured first-lien note claims: $374
million

    --Recovery expectations: 30%-50% (rounded estimate: 35%)

-- Total value available to exchangeable notes: $41 million

-- Estimated exchangeable debt claims: $110 million

    --Recovery expectations: 30%-50% (rounded estimate: 35%)

-- Total value available to subordinated debt: $0

-- Estimated subordinated debt claims: $129 million

    --Recovery expectations: 0%-10% (rounded estimate: 0%)



ANTONIO MUNOZ: Claims to be Paid from Continued Operation
---------------------------------------------------------
Antonio Munoz Aserradero, LLC and Antonio Munoz, Jr. filed with the
U.S. Bankruptcy Court for the Eastern District of Texas a Joint
Plan of Reorganization dated February 16, 2026.

On March 1, 2020, Antonio Munoz, Jr. formed Antonio Munoz
Aserradero, LLC. The purpose of the company was to operate a
sawmill and to manufacture wood pallets.

The Debtors were sued jointly by Jerry Thomas for injuries he
allegedly received while working at the sawmill. Thomas recovered
from each of the Debtors a judgment in the amount of $1,914,750.00,
for a total amount of $3,829,500.00. Although the parties conducted
good-faith settlement negotiations, they ultimately could not
settle.

The Debtors perfected an appeal of the judgments rendered against
them, but could not afford to post an adequate supersedeas bond
pending a decision by the 12th Court of Appeals. In order to be
able to continue to operate while the appeal is decided, the
Debtors has to file petitions under Subchapter V of Chapter 11 of
the Bankruptcy Code.

The Class 7 Allowed General Unsecured Claims consist of twenty-four
claims which amount to $556,619.48. The Class 7 Allowed General
Unsecured Claims will be paid in pro rata monthly installments
beginning 30 days after the Confirmation Date in amounts sufficient
to pay the claims in full over a period of 60 months. These claims
are impaired.

Class 8 consists of Interest Holders. The holder of Interests in
the Debtor will retain his Interest post-confirmation. In no event
shall holders of Interests receive any distribution of profits or
proceeds from the Debtor until all Administrative Expenses and the
claims of the Classes described have been paid in full.

The Debtor will continue to operate its business and will continue
to make payments as provided for in this Plan so long as it
continues to operate.

The Debtor will keep its property insured as required by the
security agreements with its various secured creditors and will
maintain as well liability insurance to cover its business
operations.

Funds accumulated by Debtors during the pendency of the Case as
shown by the monthly operating reports filed herein will be
sufficient to pay all administrative expenses, including fees
charged and which may be charged by the Subchapter V Trustee, as
well as the payments provided for Class 6 Priority Unsecured Claims
in the Plan.

The Debtor projects that revenues realized in months in which its
revenues exceed its expenses and Plan payments will be retained and
will be sufficient to continue payments in any months in which its
revenues for a particular month do not exceed its expenses and Plan
payments for those months and will allow for the maintenance of a
balance of funds which will provide for the ability to pay 2026
property taxes.

A full-text copy of the Joint Plan dated February 16, 2026 is
available at https://urlcurt.com/u?l=Wrm1oF from PacerMonitor.com
at no charge.

Counsel to the Debtors:

   Michael E. Gazette, Esq.
   LAW OFFICES OF MICHAEL E. GAZETTE
   100 East Ferguson Street, Suite 1000
   Tyler, TX 75702-5706
   Telephone: (903) 596-9911
   Telecopier: (903) 596-9922
   E-mail: megazette@suddenlinkmail.com

                    About Antonio Munoz Aserradero

Antonio Munoz Aserradero, LLC, is a Texas-based company engaged in
sawmills and wood preservation activities.

Antonio Munoz Aserradero sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No.
25-60480) on Aug. 7, 2025.  In its petition, the Debtor estimated
assets between $50,000 and $100,000 and estimated liabilities
between $1 million and $10 million.

The Debtor is represented by Michael E. Gazette, Esq., at Law
Offices of Michael E. Gazette.


APPALACHIAN PRODUCER: Motion for Default Judgment Tossed
--------------------------------------------------------
The Hon. Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania denied Appalachian Producer
Services Corp.'s motion for default judgment in the adversary
proceeding captioned as APPALACHIAN PRODUCER SERVICES CORP.,
Plaintiff, -v- FORWARD FINANCING LLC, Defendant, Adversary No.
25-02108-JAD (Bankr. W.D. Pa.).

Plaintiff seeks entry of a default judgment declaring void a
written commercial agreement and disallowing Forward Financing
LLC's claim.

Defendant contends that the challenged agreement was authorized and
verified, and that factual disputes exist concerning authority,
execution, and enforceability. According to the Court, these issues
cannot be resolved without factual development.

Defendant represents that it did not receive service and had
engaged in pre-litigation communications and settlement discussions
regarding the dispute. On this record, the Court cannot conclude
that Defendant willfully ignored the proceeding.

Plaintiff requests a declaration that a commercial agreement is
void and unenforceable. Such relief requires factual findings and
legal determinations that cannot properly be entered by default
without an evidentiary basis. For these reasons, the Court
concludes entry of default judgment would be premature.

A copy of the Court's Memorandum Order dated February 20, 2026, is
available at https://urlcurt.com/u?l=piK8uE from PacerMonitor.com.

           About Appalachian Producer Services Corp.

Appalachian Producer Services Corp. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22299) on
August 29, 2025.

At the time of the filing, Debtor had estimated assets of between
$0 to $50,000 and liabilities of between $100,001 to $500,000.

Judge Jeffery A. Deller oversees the case.

Thompson Law Group, P.C. is the Debtor's legal counsel.



APPALACHIAN PRODUCER: Seeks 120-Day Extension of Plan Filing
------------------------------------------------------------
Appalachian Producer Services Corp. asked the U.S. Bankruptcy Court
for the Western District of Pennsylvania to extend its exclusivity
periods to file a plan of reorganization for additional one-hundred
twenty days.

On December 12, 2025, the Debtor filed Adversary Complaints for
Declaratory Judgment to Determine Debt Void by Operation of Law,
against creditors Highland Hill Capital, Kapitus LLC, and Forward
Financing LLC.

The Debtor explains that the three Adversary matters remain open,
and Debtor is in negotiations with opposing parties. The resolution
of these adversary proceedings will significantly impact the
creation of a feasible Chapter 11 Plan.

Under Section 1121(b) of the Bankruptcy Code, a party filing for
Chapter 11 has one-hundred twenty days from the order for relief to
exclusively file a plan for reorganization, after that, creditors
or other parties in interest may file their own proposed plans.
This 120-day period was the period initially granted to the Debtor
by the Court to file its Plan.

Appalachian Producer Services Corp. is represented by:

     Brian C. Thompson, Esq.
     THOMPSON LAW GROUP, P.C.
     301 Smith Drive, Suite 6
     Cranberry Township, PA 16066
     Telephone: (724) 799-8404
     Facsimile: (724) 799-8409
     E-mail: bthompson@thompsonattorney.com

                  About Appalachian Producer Services Corp.

Appalachian Producer Services Corp. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22299) on
Aug. 29, 2025.

At the time of the filing, the Debtor estimated assets of between
$0 to $50,000 and liabilities of between $100,001 to $500,000.

Judge Jeffery A. Deller oversees the case.

Thompson Law Group, P.C., is the Debtor's legal counsel.


ARETHUSA OFF-SHORE: Denial of Douglas May's Proof of Claim Upheld
-----------------------------------------------------------------
The Hon. Alfred H. Bennett of the U.S. District Court for the
Southern District of Texas adopted the Bankruptcy Court's May 30,
2024, Memorandum Decision and Order denying Appellant Douglas
Tyrone May's proof of claim against Arethusa Off-Shore, LLC.

Arethusa Off-Shore, LLC (formerly Arethusa Offshore Company) is an
affiliated debtor associated with Diamond Offshore Drilling, Inc.
that filed for Chapter 11 bankruptcy on April 26, 2020, in the
Southern District of Texas. It was part of a group of 14 affiliates
involved in the restructuring case.

A copy of the Court's Order dated February 19, 2026, is available
at http://urlcurt.com/u?l=wBPoJLfrom PacerMonitor.com.

                    About Diamond Offshore

Diamond Offshore Drilling, Inc., provides contract drilling
services to the energy industry worldwide. The company operates a
fleet of 15 offshore drilling rigs, including 4 drillships and 11
semi-submersible rigs. It serves independent oil and gas companies,
and government-owned oil companies. The company was founded in 1953
and is headquartered in Houston, Texas. Diamond Offshore Drilling
is a subsidiary of Loews Corporation. The company has major offices
in Australia, Brazil, Mexico, Scotland, Singapore, and Norway.

Diamond Offshore Drilling, Inc., along with its affiliates, filed a
voluntary petition for reorganization under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32307) on April
26, 2020. The petitions were signed by David L. Roland, senior vice
president, general counsel, and secretary.

As of Dec. 31, 2019, the Debtors disclosed $5,834,044,000 in total
assets and $2,601,834,000 in total liabilities.

The case is assigned to Judge David R. Jones.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP
are acting as the Company's legal counsel and Alvarez & Marsal is
serving as the Company's restructuring advisor.  Lazard Freres &
Co. LLC is serving as financial advisor to the Company. Prime Clerk
LLC is the claims and noticing agent.


ASHER HOMES: To Sell Oklahoma Properties to Rochdale Homes
----------------------------------------------------------
Asher Homes LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Oklahoma to sell Property, free and clear
of liens, claims, interests, and encumbrances.

The Property to be sold is described as all of the bankruptcy
estate's right, title, and interest and more completely described
as follows:

-- 127 East Latiner Street North, Tulsa, OK 74106
-- 917 East 37th Street, Tulsa, OK 74105
-- 1608 W 114th Street, Jenks, OK 74011
-- 12772 South 66th East Avenue, Bixby, OK 74008
-- 18956 East White Willow Pass, Owasso, OK 74055
-- 11535 S Marion Ave, Tulsa, OK 74137
-- 6511 E 127th Place South, Bixby, OK 74008

The Buyer, Rochdale Homes LLC, has agreed to purchase and the
Debtor has agreed to sell th Property according to the terms of the
contract. No representations, express or implied, concerning the
Property are or have been made by Debtor other than what is set
fort in the Contract.

The purchase price is $3,650,000.

Mabrey Bank has a senior lien position on all properties and will
be paid the total sum of $3,650,000 in exchange for a release of
all mortgage liens.

The Debtor made arrangements so that either Mabrey Bank, the Seller
and/or a third party will pay the closing costs for the sale of
each property.

A hearing is set for April 3, 2026 at 10:00am before the Honorable
Paul Thomas, United States Bankruptcy Judge, in Courtroom No. 2 of
the Federal Building, United States Bankruptcy Court, 224 S.
Boulder Ave. Tulsa Ok 74103 to consider any objections.

        About Asher Homes LLC

Asher Homes LLC specializes in owning and managing real estate
properties, including subdivision lots in Broken Arrow, Tulsa,
Jenks, Bixby, and Owasso, Oklahoma, with a total current value of
$12.72 million.

Asher Homes filed its voluntary petition for protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No.
24-10067) on January 20, 2025. In the petition signed by Daniel
Ruhl, president, the Debtor disclosed $12,736,760 in total assets
and $11,688,091 in total liabilities.

Judge Terrence L. Michael oversees the case.

Ron D. Brown, Esq., at Brown Law Firm, PC serves as the Debtor's
counsel.


AVALON GLOBOCARE: Secures $207,000 Funding via Convertible Note
---------------------------------------------------------------
Avalon GoboCare Corp. disclosed in a regulatory filing that it
entered into a Securities Purchase Agreement with Vanquish Funding
Group, Inc., a Virginia corporation, under which it issued a
promissory note on February 12, 2026, with an effective date of
February 11, 2026, in the principal amount of $233,910, for a
purchase price of $207,000, reflecting an original issue discount
of $26,910.

The Note carries a one-time interest charge of 12% and is repayable
in seven monthly payments beginning August 15, 2026 in the amount
of $144,099 and for the next 6 months thereafter in the amount of
$19,648.50. The Note matures on February 15, 2027.

Upon the occurrence and during the continuation of any Event of
Default (as defined in the Note), the Note shall become immediately
due and payable and we are required to pay Lender, in full
satisfaction of its obligations hereunder, an amount equal to 150%
times the sum of (w) the then outstanding principal amount of the
notes plus (x) accrued and unpaid interest on the unpaid principal
amount of the notes to the date of payment plus (y) Default
Interest, if any, on the amounts referred to in clauses (w) and/or
(x) plus (z) any amounts owed to the Lender pursuant to Article IV
of the notes (the then outstanding principal amount of the notes to
the date of payment plus the amounts referred to in clauses (x),
(y) and (z) shall collectively be known as the "Default Amount")
and all other amounts payable hereunder shall immediately become
due and payable, all without demand, presentment or notice, all of
which hereby are expressly waived, together with all costs,
including, without limitation, legal fees and expenses, of
collection, and the Lender shall be entitled to exercise all other
rights and remedies available at law or in equity.

Following an Event of Default, the Note becomes convertible into
shares of our common stock at the then existing conversion price.
The Note Conversion Price is 75% multiplied by the Market Price
representing a discount rate of 25%. "Market Price" means the
lowest trading price for our common stock during the 10-trading day
period ending on the latest complete trading day prior to the
conversion date. The Note includes customary default provisions,
including non-payment, failure to deliver shares upon conversion,
and cessation of operations.

The Note contains a conversion limitation whereby the Company shall
not issue a number of shares of its common stock under this Note,
which when aggregated with all other securities that are required
to be aggregated for purposes of Rule 5635(d), would exceed 19.99%
of the shares of Common Stock outstanding as of the date of the
Purchase Agreement. The Company intends to use the proceeds of the
Note for general working capital purposes. This transaction with
Lender closed on February 17, 2026.

A full text copy of the Purchase Agreement and the Note are
available at https://tinyurl.com/3jbc24xr and
https://tinyurl.com/4453kpxxm, respectively.

Unregistered Sales of Equity Securities

The Company issued the Note in reliance on the exemption from
registration provided by Section 4(a)(2) of the Securities Act of
1933,a s amended and Rule 506 of Regulation D thereunder. The
Company paid Digital Offering LLC a cash fee of $10,000 in
connection with the Purchase Agreement and the Note. The Company
intends to use the proceeds of the Note for general working capital
purposes.

On February 11, 2026, the Company issued 100,000 shares of its
common stock to a consultant under a consulting agreement for
services rendered. No proceeds were received. The Company issued
these shares in reliance on the exemption from registration
provided by Section 4(a)(2) of the Securities Act of 1933, as
amended.

Additionally, the Company issued 200,000 shares of its common stock
to a consultant under a consulting agreement for services rendered.
No proceeds were received. The Company issued these shares in
reliance on the exemption from registration provided by Section
4(a)(2) of the Securities Act of 1933, as amended.

                       About Avalon Globocare

Avalon Globocare Corp., based in Freehold, New Jersey, develops and
markets precision diagnostic consumer products and cellular therapy
intellectual property.  The Company currently sells the KetoAir
breathalyzer, a U.S. FDA-registered Class I medical device, and
plans to expand its diagnostic applications.  It also owns and
manages commercial real estate at its headquarters.

In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a
"going concern" qualification citing that the Company has yet to
achieve profitable operations, has negative cash flows from
operating activities, and is dependent upon future issuances of
equity or other financings to fund ongoing operations, all of which
raises substantial doubt about its ability to continue as a going
concern.

As of September 30, 2025, the Company had $9.1 million in total
assets, $13.6 million in total liabilities, and $4.5 million in
total deficit.


AVIS BUDGET: S&P Lowers ICR to 'BB-', Outlook Stable
----------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Avis Budget
Group Inc. (Avis) to 'BB-' from 'BB'. S&P also lowered its issue
ratings on the company's secured debt to 'BB-' from 'BB' and on its
unsecured debt to 'B' from 'B+'. S&P revised its recovery rating on
the secured debt to '4' (30%-50%) from '3' (50%-70%), while the '6'
(0%-10%) recovery rating on the unsecured debt is unchanged.

The stable outlook reflects S&P's expectation for Avis's credit
metrics to improve modestly through 2027 thanks to generally
favorable demand conditions and relatively steady used-vehicle
pricing trends.

Avis's financial performance in 2025 was weaker than its
expectations, given continued pricing pressure, elevated vehicle
recalls, and volatility in used-vehicle prices throughout the
year.

S&P said, "While we expect a gradual improvement in earnings in the
next two years, we believe progress in de-levering the balance
sheet will be slow through 2027.

"The downgrade reflects our expectation that improvement in Avis's
profitability will likely take longer than we previously expected.
Avis's profitability and cash flow generation in 2025 were hurt by
a somewhat uncertain rental pricing environment, driven in part by
periods of industry vehicle oversupply relative to demand, and
elevated vehicle recalls in the second half of the year, which
reduced vehicle rental days. Additionally, there was volatility in
fleet cost per month amid an ongoing fleet rotation during the
first quarter and subsequent tariff-related disruptions."

This followed a relatively weak performance in 2024, given
declining residual values, and a resulting accelerated fleet
rotation strategy. As a result, the company reported losses for the
second year in a row, with pre-tax losses – adjusted to exclude
impairment charges -- of $411 million in 2025, compared with $157
million in 2024.

S&P said, "We forecast modest pretax income in 2026 (albeit
significantly lower than in 2021-2023 as well as prior to the
pandemic), because of our expectation for air travel demand to
remain relatively steady. However, fleet costs will likely remain
high in early 2026 as Avis adjusts its depreciation rates to align
with the current used-vehicle price trend. On the other hand, we
expect some earnings benefit from the company's focus on optimizing
its fleet and enhancing fleet utilization. Nevertheless, in our
view, effective management of fleet costs through periods of
used-vehicle price volatility will be key to raising
profitability.

"We forecast credit metrics to improve somewhat through 2027 but
remain weaker than historical levels. We expect Avis's ability to
delever will be constrained in the near term due to weaker
earnings. Therefore, we expect leverage to remain elevated, with
debt to capital at 105%-110% through 2027 (compared with 112.2% in
2025). This is meaningfully higher than historical levels, with the
company's debt to capital averaging 96% in the decade leading up to
the COVID-19 pandemic, and 100%-103% in 2020-2023.

"We expect EBIT margins to improve modestly to 10%-15% through 2027
from 9.6% in 2025 (excluding $518 million in impairment charges),
mainly because of somewhat lower vehicle depreciation and operating
costs. On the other hand, we expect debt and interest expenses to
remain around current levels, as we don't expect a meaningful
expansion in fleet size, given the company's focus on enhancing
utilization.

"Therefore, through 2027, we expect EBIT interest coverage to
improve somewhat to 1.0x-1.3x from 0.7x in 2025 and funds from
operations (FFO) to debt to 12%-15% from 12.4% in 2025.
Nevertheless, the extent of this improvement will depend on
macroeconomic conditions and used-vehicle pricing trends remaining
largely steady, as well as the successful execution of management's
profitability initiatives.

"S&P Global Ratings currently expects resilient air travel demand
in 2026. Our expectation is that air travel demand in North America
and Europe will remain steady this year despite continued
macroeconomic and geopolitical uncertainty, as consumers continue
to prioritize spending on experiences such as travel. However, if
economic uncertainty persists and consumer sentiment weakens, they
could hurt demand for air travel over the course of the year.

"We expect some tariff-related uncertainty over vehicle costs to
persist in 2026. Avis's fleet cost per month was elevated in the
first quarter of 2025 due to an accelerated fleet rotation
announced in 2024. Subsequently, tariff announcements provided some
short-term benefits to used-vehicle prices, contributing to
somewhat lower fleet costs in the second and third quarters.
However, this benefit faded in the fourth quarter as some of the
tariff-driven uplift waned.

"Our forecast assumes relatively steady used-vehicle prices in
2026, as the supply of two- to four-year old vehicles has been
improving but remains tight, although those prices remain sensitive
to consumer sentiment.

"We also expect new vehicle prices to remain largely steady in
2026, providing some near-term visibility into car rental
companies' fleet acquisition costs." However, continued
tariff-related volatility could raise costs for these companies,
add uncertainty to their fleet management strategies, and hamper
their ability to effectively manage residual risk. Prolonged
tariffs on autos and auto parts will also raise maintenance
expenses.

The rating continues to reflect Avis's market position as one of
the three largest global car rental companies. Avis operates at
more than 10,000 locations in about 180 countries. However, despite
the concentrated market positions, this remains a highly
competitive industry, with exposure to cyclical demand trends.
Still, unlike most other travel-related industries, car rental
companies can flex their fleets by selling vehicles to align their
fleet with demand, which gives them some financial flexibility.

The stable outlook reflects S&P's expectation for Avis's credit
metrics to improve modestly through 2027 and remain in line with
the current rating thanks to generally favorable demand conditions
and relatively steady used vehicle pricing trends.

S&P could lower its ratings on Avis next year if FFO to debt
declines to below 12% or EBIT interest coverage falls and remains
below 1.1x, which could occur if:

-- Operating performance deteriorates due to limited success in
improving profitability, a decline in air travel demand,
higher-than-expected industry rental pricing pressures, or market
share losses;

-- Used-vehicle prices decline beyond our current expectations;
or

-- The company pursues an aggressive financial policy.

S&P could raise its rating on Avis next year if S&P expects its
EBIT interest coverage to improve above 1.3x and debt to capital to
around 100% on a sustained basis. This could occur if:

-- Airline travel increases significantly, resulting in
higher-than-expected demand and pricing; or

-- Strong used-vehicle prices bolster profitability and cause
faster delevering than S&P currently expects.



AXIP ENERGY: Gets Interim OK for DIP Financing From JPMorgan
------------------------------------------------------------
Axip Energy Services, LP and affiliates received interim approval
from the U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, to obtain debtor-in-possession financing to get
through bankruptcy.

The Debtors secured a $104.8 million DIP Facility, agented by
JPMorgan Chase Bank, N.A. This facility is designed to stabilize
the business, fund payroll, and manage the administrative costs of
the bankruptcy while the company seeks a buyer.

The Debtors said they are faced with approximately $240.5 million
in funded debt and a critical need for liquidity to maintain
operations and conduct a value-maximizing sale process. Because
nearly all of their assets are already encumbered, the Debtors were
unable to find outside financing and instead negotiated a DIP
Facility with their existing senior lenders.

The $104.8 million DIP Facility is split into two components:

1. New Money ($25.5 million): Actual fresh cash to fund the
bankruptcy cases, with $13 million available immediately upon
interim approval.

2. Debt Roll-Up ($79.3 million): A legal mechanism where
pre-petition debt is "rolled" into the new post-petition facility.
This includes the full $13.16 million of superpriority debt and
approximately $66.15 million of the ABL debt.

The financing carries an interest rate of 6.50% per annum (plus the
Alternate Base Rate) and is set to mature at the earliest of 90
days from the petition date, the consummation of a substantial
asset sale, or the effective date of a confirmed Chapter 11 plan.

The Debtors are required to comply with these milestones:

   1. No later than one calendar day after the petition date, the
Debtors must have filed with the court (1) a motion seeking entry
of the DIP orders and (2) a motion seeking approval of bidding
procedures and a stalking horse bid, in each case in form and
substance reasonably acceptable to the DIP agent and the Debtors.

   2. No later than three calendar days after the Petition Date,
the Debtors must have obtained entry by the court of the interim
order in form and substance satisfactory to the DIP agent in its
sole discretion.

   3. No later than 15 calendar days after the petition date, the
Debtors must have obtained entry of an order of the court approving
bidding procedures and the stalking horse bid and which bid
procedures order must be in form and substance reasonably
acceptable to the DIP agent and the Debtors.

   4. No later than 30 calendar days after the petition date, the
Debtors must have obtained entry by the court of the final order in
form and substance acceptable to the DIP agent in its sole
discretion.

   5. The bid deadline for submission of binding qualified bids in
accordance with the bid procedures order must occur no later than
36 calendar days after the petition date.

   6. No later than 43 calendar days after the petition date, the
Debtors must have obtained entry of an order of the court approving
the sale of all or substantially all of the Debtors' assets, and
which sale order must provide for repayment of the DIP Facility in
accordance with the priorities set forth in the DIP orders and the
Intercreditor Agreements, and otherwise be in form and substance
reasonably acceptable to the DIP agent and the Debtors.

7. No later than 45 calendar days after the petition date, the
Debtors must have closed the sale authorized pursuant to the sale
order and contemporaneously therewith must have directed the
proceeds therefrom to repay the DIP Facility in accordance with the
priorities set forth in the DIP orders.

Before the filing, the Debtors' capital structure consisted of
three primary layers of secured debt, largely managed by JPMorgan
Chase Bank:

   1. Superpriority Facility: A first-priority term loan with an
outstanding principal of approximately $13.16 million. This was the
most senior debt, established just months before the filing to
support contingency planning.

   2. ABL Facility: A revolving credit facility with a massive
outstanding principal of approximately $207.8 million. While also a
first-priority lien, it is contractually subordinate in payment
priority to the Superpriority Facility.

   3. Second Lien (2L) Facility: Managed by Permico, Inc., this
facility carries an outstanding principal of approximately $19.5
million and is secured by second-priority liens on substantially
all of the company's assets.

The use of the DIP Facility and cash collateral is governed by a
13-week initial DIP budget. The Debtors must operate within this
budget, subject to a 15% permitted variance on total operating
disbursements (excluding professional fees and adequate protection
payments). Compliance is monitored through bi-weekly variance
reports delivered to the DIP agent and the U.S. Trustee.

The agreement also includes "usual and customary" affirmative and
negative covenants, as well as bankruptcy-specific Events of
Default. These triggers include the failure to meet sale
milestones, the appointment of a trustee, the dismissal or
conversion of the cases, or any unauthorized attempt to surcharge
collateral under Section 506(c).

The order is available at
http://bankrupt.com/misc/Axip_InterimDIPorder.pdf

The final hearing is set for March 18.

             About Axip Energy Services, LP

Axip Energy Services, LP is a provider of natural gas contract
compression services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on February
22, 2026. In the petition signed by Ben Chesters, chief
restructuring officer, the Debtor disclosed up to $500 million in
both assets and liabilities.

Judge Christopher M. Lopez oversees the case.

Paul E. Heath, Esq., at Vinson & Elkins LLP, represents the Debtor
as legal counsel.

JPMorgan Chase Bank, N.A., as DIP agent, is represented by:

Elisha D. Graff, Esq.
Dov Gottlieb, Esq.
Zachary J. Weiner, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue New York, NY 10017
Telephone: (212) 455-2000
Facsimile: (212) 455-2502
Email: egraff@stblaw.com
       dov.gottlieb@stblaw.com
       zachary.weiner@stblaw.com


AXIP ENERGY: Seeks to Sell Gas Compression Services at Auction
--------------------------------------------------------------
Axip Energy Services LP and its affiliates seek permission from the
U.S. Bankruptcy Court for the Southern District of Texas, Houston
Division, to sell Property in auction, free and clear of liens,
claims, interests, and encumbrances.

Axip Energy Services, LP and its Debtor and non-Debtor affiliates,
headquartered in Houston, Texas, are a privately held, leading
provider of natural gas contract compression services with a focus
on the Permian Basin and other low breakeven unconventional shale
plays. The Debtors primarily service the super majors, investment
grade upstream producers, and midstream companies with a contracted
fleet comprised of 940 compression units with a total of 326,070
horsepower. The Debtors are able to provide these leading,
real-time services from their facilities located throughout Texas,
New Mexico, and North Dakota.

The Debtors seek approval of the proposed deadline of the sale.

The Debtors rigorously marketed the Debtors' business prior to the
Petition Date, which resulted in a stalking horse bid from Service
Compression, LLC.

The Bidding Procedures are designed to continue and promote the
fair, efficient, competitive, and robust sale process for the
Assets that the Debtors commenced prior to the Petition Date.

The Stalking Horse Bidder is seeking to acquire substantially all
of the Debtors' Assets in exchange for cash consideration of
approximately $161,000,000.00, subject to adjustment pursuant to
the terms and conditions of the Stalking Horse Agreement.

The proposed Bid Deadline by which bids must be actually received
by the Debtors and their advisors is March 30, 2026 at 5:00 p.m.
(prevailing Central Time).

The Debtors intend to conduct the Auction, if required, on April 1,
2026 at 9:00 a.m. (prevailing Central Time), or such other time to
be announced by the Debtors, in person or by videoconference or
such other form of remote communication established by the Debtors.


The Debtors seek approval of the Assumption and Assignment
Procedures to facilitate the fair and orderly assumption and
assignment of the executory contracts and unexpired leases.

The Bidding Procedures provide for an orderly, uniform, and
competitive process through which interested parties may submit
offers to purchase the Assets.

The Debtors request that the Court authorize the Debtors to enter
into the Stalking Horse Agreement with the Stalking Horse Bidder.

The Debtors believe that authority to provide the Stalking Horse
Bidder with the Bid Protections in accordance with the terms of the
Stalking Horse Agreement is in the best interests of their estates.


          About Axip Energy Services LP

Axip Energy Services LP is a provider of natural gas contract
compression services with a focus on the Permian Basin and other
low breakeven unconventional shale plays. The Debtors primarily
service the super majors, investment grade upstream producers, and
midstream companies with a contracted fleet comprised of 940
compression units with a total of 326,070 horsepower. The Debtors
are able to provide these leading, real-time services from their
facilities located throughout Texas, New Mexico, and North Dakota.


Axip Energy and its affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.Tex.Case No. 26-90338 (CML)
on February 22, 2026.

Judge Christopher M. Lopez presides over the case.

Paul E Heath at Vinson & Elkins represents the Debtor as legal
counsel.


BAYTEX ENERGY: Moody's Withdraws 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Ratings withdraws all of Baytex Energy Corp.'s (Baytex)
ratings at the issuer's request, including the B1 corporate family
rating, B1-PD probability of default rating, B3 senior unsecured
notes rating, and SGL-1 speculative grade liquidity rating. Prior
to the withdrawal, the outlook was stable.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Baytex Energy Corp. is a publicly listed Calgary, Alberta-based
independent exploration and production company.


BESTWALL LLC: Claimants Ask SCOTUS to Hear Chapter 11 Challenge
---------------------------------------------------------------
Alex Wittenberg of Law360 reports that asbestos personal-injury
claimants have asked the U.S. Supreme Court to intervene in the
bankruptcy of Bestwall LLC, a Georgia-Pacific spinoff that utilized
the controversial "Texas two-step" restructuring. The claimants
argue that the Fourth Circuit created an erroneous legal benchmark
for determining whether a debtor is in sufficient financial
distress to qualify for Chapter 11 protection.

The dispute centers on Bestwall's creation through a divisional
merger that separated Georgia-Pacific's asbestos liabilities from
its operating assets. After the split, Bestwall filed for
bankruptcy, seeking to channel present and future asbestos claims
into a trust. Opponents argue the maneuver was a strategic
litigation tactic rather than a response to imminent insolvency,
according to report.

In seeking Supreme Court review, the claimants maintain that the
Fourth Circuit's approach conflicts with established bankruptcy
principles and decisions from other jurisdictions. They contend
that without high court guidance, corporations will continue to
exploit the restructuring mechanism to manage mass-tort exposure
outside the traditional bounds of bankruptcy law, Law360 reports.

                     About Bestwall LLC

Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities. Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965. The former Bestwall
Gypsum entity manufactured joint compounds containing small amounts
of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.

Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC
("PlasterCo"), develops, manufactures, sells and distributes gypsum
plaster products, including gypsum floor underlayment, industrial
plaster, metal casting plaster, industrial tooling plaster, dental
plaster, medical plaster, arts and crafts plaster, pottery plaster
and general purpose plaster.

On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims. The
Debtor estimated assets and debt of $500 million to $1 billion. It
has no funded indebtedness.

The Hon. Laura T. Beyer is the case judge.

The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.

On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case. The
committee retained Montgomery McCracken Walker & Rhoads, LLP as
legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel.

On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in the Debtor's
case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as
legal counsel; Hull & Chandler, P.A., as local counsel; Ankura
Consulting Group, LLC, as claims evaluation consultant; and FTI
Consulting, Inc., as financial advisor.


BEYOND AIR: Alyeska Investment Group Holds 7.27% Equity Stake
-------------------------------------------------------------
Alyeska Investment Group, L.P., Alyeska Fund GP, LLC, and Anand
Parekh, disclosed in a Schedule 13G (Amendment No. 1) filed with
the U.S. Securities and Exchange Commission that as of December 31,
2025, they beneficially own 582,638 shares of common stock
(includes 224,193 shares of common stock and 358,445 PIPE shares)
of Beyond Air, Inc.'s common stock, par value $0.0001 per share,
representing 7.27% of the 8,009,488 shares outstanding as reported
in the Company's Prospectus filed December 16, 2025.

Alyeska Investment Group, L.P. may be reached through:

     Jason Bragg, Chief Financial Officer
     77 West Wacker Drive, 7th Floor
     Chicago, IL 60601
     Tel: 312-899-7902

A full-text copy of Alyeska Investment Group, L.P.'s SEC report is
available at: https://tinyurl.com/3fwunphn

                       About Beyond Air

Headquartered in Garden City, N.Y., Beyond Air, Inc. --
www.beyondair.net -- is a commercial-stage medical device and
biopharmaceutical company developing a platform of nitric oxide
generators and delivery systems (the "LungFit platform") capable of
generating NO from ambient air. The Company's first device,
LungFitPH, received premarket approval from the FDA in June 2022.
The NO generated by the LungFit PH system is indicated to improve
oxygenation and reduce the need for extracorporeal membrane
oxygenation in term and near term (34 weeks gestation) neonates
with hypoxic respiratory failure associated with clinical or
echocardiographic evidence of pulmonary hypertension in conjunction
with ventilatory support and other appropriate agents.

East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated June 20, 2025, attached to the Company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2025, citing that the
Company has suffered recurring losses from operations, has
experienced negative cash flows from operating activities since
inception, and has an accumulated deficit, that raise substantial
doubt about its ability to continue as a going concern.

As of September 30, 2025, the Company had $28.1 million in total
assets, against $17.7 million in total liabilities.


BEYOND AIR: Balyasny Asset and Affiliates Hold 9.53% Equity Stake
-----------------------------------------------------------------
Balyasny Asset Management L.P., BAM GP LLC, Balyasny Asset
Management Holdings LP, Dames GP LLC, and Dmitry Balyasny,
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 763,266 shares of common stock -- including
299,104 shares issuable upon exercise of warrants subject to a
9.99% beneficial ownership limitation; with sole voting and
dispositive power via investment management of Atlas Diversified
Master Fund, Ltd. -- of Beyond Air, Inc.'s common stock, par value
$0.0001 per share, representing 9.53% of the 8,009,488 shares
outstanding as of November 7, 2025, per the Company's Form 10-Q
filed November 10, 2025).

Balyasny Asset Management L.P. may be reached through:

     Scott Schroeder, Authorized Signatory
     444 West Lake Street, 50th Floor
     Chicago, IL 60606
     Tel: 312-499-2999

A full-text copy of Balyasny Asset Management L.P.'s SEC report is
available at: https://tinyurl.com/yc2878em

                       About Beyond Air

Headquartered in Garden City, N.Y., Beyond Air, Inc. --
www.beyondair.net -- is a commercial-stage medical device and
biopharmaceutical company developing a platform of nitric oxide
generators and delivery systems (the "LungFit platform") capable of
generating NO from ambient air. The Company's first device,
LungFitPH, received premarket approval from the FDA in June 2022.
The NO generated by the LungFit PH system is indicated to improve
oxygenation and reduce the need for extracorporeal membrane
oxygenation in term and near term (34 weeks gestation) neonates
with hypoxic respiratory failure associated with clinical or
echocardiographic evidence of pulmonary hypertension in conjunction
with ventilatory support and other appropriate agents.

East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated June 20, 2025, attached to the Company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2025, citing that the
Company has suffered recurring losses from operations, has
experienced negative cash flows from operating activities since
inception, and has an accumulated deficit, that raise substantial
doubt about its ability to continue as a going concern.

As of September 30, 2025, the Company had $28.1 million in total
assets, against $17.7 million in total liabilities.


BIGTIME HOUSING: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
BigTime Housing, LLC received interim approval from the U.S.
Bankruptcy Court for the Eastern District of California, Sacramento
Division, to use cash collateral and its affiliates.

The Debtor intends to use up to $204,985 in cash collateral under
its budget (with a 15% variance), excluding salary payments to the
company owner.

The Debtor's cash collateral consists of accounts receivable,
rental income (approximately $97,000 per month), and certain
personal property. Approximately $44,000 held in bank accounts is
believed to be unencumbered.

The secured creditors asserting potential interests include FCI
Lender Services, Forbix Capital Corporation, Shellpoint Mortgage
Servicing, The Bridge Loan Inc., Fay Servicing LLC, and the U.S.
Small Business Administration.

As adequate protection, the Debtor offers granting replacement
liens on pre-bankruptcy and post-petition assets and resuming
regular monthly mortgage payments beginning March 1.

BigTime Housing owns and operates 29 residential rental properties
in Sacramento County that provide housing to low- and
moderate-income families and currently generate net positive
income, although 28 of 29 secured loans were one to three payments
delinquent as of the petition date.

The Debtor's Chapter 11 filing was primarily intended to stop a
non-judicial foreclosure against a newly completed development
property in Elk Grove, California, and to address mounting
liquidity pressures caused by approximately $200,000 in tenant rent
delinquencies, multiple eviction proceedings, increased repair and
turnover costs, rising interest rates, and construction-related
financial strain.

A court hearing is scheduled for March 25.

                     About BigTime Housing LLC

BigTime Housing, LLC owns and operates 29 residential rental
properties in Sacramento County that provide housing to low- and
moderate-income families.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20848) on February
19, 2026. In the petition signed by Enoch Duplechan, managing
member, the Debtor disclosed up to $50 million in assets and up to
$10 million in liabilities.

Judge Christopher D. Jaime oversees the case.

Gabriel E. Liberman, Esq., at Law Offices of Gabriel Liberman, APC,
represents the Debtor as legal counsel.


BLOOM HOTELS: Seeks Chapter 11 Bankruptcy in Florida
----------------------------------------------------
Bloom Hotels 6060, LLC, the owner of the Sixty Sixty Resort located
at 6060 Indian Creek Drive in Miami Beach, Florida, filed for
Chapter 11 bankruptcy protection on Feb. 16 in the U.S. Bankruptcy
Court for the Southern District of Florida.

The company lists assets and liabilities each estimated between $10
million and $50 million. Court filings indicate that funds are
expected to be available for distribution to unsecured creditors.

                  About Bloom Hotels 6060, LLC

Bloom Hotels 6060, LLC owns the real property and improvements at
6060 Indian Creek Drive in Miami Beach, Florida, a waterfront
condo-hotel complex.

Bloom Hotels 6060, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11867) on February
16, 2026. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Robert A. Mark handles the case.

The Debtor is represented by Kristopher E. Pearson, Esq. of DAMIAN
VALORI CULMO.


BON MORRO: Final Cash Collateral Hearing Adjourned to March 2
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
adjourned the hearing to consider final approval of The Bon Morro,
LLC’s motion to use cash collateral.

The final hearing was adjourned to March 2, at 10:00 a.m., and will
continue, if necessary, on March 3, at 10:00 a.m.

To avoid immediate liquidation and preserve the going-concern value
of their real estate project, the Debtors sought court approval in
November to use cash collateral, which consists primarily of rental
income.

The Debtors hold a leasehold interest in The Bon, a prominent
mixed-use project in Boston's Fenway neighborhood, featuring 451
residential units (95% leased) and seven commercial units.

Despite being projected to be cash-flow positive during the
bankruptcy, the Debtors were forced to file after failing to
refinance $162.5 million in pre-petition debt. They attribute this
failure to "onerous terms" in their ground lease and bad faith
tactics by the ground lessor, Boylston Kenmore 1260, LLC, against
whom the Debtors are filing a contemporaneous complaint seeking
damages and lease modifications.

The Debtors' primary secured debt is a $177.5 million mortgage
facility (currently totaling approximately $162.5 million in
principal) held by a group of lenders including Athene Annuity and
Life Company and Aris Mortgage Lending, LLC, with 1260 Boylston
Street Lender, LLC acting as the pre-petition mortgage agent.

To protect the lenders' interests against any "diminution in value"
caused by the use of their cash collateral, the Debtors offer
adequate protection that includes granting valid, perfected
security interests in all of their post-petition assets, with the
same extent and priority as their pre-petition liens, and ensuring
the project remains a functioning, revenue-generating asset, which
the Debtors claim will increase in value once the ground lease
disputes are resolved.

The Debtors' valuation expert, Andrew Manley of Berkeley Research
Group, estimates the value of the lenders' collateral at only $135
million to $140 million. Because they are considered undersecured,
the lenders are not entitled to post-petition interest under
Section 506(b) of the Bankruptcy Code.

                      About The Bon Morro LLC

The Bon Morro, LLC is a Boston, Mass.-based single-asset real
estate debtor holding the ground lease to "The Bon," a 451-unit
mixed-use project at 1260 Boylston Street.

Bon Morro and its debtor affiliates filed for Chapter 11 protection
(Bankr. D. Mass. Case No. 25-12379) on November 2, 2025. At the
time of the filing, Bon Morro reported $100 million to $500 million
in both assets and liabilities.

Judge Christopher J. Panos oversees the cases.

The Debtors tapped Choate Hall & Stewart, LLP as legal counsel;
Stephen S. Gray of Gray & Company, LLC as chief restructuring
officer; and Berkeley Research Group, LLC as valuation consultant.


BON MORRO: Plan Exclusivity Period Extended to May 1
----------------------------------------------------
Judge Christopher J. Panos of the U.S. Bankruptcy Court for the
District of Massachusetts extended The Bon Morro, LLC and
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to May 1 and June 30, 2026,
respectively.

As shared by Troubled Company Reporter, the Debtors explain that
extension of the Exclusivity Periods is warranted because it will
give the companies sufficient time to resolve the Collateral
valuation dispute with Madison, the key gating issue for any plan
going forward. Regardless of the outcome of the valuation dispute
when it is heard by the Court on March 2, 2026, the Debtors need to
determine the value of the Collateral before they can devise a plan
that offers treatment to Madison and the other claimants on account
of such determination.    

The Debtors claim that they continue to diligently advance these
Chapter 11 Cases. Through stipulations with the Landlord, Madison,
and other creditors, the Debtors are laying the groundwork for plan
negotiations. The Debtors are eager to quickly exit from these
Chapter 11 Cases and require additional exclusivity in order to
continue their good-faith efforts to finalize and pursue
confirmation of a chapter 11 plan.

The Debtors note that they continue to play an active role in
stabilizing and attempting to improve their financial position. By
hiring ordinary course professionals to accelerate the marketing of
unoccupied commercial space, the Debtors are fully engaged in
increasing operating cash flow. Additionally, the Debtors remain
current on all operating expenses needed to maintain the Project in
the ordinary course.

The Debtors assert that by seeking extensions to the Exclusivity
Periods, the companies aim not to leverage their creditors, but
rather to have sufficient time to resolve the key dispute with
their largest creditor. In that spirit, the Debtors have supported
multiple extensions of cash collateral negotiations with Madison in
the hopes of reaching a consensual solution without the need for
further litigation. Upon determination of the value of Madison's
Collateral, the Debtors intend to promptly finalize and prosecute a
plan for the benefit of all parties-in-interest.

Counsel to the Debtors:

     Douglas R. Gooding, Esq.
     M. Hampton Foushee, Esq.
     CHOATE HALL & STEWART LLP
     Two International Place
     Boston, MA 02110
     Telephone: (617) 248-5000
     E-mail: dgooding@choate.com
             hfoushee@choate.com

                          About The Bon Morro, LLC

The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based
single-asset real estate debtor holding the ground lease to "The
Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed
for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy
Court for the District of Massachusetts (Bankr. D. Mass. Case No.
25-12379).

At the time of the filing, the Company reported $100 million to
$500 million in both assets and liabilities.

Judge Christopher J. Panos oversees the case.

Choate Hall & Stewart LLP is the Debtors' legal counsel.


BRDL WARDEN: Case Summary & One Unsecured Creditor
--------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                    Case No.
    ------                                    --------
    BRDL Warden Station Holding Co, LLC       26-30213
       d/b/a BRDL SPE 9 LLC
    6433 Bannington Road
    Charlotte, NC 28226

    BRDL Warden Station LLC                   26-30214
    6433 Bannington Road
    Charlotte, NC 28226

Business Description: BRDL Warden Station LLC and its affiliate
BRDL Warden Station Holding Co, LLC, doing business as BRDL SPE 9
LLC, are Charlotte, North Carolina-based land development entities
focused on subdividing and preparing property for the Warden
Station project.

Chapter 11 Petition Date: February 24, 2026

Court: United States Bankruptcy Court
       Western District of North Carolina

Judge: Hon. Ashley Austin Edwards (26-30214)
       Hon. Laura T Beyer (26-30213)

Debtors'
General
Bankruptcy
Counsel:             Matthew L. Tomsic, Esq.
                     RAYBURN COOPER & DURMAN, P.A.           
                     227 West Trade Street, Suite 1200
                     Charlotte, NC 28202
                     Tel: 704-334-0891
                     Email: mtomsic@rcdlaw.net

BRDL Warden Station Holding's
Estimated Assets: $0 to $50,000

BRDL Warden Station Holding's
Estimated Liabilities: $0 to $50,000

BRDL Warden Station LLC's
Estimated Assets: $10 million to $50 million

BRDL Warden Station LLC's
Estimated Liabilities: $10 million to $50 million

The petitions were signed by Lindsay Jarvis as authorized officer.

BRDL Warden Station LLC listed the Horry County Treasurer, PO Box
260107, Conway, SC 29528-8888, as its sole unsecured creditor,
holding a claim of $323,107 related to property taxes.

Full-text copies of the petitions are available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/77C5V4Y/BRDL_Warden_Station_Holding_Co__ncwbke-26-30213__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/4TEDOCA/BRDL_Warden_Station_LLC__ncwbke-26-30214__0001.0.pdf?mcid=tGE4TAMA


BRIGHT MOUNTAIN: 10th Lane Partners Holds 24.5% Equity Stake
------------------------------------------------------------
Centre Lane Partners Master Credit Fund II, L.P. and 10th Lane
Partners, LP disclosed in a Schedule 13G (Amendment No. 3) filed
with the U.S. Securities and Exchange Commission that as of
December 31, 2025, they beneficially own shares of Bright Mountain
Media, Inc.'s common stock, par value $0.01 per share.

10th Lane holds 44,386,469 shares of common stock, representing
24.5% based on approximately 181,310,000 outstanding shares of
Common Stock.

BV Agency, LLC directly holds 26,403,984 shares of Common Stock.
Centre Lane directly holds 17,982,485 shares of Common Stock,
representing 9.9%.

10th Lane is the investment advisor for each of BV and Centre Lane
and has sole voting and dispositive power over such shares of
Common Stock.

Centre Lane Partners Master Credit Fund II, L.P. may be reached
through:

     10th Lane Partners, LP
     Brian Dillon, Chief Compliance Officer
     60 East 42nd Street, Suite 2220
     New York, NY 10165
     Tel: 646-843-0710

A full-text copy of Centre Lane's SEC report is available at:
https://tinyurl.com/3dd25e72

                      About Bright Mountain

Bright Mountain Media, Inc. (together with its wholly-owned
subsidiaries) is an end-to-end marketing services company that
helps brands with the right audiences, at the right time, with the
right message, both effectively and efficiently by removing the
middlemen in the marketing workflow.  The Company's end-to-end
offerings combine consumer insights with creative services, media
services, and advertising technology to deliver solutions to
improve audience fidelity for brands.  The Company focuses on
digital publishing, advertising technology, consumer insights,
creative services, and media services.

New York, New York-based WithumSmith+Brown, PC, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 10, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended Dec. 31, 2024.  The report
cited 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, the Company had $37.6 million in total
assets, $111 million in total liabilities, and $73.4 million in
total stockholders' deficit.  


BROOKS CUSTOM: Court Extends Plan Exclusivity Period to March 16
----------------------------------------------------------------
Judge Selene D. Maddox of the U.S. Bankruptcy Court for the
Northern District of Mississippi granted Brooks Custom Application,
LLC's second motion to extend exclusivity period within which to
file its disclosure statement and plan of reorganization.

The Debtor must file its disclosure statement and plan of
reorganization within twenty (20) days from February 24, 2026, or
March 16, 2026.

A copy of the Court's Order dated February 24, 2026, is available
at http://urlcurt.com/u?l=uiQw1Ofrom PacerMonitor.com.

                About Brooks Custom Application

Brooks Custom Application, LLC, provides agricultural application
services including liquid fertilizer and chemical treatments, lime
spreading, and both fixed-rate and variable-rate applications. The
family-owned Company, founded in 1969 and based in Houston,
Mississippi, serves growers and ag retailers across Mississippi,
Alabama, Tennessee, and Kentucky.

Brooks Custom Application filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No.
25-13062) on September 16, 2025. At the time of filing, the Debtor
listed $6,229,773 in total assets against $8,477,809 in total
liabilities. The petition was signed by John Paul Brooks as
managing member.

Judge Selene D. Maddox presides over the case.

Craig M. Geno, Esq., at LAW OFFICES OF GENO AND STEISKAL, PLLC, is
the Debtor's counsel.

Watkins, Ward & Stafford serves as the Debtor's accountant.


BUDDY MAC: Court OKs Retail Business Sale to Phonix RBS
-------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, has granted Buddy Mac Holdings LLC and its
affiliates, to sell substantially all Assets, free and clear of
liens, claims, interests, and encumbrances.

The vast majority of the Debtors rent and sell furniture,
electronics, appliances, and other merchandise to customers on a
rent-to-own basis. Customers sign rent-to-own contracts with the
Debtors (RTO Agreements) and make monthly or weekly payments for
merchandise throughout the term of the contract, which is typically
between twelve and eighteen months. The purchase price is amortized
over the term of contract, and the customer owns the merchandise
once all payments are made. Alternatively, customers can
stop making payments and return the merchandise at any time.

The Company operates 46 rent-to-own stores, 32 of which are
operated by Debtors and 14 of which are currently operated by
non-debtors. Except for the Debtors’ Tyler, Texas store, which is
operated by Buddy Mac One, LLC, all the Debtor stores are operated
by RTO Subsidiaries.

The TIC Properties include real property located at: 414 N.
Columbia St., Plainview, TX 79072 (Plainview TIC Property); 218 N.
Main St., Seminole, OK 74868 (Seminole TIC Property); 1100 North
Highway 491, Gallup, NM 87301 (Gallup TIC Property); 501 W. Main
St., Brownfield, TX 79316 (Brownfield TIC Property); 1501 E Malone
Ave, Sikeston, MO 63801 (Sikeston TIC Property); 810 W 13th St,
Caruthersville, MO 63830 (Caruthersville TIC Property); 103 N.
Carbon St, Marion, IL 62959 (Marion TIC Property); and 1404 W
Gentry Pkwy, Tyler, Texas 75702 (Tyler TIC Property).

Phonix RBS LLC has committed to credit bid for substantially all of
the Debtors' assets not otherwise sold, with the exception of the
Tyler TIC Property, which will be sold separately by a broker to be
retained by the Debtors' estates for that specific purpose, with
proceeds paid to creditors in accordance with lien priority.

Phonix will also assume all executory contracts identified in the
APA at closing, with certain cure costs paid pursuant to the agreed
DIP Budget, and shall be authorized, but not obligated, to
interview and
hire employees at any store location at which Phonix wishes to
continue operations.


The Court has authorized the Debtor to sell the Property to Phonix
RBS, LLC, a Delaware limited liability company, or its designee, in
a credit bid, free and clear of all liens, claims, encumbrances,
and interests.

The Debtors and the Buyer are authorized to take all actions
necessary or appropriate to consummate the Sale and perform their
respective obligations under the Asset Purchase Agreement and the
Order.

            About Buddy Mac Holdings LLC

Buddy Mac Holdings, LLC, together with its affiliates, operates a
rent-to-own retail business selling home furnishings, electronics,
and appliances, allowing customers to make periodic payments with
the option to complete purchase or return the product at any time.
The company began its rent-to-own operations in 2014 as a
franchisee of Buddy's Home Furnishings and has expanded to operate
47 store locations across Arkansas, Florida, Illinois, Kansas,
Missouri, New Mexico, Oklahoma, and Texas. It offers products
under
franchise agreements, with typical customer contracts spanning 12
to 18 months.

Buddy Mac Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case
No. 25-34839) on December 4, 2025. In the petition signed by
William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to
$50 million in both assets and liabilities.

Judge Michelle V. Larson oversees the case.

John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents
the Debtors as legal counsel.


CAFE PASSE: Gets Final OK to Use Cash Collateral
------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona entered a
final order authorizing Cafe Passe, LLC to use cash collateral.

Under the order, the debtor is permitted to use cash collateral
from January 20, 2026, through April 30, 2026, in accordance with
the operating budget submitted with the motion. The authorization
allows the company to continue paying necessary business expenses
and maintain ongoing operations while restructuring under Chapter
11.

The Debtor projects total operational expenses of $37,339.00 for
February.

As adequate protection, creditors holding security interests in the
cash collateral are granted automatically perfected post-petition
liens with the same validity, priority, and extent as their
prepetition liens. These replacement liens become effective without
the need for additional filings or documentation under
non-bankruptcy law.

The order preserves the rights of all parties to later seek
modified protections or challenge the validity, priority, or extent
of any claims or liens. The debtor must comply with all
debtor-in-possession obligations under bankruptcy law and is
required to promptly serve notice of the order on the Subchapter V
trustee, the U.S. Trustee, and all interested parties.

                  About Cafe Passe LLC

Cafe Passe, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00509) on January
18, 2026, with $100,001 to $500,000 in both assets and
liabilities.

Judge Scott H. Gan presides over the case.

Charles R. Hyde, Esq., at the Law Offices of C.R. Hyde, PLC
represents the Debtor as bankruptcy counsel.


CALDWELL HOLDINGS: Gets OK to Use Cash Collateral Until March 11
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Rome Division, issued a fifth interim order authorizing Caldwell
Holdings, LLC to use cash collateral.

The fifth interim order authorized the Debtor to use cash
collateral in accordance with its budget through the final hearing
scheduled for March 11.

The budget shows total projected operational expenses of
$135,752.71.

The Debtor believes that First Internet Bank of Indiana and Itria
Ventures, LLC may have security interests in certain business
revenues that may constitute cash collateral.

The First Internet Bank of Indiana (as successor to ApplePie
Capital, Inc.) has a first position lien on the Debtor's cash
collateral.

To protect the lenders, the court granted them adequate protection
liens on post-petition assets similar to their pre-bankruptcy
collateral. The replacement liens do not apply to any Chapter 5
avoidance actions.

Itria Ventures is represented by:

   Michael E. Hutchins, Esq.
   Robyn King Richards, Esq.
   Paul G. Williams, Esq.
   Kasowitz LLP
   1230 Peachtree Street, NE, Suite 2445
   Atlanta, GA 30309  
   Tel: (404) 260-6080
   mhutchins@kasowitz.com
   rking@kasowitz.com
   pwilliams@kasowitz.com

                  About Caldwell Holdings, LLC

Caldwell Holdings, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41374) on
September 10, 2025, listing between $100,001 and $500,000 in assets
and between $1 million and $10 million in liabilities.

Judge Hon. Paul W Bonapfel oversees the case.

Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC
represents the Debtor as legal counsel.


CARBON HEALTH: Junior Lenders Object to Proposed Financing
----------------------------------------------------------
Randi Love of Bloomberg Law reports that the unsecured creditors of
Carbon Health Technologies Inc. have raised objections to the
company's proposed debtor-in-possession financing, claiming the
arrangement favors a pre-bankruptcy lender at the expense of junior
creditors. The group argued that approving the motion would
improperly prioritize existing debt held by Future Solution
Investments LLC.

In a Monday, February 23, 2026, filing in the Southern District of
Texas, the creditors’ committee said Carbon Health had not
justified a request for $28.5 million in new financing after
reporting receipt of at least $77 million from the same lender in
the past three months. The committee argued the proposal fails to
meet the legal standard required to grant superpriority treatment.

The urgent- and primary-care provider, which operates 93 clinics
across the United States, stated that the financing is necessary to
continue operations and support its Chapter 11 restructuring.
Company executives noted that additional capital would help
maintain patient care, staff, and day-to-day operations, the report
states.

The committee warned that granting the lender elevated priority
could prejudice other unsecured creditors, limiting their
recoveries. They urged the bankruptcy court to reject or
substantially modify the financing request to ensure fair treatment
for all parties, according to Bloomberg.

                 About Carbon Health

Founded in 2015, Carbon Health Technologies Inc. is a modern
healthtech company that offers in-person and virtual care for
easier everyday health. Before the bankruptcy filing, Carbon Health
Technologies operated 93 urgent care or primary care clinics in the
states of Texas, Washington, California, Colorado, Kansas,
Missouri, New Jersey and Massachusetts. On the Web:
http://www.carbonhealth.com/  


On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated
debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas
Lead Case No. 26-90306). At the time of the filing, Carbon Health
Technologies reported $100 million to $500 million in both assets
and liabilities.

The cases are pending before the Honorable Christopher M. Lopez.

Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as
bankruptcy counsel and financial advisor, respectively. Kroll is
the claims agent.

KTBS Law is representing Future Solution Investments LLC, the agent
for the pre-petition lenders and the DIP lenders.


CARDLYTICS INC: Fidelity Marks $29,000 Corporate Bond at 61% Off
----------------------------------------------------------------
Fidelity Multi-Strategy Credit Fund has marked its $29,000
corporate bond extended to Cardlytics Inc. to market at $11,310 or
39% of the outstanding amount, according to Fidelity
Multi-strategy's Form N-CSR for the fiscal year ended Dec. 31,
2025, filed with the U.S. Securities and Exchange Commission.

Fidelity Multi-Strategy Credit Fund is a participant in a corporate
bond extended to Cardlytics Inc. The bond accrues interest at a
rate of 4.25% per annum. The bond matures on April 1, 2029.

Fidelity Multi-Strategy Credit Fund is registered under the
Investment Company Act of 1940, as a non-diversified, closed-end
management investment company organized as a Delaware statutory
trust on October 4, 2022. The Fund has elected to operate as an
interval fund, and has the authority to issue an unlimited number
of common shares at $.001 per share par value. The Fund engages in
a continuous offering of shares, and will offer to make quarterly
repurchases of shares at net asset value, reduced by any applicable
repurchase fee.

The Fund is lead by Heather Bonner as President and Treasurer
(Principal Executive Officer) and Stephanie Caron as Chief
Financial Officer (Principal Financial Officer).

The Fund can be reached at:

     Heather Bonner
     Fidelity Multi-Strategy Credit Fund
     245 Summer St.
     Boston, MA 02210
     Telephone: (617) 563-7000

     About  Cardlytics Inc.

Cardlytics is an advertising platform in banks' digital channels.
They partner with financial institutions to run their banking
rewards programs that promote customer loyalty and deepen banking
relationships.


CARPENTER FAMILY: To Sell Crawfordsville Property to Shadle Farms
-----------------------------------------------------------------
Carpenter Family Farms, LLC, and its affiliates, Benjamin Carpenter
and B&L Land, LLC, seeks permission to sell Property, free and
clear of liens, claims, interests, and encumbrances.

The Debtors own the equipment used in their farming operations
listed on Attachment A. https://urlcurt.com/u?l=P0s5bj


The Property is no longer necessary to the Debtors’ farming
operations and selling it is its highest and best use to the estate
at this point.

The Debtors seek an order to approve and authorize a sale of the
Property by private sale free and clear of any liens and claims of
any and every kind or nature.

The Debtors have received an offer for the Property for $750,000.00
.

The offeror for the Property is Shadle Farms Inc, 792 E 200 N,
Crawfordsville, IN 47933.

The Purchaser has no relationship with the Debtor; however, Ben
Carpenter may be an hourly employee of the buyer in the future.

The Debtors believe the sale of the Property by private sale is in
the best interest of the estate and creditors.

The Property is not subject to any exemptions.

The Property is being sold "as-is" with no express or implied
warranty.

There are no contingencies of sale, including the buyer seeking
financing.

The Debtor has reached out to people known to the Debtor to be
interesting in purchasing the Property. In addition, an auctioneer
has been consulted about sale of the Property. After communication
with these parties, the Debtors believe and therefor submit that
the Purchase Price is the highest and best price that can be
achieved for the Pr operty.

After a diligent search, including reviewing title work and filed
claims and the Debtors’ records, the Debtors, upon information
and belief, asserts that First Farmers Bank & Trust and John Deere
aka Deere & Company aka John Deere Construction & Forestry Company
are the only creditors with a lien, charge, interests in or
encumbrances on the Property.

Payment to John Deere and FFB&T shall be made at closing in respect
of their lien interests, which exceed the possible value of the
Property.

          About Carpenter Family Farms

Carpenter Family Farms, LLC, filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind.
Case No. 25-05527) on Sept. 12, 2025, listing between $1 million
and $10 million in assets and between $10 million and $50 million
in liabilities.

Judge Andrea K. Mccord presides over the case.

Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC, is the
Debtor's legal counsel.


CATURUS ENERGY: SM Energy Deal No Impact on Moody's 'B2' CFR
------------------------------------------------------------
Moody's Ratings commented that Caturus Energy, LLC's (Caturus)
definitive agreement to purchase certain South Texas assets from SM
Energy Company (SM, Ba3 stable) adds scale with good strategic fit
but does not currently affect its ratings, including its B2
Corporate Family Rating and B3 senior unsecured notes rating, or
its stable outlook.

Under the announced agreement, Caturus will purchase the assets for
$950 million in cash. The assets comprise 60,000 net acres near the
company's existing South Texas acreage and around 38 thousand
barrels of oil equivalent per day (Mboe/d), bringing a meaningful
increase in the company's scale. Caturus has generated rapid
organic growth in recent years and the acquisition should allow the
company to moderate its annual growth rate while continuing to
execute on its long-term objective of becoming one of the largest
natural gas producers in the United States.

Caturus has obtained a committed bridge financing facility to
support the transaction, but the long-term sources of funding for
the $950 million cash purchase price are not yet defined. Moody's
expects that a meaningful portion will be funded with additional
equity contributions from Caturus's owners. Depending on the
balance struck between equity and debt funding and corresponding
pro forma leverage profile, this transaction could be credit
positive for Caturus. Kimmeridge Energy Management, which owns 76%
of the company, has been supportive of Caturus's growth efforts in
recent years. Mubadala Energy, the owner of the remaining 24% of
Caturus, began its investment in the company less than a year ago.
Mubadala Energy has significant resources and Caturus represents
its entry into the US as it continues to execute on a strategy to
deepen its position in the global economy.

Caturus Energy, LLC is a Houston-based exploration and production
company with operations in south Texas. The company is owned by
Kimmeridge Energy Management, an alternative asset manager focused
on the development of low-cost energy assets in the U.S, and
Mubadala Energy, the upstream oil and gas arm of Abu Dhabi's
state-owned global investment firm Mubalada Investment company
PJSC.


CBDMD INC: Swings to $283,131 Net Loss in Q1 2026
-------------------------------------------------
cbdMD, Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q, reporting a net loss of $283,131
for the three months ended December 31, 2025, compared to a net
income of $15,095 for the three months ended December 31, 2024, and
an accumulated deficit of approximately $179.8 million at December
31, 2025.

The Company reported $5,016,904 in total revenues for the three
months ended December 31, 2025.

As of December 31, 2025, the Company had $11,782,124 in total
assets, $2,774,158 in total liabilities, and $9,007,966 in total
stockholders' equity.

While the Company believes in the viability of its strategy and
path to profitability, and in its ability to raise additional
funds, there can be no assurance that these actions will be
successful. The Company's ability to continue as a going concern is
dependent upon its ability to improve profitability and the ability
to acquire additional funding on commercially reasonable terms, if
required.

These and other factors raise substantial doubt about the Company's
ability to continue as a going concern for the next 12 months.

A full text copy of the Company's Form 10-Q is available at
https://tinyurl.com/m82zkk5h

                          About cbdMD, Inc.

Headquartered in Charlotte, N.C., cbdMD, Inc. --
http://www.cbdmd.com/-- owns and operates the nationally
recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD
Botanicals. Its mission is to enhance its customers' overall
quality of life while bringing CBD education, awareness, and
accessibility of high-quality and effective products to all. The
Company sources cannabinoids, including CBD, which are extracted
from non-GMO hemp grown on farms in the United States.

Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated December 19, 2025, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended September 30, 2025,
citing that the Company has historically incurred losses, including
a net loss of approximately $2 million in the current year,
resulting in an accumulated deficit of approximately $179 million
as of September 30, 2025. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


CEMTREX INC: Posts Q1 Loss of $20.6MM; Liquidity Pressures Persist
------------------------------------------------------------------
Cemtrex, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $20,556,147 for the three months ended December 31, 2025,
compared to a net loss of $28,934,519 for the three months ended
December 31, 2024.

Total revenues for the three months ended December 31, 2025 and
2024, were $16,133,311 and $13,739,899, respectively.

As of December 31, 2025, the Company had $60,330,549 in total
assets, $31,239,960 in total liabilities, and $29,090,589 in total
stockholders' equity.

The Company has incurred substantial losses of $28,112,368 and
$7,229,491 for fiscal years 2025 and 2024, respectively, and has
debt obligations over the next fiscal year of $6,662,656 that raise
substantial doubt with respect to the Company's ability to continue
as a going concern.

While the Company's losses and current debt indicate a substantial
doubt regarding the Company's ability to continue as a going
concern, the Company has historically, from time to time, satisfied
and may continue to satisfy certain short-term liabilities through
the issuance of common stock, thus reducing its cash requirement to
meet our operating needs. These transactions add additional
significant non-operational expenses which are non-cash in nature.
The Company has $20,505,781 in cash and cash equivalents as of
December 31, 2025. Additionally, the Company has:

     (i) secured a line of credit for its Vicon brand to fund
operations, which as of December 31, 2025, has available capacity
of approximately $420,000,

    (ii) continually reevaluate our pricing model on the Company's
Vicon brand to improve margins on those products,

   (iii) raised $5,657,264 through the exercise of our Series B
warrants during the quarter ended December 31, 2025

    (iv) raised $6,000,000 in gross proceeds in equity offering
during the quarter ended December 31, 2025, and an additional
$4,000,000 in gross proceeds subsequent to December 31, 2025.

In the event additional capital is raised through equity offerings
and/or debt is satisfied with equity, it may have a dilutive effect
on our existing stockholders. While the Company believes these
plans, if successful, would be sufficient to meet the capital
demands of the Company's current operations for at least the next
12 months, there is no guarantee that the Company will succeed.

Overall, there is no guarantee that cash flow from the Company's
existing or future operations and any external capital that it may
be able to raise will be sufficient to meet its working capital
needs. The Company currently does not have adequate cash or
available liquidity/available capacity on our lines of credit to
meet the Company's long-term needs and its above plans in the short
term may prove to be inadequate to continue as a going concern.

Thus, despite the Company's cash on hand, its ability to draw on
its credit line, or changes to its pricing models, and other
safeguards, the Company may be unable to meet our obligations as
they become due over the next 12 months beyond, February 17, 2026,
the issuance date of the Quarterly Report.

A full text copy of the Company's Form 10-Q is available at
https://tinyurl.com/2ejy96jc

                          About Cemtrex

Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and
has evolved through strategic acquisitions and internal growth into
a multi industry Company.

Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated December 29, 2025, attached to the Company's Annual
Report on form 10-K for the fiscal year ended September 30, 2025,
citing that the Company has sustained net losses and has
significant short-term debt obligations, which raise substantial
doubt about its ability to continue as a going concern.


CIMG INC: Delays Q1 2026 10-Q Filing Due to Accounting Preparation
------------------------------------------------------------------
CIMG Inc. disclosed in a regulatory filing that it is unable to
file its Form 10-Q for the three months ended December 31, 2025,
within the prescribed time period without unreasonable effort or
expense because the Company's accounting staff needs additional
time to prepare the financial statements for the three months ended
December 31, 2025. The Company anticipates that it will file its
Form 10-Q as soon as practicable.

For the three months ended December 31, 2025, the Company added the
homology of medicine and food series and the computing power series
to its revenue streams and product portfolio, and continued sales
of its Maca series. The Company anticipates that, as a result,
revenue for the three months ended December 31, 2025 increased
significantly compared to the same period in 2024.

For the three months ended December 31, 2025, the Company acquired
bitcoins, compared to none as of December 31, 2024. The Company
anticipates that, as a result, total assets increased significantly
compared to December 31, 2024.

                           About CIMG Inc.

CIMG is a business group specializing in digital health and sales
development, with a cryptocurrency-focused strategy. The Company
leverages AI and cryptocurrencies (such as Bitcoin and stablecoins)
to drive business growth, helping clients maximize user growth and
enhance brand management value. The Company's current client
portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao,
Huomao, and Coco-mango.

Singapore-based Assentsure PAC, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated February
13, 2026, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 2025, citing that the Company
has experienced recurring losses from operations and negative
working capital, which raises substantial doubt about its ability
to continue as a going concern.

As of September 30, 2025, the Company had $74.18 million in total
assets, $27.65 million in total liabilities, and a total
stockholders' equity of $46.53 million.


CIMG INC: Regains Nasdaq Minimum Bid Price Compliance
-----------------------------------------------------
CIMG Inc. disclosed in a regulatory filing that it received a
letter from the Nasdaq Listing Qualifications Hearings office
confirming that the Company has regained compliance with Nasdaq
Listing Rule 5550(a)(2), the Minimum Bid Price Requirement.

The Company remains subject to a Hearing Panel exception to
demonstrate compliance with Nasdaq Listing Rule 5250(c)(1), the
Periodic Filing Requirement. On February 13, 2026, the Company
filed its Annual Report on Form 10-K for the fiscal year ended
September 30, 2025 with the U.S. Securities and Exchange
Commission.

In addition, pursuant to Nasdaq Listing Rule 5815(d)(4)(A), the
Company will be subject to a discretionary panel monitor for a
period of one year from February 10, 2026.

If, within that one-year monitoring period, the Nasdaq staff finds
the Company again out of compliance with any Nasdaq listing rule,
notwithstanding Rule 5810(c)(2), the Company will not be permitted
to provide the Staff with a plan of compliance with respect to that
deficiency and the Staff will not be permitted to grant additional
time for the Company to regain compliance with respect to that
deficiency, nor will the Company be afforded an applicable cure or
compliance period pursuant to Rule 5810(c)(3).

Instead, the Staff will issue a delisting determination letter, and
the Company will have an opportunity to request a new hearing
before the initial Hearing Panel or a newly convened Hearings
Panel, as applicable.

                           About CIMG Inc.

CIMG is a business group specializing in digital health and sales
development, with a cryptocurrency-focused strategy. The Company
leverages AI and cryptocurrencies (such as Bitcoin and stablecoins)
to drive business growth, helping clients maximize user growth and
enhance brand management value. The Company's current client
portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao,
Huomao, and Coco-mango.

Singapore-based Assentsure PAC, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated February
13, 2026, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 2025, citing that the Company
has experienced recurring losses from operations and negative
working capital, which raises substantial doubt about its ability
to continue as a going concern.

As of September 30, 2025, the Company had $74.18 million in total
assets, $27.65 million in total liabilities, and a total
stockholders' equity of $46.53 million.


CITIUS PHARMACEUTICALS: CVI Reports Beneficial Ownership
--------------------------------------------------------
CVI Investments, Inc. and Heights Capital Management, Inc.,
disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S.
Securities and Exchange Commission that as of December 31, 2025,
they beneficially own 2,394,725 shares of Citius Pharmaceuticals,
Inc.'s common stock, $0.001 par value per share.

Heights Capital Management, Inc. is the investment manager to CVI
Investments, Inc. and as such may exercise voting and dispositive
power over the shares reported as beneficially owned by CVI
Investments, Inc.

The number of Shares reported as beneficially owned consists of:

     (i) 799,934 Shares, and

    (ii) Shares issuable upon the exercise of warrants to purchase
Shares.

A portion of the Warrants are not exercisable to the extent that
the total number of Shares then beneficially owned by a Reporting
Person and its affiliates and any other persons whose beneficial
ownership of Shares would be aggregated with such Reporting Person
for purposes of Section 13(d) of the Exchange Act, would exceed
4.99%, and the remainder of the Warrants are not exercisable to the
extent that the total number of Shares then beneficially owned by a
Reporting Person and its affiliates and any other persons whose
beneficial ownership of Shares would be aggregated with such
Reporting Person for purposes of Section 13(d) of the Exchange Act,
would exceed 9.99%.

The Company's Quarterly Report on Form 10-Q, filed on February 13,
2026, indicates there were 22,376,427 Shares outstanding as of
December 31, 2025.

Heights Capital Management, Inc. (as authorized agent for CVI
Investments, Inc.) may be reached through:

     Sarah Travis, Assistant General Counsel and Assistant
Secretary
     101 California Street, Suite 3250
     San Francisco, CA 94111
     Tel: 345-949-8080

A full-text copy of Heights Capital Management, Inc.'s SEC report
is available at: https://tinyurl.com/ycxraaaw

                  About Citius Pharmaceuticals

Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a
biopharmaceutical company dedicated to the development and
commercialization of first-in-class critical care products. The
Company's goal generally is to achieve leading market positions by
providing therapeutic products that address unmet medical needs yet
have a lower development risk than usually is associated with new
chemical entities. New formulations of previously approved drugs
with substantial existing safety and efficacy data are a core
focus. The Company seeks to reduce development and clinical risks
associated with drug development yet still focus on innovative
applications.

Boston, Massachusetts-based Wolf & Company, P.C., the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated December 23, 2025, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended September 30, 2025.
The auditor cited that the Company has suffered recurring losses
and has a working capital deficit as of September 30, 2025. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

As of September 30, 2025, the Company had $130,938,025 in total
assets, $53,410,425 in total liabilities, and $77,527,600 in total
equity.


CLAROS MORTGAGE: Posts $489MM Net Loss in 2025, Liquidity Pressures
-------------------------------------------------------------------
Claros Mortgage Trust Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $489.1 million for the fiscal year ended December 31, 2025,
compared to a net loss of $221.3 million for the fiscal year ended
December 31, 2024.

Total net revenues for fiscal year ended December 31, 2025 and
2024, were $187.8 million and $248.4 million, respectively.

As of December 31, 2025, the Company had $4.7 billion in total
assets, $3.2 billion in total liabilities, and $1.5 billion in
total stockholders' equity

Liquidity Needs

Claros' primary liquidity needs generally include loan origination
and acquisitions, future fundings to its borrowers on its unfunded
loan commitments, interest payment and principal repayment
obligations on outstanding borrowings under its financings,
operating expenses, management fees, and dividend payments to our
stockholders necessary to satisfy REIT dividend requirements.

Claros currently maintains, and seeks to maintain, cash and
liquidity to:

     i) comply with minimum liquidity covenants under certain of
its financing agreements and

    ii) meet its primary liquidity needs.

Further, the Company seeks to meet such liquidity needs through its
sources of liquidity.

Sources of Liquidity

Claros primary sources of liquidity include cash and cash
equivalents, interest income from its loans, proceeds from loan
repayments, available borrowings under its repurchase agreements
based on existing collateral, available borrowing capacity related
to its asset-specific financings based on existing collateral,
proceeds from the issuance of incremental secured term loan or
other corporate debt issuances, and proceeds from the issuance of
its common stock. As circumstances warrant and to the extent
permissible, Claros and its subsidiaries may also issue common
equity, preferred equity, warrants, and/or debt, incur other debt,
including term loans, or explore sales of certain of our loans
receivable or real estate owned assets from time to time, dependent
upon market conditions and available pricing.

Although the Company generally intends to hold its loans to
maturity, sales of loans receivable, which may result in realized
losses, discounted loan payoffs, and/or sales of real estate owned
assets may occur in order to redeploy capital to more accretive
opportunities, meet operating objectives, adapt to market
conditions, and/or manage liquidity needs. Furthermore, the Company
cannot predict the timing or impact of future asset sales or loan
repayments, and, since many of its loans are financed, a portion,
or in some cases all, of the net proceeds from the sales or
repayments of our loans are expected to be used to de-lever our
secured financings.

     -- In January 2026, Claros refinanced its secured term loan
with a new secured term loan which provides for an aggregate
principal amount of $500.0 million and a maturity date of January
30, 2030.

During the years ended December 31, 2025 and 2024, Claros made
deleveraging payments to certain of its financing counterparties in
the amounts of $579.7 million and $286.1 million, respectively.

     -- In January 2026, Claros further deleveraged certain of its
financing counterparties in the amount of $89.7 million, including
deleveraging upon the refinancing of its secured term loan, and
expect to continue to do so as agreed with our lenders.

Claros said, "Our ability to make any future deleveraging payments
or required principal repayments will depend upon the results of
our operating activities, our total sources of liquidity, the
timing, amount, and pace of resolutions of our loans and real
estate owned assets, our financial condition, and the overall
market conditions in which we operate, among other factors."

     -- As of December 31, 2025, Claros had aggregate unfunded loan
commitments of $271.9 million which is comprised of funding for
capital expenditures and construction, leasing costs, and carry
costs. The timing of these fundings will vary depending on the
progress of capital projects, leasing, and cash flows at the
properties securing its loans and equity contributions from its
borrowers, if required. Therefore, the exact timing and amounts of
such future loan fundings are uncertain and will depend on the
current and future performance of the collateral property, but are
expected to occur over the remaining loan term. In certain
circumstances, conditions to funding may not be met by our
borrowers and portions of our unfunded loan commitments may never
become eligible to be drawn on.

"We may from time to time use capital to retire, redeem, or
repurchase our equity or debt securities, term loans or other debt
instruments through open market purchases, privately negotiated
transactions or otherwise. The execution of such retirements,
redemptions or repurchases, if any, will depend on prevailing
market conditions, our liquidity requirements, contractual
restrictions and/or other factors deemed relevant," the Company
concluded.

Management Comments

"Throughout 2025, our team remained focused on executing the
strategic priorities we established at the beginning of the year,"
said Richard Mack, Chief Executive Officer and Chairman of CMTG.
"These efforts resulted in $2.5 billion in loan resolutions,
increased liquidity, and continued deleveraging, which further
strengthened our balance sheet. As we enter 2026, we believe this
momentum will position us well to advance our strategy and continue
repositioning the portfolio."

A full text copy of the Company's Form 10-K is available at
https://tinyurl.com/4jk3p2cb

                  About Claros Mortgage Trust Inc.

Claros Mortgage Trust Inc. -- https://www.clarosmortgage.com/ -- is
a real estate investment trust that is focused primarily on
originating senior and subordinate loans on transitional commercial
real estate assets located in major markets across the U.S. CMTG is
externally managed and advised by Claros REIT Management LP, an
affiliate of Mack Real Estate Credit Strategies, L.P.

                           *     *     *

On Feb. 4, 2026, S&P Global Ratings raised its issuer credit rating
on Claros Mortgage Trust Inc. to 'CCC+' from 'CCC'. The outlook was
stable. S&P subsequently withdrew its rating at the issuer's
request.

Claros' repayment of its term loan B due in August 2026 alleviates
near-term refinancing risk. On Feb. 2, 2026, the company announced
that it closed on a new $500 million, four-year secured term loan
credit facility. The loan was provided by investment funds and
accounts managed by HPS Investment Partners LLC. . . S&P said, "At
the time of the rating withdrawal, the stable outlook reflected our
expectation that despite alleviated near term refinancing risk, we
believe asset quality remains weak, and Claros has a significant
number of challenged investments to work through. Additionally,
while modified covenants as part of the transaction provide
near-term cushion, we continue to have concerns about the company's
interest coverage covenant over the medium-term (it begins to be
tested again starting Sept. 30, 2027)."


CONSOLIDATED ENERGY: Moody's Alters Outlook on Caa1 CFR to Positive
-------------------------------------------------------------------
Moody's Ratings changed the outlook to positive from negative on
Consolidated Energy Limited's (CEL or the company) and Consolidated
Energy Finance, S.A. (CEF).

At the same time Moody's affirmed CEL's long-term corporate family
rating of Caa1 and probability of default rating of Caa1-PD.
Concurrently Moody's affirmed CEF's backed senior secured term loan
B and backed senior secured revolving credit facility (RCF) ratings
at B3, as well as the Caa2 ratings on the backed senior unsecured
notes.

RATINGS RATIONALE

The outlook change incorporates CEL's improved liquidity, following
Proman AG's (Proman) repayment of a $424 million loan and accrued
interest from CEL, by contributing $100 million of cash and 30% and
27% minority stakes in CNC and N2000, both ammonia producing assets
in Trinidad and Tobago, in February 2026. Moody's estimates CEL's
cash on balance pro forma for the transaction at above $300 million
(of which Moody's expects the majority to sit at not fully owned
subsidiaries) by the end 2025, with full access to its $140 million
RCF.

Furthermore, the outlook change reflects CEL's intention to
increase CEF's $712 million outstanding backed senior secured term
loan B coming due in 2030, by $330 million to refinance its
upcoming $227 million outstanding backed senior unsecured bond in
May 2026 and to improve its liquidity buffer, over the next weeks.

Moody's affirmed CEL's CFR at Caa1 reflecting its very high Moody's
adjusted leverage of about 8.8x debt/EBITDA expected for the end of
2025 pro forma for the consolidation of CNC and N2000 (incl.
one-time insurance proceeds in previous years of $143 million
leverage is about 7.0x debt/EBITDA pro forma expected for the end
of 2025), which Moody's expects to only decline towards a high 7.0x
by end of 2026 provided end market conditions improve over the next
12-18 months from current levels.

Moody's considers CEL's guarantee for $460 million of five year
term loan facilities borrowed by Proman AG from third parties
coming due in December 2028 as debt (about 0.8x of debt/EBITDA) in
line with Moody's standard adjustments, while  CEL record this as a
contingent liability on its statement of financial position as long
as Proman AG remains in compliance with the terms of its loan
facility as it does at present.

To reduce its gross debt meaningfully, Moody's believes that CEL
requires at least mid-cycle methanol and ammonia price (Moody's
assumptions, different from CEL's assumptions) to generate
meaningful free cash flow amid its relatively high interest expense
of more than $280 million annually and the company owning only 50%
of its cash generative subsidiary in the US, Natgasoline LLC
(Natgasoline, B3 positive) 60% of Oman Methanol Company (OMC) as
well as 72.1% and 67.2% of CNC and N2000, respectively, while fully
consolidating them.

Moody's financial policy assessment incorporates CEL not addressing
all upcoming maturities at least one year before coming due and the
relatively small size of its RCF issued by CEF at the CEL level of
only $140 million coming due in February 2029, of which only $43
million were available at end of Q3 2025 and CEL guaranteeing about
$460 million of debt of its 100% owner and supportive shareholder,
Proman AG. CEL's financial policy and the repayment of the loan
from Proman AG to CEL were considered as governance considerations
and as a driver of the rating action.

At the same time CEL's rating is supported by its leading market
position in methanol, which is underpinned by its competitive cost
position reflected by high EBITDA margins (btw 20% -30%) and
ability to generate strong cash flows at above mid cycle commodity
prices.

LIQUIDITY PROFILE

CEL's liquidity profile is weak, unless it successfully concludes
the proposed $330 million tap of CEF's backed senior secured term
loan B in Q1 2026. As of Q3-25 the company reported $191 million
cash on balance sheet (incl. $17 million restricted cash), of which
only $37 million are immediately accessible to CEL. Furthermore,
the group has $43 million available under CEF's $140 million RCF.
Even though Natgasoline has a largely undrawn $60 million revolver
available and a cash balance of $77 million, CEL has no direct
access to the liquidity sources and cash flows generated at
Natgasoline and Oman Methanol Company (cash balance of $77 million)
although Natgasoline, which is consolidated, has begun to
deleverage and OMC has a long history of regular dividend payments.
Moody's understands that CEF's $140 million RCF is fully available
currently, as the $100 million of cash received from the loan
repayment and cash generation in Q4 were used to repay all drawings
under the RCF.

If CEL will not be able to raise $330 million from capital markets
over the next weeks, Moody's belief that its cash resources could
be insufficient to repay CEF's $227 million outstanding fixed rate
backed senior unsecured bond coming due on May 15, 2026.

STRUCTURAL CONSIDERATIONS

CEF's outstanding backed senior unsecured bonds are rated Caa2, one
notch below CEL's Caa1 CFR, reflecting the priority ranking of the
backed senior secured term loan B and the $140 million RCF, which
are rated B3. The rating of the backed senior unsecured bonds also
reflects the structural subordination of CEF's creditors to those
of its US-based operating subsidiary, Natgasoline, which is not a
guarantor for CEF's backed senior unsecured bonds and whose
financial debt is largely secured against respective assets.
Natgasoline has total Moody's adjusted debt of $824million at end
of September (of which $24 million was repaid in Q4), while the
replacement value of the facility is approximately $2.2 billion
(estimated by the company). The rating of the backed senior secured
bank credit facilities is B3, one notch above CEL's CFR, because of
their priority ranking in the capital structure.

RATING OUTLOOK

The positive outlook reflects Moody's views that CEL will be able
to refinance the upcoming $227 million outstanding backed senior
unsecured bond in May 2026 and that the potential to reduce its
leverage to below 6.5x debt/EBITDA has improved by the contribution
of the stakes in CNC and N2000, over the next 12-18 months subject
to an improving market environment for methanol and ammonia.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could consider upgrading CEL's rating if the company can
refinance its upcoming maturities, and, if it additionally reduces
its Moody's adjusted debt/EBITDA to below 6.5x under mid cycle
conditions, increases its interest cover to above 1.5x interest
expense/EBITDA, and builds a track record of a more conservative
financial policy as evidenced by refinancing upcoming maturities at
least one year before coming due and manages to generate
significant free cash flow.

Moody's could downgrade CEL's rating if the company is unable to
refinance its upcoming $227 million outstanding backed senior
unsecured bond in May 2026, its operating performance weakens
further, leading to a potentially lower recovery for debt holders.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 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.


CONTAINER STORE: District Court Affirms Third-Party Releases
------------------------------------------------------------
The U.S. District Court for the Southern District of Texas denied
the motion of Container Store Group Inc. and its affiliated debtors
to dismiss the appeal styled KEVIN M. EPSTEIN, UNITED STATES
TRUSTEE FOR REGION 7, Appellant, v. THE CONTAINER STORE GROUP INC.,
et al., Appellees, CIVIL ACTION NO. H-25-618 (S.D. Tex.) based on
standing and equitable mootness. The Trustee's motion to stay the
confirmation order pending appeal is denied.

The U.S. Trustee appealed the Bankruptcy Court's confirmation
order, challenging three parts of the reorganization plan: the
third-party releases; the permanent injunction enforcing those
releases; and the gatekeeping provision. The Debtors have moved to
dismiss on the grounds that the Trustee lacks standing and that the
appeal is equitably moot.  The Debtors also argue that the appeal
fails on the merits.

The Container Store's Chapter 11 bankruptcy was a complex response
to the significant financial difficulties the Container Store faced
in the aftermath of COVID. On December 21, 2024, the Container
Store succeeded in reaching a Transaction Support Agreement with
lenders on a restructuring and reorganization plan that provided
much-needed new capital.  The next day, the Container Store and its
affiliates filed for Chapter 11 bankruptcy, submitting a
prepackaged Plan.

The Plan called for multiple creditor classes, only one of which
was entitled to vote on the proposed terms. Those not voting
included three creditor classes -- other secured claims,
prepetition asset-based lending claims, and general unsecured
claims -- that would receive a full recovery and were deemed to
accept the Plan under Sec. 1126(f), (Classes 1, 2, and 4); two
classes of creditors -- the subordinated claims and the existing
equity interests -- that would not receive any recovery and were
deemed to reject the Plan under Sec. 1126(g), (Classes 5 and 8);
and two classes of creditors whose claims were held by the Debtors
and their affiliates that were deemed to either accept or reject
the plan under Secs. 1126(f) and (g), (Classes 6 and 7). The only
class of creditors that could vote was Class 3, an "impaired" class
consisting of all prepetition term loan creditors.

Even though holders of claims and interests in Classes 5 and 8
received no distribution and could not vote, they received an
opt-out form "solely for the purposes of affirmatively opting out
of the Third-Party Release."

The Trustee objected on the ground that the opt-out procedure for
the third-party releases made the releases nonconsensual and
therefore barred by the Supreme Court's decision in Harrington v.
Purdue Pharma L.P., 603 U.S. 204 (2024). The U.S. Securities and
Exchange Commission objected on the same basis, but only as to
Classes 5 and 8. Both the Trustee and the SEC argued that state
contract law applied to determine what constitutes "consent" to
opt-out. The Trustee also argued that the injunction and
gatekeeping provisions were not authorized by the Bankruptcy Code
and violated Fifth Circuit precedent.

On January 24, 2025, the Bankruptcy Court held a confirmation
hearing and confirmed the Plan. The Bankruptcy Court overruled the
objections to the third-party releases, concluding that they were a
"necessary and integral" part of the Plan and were "fair, equitable
and reasonable." The Bankruptcy Court concluded that the releases
were "designed to provide finality for the Released Parties with
respect to such parties' respective obligations under the Plan,"
were "consistent with established practice in this jurisdiction and
others," and that the Debtors' key stakeholders were "unwilling to
support the Plan without the Third-Party Release." The Bankruptcy
Court also concluded that the creditors were given adequate notice
of the opt-out process and pointed out that the releases were
"provided in exchange for significant consideration." The
Bankruptcy Court stated that the third-party release and injunction
provisions were "important to the overall objectives of the Plan"
by finally resolving certain claims and were "consistent with
Sections 105, 1123, and 1129" of the Code.

The Bankruptcy Court also overruled the objections based on Purdue,
noting that it was "not writing on a blank slate."  The Bankruptcy
Court explained that for a long time, the Fifth Circuit had not
allowed nonconsensual third-party releases -- the issue at the
heart of Purdue -- but had allowed third-party releases that were
deemed consensual "by the use of an opt-out mechanism that allows
for notice to the parties, actual notice to the parties, and then
allows them the opportunity to opt out."

On January 28, 2025, the Plan became effective and was quickly
substantially consummated.

The District Court affirms in large part and reverses in limited
part the judgment of the Bankruptcy Court. The Court affirms the
third-party release provision and permanent injunction except as
applied to Class 5 and Class 8 claimants. The Court narrows rather
than strikes the gatekeeping provision and remands to the
Bankruptcy Court to determine the proper scope of that provision.

A copy the Court's Memorandum Opinion dated February 12, 2026, is
available at https://urlcurt.com/u?l=vbRB12 from PacerMonitor.com.

                About Container Store Group Inc.

The Container Store Group Inc. is a company renowned for for
selling closet organizers and storage solutions.

The Container Store Group Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90627)
on December 22, 2024. In its petition, the Debtor reports assets
and liabilities between $100 million and $500 million.

The Hon. Alfredo R. Perez presides over the Chapter 11 cases.

The Debtors hired George A. Davis, Esq., Hugh Murtagh, Esq.,
Tianjiao (TJ) Li, Esq., and Jonathan J. Weichselbaum, Esq., at
Latham & Watkins LLP, in New York, and Ted A. Dillman, Esq., in
Latham & Watkins LLP, in Los Angeles, Calif.; and Timothy A.
("Tad") Davidson II, Esq., Ashley L. Harper, Esq., and Philip M.
Guffy, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas.

The Debtors' investment banker is Houlihan Lokey Capital, Inc.
Their claims, noticing & solicitation agent is Verita Global
previously Kurtzman Carson Consultants LLC.


CONTAINER STORE: Status Conference Scheduled for March 4
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas will
conduct a status conference to consider the scheduling of further
proceedings with respect to the remand ordered by the District
Court in the Memorandum and Opinion in Case 4:25-cv-00618 dated
February 12, 2026.

The status conference will be held at 2:30 p.m. on March 4, 2026,
by telephone and video conference.

The bankruptcy appeal styled KEVIN M. EPSTEIN, UNITED STATES
TRUSTEE FOR REGION 7, Appellant, v. THE CONTAINER STORE GROUP INC.,
et al., Appellees, Case 4:25-cv-00618 (S.D. Tex.), involves Chapter
11 relief by the Container Store and affiliated companies.

The U.S. Trustee appealed the Bankruptcy Court's confirmation
order, challenging three parts of the reorganization plan: the
third-party releases; the permanent injunction enforcing those
releases; and the gatekeeping provision. The Debtors moved to
dismiss on the grounds that the Trustee lacks standing and that the
appeal is equitably moot. The Debtors also argued that the appeal
fails on the merits.

The District Court largely affirmed the judgment of the Bankruptcy
Court. The Court affirmed the third-party release provision and
permanent injunction except as applied to Class 5 and Class 8
claimants. The Court opted to narrow rather than strike the
gatekeeping provision and remanded to the Bankruptcy Court to
determine the proper scope of that provision. The District Court
denied the Debtors' motion to dismiss the appeal based on standing
and equitable mootness, and denied the Trustee's motion to stay.

A copy of the Court's Memorandum and Opinion dated February 12,
2026, is available at http://urlcurt.com/u?l=PcfKsrfrom
PacerMonitor.com.

A copy of the Court's Order dated February 19, 2026, is available
at http://urlcurt.com/u?l=yBz9knfrom PacerMonitor.com.

                About Container Store Group Inc.

The Container Store Group Inc. is a company renowned for for
selling closet organizers and storage solutions.

The Container Store Group Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90627)
on December 22, 2024. In its petition, the Debtor reports assets
and liabilities between $100 million and $500 million.

The Hon. Alfredo R. Perez presides over the Chapter 11 cases.

The Debtors hired George A. Davis, Esq., Hugh Murtagh, Esq.,
Tianjiao (TJ) Li, Esq., and Jonathan J. Weichselbaum, Esq., at
Latham & Watkins LLP, in New York, and Ted A. Dillman, Esq., in
Latham & Watkins LLP, in Los Angeles, Calif.; and Timothy A.
("Tad") Davidson II, Esq., Ashley L. Harper, Esq., and Philip M.
Guffy, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas.

The Debtors' investment banker is Houlihan Lokey Capital, Inc.
Their claims, noticing & solicitation agent is Verita Global
previously Kurtzman Carson Consultants LLC.


CORNERSTONE SCHOOLS: S&P Rates 2026 Facility Revenue Bonds 'BB+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to Florida
Local Government Finance Commission's $14.5 million series 2026
educational facilities revenue bonds, issued for Cornerstone
Charter Academy (known as the Cornerstone Schools).

At the same time, S&P Global Ratings affirmed its 'BB+' long-term
rating on Cornerstone Schools' previously issued series 2022
bonds.

The outlook is stable.

S&P Global Sustainable1 data shows that entities in Orange County
face elevated hurricane and coastal flooding exposure compared with
the rest of the nation due to the county's proximity to the coast.
S&P said, "We believe Florida's vast coastline, low elevation, and
susceptibility to severe weather events increase its physical risks
when compared with most U.S. states. We also analyzed the school's
social and governance factors and consider them neutral in our
credit rating analysis."

S&P said, "The stable outlook reflects our expectation that
Cornerstone will maintain solid liquidity and meet financial
projections, resulting in positive operating margins and acceptable
lease-adjusted MADS coverage for the rating over the outlook
period. We expect Cornerstone will keep producing good academic
results and maintain its school of excellence designation from the
Florida Department of Education. The stable outlook also reflects
our view that the construction project will not experience any
further construction delays or cost overruns.

"We could consider a negative rating action if management is unable
to meet enrollment or financial projections or generates operating
deficits that lead to MADS coverage becoming inconsistent with the
rating. We would also negatively view any continued construction
challenges that result in further delays or cost overruns, a
material spenddown in reserves, or the additional issuance of debt
without a commensurate growth in resources.

"Although unlikely within the outlook period, we could consider a
positive rating action if Cornerstone's expansion strategy
execution results in a material improvement in MADS coverage and a
significant decline in the organization's debt burden. Healthy
liquidity position maintenance and favorable academic results would
also support a higher rating."


COVETRUS INC: S&P Affirms 'CCC+' ICR, On CreditWatch Developing
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
Covetrus Inc. The rating remains on CreditWatch with developing
implications.

Covetrus has entered into a definitive agreement to merge with MWI
Animal Health, a carve-out of Cencora. If closed as proposed, the
combined entity would be well positioned in the animal health
distribution space, with good prospects for growth over the medium
term.

The expected total purchase price consideration is $3.5 billion, to
be delivered to Cencora in the form of $1.25 billion in cash and
$800 million in payment-in-kind (PIK) preferred equity with Cencora
also retaining a non-controlling common equity stake of 34.3% in
the combined entity.

Covetrus plans to fund the transaction and refinance its existing
debt with a new $3.05 billion unitranche term loan. In addition,
the company will be placing a new priority $500 million revolving
credit facility (expected to be fully undrawn at close).

If the transaction closes as expected, S&P would resolve the
CreditWatch placement and raise the issuer credit and issue-level
ratings to 'B-' from 'CCC+' contingent on the final terms and
operating performance of the two businesses.

S&P said, "We believe the combined entity's position in the
competitive animal health distribution space will strengthen.
Covetrus, as the combined entity, will become the leading provider
of companion animal distribution services and a prominent player in
the production animal health distribution market. The integration
of MWI's extensive distribution network, servicing over 15,000
veterinary practices with a broad portfolio of more than 10,000
products, broadens Covetrus' existing operational reach. Currently,
Covetrus serves approximately 90% of U.S. veterinary practices with
at least one of its offerings, and this merger is poised to further
solidify that presence."

S&P thinks the two companies offer some complementary competencies.
Covetrus' competitive position will be supplemented by MWI's
capacity to offer competitively priced, high-quality private label
products. In turn, Covetrus will sell its online pharmacy and
practice management software into MWI's customer base. The ability
to cross-sell these value-added services could create a stickier
customer relationship and reduce vulnerability to pricing
pressures. The increased scale should also help in negotiations
with suppliers.

Despite Covetrus' leadership within specific niches, the animal
health distribution market remains intensely competitive. Covetrus
faces direct competition from large, established distributors such
as Patterson Cos. (B/Negative/--), as well as numerous regional
players. The prevalence of similar product offerings and scale
among these competitors intensifies the pressure to differentiate
through pricing and service enhancements. The company also faces
some competition from large online retailers like Amazon and
Chewy.com. However, given the consumer-facing nature, these
channels are unlikely to disrupt Covetrus' distribution network.
Further, customer reluctance to switch systems could hinder growth
in its software offerings, driven by concerns about implementation
costs and service interruptions.

The narrow scope of operations and commodity-like nature of its
products are key risks, albeit somewhat offset by technology
offerings. Covetrus primarily focuses on the animal health
distribution sector, with approximately 85% of pro-forma 2026
revenue originating from distribution operations. There is some
diversity when including its production animal and retail markets,
but the company's concentration in the animal health industry makes
it susceptible to unforeseen adverse events affecting the sector.
Furthermore, a significant portion of Covetrus' revenue stems from
the distribution of relatively low-cost, commodity-like
consumables, which can lead to heightened pricing competition and
limited contractual certainty. However, a crucial, mitigating
factor is the contribution from its software and IT offerings,
which exhibit stronger profit margins and more predictable
recurring revenue streams compared with the core distribution
business, providing a buffer against cyclical downturns.

S&P said, "We envision solid growth prospects over the medium term,
however near-term uncertainty could pressure our forecast. The
veterinary industry continues to face lower vet visit volumes as
demand has normalized after 2021, when there was a substantial
increase in pet adoption during the COVID-19 pandemic. However, we
anticipate a return to growth within the coming years, driven by an
aging cohort of companion animals and a normalization of adoption
rates. Longer term, the ongoing trend of pet humanization and
continuous advancements in veterinary medicine should contribute to
overall industry stability."

The production animal segment has been more stable. This
demonstrates the segment's resilience and compelling value
proposition, particularly noteworthy given broader industry trends
of declining herd sizes. Looking ahead, S&P expects the production
animal business to benefit from expanding animal populations,
rising demand for animal protein, and the anticipated replenishment
of livestock herds in the near to medium term.

S&P said, "We project the combined company will be able to sustain
long-term growth within the 2%-4% range, with the potential for
near-term acceleration stemming from VetSuite account maturation
and cross-selling opportunities into existing MWI and Covetrus
client bases.

"We anticipate EBITDA margins to benefit from stable operations, a
focus on cost management, and expected synergies, resulting in a
more sustainable cash flow profile. We project gross margins to
remain relatively stable, underpinned by the increasing
contribution of VetSuite contracts which will offset competitive
dynamics within the companion animal and online pharmacy segments.
Absent realized synergies, we expect previously announced cost
optimization initiatives to positively influence margins in 2026.
We expect the company to achieve synergies from role redundancies,
sourcing efficiencies, account overlap, and distribution center
consolidation. As a result, we expect S&P Global Ratings-adjusted
EBITDA margins of about 5% in 2026, with further expansion to the
mid- to high-5% range as full run-rate synergy benefit is realized.
This supports S&P Global Ratings-adjusted debt to EBITDA in the
7.0x-7.5x range in 2026, improving to the mid- to low-6x range in
2027."

Beyond EBITDA growth, S&P anticipates Covetrus' cash flow will
benefit from capital expenditure efficiencies from asset
consolidation and improvements in working capital management. This
should result in reported free operating cash flow of $40
million-$50 million in 2026 and the subsequent improvement to $90
million-$100 million in 2027.

Covetrus' credit profile could materially improve if its merger
with MWI closes as proposed. S&P said, "We expect to resolve the
CreditWatch placement when the transaction closes, at which point
we would raise the rating one notch to 'B-'. If the transaction
does not close as contemplated, we would likely affirm the 'CCC+'
rating, depending on business performance and the company's ability
to refinance its October 2027 revolver maturity. If Covetrus'
revolver becomes current, we could lower the rating to 'CCC',
regardless of whether the transaction is still pending or not."

The current 'CCC+' rating reflects significant cash flow deficits
and large restructuring projects to improve profitability amid a
challenging end market with lower vet visits and intensifying price
competition in its core vet distribution business.

S&P said, "We expect to resolve the CreditWatch placement when the
transaction closes. If the transaction closes as expected, we would
resolve the CreditWatch placement and raise the issuer credit and
issue-level ratings to 'B-' from 'CCC+' contingent on the final
terms and operating performance of the two businesses. If the
transaction is unlikely to close, we could resolve the CreditWatch,
affirming the 'CCC+' rating and assigning a negative outlook. If
Covetrus' revolver becomes current, we could consider lowering the
rating to 'CCC', regardless of whether the transaction is still
pending or not."


CREATIVE REALITIES: Repurchases $200,000 Warrant from Slipstream
----------------------------------------------------------------
Creative Realities, Inc. disclosed in a regulatory filing that it
entered into a Warrant Repurchase Agreement with Slipstream
Communications, LLC.

Under the Warrant Repurchase Agreement, the Company agreed to
repurchase from the Warrant Holder a warrant to purchase shares of
the Company's common stock, par value $0.01 per share, for an
aggregate repurchase price of $200,000.

The Warrant was initially issued to the Warrant Holder pursuant to
a Second Amended and Restated Loan and Security Agreement, dated as
of February 17, 2022, by and among the Company, the Warrant Holder
and the other signatories thereto and was subsequently amended and
restated twice, as of June 30, 2022 and as of October 17, 2024,
respectively. As amended and restated, the Warrant was exercisable
for up to an aggregate of 1,731,499 shares of Common Stock at an
exercise price per Warrant Share equal to $6.00.

The closing of the Warrant repurchase was completed on February 17,
2026. Upon settlement of the transaction, the Warrant was cancelled
and is of no further force or effect. Slipstream no longer owns any
warrants to purchase any Company common stock.

"I am very pleased to announce an agreement with Slipstream to
repurchase all of Slipstream's outstanding warrants, worth upwards
of 1.7 million shares of our common stock, for $200,000," said Rick
Mills, Chairman and Chief Executive Officer. "As the Company
continues its strong growth trajectory – and remains on track for
its best year ever – the repurchase of these warrants provides
greater visibility for the future and our total shares outstanding.
We appreciate Slipstream entering into such an agreement, which
benefits the Company as well as its shareholders, alleviating
potential overhang on our stock. With this transaction under our
belt, we look forward to executing on our operating plan and
focusing on expansion -- as well as higher returns for investors --
in the quarters to come."

First Amendment to Amended and Restated Credit Agreement

In conjunction with the Warrant Repurchase, the Company and certain
of its subsidiaries entered into a First Amendment to Amended and
Restated Credit Agreement with the other loan parties signatory
thereto, the financial institutions or other entities from time to
time parties thereto, and First Merchants Bank, an Indiana bank, as
Agent for the Lenders. The Amendment amended the Company's Amended
and Restated Credit Agreement dated as of November 6, 2025.

Pursuant to the Amendment, the Agent and Lenders provided requisite
consent to the Company for the Warrant Repurchase and the parties
agreed that payment of the Warrant Repurchase price would not
reduce the amount of "Excess Cash Flow" of the Company for purposes
of determining certain Company prepayment obligations.

                      About Creative Realities

Headquartered in Louisville, Ky., Creative Realities --
https://cri.com/ -- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms.  The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues.  In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity.  This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.

As of September 30, 2025, the Company had $61.3 million in total
assets, $39.4 million in total liabilities, $21.9 million in total
stockholders' equity.

The independent registered public accounting firm's report on the
Company's Consolidated Financial Statements for the fiscal year
ended Dec. 31, 2024, included a note stating that there is
significant uncertainty regarding the Company's ability to continue
as a going concern within one year from the date the Consolidated
Financial Statements are issued.  Grant Thornton LLP, the Company's
auditor since 2014 and based in Cincinnati, Ohio, emphasized that
the Company is facing challenges in generating adequate cash flow
to meet its contingent consideration obligations, which raises
considerable doubt about its ability to remain a going concern.


CURIS INC: Armistice Capital Holds 9.99% Equity Stake
-----------------------------------------------------
Armistice Capital, LLC and Steven Boyd, 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
1,336,876 shares of Curis Inc.'s common stock, par value $0.01 per
share, representing 9.99% of the shares outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/3ccw5vfw

                         About Curis

Lexington, Mass.-based Curis, Inc. is a biotechnology company
focused on the development of emavusertib (CA-4948), an orally
available, small molecule inhibitor of Interleukin-1 receptor
associated kinase, or IRAK4. IRAK4 plays an essential role in the
toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R,
signaling pathways, which are frequently dysregulated in patients
with Cancer.

Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 31, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024, citing that the Company
has incurred recurring losses and cash outflows from operations
that raise substantial doubt about its ability to continue as a
going concern.

As of September 30, 2025, the Company had $27.6 million in total
assets, $42.3 million in total liabilities, and $14.7 million in
total stockholders' deficit.


DCA OUTDOOR: Seeks to Extend Plan Exclusivity to June 24
--------------------------------------------------------
DCA Outdoor, Inc., and its affiliates asked the U.S. Bankruptcy
Court for the Western District of Missouri to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to June 24 and August 19, 2026, respectively.

The Debtor filed a Motion to Sell Substantially All Assets Free and
Clear of Lien(s) interest under Section 363(f) of the Bankruptcy
Code on December 1, 2025. The motion to sell was approved by Order
of this Court on December 11, 2025.

The Debtor filed its Notice of Successful Bid for First Tranche of
Assets on January 26, 2028, and this Court entered its Order
approving the asset purchase on February 17, 2026. The Debtor filed
its Notice of Successful Bid for a Portion of the Second Tranche of
Assets on February 18, 2026.

The Debtor filed an Amended Motion to Sell Personal Property owned
by Utopian Trees, Inc. dba KAT Nurseries Free and Clear of Lien(s)
interest under Section 363(f) of the Bankruptcy Code on February
17, 2026. Responses to the motion are due by March 10, 2026.

The Debtors are diligently working with the various professionals
to sell assets and formulate a confirmable Chapter 11 Plan but need
additional time to do so. The Debtors believe that they may file a
Chapter 11 Plan of Liquidation, but need to be further along in the
sale process to make their final determination.

The Debtors explain that the extension of time for the filing of
the Plan and Disclosure Statement and the extension of time for the
exclusivity periods will not work a hardship on creditors and is in
the best interest of all parties to allow Debtors time to work
through the sale process and work with its financial advisor so
that they can work to formulate the Debtor's Chapter 11 Plan.

Counsel to the Debtors:

     Larry E. Parres, Esq.
     Lewis Rice LLC
     600 Washington Ave., Suite 2500
     St. Louis, MO 63101
     Telephone: (314) 444-7600
     Facsimile: (314) 612-7660
     Email: lparres@lewisrice.com

                         About DCA Outdoor, Inc.

DCA Outdoor Inc. established in 2016, is a vertically integrated
green industry organization headquartered in Kansas City,
Missouri.

The Company connects various sectors -- including agricultural
production, landscape distribution, retail, agritourism, and
transportation -- through its family of brands. The DCA Outdoor
family comprises several brands including Schwope Brothers Tree
Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT
Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and
Utopian Transport.

DCA Outdoor Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on Feb. 20,
2025.  In its petition, the Debtor estimated assets up to $50,000
and estimated liabilities between $50 million and $100 million.

Bankruptcy Judge Cynthia A. Norton handles the case.

The Debtor tapped Larry E. Parres, at Lewis Rice LLC as counsel,
and Creative Planning, LLC and its affiliate BerganKDV as audit and
tax professionals.


DIGITAL DOLPHIN: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Digital Dolphin Products, LLC
           f/d/b/a Digital Office Supplies, LLC
           f/d/b/a Digital Dolphin Products, LLC
          (a California LLC, merged in)
        2900 N. Green Valley Pkwy., #111
        Henderson, NV 89014

        Business Description: Digital Dolphin Products, based in
Henderson, Nevada, is a veteran-owned small business that supplies
ink, toner, and office equipment.  Founded in 2006 by Joe Hiller
and Alan Jacob, the company leverages over 17 years of experience
in sales and customer service to provide solutions and support to
its customers.  Digital Dolphin Products operates in the office
supply industry with a focus on expanding its product offerings in
the U.S. market.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       District of Nevada

Case No.: 26-11119

Judge: Hon. August B Landis

Debtor's Counsel: Matthew C. Zirzow, Esq.
                  LARSON & ZIRZOW, LLC
                  850 E. Bonneville Ave.
                  Las Vegas, NV 89101
                  Tel: 702-382-1170
                  Email: mzirzow@lzlawnv.com

Total Assets: $1 million to $10 million

Total Liabilities: $1 million to $10 million

The petition was signed by Joseph Hiller as managing member.

A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/2ACYSKQ/DIGITAL_DOLPHIN_PRODUCTS_LLC__nvbke-26-11119__0001.0.pdf?mcid=tGE4TAMA


DIVERSIFIED MASONRY: Unsecureds Will Get 8.41% to 57.77% in Plan
----------------------------------------------------------------
Diversified Masonry, LLC, submitted a Modified Amended Plan of
Reorganization dated February 16, 2026.

On the Effective Date, the Debtor shall establish the Plan Payment
Fund from which all Unsecured Claims will be paid. This date is
projected to be December 1, 2025.

Class 4 shall include the Disputed, Contingent and Unliquidated
Claims of Catamount Constructors, Inc. To the extent that Class 4
claims are Allowed Claims, the Class 4 creditors shall each be paid
their pro rata share of the Plan Payment Fund along with the Class
5 Allowed Claims. Catamount filed Proof of Claim No. 29 alleged to
be secured in the amount of $147,335.87, representing amounts owed
and due to the Debtor for work performed on a separate and distinct
project. This claim was further subject to litigation before this
Court and state courts.

The parties reached Court approved a settlement agreement whereby
Catamount shall have an Allowed Claim in the amount of $307,403.13.
To the extent any Class 4 Claims are Allowed Unsecured Claims,
Class 4 creditors shall each be paid their pro rata share of the
Plan Payment Fund along with the Class 5. Debtor will maintain a
reserve for any amounts, if necessary.

Class 5 consists of Allowed General Unsecured Claims against the
Debtor. Class 5 unsecured creditors with Allowed Claims will
receive Pro Rata distributions from the Plan Payment Fund once all
Allowed Claims are determined. Class 5 is Impaired under the Plan.
The Debtor estimates that General Unsecured Claims will receive
between $91,543.20 and $629,135.51 depending on the outcome of
disputed Claims in Class 4 and 5, recovery in pending state court
litigation, avoidance of recovery actions, and total Administrative
Expenses.

The Debtor's Summary of Assets and Liabilities lists a total of
$1,089,029.11 in nonpriority amounts of unsecured claims.
Accordingly, this Plan proposes a distribution ranging from 8.41%
to 57.77% to General Unsecured Claims.

Class 6 consists of Interests in the Debtor. Specifically, Class 6
consists of the interest of Dev Mahanti, the holder of 100% of the
Debtor's ownership interests.

The holders of Class 6 interests will be entitled to distribution
under the Plan only upon payment of (a) Allowed General Unsecured
Claims, (b) Allowed Administrative Claims, and (c) Allowed Priority
Claims in full. Upon payment of Allowed General Unsecured Claims,
Allowed Administrative Claims in full, and Priority Claims and upon
expiration of the Administrative Claim Final Bar Date and
determination of all Allowed Claims, the Holder of Class 6
interests will receive the remainder of the Reserve Cash,
accounting for Section 4.2(e) U.S. Trustee Fees and Section 4.2(f)
post-petition fees and expenses.

On the Effective Date, the Debtor shall establish the Plan Payment
Fund from which all Unsecured Claims will be paid. This date is
projected to be December 1, 2025. The Debtor shall make periodic
payments following the Effective Date from the sale of the assets.
The Debtor estimates that the fair market value for these assets
totals approximately $125,741.00. Through this Plan, the Debtor
seeks authorization to sell the assets listed on Exhibit 2 for at
least 85% of the estimated Fair Market Value. The Debtor will wind
up operations and finalize its remaining jobs generating net
income.

The Debtor anticipates that these jobs will be completed as of
August 2026 and provide net funds in the amount of at least
$39,002.00. Though the Debtor initially anticipated completing jobs
by August 2025, it has continued servicing jobs and its business
pending Plan confirmation to fund the Plan. Any funds remaining
from these jobs, not used in the winddown and final operations of
the business, will be used to pay claims in accordance with this
Plan, specifically any Administrative Expenses, Priority Claims,
and Allowed Claims. Because the Debtor's work on the aforementioned
jobs has continued, the Debtor has not yet sold the assets it uses
to service these jobs.

The Debtor will also use any Reserve Cash held on the Effective
Date to fund the Plan. The Debtor currently holds a total of
$320,235.05 combined between its accounts as of September 30, 2025.
The Debtor maintains two debtor-in-possession accounts, one with
PNC Bank and one with Solera National Bank. Following the initial
filing, the Debtor conferred with the U.S. Trustee's office and
obtained that office's approval to maintain its Solera National
Bank account to avoid interruptions with its ongoing revenue and
retention, so long as such account remained under a $250,000.00
balance.

Maintaining the Solera National Bank account not only prevented
interruptions in the Debtor's business, it also yielded interest at
approximately 6% per annum, which will benefit creditors of the
Estate by increasing the Debtor's Reserve Cash on the Effective
Date.

The Plan shall be funded by the sale of the assets, the net
proceeds from the Debtor's business operations, Reserve Cash held
in its accounts, and recovery from litigation. The Debtor proposes
to hold these funds in its Plan Payment Fund.

A full-text copy of the Modified Amended Plan dated February 16,
2026 is available at https://urlcurt.com/u?l=pnN8CN from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     MICHAEL BEST & FRIEDRICH LLP
     Jeffrey A. Weinman, Esq.
     Brenton Gragg, Esq.
     675 15th Street, Ste. 2000
     Denver, Colorado 80202
     303-240-9515
     Email: Jeffrey.Weinman@michaelbest.com
            Brenton.Gragg@michaelbest.com

                   About Diversified Masonry

The Debtor manufactures commercial and residential stone, stucco,
brick and block for national builders, local municipalities and
residential clients.

Diversified Masonry, LLC in Denver, CO, filed its voluntary
petition for Chapter 11 protection (Bankr. D. Colo. Case No.
24-11578) on April 3, 2024, listing $1,983,868 in assets and
$2,685,778 in liabilities. Dev Mahanti as manager/member, signed
the petition.

Judge Thomas B. Mcnamara oversees the case.

Allen Vellone Wolf Helfrich & Factor P.C. serves as the Debtor's
legal counsel.


DYNATRONICS CORP: Armistice Capital Holds 9.45% Equity Stake
------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd, disclosed in a Schedule 13G
(Amendment No. 1) filed with the U.S. Securities and Exchange
Commission that as of December 31, 2025, they beneficially own
1,512,444 shares of Dynatronics Corporation's common stock,
representing 9.45% of the shares outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/yfh9hjpn

                  About Dynatronics Corporation

Dynatronics Corporation is a U.S.-based medical technology company
that develops, manufactures, and markets rehabilitation and
physical therapy products, including therapeutic ultrasound
devices, electrotherapy equipment, and mobility tools.

Dynatronics Corporation sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-30073) on January 9, 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 Mychal A. Bruggeman handles the case.

The Debtor is represented by Robert J. Haupt, Esq. of Haupt Law,
PC.


EB LOGISTICS: Seeks Chapter 7 Bankruptcy in Georgia
---------------------------------------------------
On February 12, 2026, EB Logistics, LLC filed for Chapter 7
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. According to court filings, the Debtor reports between
$100,001 and $1,000,000 in debt owed to 1–49 creditors.

                 About EB Logistics, LLC

EB Logistics, LLC is a Georgia-based transportation and logistics
company.

EB Logistics, LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-51901) on February 12, 2026. In
its petition, the Debtor reports estimated assets between $0 and
$100,000 and estimated liabilities between $100,001 and
$1,000,000.

Honorable Bankruptcy Judge Paul Baisier handles the case.

The Debtor is represented by Grant E. Brim, Esq. of Brim Law, LLC.


EKSO BIONICS: Armistice Capital Holds 9.99% Equity Stake
--------------------------------------------------------
Armistice Capital, LLC and Steven Boyd, 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
291,146 shares of Ekso Bionics Holdings, Inc.'s common stock,
representing 9.99% of the shares outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/mpkcw72w

                    About Ekso Bionics Holdings

San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs,
develops, and markets exoskeleton products to augment human
strength, endurance, and mobility.

San Francisco, Calif.-based WithumSmith+Brown PC, the Company's
auditor since 2010, issued a 'going concern' qualification in its
report dated March 3, 2025, citing that the Company has an
accumulated deficit on December 31, 2024 and, since inception, has
suffered significant operating losses and negative cash flows from
operations. The Company expects to generate operating losses and
negative operating cash flows in the future and will require
additional funding to support the Company's planned operations
which raises substantial doubt about its ability to continue as a
going concern.

As of September 30, 2025, the Company had $21.66 million in total
assets, $11.98 million in total liabilities, and $9.68 million in
total stockholders' equity.


EKSO BIONICS: Signs Business Combination With Applied Digital
-------------------------------------------------------------
Ekso Bionics Holdings, Inc. disclosed in a regulatory filing that
it entered into a Contribution and Exchange Agreement with APLD
Intermediate HoldCo LLC, a Delaware limited liability company, APLD
ChronoScale HoldCo LLC, a Delaware limited liability company and a
wholly owned subsidiary of APLD Intermediate, each a wholly owned
direct or indirect subsidiary of Applied Digital Corporation, a
Nevada corporation, and Applied Digital Cloud Corporation, a Nevada
corporation, which at the time of the Closing, will be a wholly
owned subsidiary of Contributor, for purposes of consummating a
business combination, as a result of which:

     (i) Cloud will become a wholly owned subsidiary of the
Company,

    (ii) the Company will, immediately after the consummation of
the Business Combination, continue as the parent of the combined
company, and

   (iii) the Company will change its name to ChronoScale
Corporation.

Subject to the satisfaction or waiver of the conditions set forth
in the Contribution and Exchange Agreement, Contributor will
contribute all of its right, title and interest in and to 1,200
shares of the common stock of Cloud, constituting 100% of the
issued and outstanding equity of Cloud, to the Company in exchange
for 138,216,820 newly issued shares of the Company's common stock,
par value $0.001 per share.

As a result of and upon the consummation of the Business
Combination, Contributor is expected to own approximately 97% of
the combined company's outstanding equity before giving effect to
the other transactions contemplated by the Contribution and
Exchange Agreement. The Exchanged Shares will be issued in a
private placement transaction exempt from the registration
requirements under the Securities Act of 1933, as amended (the
"Securities Act"), will initially bear customary restrictive
legends, and will be subject to legend removal in accordance with
the terms of the Contribution and Exchange Agreement and applicable
law, including Rule 144, when the conditions therefor are met.

Closing Conditions

The Closing is subject to certain customary mutual conditions,
including:

     (a) stockholder approval of the Business Combination as set
forth in the Contribution and Exchange Agreement and related
proposals ("Stockholder Approval");

     (b) an Information Statement or a Proxy Statement must be
cleared by the Securities and Exchange Commission and sent to the
Company's stockholders in accordance with Regulation 14A under the
Securities and Exchange Act of 1934, as amended, and in the case of
the Information Statement, such mailing must be at least 20
calendar days prior to Closing;

     (c) No order or law shall have been entered, adopted, enacted,
issued, promulgated or enforced, in each case, by a governmental
entity that prevents, enjoins, prohibits, restrains or makes
illegal the consummation of the Business Combination or the other
transactions contemplated by the Contribution and Exchange
Agreement;

      (d) All requisite approvals or waivers as required by the
terms of the Contribution and Exchange Agreement shall have been
obtained;

      (e) The Company shall have cash and cash equivalents equal to
at least $15,000,000, inclusive of net proceeds of the PIPE
Investment (as defined below); and

      (f) The Second Amended and Restated Articles of Incorporation
of the Company shall have been duly adopted by all necessary
corporate action on the part of the Company, filed with the
Secretary of State of the State of Nevada, and shall be in full
force and effect as of immediately prior to the Closing.

The obligation of each party to consummate the Business Combination
is also conditioned upon:

     (i) performance and compliance by the other party in all
material respects with its pre-Closing obligations and covenants
under the Contribution and Exchange Agreement,

    (ii) the accuracy of the representations and warranties of the
other party as of the Closing (subject to customary materiality
qualifiers),

   (iii) in both Cloud's and the Company's case, the absence of a
continuing material adverse effect with respect to the other
party,

    (iv) in Cloud's case, that:

          (a) the PIPE Investment for gross proceeds of an amount
to be determined by APLD Intermediate and on terms acceptable to
APLD Intermediate, shall have been consummated concurrently with
the Closing,

          (b) certain third-party consents as required by the terms
of the Contribution and Exchange Agreement shall have been
obtained,

          (c) the Nasdaq listing application shall have been
submitted and approved,
          (d) the Investor Rights Agreement shall be in full force
and effect at Closing, and

          (e) certain tail insurance policies as described in the
Contribution and Exchange Agreement have been bound, paid for and
in effect.

Representations, Warranties, and Covenants

The Company, Cloud, APLD Intermediate and Contributor have each
made customary representations, warranties and covenants in the
Contribution and Exchange Agreement. Subject to certain exceptions,
the Company has agreed, among other things, to covenants relating
to the conduct of its business during the interim period between
the execution of the Contribution and Exchange Agreement and
Closing. In addition, subject to certain exceptions, the Company
has agreed to covenants relating to:

     (i) the submission of the Contribution and Exchange Agreement
to the Company's stockholders for approval by written consent or at
a meeting thereof, and

    (ii) recommendation by the Board of Directors of the Company in
favor of the adoption by the Company's stockholders of the
Contribution and Exchange Agreement.

Non-Solicitation

The Company is subject to customary "no-shop" restrictions on its
ability to solicit alternative acquisition proposals, to furnish
information to, and participate in discussions or negotiations
with, third parties regarding any alternative acquisition
proposals. Neither Contributor nor APLD Intermediate shall solicit,
discuss or negotiate any acquisition proposal with respect to Cloud
other than with the Company; however, transactions involving Cloud
as part of any proposed sale of APLD are not restricted.

Termination Fees and Expenses

The Contribution and Exchange Agreement contains certain customary
termination rights for the Company and APLD Intermediate. Either
the Company or APLD Intermediate may terminate the Contribution and
Exchange Agreement:

     (i) by mutual written consent,

    (ii) if the Business Combination has not been consummated on or
before July 15, 2026,

   (iii) if any Order restrains, enjoins or otherwise prohibits the
consummation of the Business Combination, or

    (iv) if the other party materially breaches or if there is a
material inaccuracy in any of their respective representations, or
warranties or the other party failed to perform any of its
covenants or other agreements that results in the failure of the
related closing condition to be satisfied, subject to a cure period
in certain circumstances.

In addition, APLD Intermediate may terminate the Contribution and
Exchange Agreement if:

     (i) the Company fails to obtain the requisite Stockholder
Approval either by written consent or at a duly convened meeting of
the Company's stockholders, in either case, by the applicable
deadline, or

    (ii) at any time after or concurrently with the announcement of
a sale of APLD.

Unless the Contribution and Exchange Agreement is terminated in
accordance with its terms, the Company shall pay, at the Closing,
all fees and expenses of the parties, including the fees and
expenses of their respective advisers, counsel, accountants and
other experts, if any, as well as all other out-of-pocket expenses
incurred by such parties in connection with the negotiation,
preparation, execution, and delivery of the Contribution and
Exchange Agreement. If the Contribution and Exchange Agreement is
terminated in accordance with its terms, each party shall be
responsible for its own expenses, and APLD Intermediate and
Contributor shall be responsible for any expenses incurred by
Cloud.

The Closing is expected to occur in the second calendar quarter of
2026. However, there can be no assurance that the Business
Combination will be completed on or prior to that time, or at all.

In connection with, and as a condition to the consummation of, the
Business Combination, the Company intends to complete a private
placement of shares of the Company's Common Stock or convertible
preferred stock up to an amount to be determined by APLD
Intermediate (the "PIPE Investment"). The PIPE Investment, when
consummated, will be dilutive to both Ekso legacy stockholders and
Cloud.

Investor Rights Agreement

In connection with, and effective upon, the Closing, the Company
and the Contributor will enter into an Investor Rights Agreement.

Pursuant to the Investor Rights Agreement, the APLD Investor, or
any group of APLD Investors collectively, that beneficially owns a
majority of the outstanding voting securities of the combined
company at any time will have the right to designate four of the
seven directors on the combined company's Board, including the
Chairman. The initial APLD Designees, as of the Closing, are
expected to be Wes Cummins (Chairman), Jason Zhang, Ella Benson and
Richard Nottenburg, and the rest of the Board at the Closing is
expected to be comprised of the combined company's Chief Executive
Officer and two directors mutually agreed upon by the APLD
Designator (as defined in the Investor Rights Agreement) and the
Company.

In addition, if the APLD Investors beneficially own less than a
majority of the outstanding voting securities of the combined
company, the APLD Investor(s) will be entitled to designate:

     (i) if the APLD Investors beneficially own 25% or more of such
voting securities, three directors,

    (ii) if the APLD Investors beneficially own at least 10% (but
less than 25%) of such voting securities, two directors, and

   (iii) if the APLD Investors beneficially own less than 10% of
such voting securities, one director.

Any changes to the size of the combined company's Board while the
APLD Investors collectively beneficially own at least 30% of such
company's voting securities will require the written consent from
the APLD Designator.

The Investor Rights Agreement also provides the APLD Investor (or
group of APLD Investors) with:

     (i) customary registration rights with respect to the resale
of the Exchanged Shares received in the Business Combination,

    (ii) certain preemptive rights so long as the APLD Investors
collectively beneficially own at least 10% of the combined
company's voting securities,

   (iii) consent rights so long as the APLD Investors beneficially
own at least 30% of the combined company's voting securities and

    (iv) certain governance, information and other rights with
respect to the combined company.

A full text of the Contribution and Exchange Agreement is available
at https://tinyurl.com/ymn9w92b

2026 Omnibus Equity Incentive Plan

On February 14, 2026, the Board approved the 2026 Omnibus Equity
Incentive Plan, which will be adopted in connection with the
Business Combination with Applied Digital Cloud Corporation, will
only become effective immediately upon Closing and is subject to
stockholder approval.

The purpose of the 2026 Plan is to provide a means whereby eligible
employees, officers, non-employee directors and other service
providers develop a sense of proprietorship and personal
involvement in the development and financial success of ChronoScale
and to encourage them to devote their best efforts to the business
of ChronoScale, thereby advancing the interests of ChronoScale and
its stockholders. The key provisions of the 2026 Plan are as
follows:

     * The 2026 Plan will continue until terminated by the Board,
but no awards shall be granted on or after the 10th anniversary of
the date of the 2026 Plan's initial adoption by the Board.

     * The 2026 Plan provides for the grant of stock options, stock
appreciation rights, restricted stock, restricted stock units,
performance shares, and performance stock units, incentive bonus
awards, other cash-based awards and other stock-based awards to
eligible employees, non-employee directors and other service
providers, to be granted from time to time as determined by the
Board or its designees.

     * An aggregate of 22,500,000 shares of Common Stock will be
authorized for issuance pursuant to awards under the 2026 Plan.

     * The 2026 Plan will be administered by the Board or, if
designated by the Board, the committee of the Board delegated with
the authority to administer the 2026 Plan.

A full text copy of the 2026 Plan is available at
https://tinyurl.com/2emh289j

Amended and Restated By-laws

On February 14, 2026, the Board adopted an amendment to the
Company's amended and restated by-laws to align certain provisions
of the Bylaws with Nevada law by:

     (i) removing the provision of the Bylaws prohibiting
stockholder action by written consent, and

    (ii) revising the record date provision to clarify that such
provision is only applicable to meetings of stockholders.

On February 14, 2026, the Board approved the Second Restated
Articles, which will only become effective immediately prior to the
Closing, subject to stockholder approval, and the Second Amended
and Restated Bylaws, which will only become effective upon the
Closing.

Under the Second Restated Articles:

     (i) the authorized shares of Common Stock will be increased
from 141,428,571 to 290,000,000,

     (ii) ChronoScale will waive corporate opportunities for
members of the Board and its stockholders,

    (iii) ChronoScale will elect not to be governed by Nevada
Revised Statutes 78.411 through NRS 78.444 and

    (iv) ChronoScale will permit removal of directors only for
cause and require the affirmative vote of not less than 75% of the
voting power of all of the then outstanding shares of stock
entitled to vote in the election of directors to remove any
director, among other things.

Under the Second Restated Bylaws:

     * For so long as APLD beneficially owns more than 50% of the
voting power of the then outstanding shares of capital stock of
ChronoScale, (i) the voting power of at least two thirds of the
then outstanding shares entitled to vote at a meeting of the
stockholders will be required to constitute a quorum and (ii)
stockholders will be permitted to act via written consent;
provided, however, that stockholders will not be permitted to act
via written consent if APLD no longer beneficially owns more than
50% of the voting power of the then outstanding shares of capital
stock of ChronoScale.

     * NRS 78.378 through 78.3793 shall apply to ChronoScale;
provided, however, that such statutes shall not apply to APLD and
its subsidiaries.

     * For so long as there are at least two APLD Designees serving
on the Board, the presence of at least one such APLD Designee shall
be required to constitute a quorum of the Board.

     * For so long as APLD beneficially owns at least 30% of the
voting power of the then outstanding shares of capital stock of
ChronoScale, the Second Restated Bylaws may be amended by the Board
without the approval of the stockholders; provided, however, that
upon such time as APLD beneficially owns less than 30% of the
voting power of the then outstanding shares of capital stock of
ChronoScale, the Board may not amend the Second Restated Bylaws
without the approval of the stockholders or the stockholders may
not amend the Second Restated Bylaws without the approval of the
Board.

     * There shall be no cumulative voting in the election of
directors.

The full text of each of Amendment No.1, the Second Restated
Articles and Second Restated Bylaws, are available at Exhibits
https://tinyurl.com/25cmdv6t, https://tinyurl.com/52ss5ceb and
https://tinyurl.com/3yxs32ck, respectively.

                    About Ekso Bionics Holdings

San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs,
develops, and markets exoskeleton products to augment human
strength, endurance, and mobility.

San Francisco, Calif.-based WithumSmith+Brown PC, the Company's
auditor since 2010, issued a 'going concern' qualification in its
report dated March 3, 2025, citing that the Company has an
accumulated deficit on December 31, 2024 and, since inception, has
suffered significant operating losses and negative cash flows from
operations. The Company expects to generate operating losses and
negative operating cash flows in the future and will require
additional funding to support the Company's planned operations
which raises substantial doubt about its ability to continue as a
going concern.

As of September 30, 2025, the Company had $21.66 million in total
assets, $11.98 million in total liabilities, and $9.68 million in
total stockholders' equity.


EL DORADO: Court OKs Continued Use of Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Sacramento Division, entered an order granting the Chapter 11
trustee's motion for continued use of cash collateral in the
bankruptcy case of El Dorado Senior Care, LLC.

The court approved the operating budget and authorized the trustee,
though not required, to use cash collateral under a corrected
budget covering the period from February 1 through August 31. The
trustee is permitted limited flexibility, allowing expenditures to
vary by up to 10% on average across budget categories while
remaining in compliance with the order.

The Debtor projects total operational expenses of $1,072,720 for
the period from February to August.

As part of adequate protection for secured creditors, the trustee
must make monthly payments of $18,350 to BMO Bank, N.A. The order
also requires the trustee to file regular Monthly Operating Reports
detailing actual income and expenses compared to the approved
budget, including beginning and ending cash balances.

The order further grants secured creditors replacement liens on
post-petition assets to protect against any decline in the value of
their collateral resulting from the use of cash collateral. These
liens carry the same validity, priority, and enforceability as
prepetition liens and become effective immediately without
additional filings.

The court preserved the Debtor's and trustee's rights to challenge
the validity or extent of creditor liens, while confirming that the
authorization and protections granted under the order remain
binding and enforceable

                 About El Dorado Senior Care

El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif.,
owns and operates community care facilities for the elderly.

El Dorado filed voluntary petition for Chapter 11 protection
(Bankr. E.D. Cal. Case No. 24-22208) on May 21, 2024, with
$3,420,371 in assets and $3,127,562 in liabilities. Benjamin L.
Foulk, owner and manager, signed the petition.

Judge Fredrick E. Clement oversees the case.

D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the
Debtor's legal counsel.

Lisa Holder, a practicing attorney in Bakersfield, Calif., is the
Chapter 11 trustee appointed in the Debtor's case. The trustee
hired Pino & Associates as general bankruptcy counsel and Ratzlaff
Tamberi & Gill, LLP as accountant.


ESCALON MEDICAL: Posts Q2 Loss of $97,677, Warns of Cash Crunch
---------------------------------------------------------------
Escalon Medical Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $97,677 for the three months ended December 31, 2025, compared
to a net income of $246,021 for the three months ended December 31,
2024. For the six months ended December 31, 2025, the Company
reported a net loss of $142,175, compared to a net income of
$213,804 for the same period in 2024.

Total revenues for the three months ended December 31, 2025 and
2024, were $3,591,447 and $3,220,556, respectively.  For the six
months ended December 31, 2025 and 2024, the Company had total
revenues of $6,266,768 and $6,001,902, respectively.

As of December 31, 2025, the Company had $4,980,001 in total
assets, $3,207,069 in total liabilities, and $1,772,932 in total
stockholders' equity.

Liquidity and Capital Resources

Escalon's total cash as of December 31, 2025 was approximately
$337,000 of cash on hand compared to approximately $546,000 of cash
on hand and restricted cash of $257,000 as of June 30, 2025.

On October 17, 2025, the Company fully repaid its outstanding TD
Bank loan of $113,960 using its restricted cash. Following the
repayment, the remaining balance of $142,622 in the restricted cash
account was released.

Because the Company's operations have not historically generated
sufficient revenues to achieve profitability the Company will
continue to closely monitor costs and expenses and may need to
raise additional capital to fund operations.

The Company expected to continue to fund operations from cash on
hand and through capital raising sources if possible and available,
which may be dilutive to existing stockholders, through revenues
from the licensing of our products, or through strategic alliances.
Additionally, the Company may seek to sell additional equity or
debt securities through one or more discrete transactions, or enter
into a strategic alliance arrangement, but can provide no
assurances that any such financing or strategic alliance
arrangement will be available on acceptable terms, or at all.
Moreover, the incurrence of indebtedness in connection with a debt
financing would result in increased fixed obligations and could
contain covenants that would restrict our operations.

As of December 31, 2025 the Company had an accumulated deficit of
approximately $68.6 million. It had net loss from operations for
the six months ended December 31, 2025 and has historically
incurred recurring losses from operations and negative cash flows
from operating activities. The Company generated net income from
operations in fiscal year 2025 and fiscal 2023, and reported
positive cash flows from operating activities in fiscal years 2025,
2021 and 2023. While the overall trend has been toward
profitability, the Company had net profit for just two years of the
last five years, and currently the Company has adverse ratios of
cash to current liabilities and days payable outstanding.

Additionally, there is uncertainty in the market related to the
tariffs and the related impacts to the international business and
supply chain cost impacts. It remains uncertain whether the Company
will keep the profitability trend and sales growth. These factors
raise substantial doubt regarding the Company's ability to continue
as a going concern, and the Company's ability to generate cash to
meet our cash requirements for the following 12 months as of
February 17, 2026, the filing date of this form 10-Q.

The Company's continuance as a going concern is dependent on its
future profitability and on the ongoing support of its
shareholders, affiliates and creditors. In order to mitigate the
going concern issues, the Company is actively pursuing business
partnerships, managing its continuing operations, and implementing
cost-cutting measures. The Company may not be successful in any of
these efforts.

A full text copy of the Company's Form 10-Q is available at
https://tinyurl.com/7x4bdpmy

                           About Escalon

Headquartered in Wayne, Pennsylvania, Escalon Medical Corp.
operates in the healthcare market, specializing in the development,
manufacture, marketing and distribution of medical devices for
ophthalmic applications.

Marlton, New Jersey-based CBIZ, CPAs P.C., the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated September 29, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended June 30, 2025, citing that
the Company has historically incurred recurring losses from
operations and incurred negative cash flows from operating
activities, and currently the Company has adverse ratios of cash to
current liabilities and days payable outstanding. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


EZ FREIGHT: Seeks Chapter 7 Bankruptcy in Georgia
-------------------------------------------------
On February 12, 2026, EZ Freight, Inc. filed for Chapter 7
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. According to court filings, the Debtor reports between
$100,001 and $1,000,000 in debt owed to 1–49 creditors.

                About EZ Freight, Inc.

EZ Freight, Inc. is a Georgia-based transportation and freight
services company.

EZ Freight, Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-51904) on February 12, 2026. In
its petition, the Debtor reports estimated assets between $0 and
$100,000 and estimated liabilities between $100,001 and
$1,000,000.

Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case.

The Debtor is represented by Grant E. Brim, Esq. of Brim Law, LLC.


EZ TRADE: Seeks Chapter 7 Bankruptcy in Georgia
-----------------------------------------------
On February 12, 2026, EZ Trade Corporation commenced a voluntary
Chapter 7 case in the Northern District of Georgia Bankruptcy
Court. Court documents indicate the Debtor owes between $100,001
and $1,000,000 to approximately 1–49 creditors.

                About EZ Trade Corporation

EZ Trade Corporation operates as a corporation organized under
Georgia law.

EZ Trade Corporation filed for liquidation under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-51900) on February 12,
2026. The filing lists estimated assets ranging from $0 to $100,000
and liabilities ranging from $100,001 to $1,000,000.

Honorable Bankruptcy Judge Paul Baisier presides over the
proceedings.

The Debtor is represented by Grant E. Brim, Esq. of Brim Law, LLC.


F-STAR SOCORRO: Seeks to Extend Plan Exclusivity to June 2
----------------------------------------------------------
F-Star Socorro, L.P. and its affiliated debtors 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 2 and August 3, 2026, respectively.

The Debtors explain that the scale and complexity of their
businesses, which requires the Debtors to navigate complex issues
during these chapter 11 cases, support the need for the extension
of the Exclusive Periods. The Debtors oversee a large corporate
structure consisting of 34 Debtors, making up several commercial
and real estate properties in Texas and Arizona. In addition, the
Debtors have a complex capital structure with over $700 million in
total funded debt, including the Madison Loan, Alameda Corebridge
Loan, and Joe Battle Corebridge Loan.

The Debtors claim that they have appropriately devoted substantial
time and resources since the Petition Date to working
collaboratively with trade creditors, project participants, and
other key stakeholders to resume construction of the remaining
Villas and advance pending home sales, including obtaining entry of
an order authorizing such sales to close free and clear of liens.
The Debtors also successfully negotiated and secured consensual
junior DIP financing to the fund the costs of administration and
stabilize these cases.

Notwithstanding the significant progress that has been made to
date, the administration of these chapter 11 cases and the
potential confirmation and implementation of a chapter 11 plan will
require additional time and effort. Under these circumstances, the
requested extension of the Exclusive Periods is necessary and
appropriate to afford the Debtors the opportunity to achieve the
objectives of chapter 11 as contemplated by section 1121 of the
Bankruptcy Code.

The Debtors believe that, in light of the progress made in these
cases, it is reasonable to request additional time to prepare,
file, and confirm a chapter 11 plan. Granting the requested
extensions will facilitate the Debtors' efforts by providing the
Debtors with a full and fair opportunity to propose and solicit a
plan without the distraction of competing plans.

The Debtors assert that they remain engaged with key parties in
interest including Madison, Corebridge, the Creditors' Committee,
and other principal stakeholders. The Debtors have engaged with
these stakeholders regarding a variety of issues in these chapter
11 cases and are not seeking an extension of the Exclusive Periods
as a tactic. Rather, the Debtors seek, in good faith, an extension
of the Exclusive Periods so they have sufficient time to continue
negotiations with creditors and to build a comprehensive plan of
reorganization.

The Debtors further assert that termination of the Exclusive
Periods would adversely impact the Debtors' efforts to preserve and
maximize the remaining value of their estates and the progress of
these chapter 11 cases. If this Court were to deny the Debtors'
request for an extension of the Exclusive Periods, any party in
interest would be free to propose a chapter 11 plan for the
Debtors.

Counsel to the Debtors:            

                    Nicholas J. Hendrix, Esq.
                    O'MELVENY & MYERS LLP
                    2801 North Harwood Street, Suite 1600
                    Dallas, Texas 75201
                    Tel: (972) 360-1900
                    Fax: (972) 360-1901
                    Email: nhendrix@omm.com

                      AND

                    Julian Gurule, Esq.
                    400 South Hope Street, 19th Floor
                    Los Angeles, California 90071
                    Tel: (213) 430-6000
                    Fax: (213) 430-6407
                    Email: jgurule@omm.com

                        - and -

                    Peter Friedman, Esq.
                    Matthew Kremer, Esq.
                    Diana M. Perez, Esq.
                    1301 Avenue of the Americas, Suite 1700
                    New York, New York 10019
                    Tel: (212) 326-2000
                    Fax: (212) 326-2061
                    Email: pfriedman@omm.com
                           mkremer@omm.com
                           dperez@omm.com

                       About F-Star Socorro L.P.

F-Star Socorro, L.P., sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90607) on Nov.
4, 2025, listing up to $50,000 in both assets and liabilities.

Judge Alfredo R Perez presides over the case.

Nicholas J. Hendrix, Esq., at O'Melveny & Myers, LLP represented
the Debtor as legal counsel.


FETTES MANUFACTURING: Gets Interim OK to Use Cash Collateral
------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Michigan, Southern Division, entered an interim order authorizing
Fettes Manufacturing Co. to use cash collateral.

The order allows the Debtor to use cash collateral in accordance
with an approved operating budget, permitting up to a 10% variance
per line item so long as total spending does not exceed the overall
budget. The Debtor must provide financial reporting, updated
budgets, and performance reconciliations to The Huntington National
Bank, the Subchapter V Trustee, and the U.S. Trustee at least every
two weeks. Authority to use cash collateral continues through May
16, unless earlier terminated due to default or further court
order.

As adequate protection, The Huntington National Bank—holder of
prepetition secured debt exceeding $2.2 million—received
replacement liens on substantially all post-petition assets,
maintaining the same priority as its prepetition liens.

The Debtor must also make scheduled adequate protection payments
ranging from $10,000 to $55,000 plus mortgage payments between
February and May 2026. The order additionally stays tax foreclosure
actions on certain real property in Sterling Heights, Michigan,
provided the Debtor continues required monthly payments to the
county treasurer and maintains insurance coverage on collateral.

The Debtor's right to use cash collateral will terminate upon
default, case dismissal, conversion, or other specified events.

A final hearing is scheduled for March 13.

                About Fettes Manufacturing Co.

Fettes Manufacturing Co. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mic. Case No. 26-41404) on
February 13, 2026, with $1,000,001 to $10 million in both assets
and liabilities.

Judge Hon. Paul R Hage oversees the case.

The Debtor is represented by:

   Charles D. Bullock, Esq.
   Stevenson & Bullock, P.L.C.
   248-354-7906
   cbullock@sbplclaw.com


FIRST BRANDS: Creditor Talks Put on Hold to Advance Case Resolution
-------------------------------------------------------------------
Steven Church and Jonathan Randles of Bloomberg News report that a
federal judge has cut short First Brands Group's confidential
negotiations with lenders, ordering mediation to end and requiring
creditor factions to present final offers to resolve the company's
sprawling bankruptcy. The directive signals mounting pressure to
bring clarity to the restructuring process.

U.S. Bankruptcy Judge Christopher Lopez set a noon Tuesday,
February 24, 2026, deadline to conclude mediation between the
auto-parts supplier and its various creditor groups. The
negotiations had sought to bridge differences over how to address
the company's heavy debt load, the report cites.

According to Lopez, ending the talks will force creditors to
sharpen their proposals and give the debtor's advisers a clear
basis for evaluating restructuring alternatives. Without firm
offers on the table, the case risked lingering without meaningful
progress.

The judge noted that possible next steps could range from
confirming a restructuring plan to pursuing asset sales if that
route proves to be the most beneficial option for stakeholders.

             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.


FLUX POWER: CVI Investments No Longer Holds Stake
-------------------------------------------------
CVI Investments, Inc. and Heights Capital Management, Inc.,
disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S.
Securities and Exchange Commission that as of December 31, 2025,
they no longer beneficially own shares of Flux Power Holdings,
Inc.'s common stock, $0.001 par value per share.

Heights Capital Management, Inc. is the investment manager to CVI
Investments, Inc. and as such may exercise voting and dispositive
power over the shares reported as beneficially owned by CVI
Investments, Inc.

Heights Capital Management, Inc. (as authorized agent for CVI
Investments, Inc.) may be reached through:

     Sarah Travis, Assistant General Counsel and Assistant
Secretary
     101 California Street, Suite 3250
     San Francisco, CA 94111
     Tel: 345-949-8080

A full-text copy of Heights Capital Management, Inc.'s SEC report
is available at: https://tinyurl.com/yu9hfsr7

                           About Flux Power

Flux Power Holdings, Inc. (FLUX: NASDAQ), through its subsidiary
Flux Power, Inc., designs, develops, and sells rechargeable
lithium-ion energy storage systems for electric forklifts, airport
ground support equipment (GSE), and other industrial motive
applications in the United States.  The Company is headquartered in
Vista, California.

Irvine, California-based Haskell & White LLP, the Company's auditor
since 2025, issued a "going concern" qualification in its report
dated September 16, 2025, attached to the Company's Annual Report
on Form 10-K for the year ended June 30, 2025, citing that the
Company has recurring losses from operations, an accumulated
deficit, expects to incur losses for the foreseeable future and
requires additional working capital to achieve its operating plans.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

As of December 31, 2025, the Company had $30.1 million in total
assets, $22.6 million in total liabilities, and $7.5 million in
total stockholders' equity.


FTX TRADING: Court Extends Victims' Claims Filing Window
--------------------------------------------------------
Martina Barash of Bloomberg Law reports that a federal judge
granted additional time to attorneys working on a comprehensive
settlement for victims of the FTX exchange's collapse, pushing the
deadline to April 24 for filing papers seeking preliminary
approval. The decision comes as plaintiffs strive to finalize an
agreement that would resolve claims involving promoters, insiders,
and others tied to FTX.

Judge K. Michael Moore of the U.S. District Court for the Southern
District of Florida said one complication justifying the delay is
an unresolved dispute that must be submitted to an arbitrator. That
arbitrator will determine how settlement funds should be
distributed between recoveries in the FTX bankruptcy and outcomes
in the consolidated civil cases.

Plaintiffs also explained to the court that additional time is
required to finalize complex settlement terms and ensure they
accommodate the interests of a broad and diverse group of
claimants. Negotiations have involved detailed discussions about
contributions, releases, and future litigation rights against
various FTX affiliates and individuals, the report states.

The extension underscores the scale of litigation tied to FTX,
which included one of the largest coordinated efforts to resolve
related civil suits and bankruptcy claims. By allowing more time,
the court signaled its interest in facilitating a comprehensive
settlement that can achieve broad participation and enduring
closure for creditors, according to Bloomberg.

                     About FTX Trading Ltd.

FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.


FTX TRADING: Wins Bid to Dismiss Akmyradov, et al. Adversary Case
-----------------------------------------------------------------
Chief Judge Karen B. Owens of the U.S. Bankruptcy Court for the
District of Delaware granted FTX Trading Ltd.'s motion to dismiss
the adversary proceeding captioned as CHARY AKMYRADOV, et al.,
Plaintiffs, v. FTX TRADING LTD., Defendant, Adv. Proc. No.
25-50962-KBO (Bankr. D. Del.).

The Amended Complaint for Relief was filed by several hundred
individuals represented by Morgan & Morgan, P.A. It seeks an
extension of the June 1, 2025 deadline to complete the KYC (Know
Your Customer) submission process governing certain claims filed
against the chapter 11 debtors. The Complaint also seeks an
extension of all other claim expungement deadlines.

Defendant's Motion is granted because the Plaintiffs have failed to
state a claim under Rule 12(b)(6) of the Federal Rules of Civil
Procedure, made applicable to this proceeding by Rule 7012 of the
Federal Rules of Bankruptcy Procedure.

The Court finds Plaintiffs' requested relief is procedurally
improper under Bankruptcy Rule 7001. Relief of such nature must be
sought through a motion filed in the Chapter 11 Cases. Accordingly,
the Complaint is dismissed.

A copy of the Court's Memorandum Order dated February 17, 2026, is
available at https://urlcurt.com/u?l=vrvcyK from PacerMonitor.com.

                   About FTX Trading Ltd.

FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.


GENESIS HEALTHCARE: Secures Court OK for $105MM Bankruptcy Loan
---------------------------------------------------------------
James Nani of Bloomberg Law reports that Genesis Healthcare Inc.
secured court authorization for up to $105 million in bankruptcy
financing, easing concerns about a near-term cash crunch. The
funding, provided by the company's existing lenders, is aimed at
sustaining operations during its Chapter 11 case.

Judge Stacey Jernigan approved Genesis' request to access $80
million immediately at a hearing in the U.S. Bankruptcy Court for
the Northern District of Texas. The remaining funds will be
available subject to further court approval, according to report.

The nursing home operator had warned that it risked running short
of liquidity in early March as the bankruptcy process continued
longer than expected. Executives pointed to looming payroll and
rental obligations as immediate financial pressures, the report
states.

During the hearing, Jernigan highlighted the urgency, noting that a
payroll of approximately $30 million was due within days. The
approved financing will help Genesis meet those obligations and
maintain operations while pursuing restructuring efforts, the
report relays.

                About Genesis Healthcare Inc.

Based in Culver City, Calif., Genesis Healthcare Inc. is a medical
group that provides physician services in Southern California.
Genesis Healthcare has operated under the names Daehan Prospect
Medical Group and Prospect Genesis Healthcare.

Genesis Healthcare Inc. and several affiliated debtors sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis
Healthcare Inc. listed between $1 billion and $10 billion in
estimated assets and liabilities.

The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly
administered cases.

The Debtors employed McDermott Will & Schulte LLP as counsel;
Jefferies LLC as investment banker; and Ankura Consulting Group,
LLC, as restructuring advisors, and designated Louis E. Robichaux
IV and Russell A. Perry as co-chief restructuring officers. Katten
Muchin Rosenman LLP serves as special counsel at the sole direction
of Jonathan Foster and Elizabeth LaPuma in their capacity as
independent directors and members of the special investigation
committee.

The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 cases of Genesis Healthcare Inc. and
affiliates. The committee retained Proskauer Rose LLP and Stinson
LLP as its co-counsel; FTI Consulting, Inc., as its financial
advisors; and Houlihan Lokey Capital, Inc. as its investment
banker.


GLENWOOD CAVERNS: Seeks to Pursue Appeal of $116MM Judgment
-----------------------------------------------------------
Clara Geoghegan of Law360 reports that the owner of Colorado's
Glenwood Caverns Adventure Park has moved to lift part of the
automatic stay in its Chapter 11 case to pursue an appeal of a $116
million wrongful death judgment that factored into its bankruptcy
filing. The motion was filed in the U.S. Bankruptcy Court for the
District of Delaware.

In seeking relief from the stay, the park's owner argued that
allowing the appeal to go forward is essential to protecting the
company’s legal rights and could significantly improve its
financial outlook. The filing emphasizes that the appeal should not
interfere with the broader bankruptcy process or prejudice other
parties, Law360 reports.

The bankruptcy judge must now decide whether to carve out an
exception to the automatic stay, balancing the debtor's interest in
appellate review against the orderly administration of the estate
and the interests of creditors, the report states.

               About Glenwood Caverns Holdings LLC

Glenwood Caverns Holdings, LLC owns and operates the Glenwood
Caverns Adventure Park, the only mountaintop theme park in the
U.S., located atop Iron Mountain near Glenwood Springs, Colorado.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Dela. Case No. 26-10166) on February 9,
2026. In the petition signed by Paul Maniscalco, chief
restructuring officer, the Debtor disclosed up to $50 million in
assets and up to $500 million in liabilities.

Judge Laurie Selber Silverstein oversees the case.

William A. Hazeltine, Esq., at Sullivan Nimeroff Brown Hill, LLC,
represents the Debtor as legal counsel.


GLOBAL LOGISTICS: Initiates Subchapter V Bankruptcy in Nevada
-------------------------------------------------------------
Kirk O'Neil of The Street reports that Global Logistics &
Fulfillment LLC, a warehouse distribution and third-party logistics
provider, has filed for Chapter 11 bankruptcy protection to
reorganize its operations while continuing to do business. The
filing was reported on PACER and first noted by What Now. The
company did not specify a reason for seeking bankruptcy relief.

The Las Vegas-based company filed a Subchapter V petition on
February 10, 2026 in the U.S. Bankruptcy Court for the District of
Nevada. Court documents list estimated assets between $100,000 and
$500,000 and liabilities ranging from $1 million to $10 million.

The debtor's largest unsecured creditors include CIF Sunpoint Vegas
LLC, owed approximately $742,000; TEC West Inc., owed about
$111,000; Your Logistics Corporation, owed roughly $102,000;
Receivable Management Services, owed about $79,000; and Let It Ride
Transportation Solutions LLC, owed around $74,000. Founded in 1996,
the company operates 460,000 square feet of storage and fulfillment
space near major freeways and Harry Reid International Airport.   

         About Global Logistics and Fulfillment

Global Logistics and Fulfillment LLC is a warehouse distribution
and third-party logistics company.

Global Logistics and Fulfillment, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nevada Case No.
26-10855) on February 10, 2026, with $100,001 to $500,000 in assets
and $1 million to $10 million in liabilities.

Judge Natalie M. Cox presides over the case.

Zachariah Larson, Esq., at Larson and Zirzow, LLC represents the
Debtor as legal counsel.


GREENWICH RETAIL: Court Narrows Claims in Moby, et al., Case
------------------------------------------------------------
The Hon. Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York granted in part and denied in part
the motions to dismiss filed by Itria Ventures LLC, Newco Capital
Group VI LLC, Smart Business and Square Advance in the adversary
proceeding captioned as GREENWICH RETAIL GROUP LLC, Plaintiffs,
-against- MOBY CAPITAL, LLC, et al., Defendants, Adv. Proc. No.
25-01106 (Bankr. S.D.N.Y.)

This adversary proceeding brought by Debtors Greenwich Retail Group
LLC and Madison Westside LLC challenges the Debtors' obligations
under agreements that the Debtors have characterized as "merchant
cash advance" transactions. The Debtors have settled with some
defendants, and some other defendants have filed answers. Four
defendants have filed motions to dismiss. Defendant Itria Ventures
LLC seeks the dismissal of all claims against it. Defendants Newco
Capital Group VI LLC, Smart Business and Square Advance seek
dismissal of some (but not all) of the asserted claims.

The Amended Complaint asserts twenty-eight causes of action.
Twenty-two of the stated causes of action have been asserted
against one or more of the Defendants. The relevant counts in the
Amended Complaint are:

Count I, which seeks a declaration that "all liabilities" owed to
the Defendants are void under New York's usury laws and that the
amounts claimed by the Defendants should be negated;

Count III, which contends that a confession of judgment in favor of
Itria, as well as a New York state court judgment entered pursuant
to that confession of judgment, are void based on fraud in the
inducement, reservation of usurious interest, lack of
consideration, and fraudulent transfer;

Count IV, which asserts that the Debtors paid not less than
$325,000 to Itria from and after July 29, 2024, and that such
payments should be avoided and recovered based on alleged fraud in
the inducement, reservation of usurious interest, lack of
consideration, and fraudulent transfer;

Count V (Newco), which asserts that the Debtors paid $152,861 to
Newco from and after September 26, 2024, and that such payments
should be avoided and recovered based on alleged fraud in the
inducement, reservation of usurious interest, lack of
consideration, and fraudulent transfer;

Count V (Square Advance), which asserts that the Debtors paid
$99,509 to Square Advance from and after September 26, 2024, and
that such payments should be avoided and recovered based on alleged
fraud in the inducement, reservation of usurious
interest, lack of consideration, and fraudulent transfer;

Count VI, which asserts that the Debtors paid $54,252 to Smart
Business from and after December 6, 2024, and that such payments
should be avoided and recovered based on alleged fraud in the
inducement, reservation of usurious interest, lack of
consideration, and fraudulent transfer;

Count VIII, which contends that the Defendants are in possession of
fraudulent transfers that they have not returned and that their
claims should be disallowed under Section 502(d) of the Bankruptcy
Code;

Count IX, which seeks a declaratory judgment that the parties'
contracts are governed by New York law;

Count X, which seeks a declaration that the parties' contracts are
unconscionable and are contracts of adhesion under New York law and
should be declared void;

Counts XI and XII, each of which seeks a declaration that the
transactions with the Defendants are loan transactions;

Counts XIII and XIV, which contend that the contracts with the
Defendants are void due to impossibility and unconscionability and
which also seek orders declaring the secured or unsecured status of
the Defendants' claims and, if the Defendants' claims are secured
claims, the relative priorities of the Defendants' secured claims
in relation to the claims of other secured creditors;

Count XV, which seeks an order equitably subordinating the claims
of the Defendants to the claims of all other creditors;

Count XVIII, which seeks an order disallowing the Defendants'
claims pursuant to Section 502(b)(2) of the Bankruptcy Code on the
ground, and to the extent, that the Defendants seek to recover
"unmatured interest;"

Count XIX, which contends that the Defendants are in possession of
fraudulent transfers that they have not returned and that their
claims should be disallowed under Section 502(d) of the Bankruptcy
Code;

Count XX, which seeks a declaration that the obligations owed to
the Defendants are unenforceable under New York civil and criminal
usury statutes;

Counts XXI and XXII, each of which seeks an order extending the
automatic stay to include Guarantors of the Debtors' obligations
under the contracts with the Defendants;  

Count XXIII, which asserts that if the Court determines that the
underlying transactions are purchases of receivables, and not
loans, that the Court should then approve the rejection of the
contracts pursuant to Section 365(a) of the Bankruptcy Code;

Count XXVII, which alleges that the contracts with the Defendants
are void due to fraud in the inducement and on fraudulent transfer
grounds; and

Count XXVII, which contends that the Defendants have acted
inequitably and that their claims should be equitably subordinated.


The Court ruled as follows:

1. The motions to dismiss are denied with respect to Plaintiffs'
contentions that the entire transactions with the Defendants were
fraudulent transfers;

2. The motions to dismiss are denied with respect to Plaintiffs'
contentions that their failures to assert usury defenses at the
time individual payments came due were waivers of valuable rights
that inured to the benefit of the Defendants and that enabled the
Defendants to receive payments to which they would not have been
entitled if the defenses had been asserted, and that the waivers
and payments should be avoided on fraudulent transfer grounds;

3. Itria's motion to dismiss is denied with respect to Plaintiffs'
contention that their failure to assert usury defenses at the time
Itria sought the entry of judgment were
waivers of valuable rights that inured to the benefit of Itria and
that should be avoided on fraudulent transfer grounds;

4. The motions to dismiss are denied as to Plaintiffs' claims under
Section 502(d) of the Bankruptcy Code;

5. The motions to dismiss are granted to the extent that Plaintiffs
have asserted rights and defenses under New York's civil usury
laws;

6. The motions to dismiss are granted to the extent that Plaintiffs
have sought to recover prior payments based on criminal usury
theories standing alone (though as stated above Plaintiffs may
argue that their prior failures to assert usury defenses should be
undone on fraudulent transfer grounds and may seek to recover prior
payments pursuant to those fraudulent transfer claims);

7. The motions to dismiss are denied as to Plaintiffs' claims that
the remaining obligations owed to the Defendants are barred by New
York's criminal usury laws;

8. The motions to dismiss are granted as to Plaintiffs' claims of
unconscionability, fraudulent inducement, impossibility and as
contracts of adhesion;

9. The motions to dismiss are granted as to Plaintiffs' contentions
that the Defendants seek the payment of "unmatured interest,"
without prejudice to Plaintiffs' right to replead that claim; and

10. The motions to dismiss are granted as to Plaintiffs' claims of
equitable subordination, without prejudice to Plaintiffs' rights to
clarify and to replead their allegations.

A copy of the Court's decision dated February 20, 2026, is
available at https://urlcurt.com/u?l=7li8O5

Attorneys for Defendant Itria Ventures LLC

David J. Abrams, Esq.
Matthew B. Stein, Esq.
Hunter S. Pea, Esq.
KASOWITZ LLP
1633 Broadway
New York, NY 10019
Email: dabrams@kasowitz.com
       mstein@kasowitz.com

Attorneys for Defendants Smart Business, Square Advance and Newco
Capital Group VI LLC:

Anthony F. Giuliano, Esq.
GIULIANO LAW, PC
445 Broadhollow Rd. Ste. 25
Melville NY 11747
Email: afg@glpcny.com

Attorneys for Plaintiff Greenwich Retail Group LLC

James B. Glucksma, Esq.
DAVIDOFF HUTCHER & CITRON LLP
605 Third Avenue
New York, NY 10158
Email: jbg@dhclegal.com

                  About Greenwich Retail Group LLC

Greenwich Retail Group, LLC operates retail clothing stores under
brands including Everafter, which focuses on children's and teen
apparel, and The Westside, a women's fashion boutique.

Greenwich Retail Group sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9,
2025. In its petition, the Debtor reported assets between $500,000
and $1 million and liabilities between $1 million and $10 million.

Judge Michael E. Wiles oversees the case.

Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the
Debtor's legal counsel.

Hanover Bank, as secured creditor, is represented by Mitchell
Seidman, Esq., and Andrew Pincus, Esq., at Seidman & Pincus, LLC,
Hasbrouck Heights, New Jersey.


GRYPHON-AG INVESTORS: Michael F. Flanagan Appointed as Receiver
---------------------------------------------------------------
The Hon. Marc T. Treadwell of the U.S. District Court for the
Middle District of Georgia, Macon Division, entered an agreed order
directing the appointment of Michael F. Flanagan of Kansas City,
Missouri, as receiver for Gryphon-AG Investors, LLC.

Federal National Mortgage Association (Fannie Mae) requested the
appointment of a receiver.

By Fannie's application, and to facilitate a transition of
ownership and/or operations, the appointed receiver is to enter
upon and take exclusive power, authority and control over the
assets, management, operations, maintenance, leasing, repair and
preservation of the Defendants' property both real and personal,
including the operations of the senior housing community situated
on such real property known as Antebellum Grove, located at:

1010 Kathryn Ryals Road
Warner Robins
Houston County, GA 31088

On or about June 2, 2017, Defendant Gryphon-AG Investors, LLC
obtained a loan in the original principal amount of $7,000,000 from
Arbor Commercial Funding I, LLC. Defendant Antebellum Grove
Assisted Living, LLC provides management and consulting services
for the Facility pursuant to an Amended and Restated Agreement to
Provide Management Services to an Assisted Care Living Facility
dated August 13, 2012.

Arbor transferred and assigned its rights under the Note, Loan
Agreement, Security Deed, and Subordination Agreement to Fannie Mae
by an Assignment of Security Instrument and Subordination,
Assignment and Security Agreement, Deed to Secure Debt dated June
2, 2017, and recorded June 8, 2017.

Fannie Mae asserts a valid, enforceable, properly perfected
first-priority lien and security interest in and to the Property.
Borrower has failed to pay certain amounts due under the Note and
is in default for failure to pay such amounts.

Fannie Mae's liens extend to Borrower's real and personal property
of any kind that is owned by Borrower as described in Fannie Mae's
Loan Documents.

Fannie Mae is a government-sponsored enterprise and a federally
chartered entity that Congress created to enhance the nation's
housing-finance market. Under its federal statutory charter, Fannie
Mae has a public mission to provide liquidity, stability, and
affordability to the U.S. housing market, including the market for
quality, affordable rental housing.

FHFA, as the Conservator, is statutorily empowered to "preserve and
conserve Fannie Mae's assets and property," to "operate" Fannie
Mae, to "perform all of [Fannie Mae's] functions in [Fannie Mae's]
name," and to "collect all obligations and money due."

Fannie Mae has valid claims against the Borrower, which are secured
by the Property. Due to the nature of the Property (which includes
real property), and the requirement to provide advance notice and a
license application to the State of Georgia regulators, including
but not limited to the Georgia Department of Community Health (the
"Department"), of a change of ownership and change of management of
the operator holding the applicable facility license, as defined by
the state regulations, it may take weeks or months to effectuate
sales or foreclosures of the portions of the Property constituting
real property.

Furthermore, the Plaintiff and Defendants have agreed to the
relief; therefore, a receiver is needed to take control of the
Property pending foreclosure.

The Receiver shall file with the Clerk of this Court a deposit or
bond in the penal amount of $5,000.00, on the Receiver’s pledge
that he will discharge the duties of Receiver in this action and
obey the orders of this Court. The filing of the Receiver's Bond
with this Court shall take place within five (5) business days
after the entry of this Order.

The Court ruled that;

     1. Borrower and Existing Manager shall surrender possession of
the Property to the Receiver immediately upon the entry of this
Order, and shall deliver to the Receiver all of the following, to
the extent in their possession, custody or control, with the
understanding that Borrower and Existing Manager are only required
to produce the following, if any, with respect to the Property
and/or the Borrower:

        a. All bank accounts for the Property, including any
passwords or logins needed to access such accounts;

        b. Leases, including all communication/correspondence
files;

        c. Documents identifying and summarizing all pending
litigation

        d. Insurance policies and certificates, including the terms
of all insurance policies;

        e. A list of employees of the Existing Manager who
regularly work at the Property;  

        f. Solely with respect to the Property and its operations,
all documents, books, records and computer files, all passwords
needed to access the e-mail
accounts of Borrower or any property manager(s) employed by
Borrower and all other records concerning the income, operation and
management of the Property;

        g. All other documents related to the Property and
reasonably requested by the Receiver after the entry of this Order;
and

        h. Such other records about the management of the Property
as may be reasonably requested by the Receiver.

     2. The Receiver shall immediately report any change of
ownership and/or change of management to the applicable state
agencies, and is authorized to operate the Facility under the
Existing Manager's license.

The Receiver shall receive and take charge of the Property and all
personal property, assets, leases, security deposits, accounts, all
rents due and notes, receivables, bank accounts, actions, and
choses in action, and all other property of any kind and every
kind, character and description, wherever the same may be located
or found and used in connection with the operation of the Property
and reduce the same to possession and to collect all outstanding
accounts, receivables, leases, rents, bank accounts, actions and
choses in action, or other evidence of indebtedness and to bring
suit to recover the same in his own name.

     3. At the request of Fannie Mae, the Receiver may market the
Property for sale or lease and is authorized to retain a real
estate broker for such purposes; provided, however, any sale of the
Property is subject to approval of Fannie Mae and this Court.

     4. In the event the Receiver desires to make any repair to the
Property or pay any unforeseen operating expenses other than those
ordinarily and normally incurred in the operation of the business,
the Receiver shall so notify Fannie Mae, directly or through
counsel, informing Fannie Mae of the nature and approximate cost of
the desired expenditure. Fannie Mae shall respond within three (3)
business days of such notice, either authorizing such expenditure
or joining with the Receiver in a request for a hearing before the
Court to determine whether such expenditure should be authorized.

     5. The receiver is authorized to issue receivership
certificate(s) to secure any advances made by Fannie Mae, subject
to Fannie Mae’s approval.

     6. This Order constitutes a Protective Order under Health
Insurance Portability and Accountability Act of 1996 ("HIPAA"). The
Receiver and the Receiver's respective agents, representatives, and
anyone acting on their respective behalf ("Receiver
Representatives") shall be permitted to access confidential patient
information, pursuant to the terms of this Order.

     7. Neither the Receiver nor Fannie Mae shall be deemed in any
way to be an owner or operator of the Property. Except for claims
arising from the Receiver's willful misconduct, gross negligence,
or fraud, the Receiver shall have no liability as to any claims,
actions, or causes of action of any third parties who have or would
have claims against Defendant or any officer, director, or
shareholder thereof (including, without limitation, any claims
under any federal or state environmental laws).

No lien, claim, or other security interest in the Property shall be
affected by this Order, nor shall the appointment impair Fannie
Mae's right or ability to proceed with any nonjudicial foreclosure
of the Property now posted or hereafter posted by Fannie Mae, with
the express understanding that nonjudicial foreclosure of the
Property may occur without further order of the Court.

This receivership shall continue in effect until further Court
order.

                  About Gryphon-AG Investors, LLC

Gryphon-AG Investors, LLC is an investment company that owns a
mortgaged property known as Antebellum Grove, located at 1010
Kathryn Ryals Road, Warner Robins, Houston County, GA 31088.

Gryphon is facing a receivership case captioned as Federal National
Mortgage Association v. Gryphon-AG Investors LLC, Case No.
5:24-cv-00297 (M.D. Ga.), before the Hon. Marc T. Treadwell. The
case was filed on Aug. 28, 2024.

Attorneys for Plaintiff Federal National Mortgage Association:

Charles W. Brown, Esq.
W. Reese Willis, III, Esq.
ALDRIDGE PITE, LLP
3525 Piedmont Road N.E.
Six Piedmont Center, Suite 700
Atlanta, GA 30305
Tel: (404) 994-7337
Fax: (888) 387-6828
E-mail: cbrown@aldridgepite.com
        rwillis@aldridgepite.com

Defendants Antebellum Grove Assisted Living LLC and Gryphon-AG
Investors LLC are represented by:

Andrew James Shaver, Esq.
Bradley Arant Boult Cummings LLP
One Federal Place
Tel: 205-521-8844
E-mail: ashaver@bradley.com

     - and -

Erik James Badia, Esq.
Bradley Arant Boult Cummings LLP
Tel: 404-868-2015
E-mail: ebadia@bradley.com


GUAM: S&P Raises GO Debt LT Rating to 'BB', Outlook Positive
------------------------------------------------------------
S&P Global Ratings raised its long-term rating on GovGuam's general
obligation (GO) debt one notch to 'BB' from 'BB-', its rating on
GovGuam's business privilege tax (BPT) and section 30 revenue bonds
to 'BB+' from 'BB', and its rating on GovGuam's
appropriation-backed certificates of participation (COPs) to 'BB-'
from 'B+'.

The outlook is positive.

S&P said, "The upgrade reflects our view of GovGuam's continued
positive operating performance and designation of rainy day
reserves, resulting in a continued strengthening of its overall
credit profile, which we believe helps, to a degree, balance
against a comparatively elevated debt-and-liability profile and an
inherently vulnerable economic base susceptible to shifts in
federal spending priorities, tourism activities, and adverse
climate events."

The positive outlook reflects the one-in-three chance of a rating
upgrade within the outlook period, dependent in part on GovGuam's
ability to consistently achieve and maintain a structurally
balanced budget over the long run.

S&P said, "We view GovGuam's environmental, social, and governance
factors as elevated within our credit analysis. Governance risk
stems, in our view, from the system support within our
institutional framework assessment due to the unique policy and
fiscal relationship that territories have with the federal
government, which differs from that of U.S. states and may be less
predictable, adding budgetary risk should there be changes in
federal policy. The island's economic concentration in two major
industries, the military and international tourism, also creates
unique social risks for the territory given its modest population
growth. Also, physical risks exist due to its exposure to rising
sea levels and adverse weather events such as typhoons as a small
island territory in the Pacific Ocean.

"The positive outlook reflects our view that there is a
one-in-three chance we could raise our rating within the next two
years.

"We could revise the outlook to stable in the event of stalling
economic and budgetary momentum, leading to a more difficult
operating environment that could be exacerbated should broader
economic conditions deteriorate from factors beyond Guam's control,
including weather-related events, changes in federal policy, or
soft international travel demand." Collectively, or separately,
this could result in a structural budgetary gap emerging and
subsequent unanticipated draws on reserves to achieve budgetary
balance.

A further strengthening of its budgetary reserves, coupled with
sustained structural budgetary balance while demonstrating economic
resilience in the face of the evolving economic conditions, could
support upward rating potential. This would also be contingent on
GovGuam's overall debt-and-liability profile improving, even if
just modestly.



HARRIS INTERNAL: Gets Final OK to Use Cash Collateral
-----------------------------------------------------
Harris Internal Medicine, LLC received final approval from the U.S.
Bankruptcy Court for the Northern District of Georgia, Newnan
Division, to use cash collateral to fund operations.

Under the final order, the debtor is authorized to use cash
collateral in accordance with a twelve-month operating budget and
may not exceed budget line items by more than 10 percent.

The Debtor projects 12-Months total operational expenses of
$680,942.

As adequate protection, the lenders will be granted a replacement
lien on all property acquired by the Debtor after the petition date
that is similar to their pre-bankruptcy collateral. These
replacement liens do not apply to proceeds of any Chapter 5
avoidance actions.

Additionally, the Small Business Administration will receive
adequate protection payments of $400 per month.

The Debtor was ordered to pay the Subchapter V trustee $1,000 per
month, as deposits designated solely for any compensation awarded
to the Subchapter V trustee.

The authorization remains effective until modified by the court or
until confirmation of a reorganization plan. The order preserves
all parties’ rights to challenge lien validity or seek future
modifications and requires service of the order on all interested
parties.

The final order is available at https://shorturl.at/vSMkJ from
PacerMonitor.com.

                About Harris Internal Medicine LLC

Harris Internal Medicine, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
25-11731) on November 12, 2025, listing between $100,001 and
$500,000 in assets and between $1 million and $10 million in
liabilities.

William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC
represents the Debtor as legal counsel.


HERBALIFE LTD: S&P Upgrades ICR to 'BB-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
Herbalife Ltd. to 'BB-' from 'B+' to reflect its improved operating
trends and management's reiteration of its financial policy
targets, including a 3x company-defined gross leverage target and a
commitment to reduce gross debt to $1.4 billion by 2028.

S&P said, "At the same time, we assigned our 'BB+' issue-level
rating and '1' recovery rating to the company's proposed $425
million five-year revolving credit facility. The '1' recovery
rating indicates our expectation for very high (90%-100%; rounded
estimate 95%) recovery in the event of a default. We also assigned
our 'BB' issue-level rating and '2' recovery rating to the proposed
$125 million senior secured term loan A and proposed $500 million
senior secured term loan B. The '2' recovery rating indicates our
expectation for substantial (70%-90%: rounded estimate: 70%)
recovery in the event of a default. The company intends to issue
$500 million of other secured debt over the coming weeks, which we
expect to rate upon their launch.

"The stable outlook reflects our expectation that Herbalife will
reduce its S&P Global Ratings-adjusted leverage to 2.9x in 2026,
from 3.3x pro forma for the transaction, through EBITDA growth and
debt repayment while generating about $260 million of FOCF. We
expect the company will further deleverage in 2027 on additional
debt repayment using its increasing FOCF."

The upgrade reflects the stabilization of Herbalife's operating
performance and management's financial policy commitment. In 2025,
the company increased its net revenue by 0.9% (or about 2.5%
excluding foreign exchange headwinds), largely through increased
pricing, despite a 0.5% decline in its volumes (though this
represented an improvement from its 4.0% volume decline in 2024).
While Herbalife's volumes in its key markets--like North America
and Europe, the Middle East, and Africa (EMEA)--declined in 2025,
volume declines solidly improved in the second half of 2025.
Overall, Herbalife increased its revenue across all of its
geographic regions in 2025, except for North America (declined 2%)
and China (declined 6%).

S&P said, "In 2026, we expect the company will increase its revenue
across all its geographic regions except for China, with flat to
slightly rising volumes in both North America and EMEA. We forecast
Herbalife's 2026 revenue will benefit from stronger demand in the
Asia-Pacific region (APAC) following the reduction of the goods and
services tax rate on most Herbalife products in India (which
occurred in Sept. 2025), which will reduce the local cost of its
products. Therefore, we expect the improved pricing will support
higher demand for the company's products, given its large presence
in India. Ultimately, we forecast Herbalife to grow revenue by 2.8%
in 2026, supported by mostly pricing and modest volume growth.

"In our view, the company's improving operating performance stems
from the investments it made over the past few years to improve its
distributor productivity through increased training and education,
greater incentives, and enhanced digitization to support its
e-commerce and online engagement. These investments led to a solid
expansion in Herbalife's number of distributors and sales leaders
in 2025 driven by new distributor and sales leader growth --with
ultimately the new distributors providing greater productivity than
those it recruited during the pandemic, leading to improving
volumes and revenue. Additionally, the sales leader retention rate
increased in North America, EMEA and APAC, which we expect will
help drive greater revenue growth in those geographies in 2026.

"Herbalife performed in line with our expectations in 2025 and
reduced its S&P Global Ratings-adjusted leverage to 3.1x. In 2025,
the company expanded its S&P Global Ratings-adjusted EBITDA by 15%
to $700 million and repaid approximately $280 million of debt,
reducing its leverage to 3.1x from 4.1x in 2024. Herbalife also
demonstrated improved operating execution by performing in line
with or exceeding management's quarterly and full-year guidance
throughout 2025. Furthermore, management has committed to reducing
the company's debt and improving its revenue. In 2026, we forecast
Herbalife increases its S&P Global Ratings-adjusted EBTIDA by 6% to
$740 million on improved operating leverage, stemming from its
increasing revenue, as well as lower restructuring and other
one-time costs following its previous investments. We expect the
company will continue to modestly grow EBITDA thereafter, supported
by its improving operating leverage on increasing sales, leading to
an expansion of its EBITDA margin to the mid-teens percent area.

"While the transaction is modestly leveraging, we expect it will
improve Herbalife's cash flow. Pro forma for the transaction,
Herbalife's S&P Global Ratings-adjusted leverage will rise to 3.3x,
from 3.1x, because we expect it to borrow on its revolver to repay
its outstanding debt and pay related fees and expenses. However, we
expect the company to reduce leverage to 2.9x in 2026 driven by
revenue growth and modest margin expansion, as well as from more
favorable interest terms, leading to greater cash flow and debt
repayment. In total, we forecast $650 million in debt repayment
over the next three years with gross debt declining to $1.4 billion
by 2028. However, we anticipate Herbalife's cash flow generation
will exceed this repayment amount, enabling it to add cash to its
balance sheet, which could provide it with additional capacity for
debt reduction beyond our current assumptions.

"S&P Global Ratings-adjusted leverage improves to 2.9x in 2026 and
2.5x in 2027 as management prioritizes debt reduction. We assume no
shareholder returns and merger and acquisition (M&A) spending for
small, bolt-on acquisitions around $10 to $20 million, with M&A
aimed at bolstering distributor productivity and top-line revenue,
like its recent acquisition of certain Pro2col assets. While we
expect management to prioritize debt reduction through 2028, its
capital allocation priorities may change after that, including by
potentially undertaking more shareholder-friendly actions, though
our rating assumes the company remains committed to its leverage
target.

"Our weak business risk assessment incorporates the risks
associated with Herbalife's operations. These risks include the
company's multi-level marketing (MLM) business model and
participation in the highly competitive weight management and
nutritional products industry. Herbalife's industry is
characterized by low barriers to entry and numerous competitive
formats, including similar weight loss products sold in
brick-and-mortar stores by large consumer products companies, other
direct sellers, e-commerce businesses, diet pills, low-carb diets,
self-help weight management services, mobile applications,
subscription services, and services administered by doctors,
nutritionists, and dieticians. The wider adoption of GLP-1 drugs
for weight loss could also disrupt the broader weight management
and nutrition industry. However, over the near term, we expect
these risks will remain contained in the U.S. and European markets,
which we estimate account for around 43% of Herbalife's total net
revenue.

"The stable outlook reflects our expectation Herbalife will reduce
its S&P Global Ratings-adjusted leverage to 2.9x in 2026, from 3.3x
pro forma for the transaction, by increasing its EBITDA and
repaying debt while generating about $260 million of FOCF. We
expect the company will further deleverage in 2027 through greater
debt repayment using its increasing FOCF."

S&P could lower its rating on Herbalife over the next 12 months if
its EBITDA declines and it is unable to reduce its debt as
anticipated, causing its S&P Global Ratings-adjusted leverage to
approach 4x. This could occur if:

-- The company's revenue declines due to weaker distributor
recruitment, reduced productivity among its recently onboarded
distributors, or distributor exits that lead to greater volume
declines and EBITDA margin contraction;

-- Global macroeconomic, regulatory, and geopolitical conditions
weaken, leading to higher raw material and labor costs, greater
foreign-exchange headwinds, and weaker overall demand for
Herbalife's products; and

-- The competitive intensity in the weight-management and
personalized nutrition categories increases, potentially because of
greater investments by established players, new market entrants, or
shifting consumer preferences that lead to sustained market share
erosion, pricing pressure, and lower profitability.

While unlikely over the next 12 months because of its narrow focus
in the competitive weight management and nutritional wellness
categories and potentially volatile MLM business model, S&P could
consider upgrading Herbalife if:

-- It captures market share and broadens its sales mix toward
higher-margin categories while maintaining its distributor and
volume growth, leading to stronger global demand and higher EBITDA
margins that potentially support a more-favorable business risk
assessment; or

-- It publicly articulates more-moderate financial policies such
that S&P believes it will maintain S&P Global Ratings-adjusted
leverage of below 2.5x.


HUNTSMAN CORP: Moody's Cuts CFR to Ba2 & Sr. Unsecured Notes to Ba3
-------------------------------------------------------------------
Moody's Ratings has downgraded Huntsman Corporation's (Huntsman)
Corporate Family Rating to Ba2 from Ba1, Probability of Default
Rating to Ba2-PD from Ba1-PD and Speculative Grade Liquidity Rating
to SGL-3 from SGL-2. At the same time, Moody's have downgraded
Huntsman International LLC's senior unsecured notes to Ba3 from
Ba1. The outlooks on both Huntsman Corporation and Huntsman
International LLC remain negative.

RATINGS RATIONALE

The downgrade of Huntsman's CFR reflects the anemic industry
fundamentals, the company's ongoing earnings weakness, cash
consumption and high debt leverage. The long-awaited recovery in
MDI, maleic anhydride, and epoxy resin demand is obscured by trade
tensions and weak business sentiment that have adversely impacted
the company's major end markets such as construction and
automotive. Recent price increases mainly reflected higher benzene
and natural gas costs, not stronger demand. While lower interest
rates could improve demand for housing and durable goods in the US,
the global MDI business also depends on growth in China where the
property sector remains in contraction. Meanwhile, profit margins
will remain under pressure due to significant MDI capacity
increases in recent years. Moreover, Huntsman's large exposure to
Europe and disadvantaged cost position relative to Asian
competitors make it difficult to significantly improve earnings in
the next one to two years, barring any unexpected market events or
supply chain disruptions.

Huntsman's financial profile has weakened significantly in the last
three years, with adjusted debt/EBITDA (including pension and
operating lease) approaching 8x at the end of 2025. Based on
Moody's earnings forecast, Moody's expects Huntsman will still
consume a modest amount of cash in 2026 despite reduced capex and
dividends. Considering the cyclical nature of its business and
self-support actions, Moody's expects Huntsman to gradually improve
earnings from the current trough and potentially bring its debt
leverage down toward 4x. Meanwhile, its capital structure, which
remains largely unsecured, provides the company with flexibility to
amend and extend its credit facilities.

The Ba2 CFR is supported by Huntsman's leading positions in
formulated urethanes and epoxy resins, and Moody's expectations of
a gradual recovery in demand, cost savings and cash flow
improvement initiatives by management. Huntsman operates in a very
competitive environment and is challenged by its Asian competitor's
expanded low-cost production capacity despite the relatively
concentrated MDI market among five major producers globally (i.e.
Wanhua, BASF, Covestro, Dow and Huntsman). Its specialty amines and
advanced materials are less volatile than polyurethanes but
represent a small share of the total business. Moreover, nearly
half of its sales are exposed to Europe and Asia Pacific regions
that are exhibiting lackluster business fundamentals.

The downgrade of the company's senior unsecured rating to Ba3
reflects the deterioration in the credit profile and recent
amendment of the revolver, which has become senior in payment to
unsecured senior notes. The revolver is secured by 100% equity
interests in domestic wholly-owned operating restricted
subsidiaries, up to 65% of equity interests in first-tier foreign
subsidiaries, as well as a first-priority lien on substantially all
personal property of the loan parties, including equipment and
intellectual property, excluding real property, principal plant
assets and other equipment subject to legal, contractual or
practical perfection limitations.

Huntsman's SGL-3 Speculative Grade Liquidity Rating is supported by
Moody's expectations of about $1 billion in available liquidity
going forward. As of December 31, 2025, its liquidity totaled $1.3
billion, including $429 million cash on hand, $854 million
availability under $1.2 billion Revolving Credit Facility and $40
million availability under its unrated $180 million US A/R program
due Dec 2028 and EURO100 million EU A/R program due 2027. In
February 2026, Huntsman amended its revolving credit facility,
lowering the principal to $800 million from $1.2 billion and
extending the maturity to 2031 from 2027. The newly amended
revolver has a maximum Total Net Leverage Ratio covenant not to
exceed 6.0x from Q2 to Q4 2026 with step-downs in the subsequent
quarters. Moody's expects the company will comply with this
financial covenant.

The negative outlook reflects Huntsman's stressed credit metrics,
cash consumption and the uncertain trajectory of earnings recovery
amid a volatile macroeconomic environment.

Huntsman's ESG Credit Impact Score of CIS-3 indicates that ESG
considerations have a limited impact on the current credit rating
with greater potential for negative impact over time. The company's
corporate governance offsets significant environmental and social
risks. Environmental risks are very high for chemical companies due
to the amount of waste and pollution generated on an annual basis
relative to most other industries. Social risks are typically high
primarily due to responsible production and health and safety.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The rating could be upgraded if management is able to improve
adjusted Debt/EBITDA to below 3.5x and Retained Cash Flow/Net Debt
(RCF/Net Debt) above 15% on a sustainable basis. An upgrade would
also require Huntsman to generate positive free cash flow and
improve liquidity given the volatility in its financial
performance.

A downgrade would be considered if its earnings fail to improve
from the trough, adjusted Debt/EBITDA is sustained above 4.5x and
free cash flow (after dividends) remains negative, or its liquidity
weakens.

Huntsman is a global manufacturer of specialty and differentiated
intermediate chemicals, including polyurethanes, amines, maleic
anhydride and advanced thermoset resins. Huntsman's products are
used in a wide range of applications, including those in the
adhesives, aerospace, automotive, coatings and construction,
construction products, durable and non-durable consumer products,
electronics, insulation, power generation and refining. Huntsman
generates revenues in the range of $6 billion to $8 billion per
annum. Huntsman International LLC is a wholly owned subsidiary of
Huntsman Corporation, the principal operating company and the
primary issuer of debt.

The principal methodology used in these ratings was Chemicals
published in October 2023.

The assigned rating is two notches above the scorecard indicative
outcome based on the LTM September 30, 2025 financials. This
reflects an anticipated improvement in the company's earnings
following the sector's cyclical downturn.


HW BURBANK: Case Summary & Seven Unsecured Creditors
----------------------------------------------------
Debtor: HW Burbank, LLC
        825 S. Barrington Ave.
        Los Angeles, CA 90049

        Business Description: HW Burbank, LLC is a limited
liability company based in Los Angeles, California, that operates
in the real estate services industry under NAICS 5313 and holds a
primary real estate asset located at 825 S. Barrington Ave., Los
Angeles, California.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       Central District of California

Case No.: 26-11651

Judge: Hon. Vincent P Zurzolo

Debtor's Counsel: Gary E. Klausner, Esq.
                  LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
                  2818 La Cienega Ave.
                  Los Angeles, CA 90034
                  Tel: (310) 229-1234
                  Email: GEK@LNBYG.COM

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Logan Beitler as manager.

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/SIDEPAI/HW_Burbank_LLC__cacbke-26-11651__0001.0.pdf?mcid=tGE4TAMA


IKER'S PROMISE: Gets OK to Use Cash Collateral
----------------------------------------------
The United States Bankruptcy Court for the Western District of
Texas, San Antonio Division, entered an order authorizing Iker's
Promise, LLC to use cash collateral.

The order permits the debtor to use cash collateral strictly
according to an approved operating budget. Funds may be used only
for ordinary and necessary post-petition expenses, adequate
protection payments, and certain renovation expenses outlined in
attached exhibits. The debtor cannot exceed individual budget line
items beyond a 10% variance without further court approval.

Secured creditors were granted replacement liens on post-petition
cash collateral to the same extent and priority as their
pre-petition interests, subject to later court determination
regarding the validity or extent of those liens.

Additionally, the debtor must continue making monthly adequate
protection payments of $2,966.99 to BSI Financial Inc./Toorak
Capital Partners LLC while working toward confirmation of a Chapter
11 Subchapter V plan.

To protect creditor interests, the Court required the debtor to
maintain full insurance coverage for the property located at 219
Delaware, San Antonio, Texas, and to deposit all revenues and cash
collateral into an approved debtor-in-possession bank account.

The order preserves all parties' rights to challenge liens, claims,
or seek additional protections in the future and does not determine
the validity or priority of any secured claims.

The authorization to use cash collateral is effective from January
28 through May 2 unless extended by the Court. The bankruptcy court
retains continuing jurisdiction to interpret, enforce, and resolve
disputes related to implementation of the order.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/oDJ4Q from PacerMonitor.com.

                   About Iker's Promise LLC

Iker's Promise, LLC, operates property at 219 Delaware, San
Antonio, Texas as a short-term residential rental property.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52625) on Oct. 31,
2025, with $500,001 to $1 million in assets and $100,001 to
$500,000 in liabilities.  

Judge Michael M. Parker presides over the case.  

Lewis E. Buttles represents the Debtor as legal counsel.


ILPEA PARENT: Moody's Affirms 'B1' CFR & Alters Outlook to Negativ
------------------------------------------------------------------
Moody's Ratings has affirmed the B1 long term corporate family
rating and the B1-PD probability of default rating of ILPEA Parent,
Inc. (ILPEA). Concurrently, the outlook has been changed to
negative from stable.

RATINGS RATIONALE

The rating action balances the company's weak credit metrics shown
in fiscal 2025 (30 October) and to some extend already in 2024
against the expectation of a strengthening of key credit metrics in
2026. The expected improvement is supported by solid order intake
giving good revenue visibility for the next 3-5 years, efficiency
and cost improvements addressed by management as well as improved
financing conditions agreed with key lenders. However, Moody's
considers ILPEA to be challenged to improve its credit metrics back
to a level in line with Moody's expectations for the B1 rating
category within the next 12-18 months.

According to preliminary financials for fiscal 2025 ILPEA recorded
net sales of EUR465 million in 2025, a 1.2% decline from 2024
(+1.3% at constant currency). Start-up inefficiencies at 2 US
plants, lower capacity utilization at 3 plants and currency effects
were the main factors that weighed on profitability in 2025, partly
balanced by cost reductions: Moody's-adjusted EBITA margin declined
to 7.4% from 9.3% in 2024, leverage increased to 4.8x debt/EBITDA
from 4.3x. Despite modest negative free cash flow in 2025 (EUR-1
million) liquidity remained adequate.

The B1 CFR is supported by ILPEA's leading position in the niche
market of gaskets for the refrigeration industry and long-term
customer relationships; the high barriers to entry, primarily
because of its extensive network of production facilities situated
close to major customers and fully integrated value chain; its good
revenue visibility into its appliances segment, driven by a high
share of sales from replacement demand for consumer appliances and
medium-term customer agreements.

The rating is constrained by ILPEA's modest scale and product
diversification; its high customer concentration somewhat mitigated
by long-standing customer relationships; Moody's expectations of
low positive FCF in low single digits in terms of FCF/Debt,
constrained by moderate dividend payouts (up to EUR6 million at the
current leverage level); weak interest coverage of 1.6x Moody's
adjusted EBITA / Interest (expected to improve towards 2.0x in the
next 12-18 months); and its exposure to cyclicality of the end
markets, including appliances (52% of revenue), automotive (36%)
and building (12%).

LIQUIDITY

ILPEA's liquidity is adequate. The cash balance of around EUR29
million as of October 2025 and $48 million availability under its
$85 million revolving credit facility (RCF) maturing in December
2027, support liquidity. These sources, together with internally
generated cash flows are sufficient to cover interest payments,
capital spending, lease payments, working capital consumption and
intra-year working capital swings.

The credit agreement contains two financial covenants in the credit
facility to be tested quarterly, defined as the minimum interest
coverage ratio and net leverage. For the 12 months that ended
October 31, 2025, ILPEA had a net leverage ratio of 3.21x compared
with the threshold requirement of below 5.0x, and interest coverage
ratio of 2.85x compared to the requirement of 2.0x. Moody's expects
ILPEA to ensure the compliance with the financial covenants with
sufficient headroom in next 12-18 months.

Moody's notes some upcoming maturities of RCF and term loan
maturing in December 2027 and 2028, respectively.

OUTLOOK

The rating is currently weakly positioned.

There are signals for an improved situation in 2026 supported by a
pretty solid pipeline of frame agreements with key customers, which
gives good revenue visibility for the next 3-5 years, improved
financing conditions agreed with key lenders as well as a number of
efficiency measures initiated by management.

Moody's forecasts assume a moderate improvement of profitability in
the next 12-18 months, despite still challenging macroeconomic
environment, supported by its framework agreements and a continuous
flow of new business.

The negative outlook reflects the fact that the weak positioning
now continues for two years in a row and Moody's concern that ILPEA
may be challenged to improve its credit metrics back to a level in
line with Moody's expectations for the B1 rating category within
the next 12-18 months. Finally, Moody's assumes that the company
will not undertake debt-financed shareholder distributions or
acquisitions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if strong earnings growth, along with
increased scale and diversification across products and
geographies, results in sustained improvement in credit metrics. A
higher rating would also require a commitment to maintain the
metrics in line with improved levels, including:

-- Moody's-adjusted debt/EBITDA sustainably below 3.0x, and

-- Moody's-adjusted EBITA / Interest above 3.5x,

-- Moody's-adjusted FCF/debt in the high-single-digit percentages
and good liquidity.

The ratings could be downgraded with expectations for:

-- Moody's adjusted Debt/EBITDA materially above 4.5x, or

-- Moody's adjusted EBITA/Interest remains sustainably below 2.5x,
or

-- FCF turns negative, or

in case of a deterioration in its liquidity

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
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.

COMPANY PROFILE

ILPEA Parent, Inc. (ILPEA), based in Delaware, US, is the parent
company of the ILPEA group, a vertically integrated manufacturer of
magnetic gaskets and extruded rubber, plastic and other products
for the consumer appliance, automotive and building industries.
ILPEA group has a network of 34 plants located across 16 countries,
with around 4,000 employees worldwide and primary operations in the
US and Europe. In the fiscal year that ended October 31, 2025
(fiscal 2025), ILPEA generated revenue of EUR475 million and
company-adjusted EBITDA of EUR58 million. The company is 100% owned
by management (around 50 people, including the CEO and all of the
company's key managers).


INSPIRED HEALTHCARE: Ferguson Braswell Represents DST Investors
---------------------------------------------------------------
In the Chapter 11 bankruptcy cases of Inspired Healthcare Capital
Holdings, LLC and its debtor-affiliates, Ferguson Braswell Fraser
Kubasta PC filed with the United States Bankruptcy Court for the
Northern District of Texas, Fort Worth Division, a Verified
Statement pursuant to Bankruptcy Rule 2019 to inform the Court that
the firm represents the Ad Hoc Committee of DST Investors.

According to the Verified Statement:

     1. The DST Investors consented to FBFK acting as Ad Hoc
Committee Counsel following the filing of the Debtors' February 2,
2026, bankruptcy petitions.

     2. Each DST Investor holds beneficial interests in one or more
Delaware Statutory Trusts, which are currently Debtors in this
case.

     3. Each DST Investor may also hold unsecured claims against
Debtors that are not DST Debtors, in this case, in connection with
the Non-DST Debtors'
management of and business relations with the DST Debtors.

     4. The Debtors' Consolidated List of Equity Interest Holders
and Corporate Ownership Statement Pursuant to Fed. Bankr. P.
1007(a)(1), 1007(a)(3), and 7007.1 identify only the DST Investors
holding more than 10% of the beneficial interests in each of the 31
DST Debtors, including the following DST Investors represented on
the Ad Hoc Committee:

        a. ROP Retail 3, LLC
           26527 Agoura Rd, Ste 200,
           Calabasas, CA 91302

           and holding 17.53% of the common equity interests of
           Debtor Inspired Senior Living of Grapevine DST; and

        b. PSK Realty LLC,
           40 Edison Ave,
           Oakland, NJ 07436

           and holding 14.13% of the common equity interests of
           Debtor Inspired Senior Living of Pinellas Park DST.

           The Debtors have indicated that over 2,200 DST
           Investors hold beneficial interests in one or more of
           the 31 DST Debtors, and most are not listed
           individually in the Debtors' disclosures.

     5. The Ad Hoc Committee is authorized to act on behalf of the
DST Investors who have consented to such representation. This
disclosure shall be updated from time to time to reflect additional
DST Investors as necessary.

     6. Nothing contained in this Verified Statement should be
construed as a limitation upon, or waiver of, any rights of any of
the DST Investors, their respective affiliates, or any other
entity, or an admission with respect to any fact or legal theory.
Nothing herein should be construed as a limitation upon, or waiver
of, any rights of DST Investors to assert, file, and/or amend any
claim or proof of claim in accordance with applicable law and any
orders entered in these cases.

     7. The Ad Hoc Committee reserves the right to amend or
supplement this Statement in accordance with the requirements of
Rule 2019 at any time.

A list of the names, addresses, and disclosable economic interests
as of February 24, 2026, of all of the members and anticipated
members of the Ad Hoc Committee and the names of represented DST
Investors is available at:

https://www.pacermonitor.com/view/4TRPFKY/Inspired_Healthcare_Capital_Holdings__txnbke-26-90004__0153.0.pdf?mcid=tGE4TAMA

Counsel for the Ad Hoc Committee of DST Investors:

Megan F. Clontz, Esq.
Rachael L. Smiley, Esq.
Ferguson Braswell Fraser Kubasta PC
2500 Dallas Parkway, Suite 600
Plano, TX 75093
Tel: (972) 378-9111
Fax: (972) 378-9115
E-mail: mclontz@fbfk.law
        rsmiley@fbfk.law


INSPIREMD INC: OrbiMed Advisors Holds 7.4% Equity Stake
-------------------------------------------------------
OrbiMed Advisors LLC and OrbiMed Capital GP IX LLC disclosed in a
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of December 31, 2025, they beneficially own shares of
InspireMD, Inc.'s common stock, par value $0.0001 per share.

OrbiMed Advisors holds 3,133,405 shares of common stock,
representing 7.4% of the shares outstanding, and OrbiMed Capital
holds 2,878,704 shares of common stock, representing 6.8% of the
shares outstanding.

OrbiMed Advisors LLC may be reached through:

     Carl L. Gordon
     OrbiMed Capital GP IX LLC
     601 Lexington Avenue
     54th Floor
     New York, NY 10022
     Tel: (212) 739-6400

A full-text copy of OrbiMed Advisors LLC's SEC report is available
at: https://tinyurl.com/2ntvy555

                          About InspireMD

Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com/-- is a medical device company focusing
on the development and commercialization of its proprietary
MicroNet stent platform technology for the treatment of complex
vascular and coronary disease. A stent is an expandable
"scaffold-like" device, usually constructed of a metallic material,
that is inserted into an artery to expand the inside passage and
improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped
over a stent to provide embolic protection in stenting procedures.

Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 12, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and cash
outflows from operating activities that raise substantial doubt
about its ability to continue as a going concern.

As of September 30, 2025, the Company had $78.5 million in total
assets, $14.4 million in total liabilities, and $64.1 million in
total equity.


IREN LTD: Fidelity Multistrategy Marks $31,000 Bond at 26% Off
--------------------------------------------------------------
Fidelity Multi-Strategy Credit Fund has marked its $31,000
corporate bond extended to IREN Ltd. to market at $22,956 or 74% of
the outstanding amount, according to Fidelity Multi-strategy's Form
N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.

Fidelity Multi-Strategy Credit Fund is a participant in a corporate
bond extended to IREN Ltd. The bond accrues interest at a rate of
zero per annum.

Fidelity Multi-Strategy Credit Fund is registered under the
Investment Company Act of 1940, as a non-diversified, closed-end
management investment company organized as a Delaware statutory
trust on October 4, 2022. The Fund has elected to operate as an
interval fund, and has the authority to issue an unlimited number
of common shares at $.001 per share par value. The Fund engages in
a continuous offering of shares, and will offer to make quarterly
repurchases of shares at net asset value, reduced by any applicable
repurchase fee.

The Fund is lead by Heather Bonner as President and Treasurer
(Principal Executive Officer) and Stephanie Caron as Chief
Financial Officer (Principal Financial Officer).

The Fund can be reached at:

    Heather Bonner
    Fidelity Multi-Strategy Credit Fund
    245 Summer St.
    Boston, MA 02210
    Telephone: (617) 563-7000

    About  IREN Ltd.

IREN Limited is an Australia-based company, which owns and operates
data centers powered by 100% renewable energy. Its facilities are
optimized for Bitcoin mining, artificial intelligence cloud
services, and other power-dense compute.


J.G. JEWELRY: Court OKs Chapter 15 Recognition Deadlines
--------------------------------------------------------
The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York approved the following deadlines with respect
to the motion of Wei Cheong Tan and Christina Khoo, as Foreign
Representatives, for an order recognizing as foreign main
proceeding the liquidation proceedings for J.G. Jewelry Pte. Ltd
(In Liquidation) in Singapore.

   1. The deadline to respond to the motion for foreign recognition
is March 13, 2026; and

   2. The deadline to reply to any response is March 20, 2026.

A copy of the Court's Order dated February 20, 2026, is available
at https://urlcurt.com/u?l=ZpmYqV from PacerMonitor.com.

                  About J. G. Jewelry Pte. Ltd.

Prior to its liquidation, J. G. Jewelry Pte. Ltd. was principally a
holding company and engaged in wholesale trade of a variety of
goods, including, but not limited to, diamonds and fine jewelry.
J. G. Jewelry Pte. Ltd. was formed in 2015 under Singapore law.
Michael and David Kriss own 50% of the Chapter 15 Debtor, while the
other 50% is owned by Shaileshkumar Manubhai Khunt.

The High Court of Singapore entered an order on June 16, 2025, to
wind up the operations of J. G. Jewelry Pte. Ltd.  Shree Ramkrishna
Exports Pvt. Ltd., The Jewelry Company, Govind Dholakia, Rahul
Dholakia, Nirav Narola and Amit Shah filed the petition against the
company pursuant to the Insolvency Restructuring and Dissolution
Act of 2018 ("IRDA").

The company's liquidators are:

          Tan Wei Cheong
          Khoo Christina
          Deloitte & Touche
          6 Shenton Way
          #33-00 OUE Downtown
          Singapore 068809

Mr. Wei Cheong Tan is a partner and Ms. Christina Khoo as foreign
representatives filed a petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22156) on Feb. 18,
2026, for recognition of the Singapore proceedings as a foreign
main proceeding.

Mr. Wei Cheong Tan is a partner and Ms. Christina Khoo is a
Director at Deloitte Singapore SR&T Restructuring Services Pte Ltd
("Deloitte Singapore"), with a focus in Turnaround and
Restructuring in Singapore. Deloitte Singapore maintains a location
in Singapore at 6 Shenton Way #33-00 OUE Downtown 2, Singapore
068809. Deloitte Singapore is a professional services firm and its
services includes supporting distressed businesses navigate complex
capital structures, liquidity crises, and insolvency.

The Foreign Representatives' US Counsel is:

      Heidi J. Sorvino, Esq.
      White and Williams LLP
      810 Seventh Avenue, Suite 500
      New York, NY 10019
      Tel: (212) 631-4417
      Email: sorvinoh@whiteandwilliams.com


JACKSON HOSPITAL: To Get $17.5MM Boost from Montgomery County
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Montgomery County is
providing emergency financing of up to $17.5 million to Jackson
Hospital & Clinic Inc. to keep the hospital operational as it
reorganizes under Chapter 11. The funds are intended to maintain
access to healthcare for the local population.

The hospital, which operates 344 beds, filed for Chapter 11 last
year amid pressures from stagnant reimbursements and rising labor
expenses. On Feb. 20, it requested immediate approval of county
funding in the U.S. Bankruptcy Court for the Middle District of
Alabama to support ongoing services, according to report.

The agreement includes a $10 million initial disbursement, with the
balance available as operational needs arise. The emergency funds
aim to ensure that staffing, supplies, and essential hospital
services remain uninterrupted during the bankruptcy process,
Bloomberg Law reports.

Officials from both the hospital and county noted that sustaining
Jackson Hospital is a public health priority. The funding is
expected to provide financial stability while the hospital works on
a comprehensive reorganization plan, the report states.

                    About Jackson Hospital & Clinic

Jackson Hospital & Clinic, Inc., is a non-membership, non-profit
corporation based in Alabama. JHC is the direct or indirect parent
company of JHC Pharmacy, LLC, an Alabama limited liability company
that provides pharmacy services to JHC patients. JHC owns 100% of
JHC Pharmacy. Additionally, JHC is a direct or indirect parent
company of certain other entities that have not filed for
bankruptcy.

JHC operates a 344-bed healthcare facility in Montgomery, Ala.,
with a rich history dating back to 1894. Since its official opening
in 1946, JHC has grown into one of the largest hospitals in
Alabama, offering specialized services in cardiac care, cancer
treatment, neurosciences, orthopedics, women's care, and emergency
services. JHC's service area includes 16 counties across central
Alabama.

JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala.
Lead Case No. 25-30256) on Feb. 4, 2025. In its petition, JHC
reported between $100 million and $500 million in both assets and
liabilities.

Judge Christopher L. Hawkins handles the cases.

The Debtors are represented by Derek F. Meek, Esq. at Burr &
Forman, LLP.


JAGUAR HEALTH: Declares Special One-Time Series O Stock Dividend
----------------------------------------------------------------
Jaguar Health, Inc. disclosed in a regulatory filing that the board
of directors declared a special one-time dividend of one-tenth of
one share of Series O Preferred Stock for each share of voting
common stock, par value $0.0001 per share, of the Company
outstanding, plus each share issuable upon exercise of certain
warrants to purchase, in aggregate, 2,400,765 shares of the
Company's Common Stock with dividend rights outstanding, at the
close of business on March 2, 2026.

The Preferred Stock Dividend is expected to be paid as of the close
of business on March 4, 2026. Investors who trade during this
period should consult with their broker with respect to the
entitlement to the Preferred Stock Dividend.

The Company will file a Certificate of Designation of Preferences,
Rights and Limitations of Series O Convertible Preferred Stock with
the Secretary of State of the State of Delaware prior to the
issuance of the Preferred Stock Dividend. The Certificate of
Designation will set forth the rights, preferences, powers,
restrictions, and limitations of the Series O Convertible Preferred
Stock, par value $0.0001 per share, and will be effective prior to
issuance of the Preferred Stock Dividend.

Series O Certificate of Designation

Issuance in Fraction

The Series O Preferred Stock may be issued in whole shares or in
any fraction of a share that is one one-tenth (1/10th) of a share
or any integral multiple of such fraction, which fractions shall
entitle the Holder, in proportion to such Holder's fractional
shares, to receive shares of Common Stock issuable upon conversion
of the shares of Series O Preferred Stock in accordance with the
terms of the Certificate of Designation upon a Conversion,
participate in distributions upon a Liquidation Event and have the
benefit of any other rights of Holders as described herein.

Restrictions on Transfer

No shares of Series O Preferred Stock may be transferred, assigned
or pledged by any Holder at any time without the prior written
consent of the Company.

Dividends

Holders of shares of Series O Preferred Stock will not be entitled
to receive any dividends on shares of Series O Preferred Stock.

Voting Rights

Except as otherwise provided in the Certificate of Designation or
as otherwise required by law, the Series O Preferred Stock shall
have no voting rights. For any matter in which the Holders are
entitled to vote, such Holders shall be entitled to one vote per
one-tenth of one share of Series O Preferred Stock.

Liquidation Rights

In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Company or Deemed Liquidation
Event, each share of Series O Preferred Stock shall be entitled to
be paid, out of the assets of the Company available for
distribution to its stockholders, before any distribution or
payment out of the assets of the Company may be made to or set
aside for the holders of Common Stock and subject to the rights of
the Company's depositors and other creditors, an amount per share
of Series O Preferred Stock equal to $0.0001.

If upon any such liquidation, dissolution or winding up of the
Company (other than a Chapter 7 bankruptcy) or Deemed Liquidation
Event, the assets of the Company available for distribution to its
stockholders shall be insufficient to pay the Liquidation Amount,
the Holders shall share ratably in any distribution of the assets
available for distribution in proportion to the respective amounts
which would otherwise be payable in respect of the shares held by
them upon such distribution if all amounts payable on or with
respect to such shares were paid in full.

Following the payment of the Liquidation Amount, if there are any
remaining assets of the Company available for distribution to its
stockholders, the Series O Preferred Stock shall not participate in
such distributions. Notwithstanding the foregoing, if in the event
of a dissolution or winding up of the Company in connection with a
Chapter 7 bankruptcy, the assets of the Company available for
distribution to its stockholders shall be insufficient to pay the
Liquidation Amount, the Holders, with respect to their shares of
Series O Preferred Stock, shall be entitled to receive out of such
assets the same amount that each share of the Common Stock would
receive as if each outstanding share of Series O Preferred Stock
were, immediately prior to the applicable record date, fully
converted (disregarding solely for such purposes any conversion or
exchange limitations hereunder) to shares of Common Stock at the
conversion ratio for each whole share of Preferred Stock, which is
equal to the Stated Value divided by the applicable Conversion
Price.

For each share of Series O Preferred Stock, the "Conversion Price"
shall be, unless otherwise provided in this Certificate of
Designation, equal to the Minimum Price as of the applicable
Conversion Date. "Minimum Price" means, with respect to a given
date, the lower of:

     (i) the Closing Price (as defined in the Certificate of
Designation) of the Common Stock immediately preceding such date
or

    (ii) the average Closing Price of the Common Stock for the five
(5) Trading Days (as defined in the Certificate of Designation)
immediately preceding such date.

Each of the following events shall be considered a "Deemed
Liquidation Event":

     (A) a merger or consolidation in which the Company is a
constituent party and in which the stockholders of the Company
immediately prior to such merger or consolidation do not continue
to hold a majority of the voting power of the Company or any
successor entity following such merger or consolidation; or

     (B) the sale, lease, transfer, exclusive license or other
disposition, in a single transaction or series of related
transactions, by the Company or any subsidiary of the Company of
all or substantially all the assets of the Company and its
subsidiaries taken as a whole, or the sale or disposition (whether
by merger, consolidation or otherwise) of one or more subsidiaries
of the Company if substantially all of the assets of the Company
and its subsidiaries taken as a whole are held by such subsidiary
or subsidiaries, except where such sale, lease, transfer, exclusive
license or other disposition is to a wholly owned subsidiary of the
Company.

Conversion Rights

     * Optional Conversion

At any time prior to December 31, 2026, the Company may, in its
sole discretion, elect to convert all (and not part) of the then
outstanding shares of Series O Preferred Stock to Conversion Shares
at the Conversion Ratio; provided, however, that in no event may
Conversion Shares be issued to any Holder that would cause such
Holder, together with its affiliates, to beneficially own shares of
Common Stock in excess of the Maximum Percentage immediately after
giving effect to the issuance of the Conversion Shares.

The Company shall effect the Optional Conversion by providing
Holders with the Company Conversion Notice (as defined in the
Certificate of Designation), which shall specify, inter alia, the
date on which such conversion is to be effected.

On the Optional Conversion Date, each outstanding share of Series O
Preferred Stock will automatically convert (subject to the Maximum
Percentage limitation) into such whole number of fully paid and
non-assessable shares of Common Stock as is determined by the
Conversion Ratio.

     * Automatic Conversion

If no Optional Conversion occurs pursuant to the terms of the
Certificate of Designation, then on December 31, 2026, each
outstanding share of Series O Preferred Stock will automatically
convert (subject to the Maximum Percentage limitation) into such
whole number of fully paid and non-assessable shares of Common
Stock as is determined by the Conversion Ratio.

For any issuance of Conversion Shares that would cause a breach of
the Maximum Percentage limitation, the Company may issue, in lieu
of such number of Conversion Shares in excess of the Maximum
Percentage, one or more pre-funded warrants exercisable into, in
aggregate, such number of Conversion Shares in excess of the
Maximum Percentage to the Holder; provided, however, that the terms
of such Pre-Funded Warrants shall provide that they may not be
exercised to such extent as to cause the Holder, together with its
affiliates, to beneficially own shares of Common Stock in excess of
the Maximum Percentage immediately after giving effect to such
exercise.

No fractional shares or scrip representing fractional shares shall
be issued upon the conversion of the Series O Preferred Stock. As
to any fraction of a Conversion Share which a Holder would
otherwise be entitled to receive upon such conversion, the Company
shall pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the closing price of a
share of Common Stock as of the Trading Day immediately prior to
the applicable Conversion Date.

Maximum Percentage

In no event may shares of Common Stock be issued to any Holder that
would cause such Holder's beneficial ownership to exceed the
Maximum Percentage, which is 19.99% of the number of shares of
Common Stock outstanding on a given date (including for such
purpose the shares of Common Stock issuable upon such issuance).

Trading Market

There is no established trading market for any of the Series O
Preferred Stock, and the Company does not expect a market to
develop. It does not intend to apply for a listing for any of the
Series O Preferred Stock on any securities exchange or other
nationally recognized trading system. The Series O Preferred Stock
will not trade with the Common Stock.

Full text of copies the Certificate of Designation and the form of
Pre-Funded Warrants, are available at https://tinyurl.com/mrx6h2u3
and https://tinyurl.com/2z9apd43, respectively.

The Company is also supplementing the risk factors previously
disclosed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2024, as amended, Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2025, June 30, 2025 and September
30, 2025, and other filings made with the SEC, with the risk
factors relating to the Preferred Stock Dividend and certain other
matters, available at https://tinyurl.com/abbtudf8

Management Comments

"Jaguar is issuing the Special Stock Dividend to reward and
recognize our passionate and supportive stockholders and provide
protection against potential dilution as we explore pathways to
repay and restructure our existing indebtedness," said Lisa Conte,
Jaguar's founder, president, and CEO. "Jaguar has a sharp strategic
focus on our ongoing global development program for our crofelemer
powder-for-oral-solution formulation for intestinal failure. As
announced, Jaguar was provided with meaningful non-dilutive capital
in January 2026 upon entering a U.S. license agreement with Future
Pak for Mytesi(R) – an agreement that is fully aligned with our
strategy to concentrate Jaguar's crofelemer development efforts on
human rare-disease intestinal failure indications. Our intestinal
failure program is expected to continue to provide clinical
proof-of-concept milestones and is the subject of business
development discussions with the potential to bring in non-dilutive
funds from potential licensee partners. Jaguar is targeting
Breakthrough Therapy designation for crofelemer for the indication
of microvillus inclusion disease (MVID), with a planned filing of
an NDA (New Drug Application) with the U.S. Food and Drug
Administration for this indication in the first half of 2027. MVID
is a lethal and ultrarare genetic pediatric disorder that causes
intestinal failure. Crofelemer recently demonstrated groundbreaking
benefit in the initial pediatric MVID patient treated –
demonstrating a reduction in weekly parenteral support (PS) needs
of up to 37%. The safety of locally acting crofelemer continues to
be a hallmark of the drug and a critical factor in assessing the
benefit-to-risk ratio of crofelemer for intestinal failure
patients. Our crofelemer intestinal failure programs are also
enhanced by clinical proof-of-concept data in pediatric patients
with intestinal failure due to its effects in another rare disease
short bowel syndrome with intestinal failure (SBS-IF). The Company
has an ongoing randomized double-blind placebo-controlled Phase 2
study of crofelemer powder-for-oral solution in adult SBS-IF
patients."

About Crofelemer

Crofelemer is a novel, oral plant-based prescription medicine
purified from the red bark sap, also referred to as "dragon's
blood," of the Croton lechleri tree in the Amazon Rainforest. Napo
Pharmaceuticals has established a sustainable harvesting program,
under fair trade practices, for crofelemer to ensure a high degree
of quality, ecological integrity, and support for indigenous
communities.

                           About Jaguar Health

Jaguar Health, Inc. -- http://www.jaguar.health/-- is a
commercial-stage pharmaceuticals company focused on developing
novel, plant-based, sustainably derived prescription medicines for
people and animals with gastrointestinal ("GI") distress, including
chronic, debilitating diarrhea. Jaguar Health's wholly owned
subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and
commercializing proprietary plant-based human pharmaceuticals from
plants harvested responsibly from rainforest areas. The Company's
crofelemer drug product candidate is the subject of the OnTarget
study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea
in adult cancer patients receiving targeted therapy.

Larkspur, California-based RBSM, LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended Dec. 31, 2024, citing that the Company has
an accumulated deficit, recurring losses, and expects continuing
future losses. These conditions raise substantial doubt about the
Company's ability to continue as a going concern. The Company,
since its inception, has incurred recurring operating losses and
negative cash flows from operations and has an accumulated deficit
of $346.5 million as of December 31, 2024.

As of September 30, 2025, the Company had $49.5 million in total
assets, $45.1 million in total liabilities, $4.4 million in total
stockholders' equity.


KARYOPHARM THERAPEUTICS: T. Rowe Price Investment Holds 11.8% Stake
-------------------------------------------------------------------
T. Rowe Price Investment Management, Inc., 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
2,244,421 shares of common stock -- with sole voting power over
1,491,409 shares and sole dispositive power over 2,244,421 shares
as an investment adviser -- of Karyopharm Therapeutics Inc's common
stock, representing 11.8% of the shares outstanding.

T. Rowe Price Investment Management, Inc. may be reached through:

     Ellen York, Vice President
     1307 Point Street
     Baltimore, MD 21231

A full-text copy of T. Rowe Price Investment Management, Inc.'s SEC
report is available at: https://tinyurl.com/22tkdnbh

                 About Karyopharm Therapeutics

Karyopharm Therapeutics Inc. operates as an oncology-focused
pharmaceutical company. The Company offers combination with
dexamethasone as a treatment for patients with pretreated multiple
myeloma, as well as provides single-agent and combination activity
against a variety of human cancers. Karyopharm Therapeutics serves
patients in the United States, Germany, and Israel.

Boston, Massachusetts-based Ernst & Young LLP, the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated February 19, 2025, citing that the Company has
incurred significant operating losses since inception, expects to
incur significant operating losses for the foreseeable future, and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.

As of September 30, 2025, the Company had $96.23 million in total
assets, $365.49 million in total liabilities, and $269.26 million
in total equity.


KAWEAH DELTA: Moody's Affirms Ba1 Rev. Bond Rating, Outlook Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Kaweah Delta Health Care District,
CA's (KDHCD) Ba1 revenue bond rating. The outlook is stable. There
is approximately $200 million of debt outstanding.  

Affirmation of the Ba1 rating reflects the system's strong regional
market position and liquidity above 90 days, with operational gains
and increased supplemental funding helping to counterbalance
persistently thin margins and limited financial flexibility.

RATINGS RATIONALE

KDHCD's Ba1 reflects its leading market position and essential
service role, offset by structurally thin operating margins and a
high dependence on supplemental funding. Labor costs remain a
significant constraint despite progress reducing contract labor,
and operating cashflow (OCF) margins will likely remain above 3%,
providing only modest cushion against expense volatility.
Liquidity, while adequate, is expected to fluctuate but generally
remain in the 90-100 day range, leaving the district vulnerable to
delays in state and federal payments. Balance sheet flexibility
also remains constrained by adjusted pension liabilities. The
system's core performance is stabilizing but highly dependent on
management execution and continuation of enhanced supplemental
funding programs, both of which will be critical to maintaining
operating stability and covenant compliance.

RATING OUTLOOK

The stable outlook incorporates KDHCD's strong market position and
assumes above 3% operating cash flow margins as management advances
performance initiatives and benefits from elevated state and
federal support, all of which should help keep cash on hand close
to 90-100 days.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Sustainable core OCF margins at around 6%-7%

-- Sustained and notable increase in absolute cash and investments
and cash on hand over 100 days

-- Meaningful improvement in leverage metrics like cash to debt

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Deterioration in operating cash flow such that performance no
longer supports stable liquidity and covenant compliance

-- A decline in unrestricted cash reserves and cash on hand to
less than 75 days

PROFILE

KDHCD manages multiple health care facilities in Visalia, CA,
including the 435-bed Kaweah Delta Medical Center, a skilled
nursing facility, mental health hospital, rehabilitation hospital,
dialysis center, and five hospital-based rural health clinics. The
Medical Center serves as Tulare County's main tertiary referral
center.

METHODOLOGY

The principal methodology used in these ratings was Not-for-profit
Healthcare published in October 2024.


KKR REAL ESTATE: Moody's Alters Outlook on 'Ba3' CFR to Negative
----------------------------------------------------------------
Moody's Ratings has affirmed KKR Real Estate Finance Trust Inc.'s
(KREF) Ba3 corporate family rating and KREF Holdings X LLC's Ba3
senior secured bank credit facility rating. Moody's changed the
outlook to negative from stable for both entities.

RATINGS RATIONALE

The Ba3 CFR reflects KREF's adequate capitalization, sound
liquidity, and the strength of its competitive position resulting
from its affiliation with KKR & Co. Inc., its external manager. The
ratings also reflect risks stemming from KREF's concentrated
exposure to commercial real estate (CRE) lending, increasing level
of problem loans that have driven provision-related operating
losses, and significant dependence on confidence-sensitive secured
funding.

The change in outlook to negative reflects the deterioration in
KREF's loan performance, provision-related operating losses, and
Moody's expectations that KREF will continue to experience
challenges with respect to asset quality and earnings in the next
12-18 months. The ratio of problem loans to gross loans, which
measures the proportion of the portfolio with the weakest internal
risk rating (i.e., risk rated "5") grew to 10.6% as of December 31,
2025, up from 5.1% as of December 31, 2024. These problem loans
contributed to a $70 million loss in 2025 following $13 million of
income in 2024 and a $54 million loss in 2023.

KREF's capitalization, measured as tangible common equity to
tangible managed assets, fell to 18.1% as of December 31, 2025 from
21.2% as of December 31, 2024. Although Moody's still consider the
absolute level of capitalization as adequate, the decline leaves
the company with a thinner buffer to absorb unexpected losses. The
company reported a total leverage ratio of 3.9x, near the top of
its expected operating range of 3.5x to 4.0x. Given this
positioning, leverage is not expected to rise materially from its
current level. KREF's current expected credit loss (CECL) reserve
rose to 3.8% of loan principal balance as of December 31, 2025 from
2.0% one year earlier.

Notwithstanding the aforementioned credit risks, KREF maintains
sound liquidity and has no final facility maturities until 2027 and
no corporate debt maturities until 2030. The company retains
substantial dry powder, providing meaningful capacity to redeploy
capital into newly originated loans at higher risk-adjusted yields.
This deployment is increasingly important as the portfolio
continues to face earnings drag from under-earning real estate
owned and an elevated stock of problem loans. Concurrently, the
company has indicated that the board of directors is undertaking a
thorough reassessment of the dividend as part of a broader capital
allocation review. A further dividend reduction remains a distinct
possibility, underscoring management's prioritization of capital
retention amid asset quality pressure and ongoing earnings
volatility.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlook, an upgrade of KREF's ratings is
unlikely at this time. However, the outlook could return to stable
if KREF demonstrates sustained asset quality improvement and
earnings return to historical levels.

Over time, KREF's ratings could be upgraded if the company: 1)
demonstrates strong, predictable profitability with low credit
losses; 2) improves its funding profile by reducing its reliance on
confidence-sensitive secured borrowings; 3) strengthens its capital
position; and 4) increases its business diversification while
maintaining good asset quality.

KREF's ratings could be downgraded if the company: 1) experiences
further deterioration in asset quality and profitability; 2)
weakens its capital position; 3) rapidly accelerates growth; or 4)
increases exposure to volatile funding sources or otherwise
encounters liquidity challenges.

The principal methodology used in these ratings was Finance
Companies published in July 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


KSF NW: S&P Raises 'BB+' Bond Rating On Improved KIPP Miami
-----------------------------------------------------------
S&P Global Ratings raised its long-term rating to 'BB+' from 'BB'
on the Capital Trust Authority, Fla.'s series 2024A educational
facilities revenue and revenue refunding bonds, issued for KSF NW
110th Street LLC (KSF 110) on behalf of KIPP Miami Inc.

The outlook is stable.

S&P said, "The upgrade reflects our improved view of KIPP Miami's
financial profile metrics given the school no longer plans to add
material additional debt to fund expansion to the Liberty Campus
site, a trend of growth in enrollment aligned with the school's
growth targets, and improved financial performance and healthy
liquidity supportive of the current rating.

"We analyzed KIPP Miami's environmental, social, and governance
factors relative to the school's market position, financial
performance, reserves and liquidity, and debt burden. Data from S&P
Global Sustainable1 demonstrates that KIPP Miami faces elevated
hurricane, coastal flooding, and severe rainfall exposures compared
with the rest of the U.S. given the school's proximity location in
Miami-Dade County along the Gulf Coast. We expect these exposures
to remain a material influence on our view of creditworthiness.
Given its proximity to Florida's southern coast, we believe KIPP
Miami is exposed to physical climate risk. In our view, these acute
events could affect enrollment if the population is displaced after
an event, or if chronic physical risks leads to slower growth
trends. KIPP Miami carries comprehensive property insurance,
including insurance covering named storms, which provides some
offset. We consider social and governance factors neutral in our
analysis.

"The stable outlook reflects our expectation that KIPP Miami will
continue to meet its enrollment growth projections and generate
positive operating results, supporting maintenance of
lease-adjusted MADS coverage and reserves, along with a moderating
debt burden.

"We could consider a negative rating action if the school
materially misses its enrollment targets, cash weakens
substantially, or coverage expectations are not met over the next
year. We understand that KIPP Miami could draw on reserves beyond
the outlook period. However, if the draw results in a greater spend
down that what was previously articulated, the rating could be
pressured. Additionally, given our view of KIPP Miami's current
debt leverage, we could lower the rating if the school issues
material additional debt without the commensurate growth in
operations over the outlook.

"We could consider a positive rating action over time if KIPP Miami
successfully executes its expansion plans, leading to improved
demand and financial performance metrics over a sustained period,
consistent balance sheet strength, and operating flexibility
supportive of a higher rating."



MALLINCKRODT PLC: Judge Rules Chapter 11 Bars Antitrust Payouts
-----------------------------------------------------------------
Emlyn Cameron of Law360 reports that a federal judge in Connecticut
has ruled that Mallinckrodt PLC's Chapter 11 emergence in 2022
discharged monetary claims brought by states in a sprawling generic
drug antitrust enforcement action. The ruling means that the states
may be unable to collect certain antitrust damages now that
Mallinckrodt has reorganized.

The enforcement action, brought by a coalition of states, alleges
broader anticompetitive behavior by pharmaceutical companies in the
generic drug market. In assessing Mallinckrodt's bankruptcy
discharge, the court concluded that the monetary claims were
encompassed by the company's confirmed reorganization plan and thus
extinguished, the report states.

The decision highlights the tension between bankruptcy law's broad
discharge provisions and the interests of plaintiffs pursuing
antitrust enforcement. States that participated in the litigation
are evaluating potential next steps, including possible appeals of
the decision, according to Law360.

                   About Mallinckrodt plc

Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is
a global business consisting of multiple wholly-owned subsidiaries
that develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The Company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would reduce
total debt by $1.3 billion and resolve opioid-related claims
against them. Mallinckrodt in mid-June 2022 successfully completed
its reorganization process, emerged from Chapter 11 and completed
the Irish Examinership proceedings.

Mallinckrodt Plc said in a regulatory filing in early June 2023
that it was considering a second bankruptcy filing and other
options after its lenders raised concerns over an upcoming $200
million payment related to opioid-related litigation.

Mallinckrodt plc and certain of its affiliates again sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28,
2023. Mallinckrodt disclosed $5,106,900,000 in assets and
$3,512,000,000 in liabilities as of June 30, 2023.

Judge John T. Dorsey oversees the new cases.

In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins,
LLP and Richards, Layton & Finger, P.A. as their bankruptcy
counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate
and finance counsel; Ropes & Gray, LLP as litigation counsel;
Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as
investment banker; and AlixPartners, LLP, as restructuring
advisor.

In the new Chapter 11 cases, the Debtors tapped Latham & Watkins,
LLP and Richards, Layton & Finger, P.A., as their bankruptcy
counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate
and finance counsel; Guggenheim Securities, LLC as investment
banker; and AlixPartners, LLP, as restructuring advisor. Kroll is
the claims agent.


MICHAELS COMPANIES: Moody's Ups CFR to 'B2', Outlook Stable
-----------------------------------------------------------
Moody's Ratings upgraded The Michaels Companies, Inc.'s
("Michaels") corporate family rating and its probability of default
rating to B2 and B2-PD from B3 and B3-PD respectively.
Additionally, Moody's assigned a B1 rating to the company's
proposed $1.1 billion senior secured term loan and the proposed
$1.7 billion senior secured first lien notes and a Caa1 rating to
the proposed $950 million senior secured second lien notes. The
ratings of the existing senior secured bank credit facility and
senior secured notes are upgraded to B1 from B2 and its existing
senior unsecured notes rating is upgraded to Caa1 from Caa2.  The
ratings of the existing credit facilities will be withdrawn upon
closing. The outlook remains stable.

"Michaels has improved top-line growth and profitability by gaining
market share and adding new product categories and services like
fabrics, balloons and party planning, as two of its main
competitors Joann, Inc. and Party City filed for bankruptcy. The
upgrade reflects that Moody's expects to see further improvement in
2026", Moody's Ratings Vice President Mickey Chadha stated.

Proceeds from the proposed term loan, first lien notes and second
lien notes will be used to refinance its existing debt maturities
and to pay related fees and expenses. Moody's also views positively
the extension of Michael's debt maturities such that its nearest
debt maturity will be in 2031 compared to 2028 currently.  The
assigned ratings are subject to the receipt and review of final
documentation for the proposed debt and no material changes in the
terms and conditions as communicated to us.  

RATINGS RATIONALE

Michaels B2 rating reflects that it is an established leader in the
highly fragmented arts and craft segment of retail.  Michaels has
improved top-line growth and profitability by gaining market share
and adding new product categories and services as competitors have
exited the market. Michaels' rating also reflects governance
considerations particularly Michaels' private equity ownership by
Apollo Global Management, Inc. and the business risk associated
with the highly seasonal nature of its product sales.   The company
is also exposed to categories that are more sensitive to the
current economic conditions (such as craft technology, seasonal
décor and custom framing), and competition from larger well
capitalized retailers. Liquidity is good and largely supported by
availability under its $1.1 billion asset based revolving credit
facility and its cash flow generation which is weighted toward its
fourth fiscal quarter. Funded leverage remains high. However
Moody's do expect improvement to 5.5x in 2026.  Moody's adjusted
Debt/EBITDA and EBIT/interest is expected to be around 4.5x and
1.5x in 2026 respectively.

The stable outlook reflects Moody's expectations that credit
metrics will continue to improve in 2026 as topline growth and
profitability improvement continues.

The proposed term loan does not contain financial maintenance
covenants.

Marketing terms for the new credit facilities (final terms may
differ materially) include the following:

Incremental pari passu debt capacity up to the greater of $350
million and 0.5x Consolidated EBITDA, plus amounts available under
the general debt basket, plus unlimited capacity subject to closing
date first lien net leverage ratio (calculated excluding revolving
loans and ABL facilities incurred for working capital purposes).
There is no inside maturity sublimit.  The credit agreement is
expected to include "Chewy", "J. Crew" and "Serta" blockers.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if operating performance consistently
improves while maintaining good liquidity. Quantitatively, ratings
would be upgraded should operating performance and financial
policies support EBIT/interest sustained above 2.25x with lease
adjusted debt/EBITDA sustained below 4.25x.

Ratings could be downgraded should free cash flow generation become
negative, liquidity deteriorate for any other reason or financial
strategies become more aggressive. Quantitatively, ratings would be
downgraded should EBIT/interest be sustained below 1.5x or lease
adjusted debt/EBITDA is sustained above 5.25x.

The Michaels Companies, Inc. is the largest dedicated arts and
crafts specialty retailer in North America based on number of
stores operated. The company operates 1,376 Michaels stores in 49
states and Canada and generated revenue of about $5.2 billion in
fiscal 2025.

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.


MILLSIDE PLAZA: Rivlin Ordered to Produce Certain Documents
-----------------------------------------------------------
Judge Elizabeth S. Stong of the U.S. Bankruptcy Court for the
Eastern District of New York granted in part the motion of Rialto
Capital Advisors, LLC, the special servicer of the subject loan for
Secured Creditor Wells Fargo Bank, National Association, as Trustee
on behalf of the registered holders of CSAIL 2015-C3 Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2015-C3, a secured creditor of Millside Plaza LLC, the
debtor and debtor-in-possession in the Chapter 11 bankruptcy case,
by its counsel, Hinshaw & Culbertson, LLP, seeking the entry of an
Order:

   (i) pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure, (a) authorizing Rialto to serve a subpoena upon Reuven
Rivlin, a member of Debtor who allegedly oversaw Debtor's
operations prior to the commencement of this Chapter 11 case,
requiring his appearance for an examination and his production of
certain requested documents, and (b) directing Debtor to produce
certain requested books and records regarding its financial
transactions, assets, and liabilities; and,

  (ii) for such other and further relief as the Court deems just
and equitable.

Rivlin is ordered to promptly produce the following books and
records to counsel for Rialto/Secured Creditor on a rolling basis
as such books and records are located by Rivlin and/or his agents
and/or representatives:

   (i) any and all documents evidencing the receipt by Rivlin of
any rent and/or CAM that was due Debtor from any tenant(s) of
Debtor's real property during the period July 1, 2024 to the Filing
Date; and

  (ii) any and all documents evidencing any transfers by or on
behalf of Debtor to Rivlin or any other insiders of Debtor,
including to any members, as well as their officers, directors,
employees, agents, and representatives, for the period July 1, 2024
to the Filing Date (the "Requested Documents").

The remaining portion of the Motion, which seeks authorization to
conduct a Rule 2004 examination of Rivlin, will be held in abeyance
pending further hearing.

A continued hearing on the Motion will be held on April 27, 2026 at
10:30 a.m. to consider:

   (i) any remaining issues with respect to Rivlin's production of
the Requested Documents; and

   (ii) any remaining issues with respect to Debtor's production of
documents pursuant to the Initial 2004 Order.

A copy of the Agreed Order dated February 17, 2026, is available at
http://urlcurt.com/u?l=gLhxdvfrom PacerMonitor.com.

                   About Millside Plaza LLC

Millside Plaza LLC leases commercial real estate, with its main
property located at 4004 Route 130 in Delran, New Jersey.

Millside Plaza LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44642) on September
25, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by Joel M. Shafferman, Esq. of SHAFFERMAN
& FELDMAN LLP.


MISSION ACHIEVEMENT: S&P Affirms 'BB' ICR, Outlook is Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating (ICR) on
Mission Achievement and Success Charter School, N.M. (MAS).

The outlook is stable.

S&P considers the school's environmental, social, and governance
factors neutral in our credit rating analysis.

S&P said, "The stable outlook reflects our view that MAS will
maintain its solid enterprise profile, meet its enrollment targets,
improve operating margins to positive territory in fiscal 2026, and
maintain liquidity consistent with the rating level.

"We could consider a negative rating action if management's
anticipated enrollment growth does not materialize as expected,
resulting in weaker lease-adjusted MADS coverage that is
inconsistent with that of similarly rated peers. We would also view
additional new debt being issued without a commensurate growth in
resources negatively.

"A positive rating action is unlikely during the one-year outlook
horizon, given MAS' high debt and the uncertainty related to its
growth projections. However, we could consider a higher rating if
management can execute its growth strategy, produce positive
margins, and improve its coverage and liquidity levels."



MULTI-COLOR CORP: 3rd Cir. Denies Creditors' Bid to Transfer Ch. 11
-------------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that Creditors of
Multi-Color Corp. aiming to derail or relocate the company's
Chapter 11 case hit a roadblock when the Third Circuit Court of
Appeals denied their petition. The minority creditor group had
sought extraordinary writ relief to push for dismissal or a change
in venue.

The dispute emerged after Multi‑Color filed for Chapter 11
protection in January in the U.S. Bankruptcy Court for the District
of New Jersey. The dissenting creditors argued that the company's
only connections to New Jersey were two bank accounts held by its
unit, MCC‑Norwood LLC, and contended that such tenuous ties did
not justify filing there, according to report.

In a terse order issued Tuesday, February 24, 2026, the Third
Circuit rejected the creditors' mandamus petition without detailing
its legal analysis. Mandamus relief is seldom granted, and the
court's brief ruling does not signal how it viewed the venue
arguments on the merits, the report states.

The creditors' request was one of several procedural fights in a
bankruptcy case already complicated by jurisdictional and creditor
disputes. With that challenge now closed, the New Jersey bankruptcy
court will move forward with overseeing Multi‑Color's
restructuring, the report relays.

                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.’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: Court Appoints Mediator in Bankruptcy Case
------------------------------------------------------------
The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey approved the Stipulation and Agreed Order
entered into by:

   (a) Multi-Color Corporation and its affiliated debtors in
possession;
   (b) Clayton Dubilier & Rice LLC, on behalf of itself and its
affiliates that have executed and delivered counterpart signature
pages to the Restructuring Support Agreement, in their collective
capacity as funded debt holders, Sponsor, and Plan Sponsor;
   (c) the Secured Ad Hoc Group; the Cross-Holder Ad Hoc Group;
   (d) the ad hoc group of certain beneficial holders and/or
investment advisors or managers of beneficial holders of the
Debtors' funded debt obligations as set forth in the Joint Verified
Statement of Willkie Farr & Gallagher LLP and Rolnick Kramer
Sadighi LLP Pursuant to Federal Rule of Bankruptcy Procedure 2019;
and
   (e) the statutory committee of unsecured creditors, if any.

The parties agreed to proceed to mediation before the Hon. Joseph
A. Greenaway, Jr. (Ret.).

The Mediator is authorized and directed to conduct the mediation
with the Mediation Parties regarding all disputes arising from or
related to:

   (a) the Joint Prepackaged Plan of Reorganization of Multi-Color
Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the
Bankruptcy Code;

   (b) Disclosure Statement Relating to the Joint Prepackaged Plan
of Reorganization of Multi-Color Corporation and its Debtor
Affiliates Pursuant to Chapter 11 of the Bankruptcy Code;

   (c) the Venue Motion; and

   (d) the Debtors' Motion for Entry of Interim and Final Orders
(I) Authorizing the Debtors to: (A) Obtain Postpetition Financing,
(B) Use Cash Collateral, and (C) Grant Liens and Superpriority
Administrative Expense Claims, (II) Granting Adequate Protection to
Certain Prepetition Secured Parties, (III) Modifying the Automatic
Stay, (IV) Scheduling a Final Hearing, and (V) Granting Related
Relief and the Interim Order (I) Authorizing the Debtors to (A)
Obtain Postpetition Financing, (B) Use Cash Collateral, and (C)
Grant Liens and Superpriority Administrative Expense Claims, (II)
Granting Adequate Protection to Certain Prepetition Secured
Parties, (III) Modifying the Automatic Stay, (IV) Scheduling a
Final Hearing, and (V) Granting Related Relief.

A copy of the Stipulation and Agreed Order dated February 24, 2026,
is available at http://urlcurt.com/u?l=yzAtltfrom
PacerMonitor.com.

Proposed Co-Counsel to the Debtors and Debtors in Possession:

Steven N. Serajeddini, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, NY 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: steven.serajeddini@kirkland.com

   - and -

Rachael M. Bentley, Esq.
Peter A. Candel, Esq.
Ashley L. Surinak, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
333 West Wolf Point Plaza
Chicago, IL 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: rachael.bentley@kirkland.com
       peter.candel@kirkland.com
       ashley.surinak@kirkland.com

   - and -

Michael D. Sirota, Esq.
Warren A. Usatine, Esq.
Felice R. Yudkin, Esq.
COLE SCHOTZ P.C.
Court Plaza North, 25 Main Street
Hackensack, NJ 07601
Tel: (201) 489-3000
Email: msirota@coleschotz.com
       wusatine@coleschotz.com
       fyudkin@coleschotz.com

                About Multi-Color Corporation

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.'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 its
financial advisor.  Milbank LLP and PJT Partners serve as legal
counsel and financial advisor, respectively, to the ad hoc group of
secured creditors.


MVP GROUP: Seeks to Extend Plan Exclusivity to March 27
-------------------------------------------------------
MVP Group, LLC asked the U.S. Bankruptcy Court for the Southern
District of Florida to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to March 27
and May 26, 2026, respectively.

The Debtor explains that there are approximately 450 creditors,
although this case is not particularly large. Moreover, the Debtor
acquires most products from overseas, and, from an operational
standpoint, the Debtor's operations got off to a relatively slow
start due to the negotiation of a new warehouse agreement and the
transitioning of inventory from the old to the new warehouse.

The Debtor claims that this case is approximately 6 months old;
however, the company had no access to much of its inventory during
the first month of the case. Moreover, the Debtor has been engaged
in discussions with a plan sponsor and its senior secured lender,
and the Debtor believes it is making progress. The Debtor has also
drafted a plan of reorganization subject, however, to final
modifications. Accordingly, more time is necessary to finalize and
file a plan of reorganization, and to seek and obtain
confirmation.

The Debtor states that the early stages of this case have been
marked with progress. The Debtor negotiated a new warehouse
agreement and transitioned inventory from the old to the new
warehouse. The Debtor has also been engaged in discussions with a
plan sponsor and its senior secured lender, which should facilitate
the filing of a plan. Finally, the Debtor has had regular
communications with and has provided financial reporting to the
senior secured lender.

The Debtor asserts that it is not seeking to use exclusivity to
pressure creditors into accepting a plan they find unacceptable or
as a delay tactic. Rather, the Debtor legitimately requires
additional time to finalize and file a plan of reorganization, as
well as to seek and obtain confirmation.

The Debtor further asserts that approximately six months have
elapsed in this case, and while the company has made progress,
additional time is needed to finalize and file a plan of
reorganization, as well as to seek and obtain confirmation. This
Motion represents the Debtor's second request to extend the
Exclusivity Period and Solicitation Period. Pursuant to the
Debtor's initial request, the Exclusive Period and Solicitation
Period were extended for a period of only sixty days.

MVP Group LLC is represented by:

     Michael D. Seese, Esq.
     Seese, P.A.
     101 N.E. 3rd Avenue, Suite 1500
     Ft. Lauderdale, FL 33301
     Tel: (954) 745-5897
     Email: mseese@seeselaw.com

                            About MVP Group LLC

MVP Group LLC is a Fort Lauderdale-headquartered distributor of
commercial food service equipment. The Company supplies products to
restaurants, hotels, schools, government institutions, and other
foodservice operators, with clients including global chains such as
Subway, Burger King, Marriott and Best Western. MVP Group supports
its operations through a network of warehouses, inventory centers
and authorized service agents throughout North America.

MVP Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 25-20199) on Aug. 29, 2025.  In its
petition, the Debtor reports estimated assets between $1 million
and $10 million and estimated liabilities between $10 million and
$50 million.

Honorable Bankruptcy Judge Scott M. Grossman handles the case.

The Debtor is represented by Michael D. Seese, Esq. at SEESE, P.A.


NARU LLC: August 10 Governmental Claims Bar Date
------------------------------------------------
On February 9, 2026, Naru LLC filed for Chapter 11 protection in
the U.S. Bankruptcy Court for the District of Nevada. According to
court filings, the Debtor reports between $100,001 and $1,000,000
in debt owed to 1–49 creditors.

Governmental creditors must file their claims on or before August
10, 2026.

                    About Naru LLC

Naru LLC, doing business as Pier 215, is a Nevada-based limited
liability company.
                
Naru LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Nev. Case No. 26-10815-mkn) on February 9, 2026. In
the petition signed by Krissy Jung, manager, the Debtor disclosed
up to $50,000 in assets and up to $1 million in liabilities.

Judge Mike K. Nakagawa oversees the case.

Matthew C. Zirzow, Esq., at Laron & Zirzow, LLC, represents the
Debtor as legal counsel.


NAVELLIER & ASSOCIATES: Plan Exclusivity Period Extended to April 6
-------------------------------------------------------------------
Judge Hilary L. Barnes of the U.S. Bankruptcy Court for the
District of Nevada extended Navellier & Associates Inc.'s exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to April 6 and June 4, 2026, respectively.

As shared by Troubled Company Reporter, the Debtor explains that it
is seeking to extend the Exclusive Periods because the extensions
will help move the case toward a fair and equitable resolution of
Debtor's bankruptcy estate, and there is ample "cause." The current
bar dates for all creditors are on the same day or after the
deadline of the First Exclusivity Period.

In addition, with more than 6,000 potential creditors, the Debtor
needed to know the nature and extent of any claims filed, including
any claim filed by the SEC, to properly propose a feasible plan.
The Debtor's business revenues could have also been impacted by the
chapter 11 filing, with the outcome unknown early in the case.

The Debtor claims that the extensions the company sought are
neither indefinite nor being used to force any creditor to accept
an undesirable plan. The extension is sought primarily because of
other critical deadlines that will impact the formulation of the
Debtor's plan. The Debtor can propose the most informed and
feasible plan after knowing the relevant facts. Given the
foregoing, an extension of the Exclusive Periods makes legal and
practical sense.

Counsel to the Debtor:

     Stephen R. Harris, Esq.
     Harris Law Practice LLC
     850 E. Patriot Blvd., Suite F
     Reno, NE 89511
     Tel: (775) 786-7600
     Fax: (775) 786-7764
     Cell: (775) 690-9120
     Email: steve@harrislawreno.com

     Sallie B. Armstrong, Esq.
     Jimmy F. Dahu, Esq.
     McDONALD CARANO LLP
     100 West Liberty Street, Tenth Floor
     Reno, NV 89501
     Telephone: (775) 788-2000
     Email: sarmstrong@mcdonaldcarano.com
     Email: jdahu@mcdonaldcarano.com

                        About Navellier & Associates Inc.

Navellier & Associates Inc., based in Reno, Nevada, provides
investment advisory services focused on growth investing
strategies, offering portfolio management and financial planning to
individual and institutional clients. The firm was founded by Louis
G. Navellier and manages discretionary assets while employing a
quantitative and fundamental approach to stock selection.

Navellier & Associates Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev.Case No. 25-50820) on Sept. 5,
2025. In its petition, the Debtor estimated assets between $1
million and $10 million and estimated liabilities between $10
million and $50 million.

Honorable Bankruptcy Judge Hilary L. Barnes handles the case.

The Debtor is represented by Norma Guariglia, Esq. at HARRIS LAW
PRACTICE LLC.


NEUROONE MEDICAL: Swings to $1.4 Million Net Loss in Q1 2026
------------------------------------------------------------
NeuroOne Medical Technologies Corporation filed with the U.S.
Securities and Exchange Commission its Quarterly Report on Form
10-Q for the quarterly period ended December 31, 2025.

Product revenue was $2.9 million in the first quarter of fiscal
2026, compared to product revenue of $3.3 million in the first
quarter of fiscal 2025. The slight decrease was due to the initial
stocking order from Zimmer, which occurred in the first quarter of
fiscal 2025. On a sequential basis, product revenue increased 5.5%,
compared to $2.7 million in the fourth quarter of fiscal 2025. The
Company had no license revenue in the first quarter of fiscal 2026,
compared to license revenue of $3.0 million in the first quarter of
fiscal 2025, which was derived from the expanded exclusive
distribution agreement with Zimmer.

Product gross profit was $1.6 million, or 54.2% of revenue, in the
first quarter of fiscal 2026, compared to product gross profit of
$1.9 million, or 58.9% of revenue, in the same quarter of the prior
fiscal year. On a sequential basis, product gross profit increased
2.6%, compared to $1.5 million in the fourth quarter of fiscal
2025.

Total operating expenses were $3.3 million in the first quarter of
fiscal 2026, compared to $3.2 million in the same quarter of the
prior year. Research & Development expense in the first quarter of
fiscal 2026 was $1.4 million, compared to $1.2 million in the same
quarter of the prior year. Selling, General & Administrative
expense in the first quarter of fiscal 2026 decreased 7.7% to $1.9
million, compared to $2.0 million in the same quarter of the prior
year.

Net loss in the first quarter of fiscal 2026 was $1.4 million, or
($0.03) per share, compared to net income of $1.8 million, or $0.06
per share, in the same quarter of the prior year. Net income in the
first quarter of fiscal 2025 included license revenue of $3.0
million related to the distribution license granted to Zimmer for
the OneRF(R) brain ablation system in October 2024.

As of December 31, 2025, the Company had cash and cash equivalents
of $3.6 million, compared to $6.6 million as of September 30, 2025.
Of note, NeuroOne believes it is funded through fiscal 2026,
potentially longer if certain milestones are hit.

The Company had working capital of $6.8 million as of December 31,
2025, compared to working capital of $7.9 million as of September
30, 2025. The Company had no debt outstanding as of December 31,
2025.

As of December 31, 2025, the Company had $8.6 million in total
assets, $2.2 million in total liabilities, and $6.4 million in
total stockholders' equity.

Going Concern

The Company has incurred losses since inception, negative cash
flows from operations, and an accumulated deficit of $80.0 million
as of December 31, 2025.

To date, the Company's revenues have not been sufficient to cover
its full operating costs, and as such, it has been dependent on
funding operations through the issuance of debt and sale of equity
securities which previously resulted in substantial doubt regarding
the Company's ability to continue as a going concern.

As of December 31, 2025, the Company had $3.6 million in cash and
cash equivalents. The Company believes its current available cash
and cash equivalents coupled with the anticipated increase in
product revenues from minimum purchases and improved gross margins
under the distribution agreement with Zimmer and forecasted
operating expense reductions, will be sufficient to fund the
Company's operations through September 2026. The raising of
additional funds is not solely within the control of the Company.

These factors raise substantial doubt about the Company's ability
to continue as a going concern. The condensed financial statements
do not include any adjustments that might result from the outcome
of this condition. If the Company is unable to raise additional
funds, or the Company's anticipated operating results are not
achieved, management believes planned expenditures may need to be
reduced in order to extend the time period that existing resources
can fund the Company's operations.

The Company intends to fund ongoing activities by utilizing its
current cash and cash equivalents on hand, from product and
collaborations revenue and by raising additional capital through
equity or debt financing. If management is unable to obtain the
necessary capital, it may have a material adverse effect on the
operations of the Company and the development of its technology, or
the Company may have to cease operations altogether.

Management Commentary

"The momentum we established in fiscal 2025 has accelerated into
the first quarter, with progress across all target markets
leveraging our OneRF(R) platform technology," said Dave Rosa, CEO
of NeuroOne. "With a record number of ablations performed in the
first quarter of fiscal 2026, we've demonstrated the continued
expansion and real-world benefits of our technology. Following our
FDA 510(k) clearance to treat facial pain in August, we
successfully completed our first nine cases, with all patients
reportedly pain free*. In addition, we scheduled chronic animal
studies to start next quarter for our percutaneous paddle electrode
system for lower back pain, confirmed the validity of our
basivertebral nerve ablation system for lower back pain and expect
to be commercial-ready for our drug delivery system to be used in
investigational clinical studies or animal studies by the end of
the third quarter of fiscal 2026."

"With several new markets targeted, we have also advanced
discussions with a number of potential tier-one strategic partners
to accelerate our growth. Today, we are more confident than ever in
our ability to deliver technologies that offer both patient and
physician benefits compared to competing systems. As of today, we
expect product revenue in fiscal year 2026 to be at least $10.5
million, representing an increase of at least 17% when compared to
fiscal year 2025," concluded Rosa.

A full text copy of the Company's Form 10-Q is available at
https://tinyurl.com/3xchmdpr

                 About NeuroOne Medical Technologies

Headquartered in Eden Prairie, Minnesota, NeuroOne Medical
Technologies Corporation -- https://nmtc1.com/ -- is a medical
technology company focused on (i) diagnostic, ablation and deep
brain stimulation technology for brain related conditions such as
epilepsy and Parkinson's disease; (ii) ablation and stimulation for
pain management throughout the body; and (iii) drug delivery
including diagnostic and stimulation capabilities. The Company is
developing and commercializing thin film electrode technology for
continuous electroencephalogram ("cEEG") and
stereoelectrocencephalography ("sEEG"), spinal cord stimulation,
brain stimulation, drug delivery and ablation solutions for
patients suffering from epilepsy, Parkinson's disease, dystonia,
essential tremors, chronic pain due to failed back surgeries and
other pain-related neurological disorders. The Company is also
developing the capability to use its sEEG electrode technology to
deliver drugs or gene therapy while being able to record brain
activity before, during, and after delivery. Additionally, the
Company is investigating the potential applications of its
technology associated with artificial intelligence.

Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Dec. 17, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended September 30, 2025, citing
that had recurring losses from operations and an accumulated
deficit, expects to incur losses for the foreseeable future and
requires additional working capital. These are the reasons that
raise substantial doubt about the Company's ability to continue as
a going concern.


NEW FORTRESS: Fidelity Multistrategy Marks $184,225 Loan at 59% Off
-------------------------------------------------------------------
Fidelity Multi-Strategy Credit Fund has marked its $184,225 loan
extended to New Fortress Energy Inc. to market at $75,164 or 41% of
the outstanding amount, according to Fidelity Multi-strategy's Form
N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.

Fidelity Multi-Strategy Credit Fund is a participant in a loan
extended to New Fortress Energy Inc. The loan accrues interest at a
rate of CME Term SOFR 3 month Index + 5.5%, 9.5699% per annum. The
loan matures on October 30, 2028.

Fidelity Multi-Strategy Credit Fund is registered under the
Investment Company Act of 1940, as a non-diversified, closed-end
management investment company organized as a Delaware statutory
trust on October 4, 2022. The Fund has elected to operate as an
interval fund, and has the authority to issue an unlimited number
of common shares at $.001 per share par value. The Fund engages in
a continuous offering of shares, and will offer to make quarterly
repurchases of shares at net asset value, reduced by any applicable
repurchase fee.

The Fund is lead by Heather Bonner as President and Treasurer
(Principal Executive Officer) and Stephanie Caron as Chief
Financial Officer (Principal Financial Officer).

The Fund can be reached at:

    Heather Bonner
    Fidelity Multi-Strategy Credit Fund
    245 Summer St.,
    Boston, MA 02210
    Telephone: (617) 563-7000

    About New Fortress Energy Inc.

New Fortress Energy Inc. operates as an energy infrastructure
company. The Company builds and owns natural gas and liquefied
natural gas (LNG) infrastructure, as well as logistics to deliver
energy solutions. New Fortress Energy serves customers worldwide.


NOISA INC: Gets Final OK to Use Cash Collateral
-----------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
entered a final order authorizing Noisa, Inc. and affiliates to use
cash collateral.

The court's final order authorized the Debtors to use the cash
collateral of secured creditors in the ordinary course of business
in accordance with their budget.

Secured creditors, Itria Ventures, LLC and the U.S. Small Business
Administration, hold a valid and perfected first priority security
interest in the cash collateral.

As adequate protection, the pre-bankruptcy liens of both creditors
will continue post-petition as to assets acquired by the Debtors
before and after their Chapter 11 filing,

As additional protection, Noisa and its affiliate, Isano, Inc.,
were ordered to pay $207.81 and $71.67 to the SBA, respectively.
Meanwhile, Isano 3, Inc. was ordered to pay $509.26 to Itria
Ventures, based on amortized obligations with interest.

The final order is available for free at:

   http://bankrupt.com/misc/NoisaInc_FinalCashCollOrder.pdf

As of the petition date, Noisa held $10,249 in cash collateral,
Isano held $3,534, and Isano 3 held $25,116. The SBA and Itria
Ventures hold perfected liens on the cash through UCC-1 financing
statements filed with the Pennsylvania Department of State.

                         About Noisa Inc.

Noisa, Inc., doing business as Las Velas Mexican Restaurant,
operates a full-service Mexican dining establishment, offering a
range of traditional dishes and catering services in Pennsylvania.
Its affiliate, Isano Inc., runs a Mexican restaurant in
Murrysville, featuring tacos, burritos, enchiladas, and other
regional fare. Meanwhile, Isano 3, Inc., doing business as La
Cantina by Madero, manages a restaurant concept that combines
Mexican staples with American casual items such as wings and
burgers, operating as part of the same broader restaurant group in
the state.

Noisa and its affiliates filed Chapter 11 petitions (Bankr. W.D.
Pa. Lead Case No. 25-22682) on October 6, 2025. In the petition
signed by David Montanez, company owner, Noisa disclosed up to
$500,000 in assets and up to $1 million in liabilities.

Judge Carlota M. Bohm oversees the cases.

David Z. Valencik, Esq., at Calaiaro Valencik, represents the
Debtors as legal counsel.


OCEANWIDE PLAZA: KPC Group and Lendlease Buys Tower for $470MM
--------------------------------------------------------------
John Gittelsohn of Bloomberg News reports that a joint venture led
by KPC Group and Lendlease Corp. has agreed to acquire the bankrupt
Los Angeles high-rise complex nicknamed the "Graffiti Towers" for
$470 million, court records show.

The development, officially called Oceanwide Plaza, was envisioned
as a $1.2 billion mixed-use project but has sat idle since 2018
after its Chinese-backed developers exhausted their financing. In
2024, the vacant towers were extensively tagged by graffiti
artists, cementing the moniker that has since followed the property
through bankruptcy proceedings, the report relays.

Kali P. Chaudhuri, founder of KPC Group, said the partnership
intends to reposition the stalled project and help reinvigorate
Downtown Los Angeles. He characterized the purchase as a
transformative investment in one of the city's most prominent
unfinished developments, according to Bloomberg News.

               About Oceanwide Plaza LLC

Oceanwide Plaza LLC is a real estate development company formed in
2014 to oversee the development of Oceanwide Plaza, a large-scale
mixed-use project in downtown Los Angeles, California. The company
is headquartered at 865 S. Figueroa Street in Los Angeles.

An involuntary bankruptcy petition against Oceanwide Plaza LLC in
Los Angeles CA, for Chapter 11 protection (Bankr. C.D. Cal. Case
No. 24-11057) on February 13, 2024.

Judge Deborah J Saltzman oversees the case.

Bryan Cave Leighton Paisner, LLP as counsel to the Debtor. Bradley
D. Sharp as chief restructuring officer. GlassRatner Advisory &
Capital Group LLC, dba B. Riley Advisory Services as financial
advisor and expert witness.


ODYSSEY MARINE: FourWorld Capital Cuts Stake to 0.8%
----------------------------------------------------
FourWorld Capital Management LLC and John Addis, disclosed in a
Schedule 13G (Amendment No. 8) filed with the U.S. Securities and
Exchange Commission that as of December 31, 2025, they beneficially
own 455,571 shares of Odyssey Marine Exploration Inc's common
stock, $0.0001 par value, representing 0.8% of the shares
outstanding.

The securities reported in this Schedule 13G that are beneficially
owned by FourWorld Capital Management LLC are directly owned by
advisory clients of FourWorld Capital. Other than the reporting
persons listed herein, none of such persons individually own more
than 5% of the Issuer's outstanding shares.

FourWorld Capital Management LLC may be reached through:

     John Addis, Managing Member
     7 World Trade Center, Floor 46
     New York, NY 10007
     Tel: 646-781-8719

A full-text copy of FourWorld Capital Management LLC's SEC report
is available at: https://tinyurl.com/mr4auumh

                      About Odyssey Marine

Odyssey Marine Exploration, Inc. and its subsidiaries are engaged
in deep-ocean exploration. Their innovative techniques are
currently applied to mineral exploration and other marine survey
and contracted services. The corporate headquarters are in Tampa,
Florida.

Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
incurred a loss from operations of $12 million during the year
ended December 31, 2024, and as of that date, the Company's current
liabilities exceeded its current assets by $16 million and its
total liabilities exceeded its total assets by $79 million. These
conditions, along with other matters, raise substantial doubt about
the Company's ability to continue as a going concern.

As of September 30, 2025, the Company had $17.7 million in total
assets, $101 million in total liabilities, and $83.3 million in
total stockholders' deficit.


OFFICE PROPERTIES: $1.1B Debt-Cut Plan Cleared for Creditor Voting
------------------------------------------------------------------
Alex Wittenberg of Law360 reports that a Texas bankruptcy judge has
ruled that Office Properties Income Trust may begin soliciting
votes from its creditor constituencies on a proposed Chapter 11
plan designed to reduce approximately $1.1 billion in
liabilities. The order allows solicitation to begin immediately,
with formal creditor objections to be heard at a later court
proceeding.

Soliciting votes is a key step in the Chapter 11 process, as it
gauges creditor support for the terms of a debtor's restructuring
plan. Once ballots are cast and submitted, the court will determine
whether the plan meets statutory requirements for confirmation.

Support from impaired creditor classes will be crucial if Office
Properties Income Trust hopes to secure confirmation and emerge
from bankruptcy with a significantly reduced debt burden, according
to Law360.

          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.


ONE 7 COMMUNICATIONS: Seeks Subchapter V Bankruptcy in Nevada
-------------------------------------------------------------
On February 10, 2026, One 7 Communications, LLC commenced a
voluntary Chapter 11 case in the District of Nevada Bankruptcy
Court. Court documents indicate the Debtor owes between $1 million
and $10 million to approximately 1–49 creditors.

             About One 7 Communications, LLC

One 7 Communications, LLC operates as a limited liability company
engaged in communications services.                  

One 7 Communications, LLC sought protection under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.
26-10873) on February 10, 2026, with $100,001 to $500,000 in assets
and $1 million to $10 million in liabilities.

James T. Leavitt, Esq. at Leavitt Legal Services, P.C. represents
the Debtor as legal counsel.


ORION HEALTHCORP: Court Narrows Claims in Allied World, et al. Case
-------------------------------------------------------------------
Chief Judge Alan S. Trust of the U.S. Bankruptcy Court for the
Eastern District of New York granted in part and denied in part the
cross motions for summary judgment filed by the parties in the
adversary proceeding captioned as Howard M. Ehrenberg, as
liquidating Trustee of the jointly administered bankruptcy estates
of Orion HealthCorp., Inc. and Constellation Healthcare
Technologies, Inc., Plaintiff, -against- Allied World National
Assurance Co., Defendant, Adv. Pro. No. 8-21-08161-AST (Bankr.
E.D.N.Y.).

Hiscox Syndicate 33 ("Hiscox") issued Directors, Officers and
Company Liability Insurance Policy No. B0723EI00943A17 to
Constellation Healthcare Technologies, Inc. ("CHT") with a
$5,000,000 limit of liability (the "Primary Policy"). The Primary
Policy provides coverage for "claims" first made against "insureds"
and reported between January 7, 2017 and February 6, 2018.

Allied World issued Excess Directors & Officers Liability Insurance
Following Form Policy to CHT for the same Policy Period (the
"Excess Policy"). The Excess Policy has a $5,000,000 limit of
liability in excess of the Primary Policy's $5,000,000 limit of
liability.

On December 27, 2016, CHT shareholders, including Destra Targeted
Income Unit Investment Trust, commenced a lawsuit in Delaware
Chancery Court captioned Destra Targeted Income Unit Investment
Trust, on behalf of Unitholders, et al. v. Parmjit Singh Parmar
(a.k.a. Paul Parmar), et al., Del. Ch. No. 13006-VCL (the "Destra
Action") against Parmjit Singh Parmar, the CEO of CHT, and various
entities that Parmar directly or indirectly owned and controlled.
The Destra Action asserted eleven causes of action related to the
merger between CHT and CC Capital Management LLC (the "Merger"),
including, but not limited to, breach of fiduciary duties, breach
of operating agreement, fraudulent transfers, conversion, unjust
enrichment, and civil conspiracy and fraud.

On March 16, 2018, CHT filed a petition for chapter 11 protection
with this Court and subsequently was consolidated with Orion
HealthCorp., Inc., and other debtors. The Trustee succeeded to all
rights and claims of the Debtors pursuant to a confirmed plan of
reorganization.

On March 12, 2020, the Trustee commenced an adversary proceeding
against former directors and officers of CHT and Orion (the "D&O
Defendants"), captioned Ehrenberg v. Johnston, Adv. Pro. No.
8-20-08046 (the "D&O Action"). The D&O Action asserted three causes
of action:

   (1) breach of fiduciary duties regarding several acquisitions of
entities allegedly to inflate the valuation of the company;

   (2) breach of fiduciary duties arising out of the Merger; and

   (3) negligence.

On January 12, 2021, this Court ordered mediation of the D&O Action
between the Trustee and certain CHT shareholder defendants.

Following mediation sessions, the Trustee, Hiscox, and CHT's
directors and officers entered into a settlement agreement (the
"Settlement Agreement") which, inter alia, fixed the liability of
CHT's directors and officers at $18,500,000 for the claims asserted
in the D&O Complaint and provided that certain CHT directors would
be dismissed from the Destra Action. Additionally, the Settlement
Agreement (1) provided that the Trustee would not enforce the
Settlement Agreement against the personal assets of CHT's directors
and officers in consideration for receipt of the Primary Policy
proceeds and (2) assigned to the Trustee any claims CHT's directors
and officers held against Allied World. Allied World is not a party
to the Settlement Agreement. Hiscox exhausted the limits of the
Primary Policy in accordance with the Settlement Agreement by
paying $1,307,113.47 in defense costs and $3,692,886.53 towards the
Settlement Amount.

On December 20, 2021, the Trustee, solely as assignee of CHT's
directors and officers, commenced this adversary proceeding against
Allied World alleging claims of breach of insurance contract,
breach of the implied covenant of good faith and fair dealing, or
bad faith, and for declaratory relief.

Pending before the Court is the motion for summary judgment filed
by Howard M. Ehrenberg, as liquidating Trustee of the jointly
administered bankruptcy estates of Orion HealthCorp., Inc. and
Constellation Healthcare Technologies, Inc. and the cross motion
for summary judgement filed by Allied World National Assurance Co.
In his motion for summary judgement, the Trustee seeks summary
judgement on his first cause of action for breach of insurance
contract and third cause of action for declaratory relief. In their
cross motion for summary judgement, Allied World seeks the
dismissal of all of the Trustee's causes of action.

The Court finds the Trustee's Motion should partially granted
because there is no genuine issue of material fact as to whether
the Excess Policy provides coverage for the D&O Action, Allied
World breached the Excess Policy by denying coverage for the D&O
Action, and the Excess Policy was triggered by the exhaustion of
the Primary Policy's limits through Hiscox's payment towards the
Settlement Agreement. The Court further finds Allied World's Cross
Motion should be partially granted, dismissing the Trustee's claim
for breach of the covenant of good faith and fair dealing, or bad
faith because there is no genuine issue of material fact as to
whether Allied World acted in bad faith in its investigation of
CHT's claims.

The Court grants partial summary judgement to the Trustee on (1)
the first cause of action for breach of insurance contract as it
pertains to the D&O Action, and (2) declaratory relief that (a)
Allied World's obligations under the Excess Policy have bene
triggered by the exhaustion of the Primary Policy and (b) the
Excess Policy provides coverage for the D&O Action.

The Court grants partial summary judgement to Allied World,
dismissing the Trustee's claim for breach of the implied covenant
of good faith and fair dealing, or bad faith. All other issues,
including damages, are reserved for time of trial.

A copy of the Court's Decision & Order dated February 20, 2026, is
available at https://urlcurt.com/u?l=jdMmEC

                  About Orion HealthCorp, Inc.

Constellation Healthcare Technologies, Inc., is a healthcare
services organization providing outsourced revenue cycle
management, practice management, and group purchasing services to
U.S. physicians. Orion Healthcorp, et al. --
http://www.orionhealthcorp.com/-- are a consolidated enterprise of
several companies aggregated through a series of acquisitions,
which operate the following businesses: (a) outsourced revenue
cycle management for physician practices, (b) physician practice
management, (c) group purchasing services for physician practices,
and (d) an independent practice association business, which is
organized and directed by physicians in private practice to
negotiate contracts with insurance companies on their behalf while
those physicians remain independent and which also provides other
services to those physician practices.  Orion has locations in
Houston, Texas; Jericho, New York; Lakewood, Colorado;
Lawrenceville, Georgia; Monroeville, Pennsylvania; and Simi Valley
California.

Constellation Healthcare Technologies, Inc., along with certain of
its subsidiaries, including Orion Healthcorp, Inc., on March 16,
2018, initiated voluntary proceedings under Chapter 11 of the U.S.
Bankruptcy Code to facilitate an orderly and efficient sale of its
businesses.  The lead case is In re Orion Healthcorp, Inc.
(E.D.N.Y. Lead Case No. 18-71748).

The Debtors have liabilities of $245.9 million.

The Hon. Carla E. Craig is the case judge.

The Debtors tapped DLA Piper US LLP as counsel; Hahn & Hessen LLP,
as conflicts counsel; FTI Consulting, Inc., as restructuring
advisor; Houlihan Lokey Capital, Inc., as investment banker; and
Epiq Bankruptcy Solutions, LLC as claims and noticing agent.

The Office of the U.S. Trustee on April 4, 2018, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 cases. The Committee tapped Pachulski Stang Ziehl
& Jones LLP as its legal counsel, and CBIZ Accounting, Tax and
Advisory of New York, LLC, as its financial advisor.  

On July 5, 2018, affiliate New York Network Management, L.L.C.,
followed parent Orion into bankruptcy to implement a deal to sell
its assets for at least $16.5 million.


P3 HEALTH: Extends $19MM Third Tranche Draw Period to June 30
-------------------------------------------------------------
P3 Health Group, LLC disclosed in a regulatory filing that it
entered into an Amendment to Unsecured Promissory Note with VBC
Growth SPV 5, LLC, amending the terms of the Unsecured Promissory
Note originally dated May 29, 2025.

The Amendment modifies Section 1, clause (a)(iii) of the Note to
extend the availability period for the third tranche of funding.
Under the Amendment, the remaining $19 million of the third tranche
is available for one or more draws through June 30, 2026.

Except as modified by the Amendment, all other terms and provisions
of the Note remain in full force and effect.

A full text copy of the Amendment is available at
https://tinyurl.com/mu6weup8

                     About P3 Health Partners

Henderson, Nev.-based P3 Health Partners Inc is a patient-centered
and physician-led population health management company and, for
accounting purposes, the successor to P3 Health Group Holdings, LLC
and its subsidiaries after the consummation of a series of business
combinations in December 2021 with Foresight Acquisition Corp. As
the sole manager of P3 LLC, P3 operates and controls all of the
business and affairs of P3 LLC and P3's only assets are equity
interests in P3 LLC.

Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
March 27, 2025, attached to the Company's Annual Report on Form
10-K for the year ended Dec. 25, 2024, citing that the Company has
suffered recurring losses from operations and has working capital
deficiencies that raise substantial doubt about its ability to
continue as a going concern.

As of September 30, 2025, the Company had $683.7 million in total
assets, $664.6 million in total liabilities, and a total
stockholders' equity of $18.7 million.


PARAGON INDUSTRIES: Whitney Wachob Must Produce Certain Documents
-----------------------------------------------------------------
Judge Paul R. Thomas of the U.S. Bankruptcy Court for the Eastern
District of Oklahoma granted the motion of the Official Committee
of Unsecured Creditors of Paragon Industries, Inc. pursuant to
Rules 2004 and 9106 of the Bankruptcy Rules for an order
authorizing a deposition upon oral examination of Whitney Wachob
Hudgins and the production of documents in the bankruptcy case.

Whitney Wachob Hudgins is required to produce the documents and
other information set forth in the Document Requests to the offices
of McDermott Will & Schulte LLP, 2801 N Harwood St., Suite 2600,
Dallas, TX 75201, on or before February 26, 2026, or by such other
date as may be reasonably agreed upon by the parties.

This Order is without prejudice to the rights of the Committee to
apply for other or further discovery from any party in interest or
other entity or person.

A copy of the Court's Order dated February 20, 2026, is available
at http://urlcurt.com/u?l=8282g1from PacerMonitor.com.

Counsel for the Official Committee of Unsecured Creditors:

J Schaad Titus, Esq.
Kelley G. Loud, Esq.
TITUS HILLIS REYNOLDS LOVE
15 East Fifth Street, Suite 3700
Tulsa, OK 74103
Telephone: (918) 587-6800
Facsimile: (918) 587-6822
Email: stitus@titushillis.com
       kloud@titushillis.com

   - and -

Charles R. Gibbs, Esq.
MCDERMOTT WILL & SCHULTE LLP
2801 North Harwood Street, Suite 2600
Dallas, TX 75201
Telephone: (214) 295-8000
Facsimile: (972) 232-3098
Email: crgibbs@mwe.com

   - and -

Kristin Going, Esq.
Darren Azman, Esq.
Jerry Hall, Esq.
MCDERMOTT WILL & SCHULTE LLP
One Vanderbilt Avenue
New York, NY 10017-3852
Telephone: (212) 547-5400
Facsimile: (212) 547-5444
Email: kgoing@mwe.com
       dazman@mwe.com
       jerryhall@mwe.com

                 About Paragon Industries Inc.

Paragon Industries Inc. manufactures steel pipe products used in
the oil and gas, construction, and fire protection industries.
Based in Sapulpa, Oklahoma, the Company offers services such as
heat treatment, threading, and fabrication. Its product range
includes mechanical, sprinkler, line pipe, OCTG, and construction
pipes, with a customer base extending across North and South
America.

Paragon Industries Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million.

Judge Paul R. Thomas oversees the case.

The Debtor is represented by Clayton D. Ketter, Esq. at PHILLIPS
MURRAH P.C.


PATCHELL HOLDINGS: S&P Withdraws 'B' Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings withdrew all its ratings on Patchell Holdings
Inc., including the 'B' issuer credit rating, at the issuer's
request. At the time of the withdrawal, S&P's outlook on the
company was positive.



PHIL KEAN: Unsecured Creditors to Get Share of Income for 3 Years
-----------------------------------------------------------------
Phil Kean Designs Inc. filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Subchapter V Plan of Reorganization
dated February 16, 2026.

Phil Kean is a Florida for-profit corporation formed in 2002 by
Philip Kean, its current Chief Executive Officer.

The Debtor is one entity in a group of companies which comprises
the Phil Kean Design Group and is the only entity of the group
which has elected to utilize the Chapter 11 process to improve its
business and insulate itself from future impacts to its revenue
generating activities. All other sister companies associated with
the Phil Kean Design Group are unimpacted by this Chapter 11 filing
and do not require relief from the bankruptcy process.

The Company currently serves as the construction arm of the Phil
Kean Design Group. Acting as a licensed general contractor, PKD
constructs high-end custom luxury homes throughout the State of
Florida and has gained recognition as a preeminent home builder in
Central Florida, where the Debtor maintains its offices. Throughout
the pendency of this Chapter 11 case, PKD has continued to
construct high-end custom homes without interruption.

Much like many other contractors, PKD was not exempt from supply
chain issues and cost increases during the pandemic which caused
project cost overruns and delays in some instances. Some delays and
cost variances led to litigation. For one particular project (the
"Arbitration Project"), PKD pursued a claim through arbitration to
recover damages stemming from a client's breach of contract for
failure to pay project costs under a Construction Agreement. The
client/customer submitted its own counterclaims to arbitration
seeking recovery for amounts due from Philip Kean under the
Construction Agreement.

Shortly after the commencement of its Chapter 11 case, Debtor
resolved all claims associated with the Arbitration Project and
recovered funds for the benefit of its Estate and creditors in the
net amount of $71,861.04. While the arbitrator's follow-up decision
was favorable to PKD, the costs of litigation and the additional
costs associated with the Arbitration Project were too much for the
Debtor to address within a short timeframe without impacting its
business and operations.

Class 3 consists of all Allowed General Unsecured Claims against
the Debtor. The Debtor's projected disposable income will not
exceed $91,217.76. In full satisfaction of the Allowed Class 3
General Unsecured Claims, Holders of Class 3 Claims shall receive a
pro rata share of Distributions totaling $91,217.76 paid pursuant
to the following payment schedule, which payments shall commence on
the 14th day following the Effective Date:

   Quarters 1 through 4 (Plan Year 1): $7,601.48 per quarter.
   Quarters 5 through 8 (Plan Year 2): $7,601.48 per quarter.
   Quarters 9 through 12 (Plan Year 3): $7,601.48 per quarter.  

Class 4 consists of all equity interests in Phil Kean Designs,
Inc., Class 3 Interest Holders shall retain their respective
Interests in Phil Kean Designs, Inc., Inc. in the same proportions
such Interests were held as of the Petition Date (i.e., 50.00%
Interest retained by Mr. Philip Kean (CEO) and 50.00% Interest
retained by Mr. Grosberg (Vice President)). Class 4 is Unimpaired.

The Plan contemplates the Debtor will continue to manage and
operate its business in the ordinary course, but with restructured
debt obligations. It is anticipated the Debtor's postconfirmation
business will mainly involve continued operation of its
construction business throughout the state of Florida, the income
from which will be committed to make the Plan Payments to the
extent necessary.

Funds generated from the Debtor's operations through the Effective
Date will be used for Plan Payments; however, the Debtor's cash on
hand as of Confirmation will be available for payment of
Administrative Expenses.

A full-text copy of the Subchapter V Plan dated February 16, 2026
is available at https://urlcurt.com/u?l=fG8xOQ from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Daniel A. Velasquez, Esq.
     Latham, Luna, Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Telephone: (407) 481-5800
     Facsimile: (407) 481-5801

                  About Phil Kean Designs Inc.

Phil Kean Designs, Inc., provides integrated architecture, interior
design, and residential construction services, specializing in
luxury custom homes for clients in Central Florida and surrounding
coastal areas. It is based in Winter Park, Florida,  

Phil Kean Designs filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07667) on Nov.
25, 2025, with $500,000 to $1 million in assets and $1 million to
$10 million in liabilities. Tommy Watkins, president of Phil Kean
Designs, signed the petition.

Daniel A. Velasquez, at Latham, Luna, Eden & Beaudine, LLP, is the
Debtor's legal counsel.


PHOENIX FUND: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: The Phoenix Fund LLC
        Villa Caparra
        243 Carr. #2
        Guaynabo, PR 00966

        Business Description: The Phoenix Fund LLC, based in
Guaynabo, Puerto Rico, is a privately held investment fund company
that makes debt and equity investments in privately held businesses
across sectors including energy, pharmaceuticals, finance,
technology, and real estate.  The company manages pooled investment
funds and aims to generate income and capital appreciation through
professional investment management.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 26-00712

Judge: Hon. Enrique S Lamoutte Inclan

Debtor's Counsel: Alexis Fuentes-Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  P.O. Box 9022726
                  San Juan PR 00902-2726
                  Tel: (787) 722-5215
                  Email: fuenteslaw@icloud.com
             
Total Assets: $565,903,423

Total Liabilities: $400,867,404

The petition was signed by Francisco J. Rivera Fernandez as
president.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/KDTCECA/THE_PHOENIX_FUND_LLC__prbke-26-00712__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount

1. Fondo Del Seguro Del Estado         Loans And       $99,500,000
Oficina Regional SJ                   Guarantees
Po Box 42006
San Juan, PR 00940-2006

2. AG Supermaster Fund                 Lawsuit         $80,000,000
C/O Debevoise & Plimpton LLP
66 Hudson Boulevard E.
New York, NY 10001

3. Jose A. Rojas Rivera & Wife       Deposit Owed      $25,484,929
55 Calle Arzuaga
San Juan, PR 00918

4. Dorado Health Group LLC           Tax Credits       $20,878,822
1000 Ashford Ave. 4 Unit
San Juan, PR 00907

5. Acrecent Financial LLC             Corporate        $14,897,930
A/K/A Signus                          Guarantee
PO Box 363372
San Juan, PR 00936-3372

6. The Phoenix Fund                 Loans, Fees &      $10,356,523
Advisors LLC                       Reimbursements
Po Box 11852
San Juan, PR 00922

7. Axis Holdings LLC                   Lawsuit          $5,652,923
Po Box 191958
San Juan, PR 00919

8. Foley & Lardner LLP            Legal Services        $1,727,766
100 North Tampa St. Suite 2700
Tampa, Fl 33602

9. Tropigas Puerto Rico, Inc.        Judgment             $846,982
Po Box 70205                          
San Juan, PR 00936-8205

10. Novus Inc.                     Pending Tax            $774,558
655 Cubitas St.                      Credits
Guaynabo, PR 00969-2802

11. Jose A. Casal Seibezzi           Lawsuit              $644,170
Po Box 10378
San Juan, PR 00922-0378

12. Paul Hastings LLC             Legal Services          $208,801
71 S. Wacker Drive 45 Floor
Chicago, IL 60606

13. Biggs, LLC, Et Al.               Judgment             $100,000
2710 Pelham Parkway
Pelham, AL 35124

14. Cleary Gottlieb LLC           Legal Services           $69,996
One Liberty Plaza
New York, NY 10006

15. Efront Financial Solutions     Software Fees           $67,140
C/O Blackrock 50 Hudson Yards
415 10th Avenue
New York, NY 10001

16. Cypher Gates LLC              Legal Services           $25,000
Miramar Plaza, Suite 501
954 Ponce De Leon Ave.
San Juan, PR 00907

17. Pico Advisors LLC             Legal Services           $23,773
Po Box 270445
San Juan, PR 00928

18. Henley Cay Capital LLC        Legal Services          $20,000
708 Fifth Avenue South
Naples, FL 34102

19. DLA Piper LLC                 Legal Services          $16,495
B-7 Tabonuco St. Suite 1501
Guaynabo, PR 00968

20. Donati Buzanelli              Legal Services          $16,000
Advogados Associados
Jardim America
Rua Venezuela 36
Sao Paulo


PHOENIX FUND: Seeks Chapter 11 Bankruptcy in Puerto Rico
--------------------------------------------------------
James Nani and Angelica Serrano-Roman of Bloomberg Law report that
the Phoenix Fund LLC has commenced Chapter 11 proceedings after a
Puerto Rico financial regulator moved to liquidate the firm under a
proposed receivership, intensifying regulatory scrutiny of its
operations. The company disclosed in its bankruptcy filing that it
holds nearly $566 million in assets against more than $400 million
in liabilities. The petition was submitted Monday in the U.S.
Bankruptcy Court for the District of Puerto Rico, marking a shift
from regulatory oversight to court-supervised restructuring.

The filing follows a string of legal actions alleging widespread
contractual violations, securities fraud, and material
misrepresentations to investors. The lawsuits contend that the firm
failed to adequately disclose risks and financial conditions tied
to its investment strategies, the report relays.

The Phoenix Fund focuses on providing equity and debt capital to
businesses in Puerto Rico and abroad. The fund's structure was
marketed as advantageous for tax-conscious investors eligible to
benefit from Puerto Rico's tax incentive framework, according to
report.

               About Phoenix Fund LLC

The Phoenix Fund LLC is a Puerto Rico–based private equity firm
formed in 2018 and headquartered in Guaynabo, Puerto Rico. The
company focuses on making strategic equity and debt investments in
privately held businesses in Puerto Rico and international
markets.

Phoenix Fund LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23,
2026.

Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the
case. In its petition, the Debtor reports estimated assets between
$500 million and $1 billion and estimated liabilities between $100
million and $500 million.

The Debtor is represented by Alexis Fuentes Hernandez, Esq. of
Fuentes Law Offices, LLC.


PHOENIX MOTOR: JJ Astor Seeks Expedited Hearing on Receiver Bid
---------------------------------------------------------------
J.J. Astor & Co. filed a renewed emergency motion with the U.S.
District Court for the District of Utah, Central Division, seeking
the appointment of a receiver or an expedited hearing schedule
regarding its bid for receiver appointment for Phoenix Motor Inc.

JJA tells the Court that since the Court stayed briefing on the
Original Receiver Motion and vacated the pending receivership
hearing pending resolution of Defendants' motion to compel
arbitration, the situation regarding JJA's collateral has
materially worsened. JJA has learned of:

     (a) potentially fraudulent conduct by the Defendants'
chairman,

     (b) the resignation or termination of the Defendants'
President;

     (c) a pending eviction action involving at least one of the
Defendants' principal operating locations, and

     (d) the furlough of substantially all Defendants' employees
and the cessation of substantially all Defendants' business
operations.

Plaintiff filed this action on January 16, 2026. On January 20,
2026, Plaintiff filed the Original Receiver Motion and supporting
materials, including a proposed receivership order and the proposed
receiver's qualifications. Plaintiff also filed the Declaration of
Michael Pope in support of the Original Receiver Motion. The Court
initially set the Original Receiver Motion for hearing on February
12, 2026.

On February 3, 2026, Defendants moved to compel arbitration, to
dismiss Plaintiff's third cause of action, and to stay litigation.

On February 5, 2026, the Court stayed briefing on the Original
Receiver Motion and vacated the February 12 hearing to decide the
Arbitration Motion, ordering Plaintiff to file its opposition to
the Arbitration Motion by February 19, 2026.

On February 10, 2026, Plaintiff filed its opposition to the
Arbitration Motion. The Arbitration Opposition sets forth that:

     (i) Defendants did not timely elect arbitration of these
disputes,

    (ii) Defendants consented in advance to the appointment of a
receiver and waived all defenses thereto upon an Event of Default,
and

   (iii) the existence of an Event of Default is undisputed among
the parties.

JJA contends that Defendants' inability to fund basic operations
had already eroded collateral value. Their repeated failures to
meet payroll risked abrupt shutdowns, employee flight, and loss of
institutional know-how. Defendants also engaged in fraudulent
conduct by cannibalizing collateral and diverting employees' health
insurance withholdings. Defendants were also behind on facility
lease payments, subjecting critical production and storage sites to
default, eviction, and repossession remedies. Defendants also could
not fund commercial general liability insurance, jeopardizing
coverage and increasing the risk of uninsured losses, all of which
reflect waste, dissipation, and diminution of JJA's collateral.

On February 10, 2026, JJA learned through discussions with
Defendants' Chairman, Denton Peng, that Mr. Peng has formed a new
corporate entity and has either transferred or is in the process of
transferring Defendants' EV transit bus line of business to this
unknown new entity. Apart from being a clear violation of the terms
of the Loan Agreement, the Defendants' most valuable assets are
contained in the EV transit bus line of business, including
approximately 20 vehicles along with capital equipment,
intellectual property, books and records, and contract rights.

JJA contends that the Defendant's inability to generate revenue or
continue operations places valuable customer contracts at immediate
risk of loss, along with any goodwill or going concern value.

Appointment of a receiver is an equitable remedy committed to the
Court's sound discretion. Among the factors courts consider are:

     (i) evidence of fraud, self‑dealing, or gross mismanagement;


    (ii) imminent danger that the property or business will be
lost, concealed, squandered, devalued, or otherwise placed beyond
the reach of creditors;

   (iii) the inadequacy of legal remedies and the need to preserve
the status quo;

    (iv) Plaintiff's likelihood of success on the merits and the
existence of a valid lien or ownership interest to be protected;

     (v) whether lesser measures or alternatives to a receiver are
available and effective under the circumstances; and

    (vi) the likelihood that appointing the receiver will do more
good than harm.

The purpose of a receivership is to preserve property and
going‑concern value, protect creditors, and prevent irreparable
harm while the parties' rights are adjudicated.

The prospect of ongoing fraud and mismanagement is now palpable.
Mr. Peng's statements that the most valuable assets of the
Defendants are being moved to a new, unknown corporate entity raise
an immediate concern that Defendants' assets are being fraudulently
transferred to place them beyond the reach of JJA and other
creditors.

Legal remedies are inadequate in the face of ongoing dissipation
and operational collapse. Money damages cannot restore lost
ongoing-concern value, customer relationships, or goodwill once
premises are lost, employees are further dispersed, and records go
missing. A receiver is necessary to arrest further loss, preserve
evidence, and stabilize the enterprise so that ultimate relief
remains meaningful.

Evidence of JJA's likelihood of success and the existence of
protectable interests was already strong and is now stronger. The
record already establishes executed loan and security agreements,
perfected liens, and events of default.

With employees furloughed as of February 2, 2025, and the company
without operations or revenue, there is no functioning management
infrastructure to implement voluntary covenants, cash controls, or
standstill arrangements as suggested by Defendants. Further,
imminent landlord remedies foreclose reliance on informal
assurances or out-of-court workouts.

Immediate appointment of the receiver proposed in Plaintiff's
original filing is necessary to protect and preserve the collateral
and any remaining going‑concern value. The Court should set an
expedited hearing schedule so these issues can be adjudicated
before further irreparable loss occurs.

Plaintiff submits that its Arbitration Opposition conclusively
resolves the arbitrability question as a matter of law. Moreover,
Defendants consented in advance to the appointment of a receiver
and waived all defenses to a receiver's appointment upon an event
of default, so there is no dispute regarding a receiver appointment
to arbitrate.

New and material developments since the Court vacated the
receivership hearing have created immediate and compounding risks
of dissipation, diversion, eviction, and loss of going‑concern
value in JJA's collateral. JJA's Arbitration Opposition resolves
the threshold legal issue and confirms that its request to appoint
a receiver is properly before this Court. Defendants have waived
any defenses to receivership. The equitable standard for
appointment of a receiver is met, and immediate appointment of a
receiver is necessary to preserve collateral and value.

                About Phoenix Motor Inc.

Phoenix Motor Inc. is a Delaware corporation engaged in the
business of design, manufacture, and sale of electric buses to
municipal and institutional customers.

Phoenix is facing a receivership case captioned as J.J. Astor & Co.
v. Phoenix Motor Inc., Phoenix Cars, LLC and Phoenix Motorcars
Leasing, LLC, Case No. 2:26-cv-00047 (D. UT), before the Hon. David
Barlow. The case was filed on Jan. 16, 2026.

Attorneys for J.J. Astor & Co.:

Megan K. Baker, Esq.
DORSEY & WHITNEY LLP
111 South Main Street, Suite 2100
Salt Lake City, UH 84111-2176
Tel: (801) 933-4031
E-mail: baker.megan@dorsey.com

     - and -

Mark E. Freedlander, Esq.
MCGUIREWOODS LLP
Tower Two-Sixty
260 Forbes Avenue, Suite 1800
Pittsburgh, PA 15222
Tel: (412) 667-6000
Fax: (412) 667-6050
Email: mfreedlander@mcguirewoods.com

     - and -

Joseph A. Florczak, Esq.
MCGUIREWOODS LLP
77 West Wacker Drive, Suite 4100
Chicago, IL 60601-1818
Tel: (312) 849-8100
Fax: (312) 849-3690
E-mail: jflorczak@mcguirewoods.com


POSIGEN PBC: Gets Court OK to Obtain $43.9MM DIP Financing
----------------------------------------------------------
PosiGen, PBC and its affiliates received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to obtain
debtor-in-possession financing to get through bankruptcy.

Under the order, the Debtors are authorized to obtain a
superpriority, senior secured DIP term loan credit facility in the
aggregate principal amount of up to $43.929 million, provided by a
group led by Brookfield Asset Management along with participating
project-level entities (referred to as Participating ProjectCos in
court filings). BID Administrator, LLC is the administrative agent
and collateral agent.

The DIP facility includes term loans covering all cash, revenues,
receivables, and other amounts from Participating ProjectCos'
projects received by the Debtors from the petition date until
February 25.

The facility also includes new money DIP loans in the total amount
of $15.023 million, of which $13.023 million will be funded
contemporaneously with the consummation of the transition of the
Debtors' servicing, operations, maintenance, fund administration,
and customer care functions for the majority of the Debtors'
customers to a third party, and the sale of substantially all of
the Debtors' assets.

The remaining $2 million of new money loans will be funded on the
effective date of the Debtors' Chapter 11 plan directly into a plan
trust and will be deemed repaid upon issuance of plan trust
interests to the DIP lenders.

The rest of the DIP facility consists mainly of roll-up DIP loans.

The Debtors intend to use the DIP facility to support operations
and cover administrative expenses during Chapter 11.

As protection, the DIP lenders will be granted valid, non-avoidable
and automatically perfected liens on assets securing the loans and
an allowed superpriority administrative expense claim.

                       Use of Cash Collateral

The court order also authorized the Debtors to use the cash
collateral of pre-bankruptcy secured creditors to fund operations.

As adequate protection, the secured creditors will be granted
replacement security interest in and lien on the applicable
collateral securing the DIP loans, subject and subordinate to the
fee carveout and DIP liens. They are also entitled to an allowed
administrative expense claim, subject to the carveout and DIP
superpriority claims.

The court's order is available at https://urlcurt.com/u?l=vSIarx
from PacerMonitor.com.

Prior to the petition date, Brookfield and non-debtor PosiGen
Backleverage, LLC funded the Debtors on a week-to-week basis to
facilitate the transition of the Debtors' servicing, operations,
and maintenance business. The Debtors spent months and incurred
substantial costs (all of which was financed by Backleverage and
Brookfield) to transition Backleverage systems prior to filing.

                         About PosiGen PBC

PosiGen, PBC is a residential solar energy company.

PosiGen PBC and its debtor-affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
25-90787) on November 24, 2025. In its petition, PosiGen listed
between $100 million and $500 million in both assets and
liabilities.

The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases.

The Debtors tapped White & Case as counsel; FTI Consulting, Inc.,
as financial advisor; and Kroll Restructuring Administration, LLC
as claims and noticing agent.

The official committee of unsecured creditors appointed in these
Chapter 11 cases tapped McDermott Will & Schulte LLP and Pachulski
Stang Ziehl & Jones LLP as counsel and Province, LLC as financial
advisor.


POWER STOP: Fidelity Multistrategy Marks $68,734 Loan at 17% Off
----------------------------------------------------------------
Fidelity Multi-Strategy Credit Fund has marked its $68,734 loan
extended to Power Stop LLC to market at $57,049 or 83% of the
outstanding amount, according to Fidelity Multi-strategy's Form
N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.

Fidelity Multi-Strategy Credit Fund is a participant in a loan
extended to Power Stop LLC. The loan accrues interest at a rate of
CME Term SOFR 3 month Index + 4.75%, 8.5475% per annum. The loan
matures on January 26, 2029.

Fidelity Multi-Strategy Credit Fund is registered under the
Investment Company Act of 1940, as a non-diversified, closed-end
management investment company organized as a Delaware statutory
trust on October 4, 2022. The Fund has elected to operate as an
interval fund, and has the authority to issue an unlimited number
of common shares at $.001 per share par value. The Fund engages in
a continuous offering of shares, and will offer to make quarterly
repurchases of shares at net asset value, reduced by any applicable
repurchase fee.

The Fund is lead by Heather Bonner as President and Treasurer
(Principal Executive Officer) and Stephanie Caron as Chief
Financial Officer (Principal Financial Officer).

The Fund can be reached at:

     Heather Bonner
     Fidelity Multi-Strategy Credit Fund
     245 Summer St.
     Boston, MA 02210
     Telephone: (617) 563-7000

     Aout Power Stop LLC

Power Stop LLC manufactures and distributes auto parts. The Company
offers brake pads and calipers, rotor kits, sensors wires, and
other braking systems for cars, trucks, SUVs, duty trucks and tows,
and utility vehicles. Power Stop serves customers in the United
States.


PUERTO RICO: Court Narrows Claims in Barclays, et al., Case
-----------------------------------------------------------
Judge Laura Taylor Swain of the U.S. Bankruptcy Court for the
District of Puerto Rico granted in part and denied in part the
joint motion filed by defendants to dismiss with prejudice the
second amended complaint in the adversary proceeding captioned as
DRIVETRAIN, LLC, in its capacity as the Trustee of the Commonwealth
Avoidance Actions Trust, Plaintiff, v. BARCLAYS CAPITAL, INC.; BMO
CAPITAL MARKETS GKST INC.; BofA SECURITIES, INC., a/k/a BANC OF
AMERICA SECURITIES LLC, a/k/a BofA MERRILL LYNCH; CITIBANK N.A.,
NEW YORK; CITIGROUP GLOBAL MARKETS INC.; GOLDMAN SACHS & CO. LLC;
GOLDMAN SACHS BANK USA, f/k/a GOLDMAN SACHS CAPITAL MARKETS, L.P.;
GOLDMAN SACHS MITSUI MARINE DERIVATIVE PRODUCTS, L.P.; JEFFERIES
LLC; J.P. MORGAN SECURITIES LLC; MERRILL LYNCH CAPITAL SERVICES,
INC.; MORGAN STANLEY & CO. LLC; MORGAN STANLEY CAPITAL SERVICES
LLC, f/k/a MORGAN STANLEY CAPITAL SERVICES, INC.; RBC CAPITAL
MARKETS, LLC; ROYAL BANK OF CANADA; SAMUEL A. RAMIREZ & CO., INC.;
SANTANDER SECURITIES LLC; UBS AG; UBS FINANCIAL SERVICES, INC. OF
PUERTO RICO; and JOHN DOES 1-10, Defendants, Adv. Proc. No.
19-280-LTS (D.P.R.).

By the early 2000s, Puerto Rico was experiencing severe economic
difficulties. The SAC alleges that, instead of addressing and
improving its financial condition, Puerto Rico worsened its
financial state by issuing more debt in the form of bonds and
blowing past legal guardrails in the process.

Puerto Rico's bond issuances were authorized by the Government
Development Bank, which served as Puerto Rico's fiscal agent. The
SAC alleges that, while the GDB was tasked with overseeing Puerto
Rico's financial decisions, it suffered from disorganization and
mismanagement. Its shortcomings allegedly left the GDB particularly
reliant on the advice of private corporations, including
Defendants, that entered into financial transactions with Puerto
Rico. The SAC alleges that Defendants' close relationship with the
GDB enabled Defendants to push the Commonwealth and its agencies to
enter into financial transactions that directly benefited
Defendants, including the execution of certain swap agreements and
bond issuances, despite Puerto Rico's deteriorating economic
status.

The SAC seeks to recover payments made to Defendants and John Does
1-10 in connection with certain swap agreements and bonds issued by
either the Commonwealth of Puerto Rico or its instrumentalities,
through claims asserted under the avoidance provisions of the
Bankruptcy Code or under Commonwealth law.

The Swap Agreements

The SAC alleges that, from 2004 to 2008, the Commonwealth, the HTA,
and the PBA (the "Swap Issuers") entered into certain swap
agreements (the "Swap Agreements") with defendants Morgan Stanley
Capital, Citibank, UBS AG, GS Bank, GS Mitsui, RBC, Merrill Lynch
Capital, and John Does 1-10.

The SAC alleges that, as interest rates plummeted in 2008 due to
the Great Recession, the Swap Issuers began to accrue liabilities
to the Swap Defendants under the Swap Agreements. The SAC further
alleges that credit rating agencies downgraded the covered bonds as
interest rates decreased, triggering termination events under the
Swap Agreements. Unable to meet their payment obligations, the Swap
Issuers began terminating the Swap Agreements and incurring large
termination fees (the "Swap Termination Fees"), which they
allegedly paid to the Swap Defendants from the proceeds of new bond
issuances and from Puerto Rico's general fund.

The Challenged Bonds

The SAC identifies three groups of bond issuances made from 2008 to
2014 that it asserts were illegal under Puerto Rico law:

   (1) three series of bonds issued by the ERS in 2008 (the "ERS
Bonds");    
   (2) four bond issuances from 2012 to 2014 by the Commonwealth
and the PBA (the "Excessive Debt Bonds"); and
   (3) sixteen series of bonds, including the Excessive Debt Bonds,
that were issued after 2008 by the Commonwealth and the PBA and
were used to pay off prior debt obligations (the "Scoop and Toss
Bonds").

The SAC alleges that defendants UBS PR, Santander, BofA Securities,
Barclays, Ramirez, RBC Capital, BMO, Goldman, Morgan Stanley, JP
Morgan, Citigroup, and Jefferies (the "Underwriter Defendants")
served as underwriters for the Challenged Bonds and entered into
contracts (the "Purchase Contracts") with the Commonwealth, the
PBA, and the ERS. Under the Purchase Contracts, the Underwriter
Defendants agreed to purchase the bonds at prices reflecting a
purchase price discount that compensated the Underwriter Defendants
for their underwriting services (the "Underwriting Fees"). The SAC
alleges that, despite knowing that Puerto Rico was in financial
turmoil, the Underwriter Defendants leveraged their relationship
with the GDB to push for the issuance of the Challenged Bonds and,
in exchange, collected the Underwriting Fees pursuant to the
Purchase Contracts.  Several Defendants also allegedly received
principal refunds and interest
payments (the "Principal and Interest Payments") on older bonds
that they (or their affiliates) held from the proceeds of the
Challenged Bonds, but the SAC asserts that specific information
regarding which Defendants received Principal and Interest
Payments, and on which bonds, is "unique knowledge of the
Defendants."  Additionally, the Swap Defendants, many of which are
affiliates of the Underwriter Defendants, received Swap Termination
Fees pursuant to the Swap Agreements from the proceeds of the
Challenged Bonds and Commonwealth funds.

The SAC asserts causes of action in five counts, which seek to
recover the Underwriting Fees, Swap Termination Fees, and the
Principal and Interest Payments from Defendants, as follows:

   * Count One seeks to recover, under a theory of unjust
enrichment, the Swap Termination Fees made to the Swap Defendants
pursuant to the Swap Agreements that allegedly were not registered
with the Office of the Comptroller, as required by 2 L.P.R.A. Sec.
97

   * Count Two seeks to declare the Challenged Bonds null and void
under Commonwealth statutory and constitutional law and to recover
Underwriting Fees, Swap Termination Fees, and Principal and
Interest Payments made to Defendants and John Does 1-10 from the
proceeds of the Challenged Bonds under 31 L.P.R.A. Sec. 3514, or in
the alternative, under a theory of unjust enrichment.

   * Count Three seeks to avoid the Underwriting Fees, Swap
Termination Fees, and Principal and Interest Payments made to
Barclays, Morgan Stanley, Morgan Stanley Capital, and Citibank from
the proceeds of the Commonwealth's 2014 GO Bonds issuance as
intentional fraudulent transfers under section 548(a)(1)(A) of the
Bankruptcy Code.

   * Count Four seeks to avoid the Underwriting Fees, Swap
Termination Fees, and Principal and Interest Payments made to
Barclays, Morgan Stanley, Morgan Stanley Capital, and Citibank from
the proceeds of the Commonwealth's 2014 GO Bonds issuance as
constructive fraudulent transfers under section 548(a)(1)(B) of the
Bankruptcy Code.

   * Count Five seeks to avoid the Underwriting Fees, Swap
Termination Fees, and Principal and Interest Payments made to
Defendants and John Does 1-10 from the Challenged Bonds Proceeds as
either intentional or constructive fraudulent transfers under New
York Law or Puerto Rico law through section 544(b) of the
Bankruptcy Code.

The Motion seek to dismiss all of the claims asserted in the SAC,
pursuant to Federal Rule of Civil Procedure 12(b)(6), for failure
to state a claim upon which relief can be granted.

The Court ruled as follows:

   1. Counts One, Three, and Four are dismissed with prejudice.

   2. Count Two is dismissed with prejudice to the extent it seeks
to recover Swap Termination Fees and Underwriting Fees. Count Two
survives insofar as it seeks to recover Principal and Interest
Payments.

   3. Count Five is dismissed with prejudice to the extent it seeks
to avoid Swap Termination Fees and Underwriting Fees, and without
prejudice to the extent it seeks to avoid the Principal and
Interest Payments.

A copy of the Court's Opinion and Order dated February 23, 2026, is
available at https://urlcurt.com/u?l=iRzVbP from PacerMonitor.com.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio Rossello Nevares, the son of
former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act (PROMESA). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf             

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies; Employees Retirement System of
the Government of the Commonwealth of Puerto Rico and Puerto Rico
Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


QUANTUM CORP: Narrows Q3 Loss to $27.8MM, Warns of Cash Crunch
--------------------------------------------------------------
Quantum Corporation filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $27.8 million for the three months ended December 31, 2025,
compared to a net loss of $75.3 million for the three months ended
December 31, 2024.

Total revenues for the three months ended December 31, 2025 and
2024, were $74.6 million and $68.7 million, respectively.  For the
nine months ended December 31, 2025 and 2024, the Company had total
revenues of $201.6 million and $212.8 million, respectively.

As of December 31, 2025, the Company had $149.3 million in total
assets, $333.5 million in total liabilities, and $184.2 million in
total stockholders' deficit.

LIQUIDITY AND CAPITAL RESOURCES

Quantum considers liquidity in terms of the sufficiency of internal
and external cash resources to fund its operating, investing and
financing activities.

The Company said, "Our principal sources of liquidity include cash
from operating and financing activities, and cash and cash
equivalents on our balance sheet. We require significant cash
resources to meet obligations to pay principal and interest on our
outstanding debt, provide for our research and development
activities, fund our working capital needs, and make capital
expenditures. Our future liquidity requirements will depend on
multiple factors, including our ability to raise additional
capital, research and development plans and capital asset needs."

"We had cash and cash equivalents of $13.2 million as of December
31, 2025, which consisted primarily of bank deposits and money
market accounts. As of December 31, 2025, our total outstanding
Term Loan debt was $54.6 million.

"We generated negative cash flows from operations of approximately
$37.4 million and $20.3 million for the nine months ended December
31, 2025 and 2024, respectively, and generated net losses of
approximately $91.5 million and $107.3 million for the nine months
ended December 31, 2025 and 2024, respectively. We have funded
operations through the sale of common stock, Term Loan borrowings
and PNC Credit Facility borrowings described in Note 4: Debt.

"On January 25, 2025, we entered into the SEPA, pursuant to which,
and subject to its terms, we have the right, but not the
obligation, to sell up to $200 million of our common stock during
the three-year period following the date of the SEPA. As of
December 31, 2025, we sold approximately 8.2 million shares of
common stock under the SEPA for net proceeds of approximately $89.6
million. There were 0.7 million and 7.1 million shares of common
stock sold for net proceeds of approximately $5.0 million and $72.0
in the three and nine months ended December 31, 2025.

"On December 18, 2025, we completed an exchange of Dialectic's
portion of the Term Loan for one or more senior secured Convertible
Note with a three-year maturity. This exchange reduced the amount
of the Term Loan principal scheduled to mature on August 5, 2026.
However, we remain obligated to repay the remaining Term Loan
balance at maturity. . . We do not expect to be able to repay the
Term Loan at maturity using cash generated from operating
activities. While we intend to use proceeds from the SEPA and/or
other financing sources to support repayment of the remaining Term
Loan balance, there can be no assurance that we will be able to
access sufficient proceeds under the SEPA, obtain additional
financing on acceptable terms, or at all."

GOING CONCERN

These condensed consolidated financial statements have been
prepared in accordance with U.S. GAAP assuming the Company will
continue as a going concern. The going concern assumption
contemplates the realization of assets and satisfaction of
liabilities in the normal course of business. However, substantial
doubt about the Company's ability to continue as a going concern
exists.

The Company is required to repay the Term Loan on August 5, 2026.
The Company does not have sufficient cash to make this repayment,
nor does the Company expect to generate sufficient cash through
operating activities to repay the Term Loan by August 5, 2026. The
Company may be required to use proceeds from the Standby Equity
Purchase Agreement or other financing sources to meet this
obligation. There can be no assurance that the Company will be able
to raise sufficient proceeds under the SEPA on acceptable terms, or
at all.

MANAGEMNT COMMENTS

"Third quarter revenue and non-GAAP adjusted EBITDA exceeded the
high end of our forecasted range, reflecting the increasing
benefits we are seeing from our revitalized sales organization and
restructuring initiatives," commented Hugues Meyrath, CEO of
Quantum. "Also contributing to our solid results was the
significant reduction in our operating costs and increased
operational efficiencies realized over the past year. As part of
our go-to-market strategy, we have been working closely with
customers and strategic partners to address the growing market
demand for AI-ready infrastructure leveraging Quantum's integrated
platform solutions spanning the full data lifecycle. These efforts
have resulted in meaningful increases in both our pipeline and
backlog over the past two quarters.

"Lastly, following our recently completed exchange of term debt for
convertible notes, we have significantly improved our balance sheet
and also continue to evaluate viable options for the Company's
remaining term debt toward our goal of further strengthening our
balance sheet. Our demonstrated progress to-date is only the
beginning of what we aim to achieve over the coming quarters as we
further sharpen our execution and performance across the
organization."

A full text copy of the Company's Form 10-Q is available at
https://tinyurl.com/mpr7kjcz

                    About Quantum Corporation

Quantum Corporation, together with its consolidated subsidiaries,
stores and manages digital video and other forms of unstructured
data, providing streaming performance for video and rich media
applications, along with low-cost, long-term storage systems for
data protection and archiving. The Company helps customers around
the world capture, create and share digital data and preserve and
protect it for decades.

Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated August 26, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended March 31, 2025, citing that the
Company believes it will be in violation of the net leverage
coverage covenant for the quarter ended September 30, 2025. The
Company's plan contemplates the Company negotiating waivers to
these covenants and is evaluating strategies to restructure or
refinance the existing term debt. If the Company is unable to
obtain additional waivers, the term debt will become immediately
due, and additional liquidity will be required to satisfy the
obligations. The Company's ability to achieve the foregoing
elements of its business, which may be necessary to permit the
realization of assets and satisfaction of liabilities in the
ordinary course of business, is uncertain and raises substantial
doubt about its ability to continue as a going concern.


REBORN COFFEE: Three Board Members Step Down
--------------------------------------------
Reborn Coffee, Inc. disclosed in a regulatory filing that Andy
Nasim provided the Company with his formal resignation from the
Board of Directors and all committees thereof, effective
immediately.

Additionally, Alex Guo and Mi Young Jeong each provided the Company
with their formal resignation from the Board and all committees
thereof, effective immediately.

     * Mr. Nasim was the chairperson of the compensation committee
of the Board and a member of the audit committee of the Board.

     * Mr. Guo was Vice Chairman of the Board but was not a member
of any committees of the Board.

     * Ms. Jeong was a member of the compensation committee of the
Board.

The resignations were not the result of any disagreement with the
Company with respect to any matter relating to the Company's
operations, policies or practices, including any matters related to
Company's accounting practices or financial reporting.

                        About Reborn Coffee

Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) --
https://www.reborncoffee.com/ -- is focused on serving high
quality, specialty-roasted coffee at retail locations, kiosks, and
cafes. Reborn is an innovative company that strives for constant
improvement in the coffee experience through exploration of new
technology and premier service, guided by traditional brewing
techniques. Reborn differentiates themselves from other coffee
roasters through innovative techniques, including sourcing,
washing, roasting, and brewing their coffee beans with a balance of
precision and craft.

As of September 30, 2025, the Company had $6.2 million in total
assets, $9.6 million in total liabilities, and $3.4 million in
total stockholders' deficit.

Irvine, Calif.-based BCRG Group, the Company's auditor since 2024,
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's significant
operating losses raise substantial doubt about its ability to
continue as a going concern. Reborn incurred recurring net losses,
including net losses from operations before income taxes, of $4.8
million and $4.7 million for the years ended December 31, 2024 and
2023, respectively. It used $3.5 million and $3.2 million cash for
operating activities during the years ended December 31, 2024 and
2023, respectively.



REDSTONE BUYER: S&P Upgrades ICR to 'CCC+' on Lower Cash Burn
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Redstone
Buyer LLC (dba RSA Security) to 'CCC+' from 'SD' (selective
default) and withdrew its issue-level ratings on its retired and
exchanged term loans.

S&P assigned 'B' issue level ratings to its new first-lien,
first-out revolving credit facility and term loans A-1 and A-2;
'CCC+' to its first-lien, second-out term loan; 'CCC-' to its
first-lien, third-out term loans B-1 and B-2; and first-lien,
fourth-out term loan.

The negative outlook reflects S&P's view that RSA's elevated
leverage and uncertain business growth prospects continue to create
risks for the sustainability of the new capital structure.

RSA Security recent debt restructuring significantly reduced its
cash interest costs and improved liquidity. The transaction
increased total liquidity to about $200 million and extended debt
maturities to 2030 and 2031.

However, S&P believes RSA's S&P Global Ratings-adjusted leverage
will remain high at above 12x for the next 12-24 months as
uncertain growth prospects amid an increasingly competitive market
environment continue to impose elevated business execution risks
for consistent organic revenue and EBITDA improvement.

S&P said, "We believe the debt restructuring lowers near-term
liquidity risk. It will lower cash interest expenses and extended
maturities with the new debt. The recently closed transaction
addressed the liquidity and refinancing risk associated with the
April 2026 maturity of its prior revolving credit facility ($48
million outstanding as of Oct. 31, 2025). RSA secured a $135
million new money term loan and $165 million revolving credit
facility, and exchanged the previous first-lien and second-lien
term loans for a mix of super-priority term loans (first-lien,
first-out; first-lien, second-out; first-lien, third-out; and
first-lien, fourth-out), preferred equity, and common equity. This
replenishes liquidity and extends its debt maturities to 2030 and
2031. The exchange also reduces its principal debt outstanding by
about $375 million and cash interest expense by about $60 million,
reflecting payment-in-kind (PIK) features in the third-out and
fourth-out tranches.

"We believe the maturity extension and reduced cash debt service
costs should provide more financial flexibility and runway for
management to execute and invest for growth initiatives. However,
we expect S&P Global Ratings-adjusted leverage will remain high at
over 12x for the next 12-24 months given that operating performance
will remain weak and uncertain, despite pro forma leverage
improving by 4x."

Revenue upside for SecurID and Outseer remain limited and
uncertain. SecurID competes in the identity and access management
market, specializing in authentication and secure access
(multifactor authentication, single-sign-on, authentication without
passwords) that governs workforce/partner access to applications
and networks. Outseer competes in the fraud and payments
authentication market, specializing in issuer-side transaction
fraud prevention, account monitoring, and EMV 3-D Secure payment
authentication. While S&P believes these businesses could benefit
from rising demand in their end markets, they operate at a smaller
scale than competitors with broader product portfolios and
consolidated platform offerings.

S&P said, "Since carving-out from Dell in late 2020, we believe
these businesses faced challenges from early disruptions stemming
from restructuring and the process of standing up as independent
units, and limited financial resources resulting from elevated
leverage and higher interest rates. We believe this contributed to
weak and uncertain top-line growth trends in recent years.

"We expect SecurID growth to be largely flat in fiscal 2026 (ended
Jan. 30, 2026), compared to flat in fiscal 2025 and up
mid-single-digit percent in fiscal 2024. We expect Outseer to
expand by low-single-digit percents in fiscal 2026, after being
down mide-single-digit percent in fiscal 2025 and up about low-teen
percent in fiscal 2024. Excluding fiscal 2021 (amid a surge in
COVID-19 pandemic-induced demand), SecurID has expanded only about
low-single-digit percent and Outseer has slightly declined about
low-single-digit percent over the last four years. In addition to
weak and lumpy revenue growth patterns, top-line trends have been
clouded by the transitions to subscription-based models.

"While the new capital structure allows greater financial
flexibility and will likely enable RSA to invest more aggressively
in product innovations and go-to-market initiatives, prospects for
overall improvement remain largely uncertain amid increasingly
competitive landscape and elevated execution risk. It could lead to
additional margin pressure. We expect S&P Global Ratings-adjusted
EBITDA margin to remain in the 25%-27% area in fiscal 2027.

"We believe RSA has adequate liquidity to execute its growth plan.
With about $30 million cash on hand as of Jan. 30 and full
availability under its $165 million revolver, the company will
likely have more than enough liquidity to also withstand modest
cash burns in our forecasts over the next 12-24 months. We expect
credit metrics to remain weak, with S&P Global Ratings-adjusted
leverage over 12x in fiscal years 2027 and 2028 and EBITDA cash
interest coverage slightly above 1x.

"The negative outlook reflects our view that RSA's elevated
leverage and uncertain business expansion prospects continue to
impose significant execution risk on sustained revenue improvement.
Without consistent improvements in operating performance and cash
flow, we continue to question the sustainability of its capital
structure. At the same time, we believe RSA has sufficient
liquidity over the next 12 months to meet its operating and debt
service requirements.

"We could lower our rating on RSA if we believe there is a
significant risk of a distressed exchange or default scenario over
a 12-month horizon. This could happen due to significant
underperformance in its operating results (weaker-than-expected
revenue trend or EBITDA margin expansion), resulting in
larger-than-expected cash deficits on a sustained basis. This would
meaningfully deteriorate liquidity and bring greater uncertainty in
refinancing debt maturities without an amendment or exchange that
we consider less than the original promise of its debt obligations
to lenders."

S&P could revise its outlook to stable if RSA:

-- Shows visibility around its long-term business growth
prospects;

-- Demonstrates sustained organic revenue increases and EBITDA
margin expansions; or

-- Is on track to improve credit metrics to more sustainable
levels, putting it in a good position to refinance its capital
structure.


REKOR SYSTEMS: Anson Funds and Affiliates Hold 5.5% Stake
---------------------------------------------------------
Anson Funds Management LP, Anson Management GP LLC, Tony Moore,
Anson Advisors Inc., Amin Nathoo, and Moez Kassam, disclosed in a
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of December 31, 2025, they beneficially own 7,532,319
shares of Rekor Systems, Inc.'s common stock, $0.0001 par value per
share, representing 5.5% of the 136,457,577 shares outstanding as
reported in the Issuer's Prospectus Supplement filed under Rule
424(b)(5) on December 10, 2025.

     Amount beneficially owned:

This Schedule 13G is being filed on behalf of Anson Funds
Management LP (d/b/a Anson Funds), a Texas limited partnership,
Anson Management GP LLC, a Texas limited liability company, Mr.
Tony Moore, the principal of Anson Funds Management LP and Anson
Management GP LLC, Anson Advisors Inc., an Ontario, Canada
corporation, Mr. Amin Nathoo, a director of Anson Advisors Inc.,
and Mr. Moez Kassam, a director of Anson Advisors Inc., relating to
Class A Common Stock, $0.0001 par value, of Rekor Systems, Inc., a
Delaware corporation.

This Schedule 13G relates to the Common Stock of the Issuer
purchased by one or more private funds to which Anson Funds
Management LP and Anson Advisors Inc. serve as co-investment
advisors.

Anson Funds Management LP and Anson Advisors Inc. serve as
co-investment advisors to the Funds and may direct the vote and
disposition of the 7,532,319 shares of Common Stock held by the
Funds. As the general partner of Anson Funds Management LP, Anson
Management GP LLC may direct the vote and disposition of the
7,532,319 shares of Common Stock held by the Funds.

As the principal of Anson Fund Management LP and Anson Management
GP LLC, Mr. Moore may direct the vote and disposition of the
7,532,319 shares of Common Stock held by the Funds. As directors of
Anson Advisors Inc., Mr. Nathoo and Mr. Kassam may each direct the
vote and disposition of the 7,532,319 shares of Common Stock held
by the Funds.

Anson Funds Management LP may be reached through:

     Tony Moore, Manager
     16000 Dallas Parkway, Suite 800,
     Dallas, Texas 75248
     Tel: 214-866-0202

Anson Advisors Inc. may be reached through:

     Amin Nathoo / Moez Kassam, Directors
     181 Bay Street, Suite 4200
     Toronto, ON M5J 2T3, Canada

A full-text copy of Anson Funds Management LP's SEC report is
available at: https://tinyurl.com/2s3vx63n

                    About Rekor Systems

Rekor Systems, Inc., headquartered in Columbia, Md., is working to
revolutionize public safety, urban mobility, and transportation
management using AI-powered solutions designed to meet the distinct
demands of each market it serves. The Company works hand-in-hand
with its customers to deliver mission-critical traffic and
engineering services that assist them in achieving their goals. The
Company's vision is to improve the lives of citizens and the world
around them by enabling safer, smarter, and greener roadways and
communities. The Company works towards this by collecting,
connecting, and organizing mobility data, and making it accessible
and useful to its customers for real-time insights and decisioning
for situational awareness, rapid response, risk mitigation, and
predictive analytics for resource and infrastructure planning and
reporting.

As of September 30, 2025, the Company had $80,979,000 in total
assets, $44,495,000 in total liabilities, and $36,484,000 in total
stockholders' equity.

Morristown, N.J.-based Marcum LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has incurred significant losses and will need to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


REKOR SYSTEMS: Armistice Capital Holds 9.99% Equity Stake
---------------------------------------------------------
Armistice Capital, LLC and Steven Boyd, disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
December 31, 2025, they beneficially own 14,061,005 shares of Rekor
Systems, Inc.'s common stock, $0.0001 par value per share,
representing 9.99% of the shares outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/57m7ndnk

                    About Rekor Systems

Rekor Systems, Inc., headquartered in Columbia, Md., is working to
revolutionize public safety, urban mobility, and transportation
management using AI-powered solutions designed to meet the distinct
demands of each market it serves. The Company works hand-in-hand
with its customers to deliver mission-critical traffic and
engineering services that assist them in achieving their goals. The
Company's vision is to improve the lives of citizens and the world
around them by enabling safer, smarter, and greener roadways and
communities. The Company works towards this by collecting,
connecting, and organizing mobility data, and making it accessible
and useful to its customers for real-time insights and decisioning
for situational awareness, rapid response, risk mitigation, and
predictive analytics for resource and infrastructure planning and
reporting.

As of September 30, 2025, the Company had $80,979,000 in total
assets, $44,495,000 in total liabilities, and $36,484,000 in total
stockholders' equity.

Morristown, N.J.-based Marcum LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has incurred significant losses and will need to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


RENTAL HUB: Case Summary & 10 Unsecured Creditors
-------------------------------------------------
Debtor: The Rental Hub, Inc.
        1227 E. Lee Highway
        Chilhowie VA 24319

        Business Description: The Rental Hub, Inc., a Virginia
corporation, operates an equipment rental business in Wytheville
and Chilhowie, Virginia, offering rentals of aerial work platforms,
earthmoving machinery, concrete and masonry tools, lawn and
landscape equipment, generators, and pumps, as well as party rental
services, retail sales, and used equipment.  The company also
provides dumpsters, surface preparation equipment, forestry and
tree removal tools, and trucks and trailers, carrying brands such
as Suburban Propane, Interstate Batteries, Echo Outdoor Power
Equipment, Epiroc, and Liquitube.  Its services span construction,
landscaping, event, and general equipment rental markets.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       Western District of Virginia

Case No.: 26-70176

Judge: Hon. Paul M Black

Debtor's Counsel: Scot Farthing, Esq.
                  FARTHING LEGAL, PC
                  490 West Monroe St.
                  Wytheville VA 24382
                  Tel: 276-625-0222
                  Email: scot@farthing.legal

Total Assets: $2,141,890

Total Liabilities: $2,034,772

The petition was signed by Michael L. Hubble as president and sole
director.

A full-text copy of the petition, which includes a list of the
Debtor's 10 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/CK337BQ/The_Rental_Hub_Inc__vawbke-26-70176__0001.0.pdf?mcid=tGE4TAMA


REVIVA PHARMACEUTICALS: 683 Capital Exits Stake Holding
-------------------------------------------------------
683 Capital Management, LLC, 683 Capital Partners, LP, and Ari
Zweiman, disclosed in a Schedule 13G (Amendment No. 1) filed with
the U.S. Securities and Exchange Commission that as of December 31,
2025, they beneficially own 3,492,500 shares of common stock --
issuable upon exercise of currently exercisable warrants; with
shared voting and dispositive power; 683 Capital Management, LLC as
investment manager of 683 Capital Partners, LP, and Ari Zweiman as
Managing Member -- of Reviva Pharmaceuticals Holdings, Inc.'s
common stock, par value $0.0001 per share, representing 3.0% of the
115,058,619 shares outstanding as of November 11, 2025, per the
Issuer's Form 10-Q filed November 13, 2025, plus the warrant
shares.

This Amendment No. 1 constitutes an exit filing for the Reporting
Persons, as they no longer beneficially own more than five percent
of the outstanding shares of the Issuer.

683 Capital Management, LLC may be reached through:

     Ari Zweiman, Managing Member
     1700 Broadway, Suite 4200
     New York, NY 10019
     Tel: (212) 554-2379
     
A full-text copy of 683 Capital Management, LLC's SEC report is
available at: https://tinyurl.com/2fmp22zr

               About Reviva Pharmaceuticals Holdings

Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a
late-stage biopharmaceutical company that discovers, develops, and
seeks to commercialize next-generation therapeutics for diseases
representing unmet medical needs and burdens to society, patients,
and their families.

San Francisco, Calif.-based Moss Adams LLP, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 2, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024, citing that the Company
has suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

As of September 30, 2025, the Company had $14.3 million in total
assets, $9.8 million in total liabilities, and $4.5 million in
total stockholders' equity.


RND PROPERTIES: Case Summary & One Unsecured Creditor
-----------------------------------------------------
Debtor: RND Properties, LLC
        2449 Halle Ridge Cove
        Collierville, TN 38017

Business Description: RND Properties, LLC's primary asset consists
                      of commercial properties located at 1532
                      Bonnie Lane, 0 Bonnie Lane, 1536 Bonnie
                      Lane, and 1831 Getwell Road in
                      Memphis/Cordova, Tennessee.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       Western District of Tennessee

Case No.: 26-21006

Judge: Hon. Jennie D Latta

Debtor's Counsel: Toni Campbell Parker, Esq.
                  LAW FIRM OF TONI CAMPBELL PARKER
                  45 N. BB KIng Blvd., Ste. 201
                  Memphis, TN 38103
                  Tel: 901-483-1020
                  Fax: 866-489-7938
                  Email: tparker002@att.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert Mahoney as managing member.

The Debtor identified the Shelby County Trustee, P.O. Box 2751,
Memphis, TN 38101, as its sole unsecured creditor, reporting a
$16,248 claim related to 2025 property taxes on Getwell Road.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/N5ZR2QA/RND_Properties_LLC__tnwbke-26-21006__0001.0.pdf?mcid=tGE4TAMA


ROBERT BAS LAW: Case Summary & Five Unsecured Creditors
-------------------------------------------------------
Debtor: Robert Bas Law Office, Corp.
        315 N. Main Street, Ste. 3
        Edwardsville, IL 62025

        Business Description: Robert Bas Law Office, Corp., based
in Illinois, provides full-service criminal defense representation
in both state and federal courts, handling cases ranging from DUI,
drug offenses, and driving violations to violent crimes such as
aggravated battery, burglary, and murder.  The firm is led by
Attorney Robert Bas, a former Madison County prosecutor who has
tried numerous jury and bench trials to verdict and argued
successfully before the Illinois Appellate and Supreme Courts.  It
serves the Metro-East region, including Madison, St. Clair, Monroe,
Clinton, Jersey, Bond, and Macoupin Counties.

Chapter 11 Petition Date: February 20, 2026

Court: United States Bankruptcy Court
       Southern District of Illinois

Case No.: 26-30133

Judge: Hon. Mary E Lopinot

Debtor's Counsel: Robert Eggmann, Esq.
                  CARMODY MACDONALD P.C.
                  120 South Central Ave., Ste. 1800
                  Saint Louis MO 63105
                  Tel: (314) 854-8600
                  Email: ree@carmodymacdonald.com

Total Assets: $191,416

Total Liabilities: $1,437,026

The petition was signed by Robert Bas as president.

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/N6DMWBA/Robert_Bas_Law_Office_Corp__ilsbke-26-30133__0001.0.pdf?mcid=tGE4TAMA


ROYALE ENERGY: Hires Roth Capital to Lead Strategic Review Process
------------------------------------------------------------------
Royale Energy, Inc. announced that its Board of Directors has
initiated a comprehensive Strategic Review focused on strengthening
the Company's financial position, enhancing capital markets
readiness, and positioning the Company for a potential relisting on
a national exchange, subject to meeting applicable listing
requirements and market conditions. Roth Capital Partners has been
engaged as the Company's financial advisor to lead this Strategic
Review process.

This Strategic Review follows the recent appointment of Jonathan
Gregory as Executive Chairman, who has been engaged to lead the
initiative in collaboration with the Board and management team. Mr.
Gregory brings deep experience in energy finance, asset
acquisition, corporate governance, and capital markets strategy,
and was appointed specifically to oversee this process.

As part of the Strategic Review, the Company is evaluating a range
of strategic and capital markets alternatives designed to improve
shareholder value, including balance sheet optimization,
asset-level capital allocation strategies, and potential
transactions that could support increased scale, liquidity, and
institutional visibility.

Royale is currently quoted on OTCQB, is in compliance with all SEC
reporting requirements, and was previously listed on the Nasdaq
Capital Market.

The Company has not established a timetable for the completion of
this review and does not intend to comment further unless and until
a specific course of action is approved by the Board of Directors.

Roth Capital Partners may be reached at energy@roth.com

                       About Royale Energy, Inc.

Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and
production company headquartered in San Diego, California.  The
Company focuses on the acquisition, development, and marketing of
oil and natural gas, with primary operations in Texas's Permian
Basin.

In its April 8, 2025 audit report, Horne LLP issued a "going
concern" qualification, noting that the Company's recurring
operating losses and liabilities exceeding its assets raise
substantial doubt about its ability to continue operations.

As of September 30, 2025, the Company had $15,386,535 in total
assets, $29,366,864 in total liabilities, and $13,980,329 in total
stockholders' deficit.


RYMAN HOSPITALITY: S&P Rates New $700MM Sr. Unsecured Notes 'BB'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '2'
recovery rating to the proposed $700 million senior unsecured notes
due 2034 issued by Ryman Hospitality Properties Inc.'s subsidiaries
RHP Hotel Properties L.P. and RHP Finance Corp. The '2' recovery
rating indicates our expectation for substantial (70%-90%; rounded
estimate: 85%) recovery for noteholders in the event of a default.
The company will use the proceeds from these proposed notes to
refinance its $700 million unsecured notes due 2027.

S&P said, "The transaction is leverage neutral and the stable
outlook reflects our forecast for EBITDA coverage of interest
expense in the mid-3x area through 2026, which is good compared
with our 2.5x downgrade threshold. It also partly offsets S&P
Global Ratings-adjusted net debt to EBITDA just under our 5.0x
leverage downgrade threshold through 2026.

"Despite potential macroeconomic headwinds over the next year, we
are comfortable at the 'BB-' rating despite a minimal cushion
compared with our leverage downgrade threshold because Ryman
benefits from visibility in its forward group bookings. The stable
outlook also reflects Ryman's long-term financial target to sustain
its measure of net leverage of 4.0x-4.5x, which would typically
sustain our measure of net leverage below our 5.0x downgrade
threshold."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The '1' recovery rating is unchanged on Ryman's senior secured
revolving credit facility and senior secured term loan B,
indicating S&P's expectation for very high (90%-100%; rounded
estimate: 95%) recovery for investors in the event of a default.
S&P rates this debt 'BB+'.

-- S&P's '1' recovery rating reflects very high recovery coverage
provided by the Gaylord Opryland and Gaylord Texan subsidiary
equity pledges. In addition, there is a negative pledge provision
in the credit facility agreement that limits Ryman's ability to
place liens or otherwise encumber the Gaylord Opryland and Gaylord
Texan.

-- S&P's '2' recovery rating on Ryman's senior unsecured notes
indicates its expectation for substantial (70%-90%; rounded
estimate: 85%) recovery for investors in the event of a default.
S&P rates this debt 'BB'.

-- The '2' recovery rating also reflects the recovery rating cap
on unsecured debt for asset-intensive companies (such as REITs)
with restrictive covenants common in REIT debt agreements. The 85%
rounded recovery estimate is lower than the full recovery implied
by our emergence valuation in our hypothetical default scenario
compared with the level of outstanding unsecured debt. This is
because under our methodology, S&P assumes Ryman would add some
level of debt to the capital structure or pledge security before
default despite restrictive covenants.

Simulated default assumptions

-- S&P's simulated default scenario contemplates a default
occurring in 2030, which incorporates a significant reduction in
the company's property values because of prolonged economic
weakness and deteriorating cash flows in its hotel business.

-- S&P assumes Ryman's assets would be sold to other hotel
investors. Therefore, S&P uses a discrete asset approach to value
the company on a property-by-property basis. The first-lien debt is
secured by the Gaylord Opryland and Gaylord Texan subsidiary equity
pledges, and the value of the remaining properties would be shared
on a pari passu basis among the secured and unsecured lenders.

-- S&P applies a 30% stress to the company's net operating income
and use a blended 9.9% capitalization rate to arrive at its gross
discrete asset value.

Simplified waterfall

-- Net discrete asset value (after 5% property-level sales and
marketing expenses and 5% bankruptcy administrative expenses): $4.7
billion

-- Total collateral value: $4.7 billion

-- Estimated secured first-lien debt: $1 billion

-- Value secured for first-lien claims: $1.9 billion

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Estimated senior unsecured debt: $3.4 billion

-- Value available for unsecured claims: $3.8 billion

    --Recovery expectations: Capped at 70%-90% (rounded estimate:
85%)

Note: All debt amounts include six months of prepetition interest.



SAN FRANCISCO ARCHDIOCESE: Jeff Anderson Advises Sex Abuse Victims
------------------------------------------------------------------
In the Chapter 11 bankruptcy cases of The Roman Catholic Archbishop
of San Francisco and its debtor-affiliates, Jeff Anderson &
Associates, P.A., filed with the United States Bankruptcy Court for
the Northern District of California, San Francisco Division, a
Verified Statement pursuant to Federal Rule of Bankruptcy Procedure
2019.

According to the Verified Statement:

     1. Attorney Michael G. Finnegan, among other attorneys at Jeff
Anderson & Associates, is duly licensed to practice before the
Courts of the State of California and the United States District
Court of the Northern District of California. The firm may be
reached at:

        Michael G. Finnegan, Esq.
        Jeff Anderson & Associates
        366 Jackson St., Suite 100
        Saint Paul, MN55101

            - and -

        12011 San Vicente Blvd., Suite 700
        Los Angeles, CA 90049

     2. Jeff Anderson & Associates individually represents each
Sexual Abuse Claimant. Due to confidentiality, each listed Claimant
has been identified by their Sexual Abuse Proof of Claim Form
number.

     3. Pursuant to individual fee agreements, Jeff Anderson &
Associates was individually retained by each Claimant to pursue
claims for damages against The Roman Catholic Archbishop of San
Francisco, as a result of childhood sexual abuse. This includes
representing and acting on behalf of each Claimant in the
bankruptcy case.

An exemplar copy of each form of retainer agreement authorizing
Joseph George, Jr. Law Corporation to act on behalf of each
Claimant and providing for the payment of Joseph George, Jr. Law
Corporation's fees and costs has been filed with this statement.

The retainer agreement and the Sexual Abuse Proof of Claim Form
number about each Claimant are available at:

https://www.pacermonitor.com/view/X4CK6CQ/The_Roman_Catholic_Archbishop__canbke-23-30564__1631.0.pdf?mcid=tGE4TAMA

     4. Jeff Anderson & Associates' interest relative to each
Claimant is outlined in each retainer agreement executed by the
Claimant and is outlined in the exemplar retainer agreements.

     5. Each Claimant maintains an individual economic interest
against the Debtor, The Roman Catholic Archbishop of San Francisco,
that has been disclosed in the confidential Form 410 and Optional
Supplement to Official Form 410 for Sexual Abuse Claimants or will
be disclosed in the future.

          About The Roman Catholic Archbishop of San Francisco

The Roman Catholic Archbishop of San Francisco, Archdiocese of San
Francisco, is a tax-exempt religious organization. The Archdiocese
of San Francisco is a Latin Church ecclesiastical territory or
diocese of the Catholic Church in the northern California region of
the United States. The Archdiocese of San Francisco was erected on
July 29, 1853, by Pope Pius IX, and its cathedral is the Cathedral
of Saint Mary of the Assumption.

The Archdiocese sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the
petition filed by Fr. Patrick Summerhays as vicar general and
moderator of the Curia, the Archdiocese reported $100 million to
$500 million in assets and liabilities.

The Hon. Dennis Montali oversees the case.

The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel.

Counsel for Certain Personal Injury Creditors:

Michael G. Finnegan, Esq.
Jennifer E. Stein, Esq.
Parker P. Estenson, Esq.
JEFF ANDERSON & ASSOCIATES, P.A.
12011 San Vicente Boulevard, Suite 700
Los Angeles, CA 90049
Tel: (310) 357-2425
Fax: (651) 297-6543
E-mail: mike@andersonadvocates.com
        jennifer@andersonadvocates.com
        parker.estenson@andersonadvocates.com


SAN FRANCISCO ARCHDIOCESE: Joseph George Advises Sex Abuse Victims
------------------------------------------------------------------
In the Chapter 11 bankruptcy cases of The Roman Catholic Archbishop
of San Francisco and its debtor-affiliates, Joseph Charles George,
Jr. Law Corporation filed with the United States Bankruptcy Court
for the Northern District of California, San Francisco Division, a
Verified Statement pursuant to Federal Rule of Bankruptcy Procedure
2019.

According to the Verified Statement:

     1. Attorney Joseph C. George, Jr. and Attorney Maricar A.
Pascual at Joseph George, Jr. Law Corporation are duly licensed to
practice before the Courts of the State of California and the
United States District Court of the Northern District of
California. The firm may be reached at:

        Joseph George, Jr. Law Corporation
        601 University Avenue, Suite 270
        Sacramento, CA 95825

     2. Joseph George, Jr. Law Corporation individually represents
each Sexual Abuse Claimant. Due to confidentiality, each listed
Claimant has been identified by their Sexual Abuse Proof of Claim
Form number.

     3. Pursuant to individual fee agreements, Joseph George, Jr.
Law Corporation was individually retained by each Claimant to
pursue claims for damages against The Roman Catholic Archbishop of
San Francisco, as a result of childhood sexual abuse. This includes
representing and acting on behalf of each Claimant in the
bankruptcy case.

An exemplar copy of each form of retainer agreement authorizing
Joseph George, Jr. Law Corporation to act on behalf of each
Claimant and providing for the payment of Joseph George, Jr. Law
Corporation's fees and costs has been filed with this statement.

The form of retainer agreement about each Claimant is available
at:

https://www.pacermonitor.com/view/54SOM7Q/The_Roman_Catholic_Archbishop__canbke-23-30564__1627.0.pdf?mcid=tGE4TAMA

     4. Joseph George, Jr. Law Corporation's interest relative to
each Claimant is outlined in each retainer agreement executed by
the Claimant and is outlined in the exemplar retainer agreements.

     5. Each Claimant maintains an individual economic interest
against the Debtor, The Roman Catholic Archbishop of San Francisco,
that has been disclosed in the confidential Form 410 and Optional
Supplement to Official Form 410 for Sexual Abuse Claimants or will
be disclosed in the future.

     6. The information outlined in this Statement is intended only
to comply with Bankruptcy Rule 2019 and not for any other purpose.

     7. The undersigned reserves the right to amend or supplement
this Statement in accordance with the requirements of Bankruptcy
Rule 2019 at any time in the future.

The names and addresses of the confidential Claimants are available
to Authorized Parties who have executed a confidentiality agreement
and have access to the Sexual Abuse Claim Forms, are:

      1. Claimant No. - 395
         Type of Fee Agreement - 2
         Date of Fee Agreement - 12/15/2021

      2. Claimant No. - 406
         Type of Fee Agreement - 2
         Date of Fee Agreement - 12/17/2021

      3. Claimant No. - 407
         Type of Fee Agreement - 2
         Date of Fee Agreement - 4/21/2022

      4. Claimant No. - 411
         Type of Fee Agreement - 2
         Date of Fee Agreement - 12/15/2022

      5. Claimant No. - 420
         Type of Fee Agreement - 6
         Date of Fee Agreement - 12/15/2021

      6. Claimant No. - 421
         Type of Fee Agreement - 2
         Date of Fee Agreement - 10/26/2021

      7. Claimant No. - 422
         Type of Fee Agreement - 1
         Date of Fee Agreement - 11/30/2021

      8. Claimant No. - 423
         Type of Fee Agreement - 6
         Date of Fee Agreement - 12/17/2021

      9. Claimant No. - 424
         Type of Fee Agreement - 6
         Date of Fee Agreement - 1/30/2022

     10. Claimant No. - 425
         Type of Fee Agreement - 2
         Date of Fee Agreement - 10/19/2022

     11. Claimant No. - 427
         Type of Fee Agreement - 6
         Date of Fee Agreement - 12/27/2021

     12. Claimant No. - 429
         Type of Fee Agreement - 2
         Date of Fee Agreement - 11/4/2021

     13. Claimant No. - 430
         Type of Fee Agreement - 1
         Date of Fee Agreement - 11/11/2021

     14. Claimant No. - 431
         Type of Fee Agreement - 6
         Date of Fee Agreement - 12/28/2021

     15. Claimant No. - 432
         Type of Fee Agreement - 6
         Date of Fee Agreement - 11/29/2021

     16. Claimant No. - 433
         Type of Fee Agreement - 2
         Date of Fee Agreement - 10/29/2021

     17. Claimant No. - 434
         Type of Fee Agreement - 2
         Date of Fee Agreement - 12/21/2021

     18. Claimant No. - 435
         Type of Fee Agreement - 1
         Date of Fee Agreement - 12/14/2021

     19. Claimant No. - 436
         Type of Fee Agreement - 2
         Date of Fee Agreement - 2/22/2022

     20. Claimant No. - 437
         Type of Fee Agreement - 9
         Date of Fee Agreement - 03/29/2021

     21. Claimant No. - 438
         Type of Fee Agreement -3
         Date of Fee Agreement - 12/27/2022

     22. Claimant No. - 440
         Type of Fee Agreement - 6
         Date of Fee Agreement - 11/11/2021

     23. Claimant No. - 441
         Type of Fee Agreement - 2
         Date of Fee Agreement - 4/11/2022

     24. Claimant No. - 442
         Type of Fee Agreement - 6
         Date of Fee Agreement - 12/21/2021

     25. Claimant No. - 443
         Type of Fee Agreement - 2
         Date of Fee Agreement - 04/18/2022

     26. Claimant No. - 445
         Type of Fee Agreement - 4
         Date of Fee Agreement - 12/22/2021

     27. Claimant No. - 446
         Type of Fee Agreement - 10
         Date of Fee Agreement - 11/05/2020

     28. Claimant No. - 447
         Type of Fee Agreement - 5
         Date of Fee Agreement - 5/2/2022

     29. Claimant No. - 448
         Type of Fee Agreement - 1
         Date of Fee Agreement - 11/30/2021

     30. Claimant No. - 449
         Type of Fee Agreement - 2
         Date of Fee Agreement - 10/3/2023

     31. Claimant No. - 450
         Type of Fee Agreement - 6
         Date of Fee Agreement - 1/26/2022

     32. Claimant No. - 451
         Type of Fee Agreement - 7
         Date of Fee Agreement - 4/6/2022

     33. Claimant No. - 452
         Type of Fee Agreement - 2
         Date of Fee Agreement - 11/16/2021

     34. Claimant No. - 463
         Type of Fee Agreement - 8
         Date of Fee Agreement - 8/1/2021

Counsel for Certain Personal Injury Creditors:

Joseph George, Jr., Esq.
Maricar A. Pascual, Esq.
JOSEPH GEORGE, JR. LAW CORPORATION
601 University Avenue, Suite 270
Sacramento, CA 95825
Tel: (916) 641-7300
Fax: (916) 641-7303
E-mail: mailbox@psyclaw.com

               About The Roman Catholic Archbishop
                        of San Francisco

The Roman Catholic Archbishop of San Francisco, Archdiocese of San
Francisco, is a tax-exempt religious organisation. The Archdiocese
of San Francisco is a Latin Church ecclesiastical territory or
diocese of the Catholic Church in the northern California region of
the United States. The Archdiocese of San Francisco was erected on
July 29, 1853, by Pope Pius IX and its cathedral is the Cathedral
of Saint Mary of the Assumption.

The Archdiocese sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the
petition filed by Fr. Patrick Summerhays as vicar general and
moderator of the Curia, the Archdiocese reported $100 million to
$500 million in assets and liabilities.

The Hon. Dennis Montali oversees the case.

The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel.


SERVICE PROPERTIES: S&P Downgrades ICR to 'B-', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Service
Properties Trust (SVC) to 'B-' from 'B'.

S&P said, "We also lowered our issue-level ratings on its senior
secured notes by one notch to 'B' from 'B+', its guaranteed senior
unsecured notes to 'B-' from B, and its nonguaranteed senior
unsecured notes to 'CCC' from 'CCC+'. Our recovery ratings on these
issues did not change and remain at '2', '3', and '6',
respectively."

The negative outlook reflects S&P's view that the company's capital
structure could become unsustainable over the next 12 months,
depending on how refinancings are addressed. Moreover, it reflects
liquidity and covenant concerns.

SVC faces significant debt maturities over the next 12 to 24
months. Approximately 40% of debt within SVC's capital structure,
or $2 billion, matures between February 2027 and February 2028,
including $950 million in senior unsecured notes. Approximately
$580 million of these maturities offer extension options up to a
year, which S&P expects the company will exercise when needed.

SVC has proactively addressed all of its 2026 and some of its early
2027 maturities by redeeming $350 million and $450 million of
senior unsecured notes due in 2026 and $300 million of its $400
million senior unsecured notes due in February 2027. It funded
these actions with disposition proceeds--SVC sold $859 million of
primarily hotels in 2025--and a $580 million secured zero coupon
note issuance in September 2025. S&P said, "While we view this
activity positively, we expect asset sales to play a smaller role
in addressing maturities--$200 million-$250 million under our base
case as the company completes the remaining hotels sales as part of
its repositioning strategy."

These proceeds should help repay some debt; however, it is
uncertain how the company will address the remainder of these
maturities, specifically its $450 million in senior unsecured notes
in December 2027 and $400 million in senior unsecured notes in
January 2028.

SVC recently announced $745 million in nonrecourse mortgage net
lease notes, expected to close in March 2026, with a
weighted-average coupon rate of 6%. Proceeds will refinance $700
million of 8.375% senior unsecured notes due in 2029, generating
interest savings and modestly improving coverage ratios. This may
provide it with some flexibility for additional interest expense as
SVC looks to refinance its $580 million zero coupon notes, likely
with cash interest paying debt, although covenant headroom will
likely be limited.

It addressed recent refinancings largely by refinancing unsecured
debt with secured debt, which eroded headroom under its incurrence
covenants (secured debt to total assets and total debt to total
assets). Given the amount of unsecured debt maturing ($450 million
in December 2027 and $400 million in January 2028), S&P anticipates
the company is at risk of breaching these covenants absent debt
repayment or refinancing with some unsecured debt – which could
increase its cost of capital. If it was in breach of these
incurrence covenants, it would make it even more challenging for
SVC to address upcoming maturities, increasing its risk of
default.

The negative outlook incorporates potential liquidity concerns
depending on how the company addresses its secured revolving credit
facility that initially matures in June 2027. As of Sept. 30 2025,
SVC had full availability under its $650 million secured revolving
credit facility that matures in June 2027, with two six-month
extension options for a final maturity of June 2028.

Its revolver availability provides the company with a healthy
runway to repay some upcoming maturities, though not all. Absent a
revolver, or depending on the terms of a new facility, its
liquidity position could become materially constrained, which could
lead S&P to view its capital structure as unsustainable if SVC
becomes dependent upon favorable business, financial, and economic
conditions to repay or refinance upcoming maturities.

S&P said, "We expect hotel operating performance will demonstrate
some improvement following a softer demand and high operating cost
environment in 2025. We expect SVC should be able to capture some
margin improvement and EBTIDA growth from recently completed,
redeveloped, full-service hotels coming online and as the company
sells capital intensive, negative income producing hotels. Though
these factors should spur modest EBITDA improvement, we anticipate
a softening labor market and constrained household budgets could
place pressure on average daily rates."

SVC's net lease operating portfolio, which accounts for 47% of
investments, anchors the portfolio, generating stable cash flows
and modest organic growth from its long-term triple-net leases and
built-in annual rent escalators. Given the minimal lease
expirations among this portfolio over the next couple of years and
healthy rent coverage among this portfolio, S&P anticipates sound
performance to continue.

S&P said, "The issue-level ratings on SVC's existing debt reflect
our downgrade on the issuer credit rating, though our recovery
ratings were unchanged. SVC's recent refinancings and debt
repayment buoyed recovery ratings, but resulted in modestly lower
recovery estimates when compared with our previous analysis. That
said, given the use of previously unencumbered assets as collateral
for recent debt issuances, we would expect future secured issuances
or guarantees to affect the recovery prospects for existing
noteholders, though this could be offset by improved operating
performance, asset sales, debt reduction, or other factors.

"The changes to the issue-level ratings are based on information as
of Feb. 25, 2026, regarding the company's net lease mortgage note
issuance, which has not yet closed. Deviations from our
expectations may lead to further changes to the issue-level ratings
on existing securities.

"The negative outlook reflects the potential to downgrade the
company over the near term if we believe it is unable to address
its upcoming debt maturities or operating performance deteriorates,
resulting in potentially constrained liquidity or an unsustainable
capital structure."

S&P could lower its ratings on SVC if:

-- It does not proactively address upcoming debt maturities or
develop a credible plan to address these, specifically when its
unsecured senior notes due in December 2027 come current,
increasing the risk of a default and leading us to view its capital
structure as unsustainable;

-- The company's liquidity position becomes materially
constrained, perhaps from amending its revolving credit facility at
less favorable terms;

-- The company breaches its covenants with no pathway for
improvement; or

-- Hotel operating performance deteriorates beyond our base case,
placing pressure on coverage metrics.

S&P could also lower its issue-level ratings on SVC's notes if its
estimate of recovery prospects for bondholders decreases, perhaps
due to the company refinancing upcoming debt maturities with a
higher proportion of secured debt or guaranteed notes.

S&P could revise its outlook on SVC to stable if:

-- It refinances upcoming debt maturities at favorable terms that
lengthen the debt maturity profile, while maintaining sufficient
liquidity to meet near-term needs and comfortable covenant
headroom; and

-- Operating performance remains stable with no material
deterioration in occupancy levels or EBITDA generation.


SIX FLAGS: S&P Downgrades ICR to 'B+' on Delayed Deleveraging
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Six Flags
Entertainment Corp. to 'B+' from 'BB-'. S&P also lowered its
issue-level ratings on Six Flags' debt by one notch.

The stable outlook reflects S&P's expectation that Six Flags'
leverage will improve to the low-6x area in 2026 and EBITDA
interest coverage will remain above 2x on EBITDA and cash flow
growth.

Six Flags Entertainment Corp.'s operating performance continued to
decline through year-end 2025, which resulted in the company's S&P
Global Ratings-adjusted leverage exceeding 7x.

Despite planned divestitures and anticipated improvements from new
park investments, cost cuts, and weather normalization, S&P expects
Six Flags' leverage will remain above 5.5x through 2026. In
addition, the 2027 acquisition of Six Flags Over Georgia further
delays deleveraging.

The downgrade reflects S&P's expectation that Six Flags' leverage
will remain above 5.5x through 2026. Six Flags' operating
performance in the fourth quarter of 2025 met its guidance outlined
in its third-quarter earnings call. Attendance declined 13% in the
quarter, largely due to softer-than-expected demand, a pullback in
marketing spending, and a planned reduction of the company's
operating days with the removal of holiday events at four parks.

This was only partially offset by 8% growth in per capita spending
during the quarter, and Six Flags continues to incur merger
integration costs and inflationary pressures on operating costs. As
a result, the company generated reported EBITDA of $792 million for
the full year 2025, in line with their revised guidance. S&P
estimates Six Flags' S&P Global Ratings-adjusted leverage exceeded
7x as of the end of 2025, significantly above our 5.5x downgrade
threshold for the 'BB-' rating.

While weather disruptions affected peak season pass sales in the
second quarter and contributed to full-year underperformance,
management also cited integration challenges and prior
underinvestment at struggling parks as factors on their
fourth-quarter earnings call. The company also cited strategic
missteps, including insufficiently localized pricing that resulted
in abrupt pricing changes mid-season, customer confusion around
pass benefits, and its decision to remove winter holiday events.
Six Flags did not issue revenue or EBITDA guidance for 2026.

S&P said, "For 2026, we forecast attendance will increase 2%-3%,
driven by expected improvement from fewer weather disruptions,
higher season pass sales driven by new pass benefits, and the
full-year benefit of new rides and attractions that opened in 2025.
We also assume per capita spending will grow by a modest 0%-1%,
primarily driven by a higher mix of lower-yielding attendance from
season pass holders.

"Furthermore, while we expect Six Flags will begin to realize
benefits of its $120 million in run-rate cost synergies it targeted
and achieved in 2025 and will continue to pursue cost cuts in 2026,
we expect this will be partially offset by ongoing merger and other
integration costs and inflationary pressures. The company's planned
$350 million acquisition of the remaining interests of Six Flags
Over Georgia from its minority partners in early 2027 will further
delay deleveraging. As a result, we forecast S&P Global
Ratings-adjusted leverage will decline to the low-6x area at the
end of 2026, above our 5.5x downgrade threshold for the 'BB-'
rating, supporting the downgrade."

Management changes and an expected shift in strategy could delay
deleveraging in the near term. In December 2025, John Reilly, a
veteran of the theme park industry with over three decades of
experience, was appointed president and CEO of Six Flags. Prior to
this role, he served as CEO of Palace Entertainment U.S. and group
COO at Parques Reunidos, and he previously served as COO and
interim CEO at SeaWorld Parks & Entertainment. S&P said, "Although
we believe management will prioritize initiatives that will drive
attendance and improve profitability, we see the risk that a change
in operating strategy could further delay deleveraging.
Furthermore, we believe recent missteps stemming from the merger
integration pose reputational headwinds that may persist in the
near term."

S&P said, "We expect Six Flags will maintain adequate liquidity,
and potential divestitures could support leverage reduction. As of
Dec. 31, 2025, Six Flags had total liquidity of $623 million,
including $91 million of cash and revolver availability. We believe
Six Flags' liquidity and our forecast for improved operating cash
flow will be sufficient to fund capital expenditure (capex),
amortization on its term loan, and its acquisition of Six Flags
Over Georgia. Following its recent refinancing, the company's
nearest debt maturity is in October 2028.

"While we expect Six Flags will spend $400 million-$425 million of
capex in 2026, management indicated there is flexibility to reduce
capex on attractions and other investments if additional liquidity
needs arise. Preliminarily, we expect increased EBITDA and cash
flow will reduce S&P Global Ratings-adjusted leverage to the low-5x
area by the end of 2027.

"Although not in our base case, we expect Six Flags could further
reduce leverage from planned asset sales. The company permanently
closed Six Flags America in Bowie, Md., and its accompanying water
park, Hurricane Harbor, and is actively marketing the property for
sale and redevelopment. Six Flags also plans to sell excess land in
Richmond, Va. Management estimates these assets could generate
gross proceeds of at least $200 million that it could use to reduce
debt and accelerate leverage reduction. In addition, the company
identified several of its smaller underperforming parks in its
portfolio that it could classify as noncore and divest to repay
debt.

Seasonality, weather, and discretionary consumer spending pose
downside risks. Our rating incorporates that Six Flags generates
most of its revenue and EBITDA in the second and third quarters
throughout the summer, which exposes the company to weather-related
event risk. Severe weather disruptions in the second quarter of
2025 impaired attendance at Six Flags' parks during its peak season
pass selling period, exacerbating ongoing operational challenges.

Demand for regional theme parks is also exposed to cyclical
discretionary spending. A meaningful pullback in discretionary
spending could lead to broad declines in attendance and per-capita
spending at theme parks. This could be exacerbated by competition
from other forms of entertainment that customers may perceive to
offer better value, including leisure travel, live events, and
gaming. Nevertheless, S&P believes flagship parks in Six Flags'
portfolio may benefit somewhat from an economic downturn as stock
market volatility and economic uncertainty may cause higher-income
households to trade down from destination travel to lower-cost
entertainment options closer to home.

The stable outlook reflects S&P's expectation that expected
improvement in operating performance will allow Six Flags to reduce
leverage to the low-6x area 2026 and sustain EBITDA interest
coverage above 2x.

S&P could lower its rating on Six Flags if its S&P Global
Ratings-adjusted debt to EBITDA remains above 6.25x and EBITDA
interest coverage falls below 2x, likely caused by:

-- A prolonged economic downturn reducing consumer spending and
deteriorating operating performance;

-- Weather disruptions during peak seasonal periods; or

-- Further operational missteps that hinder operating
performance.

Although unlikely over the next 12 months due to S&P's leverage
forecast, S&P could raise its rating on Six Flags if:

-- Ongoing park investments and cost cutting measures meaningfully
improve operating performance such that leverage declines and
remains below 5.5x; or

-- The company accelerates planned divestitures and uses the
proceeds for additional debt repayment.


SLEEP QUARTERS: Claims to be Paid from Property Sale Proceeds
-------------------------------------------------------------
Sleep Quarters Plus, Inc. filed with the U.S. Bankruptcy Court for
the Northern District of Texas a Plan of Reorganization under
Subchapter V dated February 16, 2026.

The Debtor is the owner of 1.37 acres of improved real property
located at 500 N. Highway 77, Waxahachie, Texas (the "Waxahachie
Property") and 2.456 acres of improved real property located at
2400 W. Ennis Ave., Ennis, Texas 75117 (the "Ennis Property")
(collectively, the "Properties").

The Debtor sells home furnishings and mattresses from its stores
located on the Properties.

On December 24, 2025, the Debtor filed a motion to sell the Ennis
Property to Equity Investment Acquisitions, LLC for the price of
$975,000.00. On February 9, 2026, the Debtor filed a motion to sell
the Waxahachie Property to RSDGP, LLC for the price of
$2,250,000.00. Both motions to sell are currently pending before
the Court.

The Debtor scheduled total Unsecured Claims in the amount of
$57,962.56. Cellco Partnership d/b/a Verizon Wireless filed an
Unsecured Claim in the amount of $2,277.14.

As shown by the chart, in a Chapter 7 liquidation all Claims would
be paid in full. Under this Plan, all Claims will also be paid in
full, with interest, upon the sale of the Properties. Therefore,
Creditors will receive at least as much under this Plan as they
would in a Chapter 7 liquidation.

Class 4 consists of Allowed Unsecured Claims. These Claims shall be
paid in full over 60 months from the Effective Date in equal
monthly installments of principal with interest thereon at the rate
of 1% per annum. Payments will commence on the first day of the
first month following the Effective Date and continue until the
expiration of 36 months from the Petition Date. Interest shall
begin to accrue on the Effective Date.

Should the sales of the Properties result in net sale proceeds in
excess of Allowed Secured Claims against those Properties, such
proceeds shall be applied to payment of Allowed Unsecured Claims on
a Pro Rata basis. These Claims are Impaired, and the holders of
these Claims are entitled to vote to accept or reject the Plan.

Class 5 consists of Equity Interests. Equity Interests shall be
retained by the owners of said Interests.

The Debtor will complete the sale of the Properties as soon as
possible and the proceeds of the sales will be used to pay Allowed
Secured Claims in full, and then to pay Allowed Unsecured Claims.

On the Confirmation Date of the Plan, all property of the Estate
shall vest in the Debtor pursuant to sections 1141(b) and (c) of
the Bankruptcy Code, free and clear of all Claims and interests
except as otherwise provided in this Plan. However, if the Plan is
Confirmed as a nonconsensual plan under the provisions of section
1191(b) of the Bankruptcy Code, the property of the Estate will not
re vest in the Debtor on the Confirmation Date but will remain as
property of the Estate until the final payment is made under the
Plan. This Plan will evidence the release of all Liens or
encumbrances against all property dealt with by the Plan, unless
such Lien or encumbrance is specifically retained in the Plan.

Except as otherwise provided in the Plan, (1) the payment terms
promised in the Plan constitute new contractual obligations that
replace any payment terms that existed prior to the Effective Date,
and (2) all rights and obligations other than those new payment
terms continue to apply.

A full-text copy of the Plan of Reorganization dated February 16,
2026 is available at https://urlcurt.com/u?l=SgqBqb from
PacerMonitor.com at no charge.

The firm can be reached through:

     Joyce W. Lindauer, Esq.
     Paul B. Geilich, Esq.
     Joyce W. Lindauer Attorney, PLLC
     117 S. Dallas St.
     Ennis, TX 75119
     Telephone: (972) 503-4033

                     About Sleep Quarters Plus Inc.

Sleep Quarters Plus, Inc. specializes in the retail distribution of
mattresses, bedding essentials, and bedroom furnishings.  Based in
Texas, the company offers an assortment of sleep-related products
through its retail outlets, catering to customers looking for
value-oriented and quality bedding options.

Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34803) on
Dec. 2, 2025.  In its petition, the Debtor reported $1 million to
$10 million in both assets and liabilities.

Honorable Bankruptcy Judge Scott W. Everett handles the case.

The Debtor tapped Joyce W. Lindauer, at Joyce W. Lindauer Attorney,
PLLC, as legal counsel and Manning & Associates, PC, as accountant.


SPAC RECOVERY: Plan Exclusivity Period Extended to March 25
-----------------------------------------------------------
Judge John P. Mastando III of the U.S. Bankruptcy Court for the
Southern District of New York extended SPAC Recovery Co.'s
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to March 25 and May 24, 2026, respectively.

As shared by Troubled Company Reporter, the Debtor explains that
this case presents significant complexity due to the nature of its
principal asset, the Litigation, and the fact that several of its
creditors, including the Movants, are defendants in the Litigation.
A plan must account for the centralized administration and
prosecution of the Litigation, the establishment of an
estate-controlled trust or liquidating vehicle, and the separate
classification and/or designation of votes of conflicted litigation
defendant creditors from unconflicted creditors. The Debtor
requires additional time to address these complexities in
developing its plan.

Further, the Debtor's attention has been diverted by the delayed
hearing on and approval of its DIP Financing and litigation by the
Movants. Now that the Debtor has secured financing for this case
and is past the hearing on the MTD, it has the resources and
ability to focus on formulating and drafting a plan of liquidation
and should be provided sufficient time to do so.

The Debtor believes that it has made significant progress in good
faith towards achieving this goal despite significant circumstances
beyond its control, including the continuance of the DIP Motion
hearing due to the government shutdown and the necessity of
responding to the objections to the DIP Motion and the MTD filed by
FS Fund and Nomura.

The Debtor claims that following approval of the DIP Financing, the
company has the ability to and has been working to fund and pay its
post-petition bills as they become due. The Debtor is otherwise
complying on a timely basis with all other post-petition
obligations of a debtor-in-possession. The requested extension of
the Exclusive Periods will not jeopardize the rights of creditors
and other parties in this case.

SPAC Recovery Co. is represented by:

     Bonnie Pollack, Esq.
     Matthew G. Roseman, Esq.
     CULLEN AND DYKMAN LLP
     The Omni Building
     333 Earle Ovington Blvd, 2nd Fl.
     Uniondale, NY 11553
     Telephone: (516) 357-3700
     E-mail: bpollack@cullenllp.com
          mroseman@cullenllp.com

           - and -

     Michelle McMahon, Esq.
     Michael Traison, Esq.
     CULLEN AND DYKMAN LLP
     One Battery Park Plaza, 34th Fl.
     New York, NY 10004
     Telephone: (212) 510-2296
     E-mail: mmcmahon@cullenllp.com
          mtraison@cullenllp.com

                      About SPAC Recovery Co.

SPAC Recovery Co., formerly known as Ackrell SPAC Partners I Co.,
is a Delaware-based special purpose acquisition company created to
raise capital and pursue a merger, share exchange, asset
acquisition, or similar business combination. The Company
originally targeted investments in the consumer goods sector and
entered into a proposed combination with North Atlantic Imports
LLC, doing business as Blackstone Products, before the deal was
terminated in 2022. It now operates under the name SPAC Recovery
and is focused on litigation and recovery efforts connected to its
prior activities.

SPAC Recovery sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In
its petition, the Debtor reported total assets of $57,306,134 and
total liabilities of $9,469,770.

Honorable Bankruptcy Judge John P. Mastando III handles the case.

The Debtor is represented by Michael H. Traison, Esq., at Cullen
and Dykman, LLP.

SPV LIT Fund, LLC, as DIP lender, is represented by:

    Michael Smiley, Esq.
    Samantha Espino, Esq.
    The Underwood Law Firm
    500 S. Taylor, Suite 1200
    Amarillo, TX 79101
    mike.Smiley@uwlaw.com
    samantha.espino@uwlaw.com


SPIN HOLDCO: Fidelity Multistrategy Marks $168,673 Loan at 23% Off
------------------------------------------------------------------
Fidelity Multi-Strategy Credit Fund has marked its $168,673 loan
extended to Spin Holdco Inc. to market at $129,668 or 77% of the
outstanding amount, according to Fidelity Multi-strategy's Form
N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.

Fidelity Multi-Strategy Credit Fund is a participant in a loan
extended to Spin Holdco Inc. The loan accrues interest at a rate of
CME Term SOFR 3 month Index + 4%, 8.0217% per annum. The loan
matures on March 4, 2028.

Fidelity Multi-Strategy Credit Fund is registered under the
Investment Company Act of 1940, as a non-diversified, closed-end
management investment company organized as a Delaware statutory
trust on October 4, 2022. The Fund has elected to operate as an
interval fund, and has the authority to issue an unlimited number
of common shares at $.001 per share par value. The Fund engages in
a continuous offering of shares, and will offer to make quarterly
repurchases of shares at net asset value, reduced by any applicable
repurchase fee.

The Fund is lead by Heather Bonner as President and Treasurer
(Principal Executive Officer) and Stephanie Caron as Chief
Financial Officer (Principal Financial Officer).

The Fund can be reached at:

    Heather Bonner
    Fidelity Multi-Strategy Credit Fund
    245 Summer St.
    Boston, MA 02210
    Telephone: (617) 563-7000

    About Spin Holdco Inc.

Spin Holdco Inc. provides laundry solutions. The Company offers
residential and commercial laundry solutions, as well as tire
inflation and vacuum vending services at convenience stores and gas
stations. Spin Holdco serves clients in North America and Europe.


SRAN VINEYARDS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Sran Vineyards, LLC
        1750 N. Siskiyou Avenue
        Kerman CA 93630

Business Description: Sran Vineyards, LLC is limited liability
                      company engaged in agricultural and farming
                      operations in Kerman, California.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       Eastern District of California

Case No.: 26-10721

Judge: Hon. Rene Lastreto II

Debtor's Counsel: Bruce M. Brown, Esq.
                  WILD, CARTER & TIPTON
                  246 West Shaw Avenue
                  Fresno, CA 93704
                  Tel: (559) 224-2131
                  Email: bbrown@wctlaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Lakhvir S. Sran 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/SQHVUXI/SRAN_VINEYARDS_LLC__caebke-26-10721__0001.0.pdf?mcid=tGE4TAMA


STAKEHOLDER MIDSTREAM: S&P Withdraws 'B+' Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew all its ratings on Stakeholder
Midstream, LLC, including the 'B+' issuer credit rating and 'BB-'
rating on its senior secured term loan B, following repayment of
its outstanding debt.

At the time of the withdrawal, our ratings on Stakeholder were on
CreditWatch, where we placed them with positive implications on
Dec. 1, 2025, following the company's announcement that it had
entered into a definitive agreement to be acquired by Targa
Resources Corp. (BBB/Stable).

The acquisition closed on Jan. 6, 2026, and Stakeholder's
outstanding debt was repaid.



TALPHERA INC: Laurence Lytton, Foundation Hold 5.9% Equity Stake
----------------------------------------------------------------
Laurence W. Lytton and Lytton-Kambara Foundation, disclosed in a
Schedule 13G (Amendment No. 1) filed with the U.S. Securities and
Exchange Commission that as of December 31, 2025, they beneficially
own 2,730,718 shares of Talphera, Inc.'s common stock, representing
5.9% of the 46,609,618 shares of common stock outstanding on
November 5, 2025, as reported in the Issuer's Form 10-Q for the
quarterly period ended September 30, 2025.

Laurence W. Lytton may be reached at:

     467 Central Park West
     New York, NY 10025

A full-text copy of Laurence W. Lytton's SEC report is available
at: https://tinyurl.com/y9rr65zm

                           About Talphera

Headquartered in San Mateo, California, Talphera, Inc. --
www.talphera.com -- is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. Talphera's lead product
candidate, Niyad, is a lyophilized formulation of nafamostat and is
currently being studied under an investigational device exemption
(IDE) as an anticoagulant for the extracorporeal circuit, and has
received Breakthrough Device Designation status from the U.S. Food
and Drug Administration (FDA).

Walnut Creek, Calif.-based BPM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended Dec. 31, 2024, citing that the Company has
suffered recurring operating losses and negative cash flows from
operating activities since inception and expects to continue to
incur operating losses and negative cash flows in the future. These
matters raise substantial doubt about its ability to continue as a
going concern.

As of September 30, 2025, the Company had $30.7 million in total
assets, $11.6 million in total liabilities, and $19.2 million in
total stockholders' deficit.


TEAM SYSTEMS: Owners Can't Compel Abandonment of FEMA Receivables
-----------------------------------------------------------------
Judge Craig T. Goldblatt of the U.S. District Court for the
District of Delaware will deny the motion of Team Systems
International LLC's owners to compel the abandonment of certain
receivables from the Federal Emergency Management Agency (FEMA) in
the bankruptcy case.

One of the subplots in this highly contentious and long-running
bankruptcy case has been the status of two alleged receivables that
the owners of the debtor claim are due to the estate from FEMA. The
trustee in this case has argued that he would be happy to recover
any value that might be available to the estate and argues that the
movants have failed to cooperate with his efforts to help collect
these alleged receivables.

The movants in this case were the owners of the debtor, a
government contractor. They assert that the estate has valuable
causes of action against FEMA for work that the debtor performed
before the petition date.

The movants have now moved to compel the trustee to abandon the
alleged receivables, which would have the effect of returning those
receivables to the prepetition debtor, and therefore make them
available to the movants, as the holders of the debtor's equity.

The trustee's fundamental position is that whatever value may be
there belongs to the estate. And the one thing that the trustee is
unwilling to do is to reward the movants for their failure to
cooperate by abandoning the receivables, only to have the movants
go out and collect for their own benefit on claims that are owned
by the bankruptcy estate.

When the debtor filed the petition, a central theme was that it was
owed millions of dollars from FEMA, and a short breathing spell
from its creditors' collection activity would permit it to collect
on this receivable, pay its creditors in full, and resume running
its government contract business in the manner it had operated for
more than 20 years. One of the movants and the first-day declarant,
stated that FEMA owes two payments to TSI. The first was for $13.5
million for nonpayment of TSI's invoice for FEMA's reduction in the
initial ordered quantity of bottled water, which was then pending
before the U.S. Civilian Board of Contract Appeals. The second
payment at issue was described as a change order claim for
approximately $6.8 million that the debtor intended to file as a
result of the reduction of FEMA's order.

The movants assert that the trustee's ongoing refusal to administer
or abandon the FEMA claims in this active case delays
administration, risks permanent loss of value, and incurs
unnecessary costs, violating his fiduciary duties under 11 U.S.C.
Sec. 704(a)(1) to collect and liquidate estate property and close
the estate expeditiously. The movants further argue that the FEMA
claims must be abandoned to preserve remaining estate value and
prevent further harm to creditors and the estate.

The Court is unpersuaded by this argument. Nothing in the record
suggests that the administration of the assets in question in this
case imposes any expense on the bankruptcy estate. Nor is there any
suggestion that the failure to abandon these assets has harmed
creditors. At the end of the day, this dispute is simply the result
of a standoff between the trustee and the movants. The trustee has
doubts (as does the Court) that there is value in these claims. The
$13.5 million claim for the reduction in FEMA's order has ended in
a judgment against the estate that is now final and non-appealable.
When the movants had corporate law authority to manage the debtor,
they let years go by without taking any action on the change-order
claim that they contend will bring in $6.8 million.

According to the Court, there is no basis for finding that the
trustee has engaged in self-dealing with respect to these claims or
that the bankruptcy estate is bearing expenses associated with
administering them that could be avoided through abandonment.

The Court is satisfied that it ought not permit the movants to
conduct an end run around the trustee and the bankruptcy estate and
obtain the assets for themselves by means of compelled abandonment
under Sec. 554(b).

A copy of the Court's Memorandum Opinion dated February 18, 2026,
is available at http://urlcurt.com/u?l=2R16S9

                About Team Systems International

Formed in 2001, Team Systems International LLC is a small business
serving the United States government as a contractor with offices
in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has performed
government projects as a prime contractor and subcontractor in the
areas of program management, financial and contracts management,
tactical and specialized military training development, naval
ordinance engineering, information systems design and integration,
military firearms training, Department of State overseas foreign
officer training, vehicle or weapons platform simulation, training
center or classroom A/V system integration, force protection
services, maritime security, and administrative staffing for
government projects.

Team Systems International sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to
$50 million in assets and up to $10 million in liabilities. Deborah
Devans Mott, member, signed the petition.  

Jamie L. Edmonson, Esq., at Robinson & Cole LLP, was the Debtor's
legal counsel.

The case was converted to Chapter 7 on March 31, 2022. George L.
Miller is the Chapter 7 trustee.


TEMPO ACQUISITION: S&P Downgrades ICR to 'B+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its ratings on health, wealth, and leave
administrative solutions provider Tempo Acquisition LLC (dba Alight
Solutions), including the issuer credit rating to 'B+' from 'BB-'.

The negative outlook reflects S&P's expectation that if the company
does not overcome its current operational challenges, such new
customer win rates and improving customer retention, ratings could
come under further pressures.

Alight Solutions reported lackluster results for fourth-quarter
2025 and provided ailing guidance for the first quarter of this
year, without providing full-year guidance.

A large goodwill impairment charge and curtailment of dividends
further underscore challenges the company is facing and potential
hurdles to bring performance back to growth.

The downgrade reflects Alight's recent weak performance and a dull
near-term outlook. S&P said, "Before its fourth-quarter 2025
earnings announcement, credit metrics were slightly weak for the
ratings and we had expected the company's operational plans would
bring its credit profile back to levels consistent with the 'BB-'
rating, with profit improvement driving leverage under 6x. However,
its poor operating performance and first-quarter guidance now lead
us to believe credit metrics will be more pressured over the next
several quarters. Alight indicated its underperformance stemmed
from client retention and service quality issues. The company
indicated 2025 renewals were significantly below its typical
mid-to-high 90% range. We acknowledge the company can attribute
some of the margin deterioration to expenses to execute a business
turnaround. However, we question the timing of investment returns
given contract dynamics that include lengthy client onboarding and
ability to win new customers. As a result, we expect leverage of
over 8x by year-end 2026, before improving to the mid-7x area next
year."

Alight's turnaround plan would take some time amid management
changes. Alight hired a new CEO earlier this year and the company
is searching for a new chief financial officer. S&P said, "We
believe new management may need some time to learn the business to
execute a successful turnaround. Alight's renewed business strategy
focuses on delivering service, innovating products, and building
relationships. While we understand the CEO has turnaround
experience in his previous roles, we believe achieving its recovery
initiatives could be tricky particularly given the competitive
marketplace. A mitigating factor in our opinion is the company's
keen focus on improving service quality, albeit it would require
some time for operational improvement to rationalize given clients'
contract dynamics."

Plans to curtail dividends should help preserve cash flows as the
company ramps up spending for operating improvement. Alight plans
to deploy more than $100 million of capital, part of which was
repeatable from prior years, to strengthen foundations of the
business and position the company for long-term growth. S&P said,
"We believe cutting dividends is a prudent fiscal approach but
could also signal potential flexibility the company might need in
the future as it reconsiders business needs. The company made an
$86 million dividend payment last year, which could now be diverted
toward debt reduction and re-investment. We will continue to
monitor management's financial policy initiatives as they relate to
debt repayment, operating initiatives and share repurchases."

Efforts to advance product innovation is a positive rating factor,
though AI remains a risk. Alight has made meaningful investment in
AI and previously disclosed it achieved notable benefits from such
investments. S&P said, "Management's commentary during the fourth
quarter earnings presentation suggest increasing competitive
pressure, and we believe Alight will require further investment in
its automated capabilities. The company has increased capex in part
for these initiatives, with new AI tools rolling out this year. As
these new capabilities become available this year, we expect the
company will start to realize margin benefit in 2027. AI continues
to evolve and we will continue monitoring industry trends to
determine the company's competitive standing."

The negative outlook reflects potential business execution risks
that could lead to sustained performance declines and resulting
likelihood for a lower rating in the coming quarters.

S&P could lower its ratings on Alight if S&P expects S&P Global
Ratings-adjusted leverage would remain consistently over 6x or S&P
Global Ratings-adjusted FOCF to debt approaches mid-single-digit
percent area. This could occur due to:


-- Weaker-than-expected performance, resulting from prolonged
client retention issues, sales force disruption, or other business
execution issues including delays in the company's product
modernization efforts or inability to generate margin accretive
returns on heightened investment levels.

-- The adoption of a more aggressive financial policy, including a
large debt-financed share repurchase while performance remains
underwhelming.

S&P said, "We could revise the outlook to stable if performance
stabilizes such that we see benefits from the company's business
initiatives, which could include a resumption of sales and profit
growth and improve client retention. In this scenario, we would
expect leverage to remain under 6x."



THREE DELUNA: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Three Deluna, LLC
          DBA Restaurant Nola
        523 E. Gregory St.
        Pensacola, FL 32502

Business Description: Three Deluna, LLC is a Florida limited
                      liability company based in Pensacola,
                      Florida, that operates a Cajun and Creole
                      restaurant under the trade name Restaurant
                      Nola, serving New Orleans-style cuisine
                      including seafood and Louisiana specialties.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       Northern District of Florida

Case No.: 26-30174

Debtor's Counsel: Melanie A. Foley, Esq.
                  STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
                  110 E. Madison St.
                  Suite 200
                  Tampa, FL 33602
                  Tel: (813) 229-0144
                  Email: mfoley@srbp.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by John Chisholm as managing 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/NDK7CZY/Three_Deluna_LLC__flnbke-26-30174__0001.0.pdf?mcid=tGE4TAMA


THRIVE COMMERCE: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
entered an interim order authorizing Thrive Commerce, LLC to use
cash collateral.

Under the order, the Debtor is authorized to use cash collateral in
accordance with a 90-day court-approved budget. Funds may be used
only for ordinary and necessary business expenses, including
maintaining and preserving assets, payroll and payroll taxes,
employee-related costs, and insurance expenses.

The Debtor projects total operational expenses of $62,142 for
February; $51,485 for March; $49,185 for April; $49,185 for May.

The SBA holds a secured claim of approximately $207,965.80,
supported by a first-priority lien on the Debtor's assets,
including equipment, inventory, accounts receivable, and related
proceeds. The Debtor acknowledged the validity of this secured
claim, which is treated as a fully secured obligation.

As adequate protection, the SBA was granted a replacement lien on
post-petition collateral to the extent the value of its collateral
declines due to the Debtor's use of cash collateral or the
automatic stay.

The SBA is also entitled to access the Debtor's records and
premises upon reasonable notice. The Order is interlocutory and may
be modified after notice and hearing; absent objections, it will
become final under Bankruptcy Rule 4001(d)(3).

A final hearing is scheduled for March 11.

                  About Thrive Commerce LLC

Thrive Commerce, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10482) on February 6,
2026, with $50,001 to $100,000 in assets and $500,001 to $1 million
in liabilities.

Judge Ashely M. Chan presides over the case.

Dimitri L. Karapelou, Esq., at Musi, Merkins, Daubenberger & Clark,
LLP represents the Debtor as legal counsel.


TP BRANDS: Unsecured Creditors to Get Share of Annual Payments
--------------------------------------------------------------
TP Brands Worldwide Inc. and its affiliates filed with the U.S.
Bankruptcy Court for the Middle District of Florida a Disclosure
Statement describing Joint Chapter 11 Plan dated February 16,
2026.

The Debtors are manufacturers and importers of their own brands of
flooring products, door components, ready-to-assemble kitchen
cabinets and bathroom vanities.  

In addition, the Debtors offer a complete domestic inventory of all
of their products and provide services throughout North America.
The Debtors' products are available through a network of North
American, Canadian, and South American distributors and dealers,
and the Debtors offer complete private label programs and OEM
services, as well as product development, sourcing, and oversight
services.

On August 13, 2025, TP Brands International Inc. entered into an
Intellectual Property License Agreement with HW Distribution, LLC
pursuant to which HW was granted an exclusive license to use
certain intellectual property for the marketing and sale of
specified products. The Debtors entered into this agreement in
order to ensure that there is a revenue stream to fund a
reorganization.

The Debtors have faced the adverse consequences of rising
inflation, high interest rates, and tariffs. The Debtors' secured
creditor, PNC Bank, is owed over $3 million based on a loan secured
by substantially all of the Debtors' assets.

After evaluating alternatives, the Debtors determined that a
chapter 11 filing would provide a venue in which to effectively
address their current debts and best serve the interests of their
creditors. The Debtors will utilize the chapter 11 process to
reorganize their financial affairs and make distributions to
creditors efficiently and effectively.

On January 7, 2026, the Debtors and PNC, along with their
respective counsel, participated in a mediation with respect to the
Cash Collateral Motion, the Affiliate Officer Salary Motion, and
all other disputes between the Debtors and PNC. At the mediation,
the Debtors and PNC were able to resolve their disputes and have
entered into the Settlement Term Sheet. The terms of the Settlement
Term Sheet are incorporated into the Plan.

Class 6 is comprised of all General Unsecured Claims against the
Debtors not otherwise classified under the Plan. Each holder of an
Allowed Unsecured Claim in Class 5 shall receive their pro rata
share of the Unsecured Annual Payments. The first of the Unsecured
Annual Payments shall be made on or before thirty days after the
end of each year following the Effective Date. Class 6 is Impaired
under the Plan the holders of Allowed Unsecured Claims in Class 6
are entitled to vote to accept or reject the Plan.

Class 7 is comprised of all Equity Interests. The holders of Equity
Interests shall retain their Interests in the Reorganized Debtors.
Class 7 is Unimpaired under the Plan and the holders of Equity
Interests are presumed to have accepted the Plan pursuant to
section 1126(f) of the Bankruptcy Code.

The Plan provides for the reorganization of the Debtors' business
and the payment of Allowed Claims, including contingent,
unliquidated, and Disputed Claims to the extent they become Allowed
Claims, in the order of their priority.

The "fair and equitable" standard, also known as the "absolute
priority rule," requires that a dissenting class receive full
compensation for its allowed claims or interests before any junior
class receives any distribution. The Debtors believe the Plan is
fair and equitable to all Classes pursuant to this standard.

A full-text copy of the Disclosure Statement dated February 16,
2026 is available at https://urlcurt.com/u?l=iiXFCH from
PacerMonitor.com at no charge.

Counsel for the Debtors:

     BERGER SINGERMAN LLP
     Edward J. Peterson, Esq.
     Clay B. Roberts, Esq.
     101 E. Kennedy Boulevard, Suite 1165
     Tampa, FL 33602
     Tel. (813) 498-3400
     Fax (813) 527-3705
     Email: epeterson@bergersingerman.com
            croberts@bergersingerman.com

                                About TP Brands

Palmetto, Fla.-based TP Brands manufactures and imports flooring
products, door components, ready-to-assemble kitchen cabinets, and
bathroom vanities, offering a full domestic inventory and services
across North America. Its products are distributed through networks
of distributors and dealers in North and South America. It also
provides private label programs and OEM services, as well as
product development, sourcing, and oversight.

TP Brands Worldwide Inc. and affiliates, TP Brands International
Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy
petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10,
2025, before the Hon. Caryl E Delano.

Worldwide and Premfloor listed up to $50,000 in estimated assets
and $1 million to $10 million in estimated liabilities.
International listed $500,000 to $1 million in estimated assets and
$10 million to $50 million in estimated liabilities. The petitions
were signed by Thomas J. Winter as president.

Edward J. Peterson, and Clay B. Roberts, at Berger Singerman, LLP,
serve as the Debtors' counsel.


TRINSEO PLC: Amends Credit Deal to Extend Grace Period to March 19
------------------------------------------------------------------
Trinseo PLC disclosed in a regulatory filing that in connection
with ongoing discussions with its financial stakeholders, Trinseo
Luxco S.a r.l., Trinseo Holding S.a r.l. and Trinseo Materials
Finance, Inc. (together with Trinseo Holding, the "Borrowers"),
direct and indirect wholly owned subsidiaries of the Company, and
the lenders party thereto, entered into an amendment to the certain
Credit Agreement, dated as of September 6, 2017, by and among
Trinseo Luxco, the Borrowers, the guarantors party thereto from
time to time, the lenders party thereto from time to time, and
Deutsche Bank AG New York Branch, as administrative agent and
collateral agent.

The Amendment extends, until March 19, 2026, the grace period for
any payment of interest under the Credit Agreement that is due on
or after February 1, 2026 and prior to March 1, 2026. This extended
grace period aligns with the grace period for payment of interest
provided under the indenture governing the 2L Notes.

A full text copy of terms of the Amendment is available at
https://tinyurl.com/2wju34b9

On February 17, 2026, Trinseo Luxco Finance SPV, S.a r.l., a
direct, wholly-owned subsidiary of the Company, elected to utilize
a contractually-available 30-day grace period for the payment of
interest under the terms of the indenture governing its 7.625%
second lien secured notes due 2029.

The Company has therefore elected to delay its next interest
payment on the 2L Notes due on February 17, 2026, in the amount of
approximately $10.0 million, notwithstanding that the Company has
sufficient cash on hand to make such interest payment.

Under the indenture governing the 2L Notes, the Company has until
the end of the 30-day grace period to make the interest payment
before such default triggers an event of default, and the Company
retains its right to make all interest payments before the end of
the applicable grace period.

As previously disclosed, the Company is engaged in ongoing
discussions with its financial stakeholders regarding its capital
structure and the decision to utilize the grace period was made in
connection with these discussions.

                        About Trinseo

Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com
-- a specialty material solutions provider, partners with companies
to bring ideas to life in an imaginative, smart, and sustainably
focused manner by combining its premier expertise, forward-looking
innovations, and best-in-class materials to unlock value for
companies and consumers. From design to manufacturing, Trinseo taps
into decades of experience in diverse material solutions to address
customers' unique challenges in a wide range of industries,
including building and construction, consumer goods, medical, and
mobility.

As of September 30, 2025, the Company had $22.5 million in total
assets, $15.7 million in total liabilities, and $6.8 million in
total stockholders' equity.

                           *     *     *

In December 2025, S&P Global Ratings lowered its issuer credit
rating on specialty materials solutions provider Trinseo PLC to
'CCC' from 'CCC+', its issue-level rating on its senior secured
super-priority revolving credit facility (RCF) and senior secured
term loan to 'B-' from 'B', its issue-level rating on its senior
secured term loan B to 'CCC' from 'CCC+', and its issue-level
rating on its senior secured second-lien notes to 'CC' from 'CCC-'.
S&P's recovery ratings on the company's debt are unchanged.


TURNER DEVELOPMENT: Case Summary & Nine Unsecured Creditors
-----------------------------------------------------------
Debtor: Turner Development, LLC
        2901 North Capitol Street NE
        Washington, DC 20002

        Business Description: Turner Development LLC, doing
business as Turner Development (TDL), is a real estate development
company based in Washington, D.C. that undertakes commercial,
mixed-use, residential, and rehabilitation projects in the
Washington, D.C. metropolitan area and in parts of South Carolina,
including developments such as Weeping Willows in North Augusta and
the Old Aiken Hospital redevelopment in Aiken.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       District of Columbia

Case No.: 26-00077

Judge: Hon. Elizabeth L Gunn

Debtor's Counsel: Kristen E. Burgers, Esq.
                  HIRSCHLER FLEISCHER PC
                  1676 International Drive
                  Suite 1350
                  Tysons, VA 22102
                  Tel: 703-584-8364
                  Email: kburgers@hirschlerlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Tracey D. Turner as CEO.

A copy of the Debtor's list of its nine unsecured creditors is
available for free on PacerMonitor at:

https://www.pacermonitor.com/view/NZYKM2I/Turner_Development_LLC__dcbke-26-00077__0001.0.pdf?mcid=tGE4TAMA

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/NZYKM2I/Turner_Development_LLC__dcbke-26-00077__0001.0.pdf?mcid=tGE4TAMA


TURNKEY SOLUTIONS: John Deere May Repossess, Sell Equipment
-----------------------------------------------------------
Chief Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for
the Southern District of Texas granted the motion filed by John
Deere Construction & Forestry Company for relief from automatic
stay in the bankruptcy case of Turnkey Solutions Group Inc.

According to Judge Rodriguez, the automatic stay in effect in this
case is modified to permit John Deere to exercise its state law
remedies, including without limitation to take possession of,
foreclose upon, and resell the following equipment:

One (1) Takeuchi TL-12-V-2 Compact Track Loaders, SIN 412001421
with
One (1) FAE 012206150 Stone Crusher for Skid,
One (1) Connect Work Tools CH70-21J-1105 CH70SS HYD Hammer and
One (1) Blue Diamond 152135 60 Pallet Forks;
One (1) John Deere MH60D Mulching Head, SIN 1TOMH60DJM0001302, and
One (1) Blue Diamond 107015 HD Grapple Rake 84", SIN 135766

Proceeds of sale will be applied to the loan balances.

A copy of the Court's Order dated February 19, 2026, is available
at http://urlcurt.com/u?l=mVnJ4qfrom PacerMonitor.com.

Attorneys for John Deere Construction & Forestry Company:

Sharon H. Sjostrom, Esq.
BLALACK & WILLIAMS, P.C.
4851 LBJ Freeway, Ste. 750
Dallas, TX 75244
Tel: (214) 630-1916
Fax: (214) 630-1112
E-mail: ssjostrom@blalack.com

               About Turnkey Solutions Group

Turnkey Solutions Group Inc. is a provider of diverse services
including civil engineering, mechanical solutions, structural
erection, and coating.

Turnkey Solutions Group Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33716) on August
12, 2024. In the petition filed by David Dominguez, CEO, the Debtor
disclosed total assets of $2,955,819 and total liabilities of
$5,413,935.

Judge Eduardo V. Rodriguez oversees the case.

The Debtor tapped Vicky M. Fealy, Esq., at The Fealy Law Firm, PC
as counsel and Ranjit Makhija, CPA, at Makhija CPA, LLC as
accountant.

The case was converted to Chapter 7 on December 15, 2025.


ULTRA CLEAN: S&P Raises First-Lien Facility Rating to 'BB-'
-----------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Ultra Clean
Holdings Inc.'s first-lien term loan and revolving credit facility
to 'BB-' from 'B+' and revised the recovery ratings to '2' from
'3'. The '2' recovery rating indicates its expectation of
substantial (70%-90%) recovery in the event of a payment default.

The upgrade follows Ultra Clean's announced issuance of $400
million in senior unsecured convertible notes due 2031. The company
plans to use the proceeds to prepay a portion of the first-lien
term loan and support general corporate purposes, with up to $40
million of share repurchases. S&P expects that the lower first-lien
debt following the prepayment--combined with a meaningful layer of
junior debt in the pro forma capital structure--will enhance
recovery prospects for the first-lien lenders.

The 'B+' issuer credit rating is unchanged. The stable outlook
reflects our expectation for modest revenue growth over the next
12–24 months as the wafer fab equipment industry recovers. We
expect S&P Global Ratings-adjusted leverage to be about 4x pro
forma for the new capital structure by fiscal 2026, declining to
3.6x in 2027. The lower coupon on the convertible notes should help
reduce the blended interest rate and modestly support cash-flow
generation, with the free operating cash flow-to-debt ratio
expected at 8%–10% over the next 12–24 months. We also expect
Ultra Clean will maintain adequate liquidity.



URBAN ONE: Citadel Securities and Affiliates Hold 9.4% Stake
------------------------------------------------------------
Citadel Securities GP LLC and its affiliates -- Citadel Securities
LLC, Citadel Securities Group LP, Citadel Advisors LLC, Citadel
Advisors Holdings LP, Citadel GP LLC, and Kenneth Griffin --
disclosed in a Schedule 13G filed with the U.S. Securities and
Exchange Commission that as of December 31, 2025, they beneficially
own an aggregate of 579,699 shares of Urban One, Inc.'s Class A
Common Stock, $.001 Par Value, representing 9.4% of the 6,150,809
shares outstanding as of October 30, 2025, per the Issuer's Form
10-Q filed November 4, 2025.

Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP
LLC report 0 shares beneficially owned in the filing.

Citadel Securities GP LLC may be reached through:

     Seth Levy, Authorized Signatory
     830 Brickell Plaza
     Miami, FL 33131
     Tel: 305-929-6851

A full-text copy of Citadel Securities GP LLC's SEC report is
available at: https://tinyurl.com/bdf776jr

                          About Urban One

Urban One, Inc., formerly known as Radio One, Inc., headquartered
in Silver Spring, Md., is an urban-oriented multimedia company that
operates or owns interests in radio broadcasting stations (32% of
revenue as of LTM Q4 2022) generated by 66 stations in 13 markets,
cable television networks (43% of revenue), an 80% ownership in
Reach Media (9% of revenue), and ownership of Interactive One, its
digital platform, as well as other internet-based properties (16%
of revenue), largely targeting an African-American and urban
audience. The Chairperson, Catherine L. Hughes, and President,
Alfred C. Liggins III (Chairperson's son), maintain voting control
and hold a significant ownership position. The Company reported
consolidated revenue of $485 million as of LTM Q4 2022.

As of September 30, 2025, the Company had $723.48 million in total
assets, $642.06 million in total liabilities, and $78.83 million in
total deficit.

                           *     *     *

In December 2025, S&P Global Ratings lowered its Company credit
rating on Urban One Inc. to 'SD' (selective default) from 'CC' and
its issue-level rating on its senior secured notes due 2028 to 'D'
from 'CC'.


V&H HOLDINGS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: V&H Holdings, LLC
        7909 Dabney Court
        Frisco TX 75036

Business Description: V&H Holdings, LLC's primary assets consist
                      of commercial properties at 2906 and 2908
                      McKinney Avenue in Dallas, Texas 75204.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 26-30730

Debtor's Counsel: Patrick J. Schurr, Esq.
                  SCHEEF & STONE, LLP
                  2600 Network Boulevard, Suite 400
                  Frisco TX 75034
                  Tel: 214-472-2136
                  E-mail: patrick.schurr@soldcounsel.com         

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lawrence Dupler 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/3UG7QRI/VH_Holdings_LLC__txnbke-26-30730__0001.0.pdf?mcid=tGE4TAMA


VELOCITY VEHICLE: Moody's Cuts CFR to B3 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings downgraded Velocity Vehicle Group LLC's ("Velocity
Vehicle") corporate family rating to B3 from B1, its probability of
default rating to B3-PD from B1-PD, and its senior unsecured notes
rating to Caa2 from B3. The outlook was changed to stable from
negative.

The downgrade reflects Velocity Vehicle's weaker than expected
operating performance and earnings that has resulted in a material
deterioration in credit metrics with debt/EBITDA of about 7.6 times
for the LTM period ending September 30, 2025. The weakness in
operating performance is largely the result of a persistent
softness in freight transportation volumes driven in part by the
imposition of tariffs which have resulted in cautious approach in
update of trucking fleets.  Moody's expects demand for new, used,
and leased and rental (L&R) trucks as well as maintenance services
to remain under pressure in 2026 and as a result expect Velocity
Vehicles credit metrics to remain weak.

RATINGS RATIONALE

The B3 CFR recognizes Velocity Vehicle's weak credit metrics with
debt/EBITDA of 7.6x, EBITA to interest of 1.3x and EBITA margins of
3.6% and Moody's expectations that any material improvement over
the next 12 -18 months is unlikely given the expectation for
continued softness in freight transportation activity. Despite
these challenges Moody's views Velocity Vehicle as benefitting from
its moderate scale, geographic diversity and high parts & service
gross profit contribution. Moody's also views Velocity Vehicle as
having a good position in its core markets across private fleet,
vocational, and municipal customers underpinned by its strong
relationship with Daimler Truck where it is generally the only
authorized dealer group in the areas it operates, and the company's
large parts & service and L&R operations. However, the ratings also
incorporate governance considerations, particularly Velocity
Vehicle's majority private ownership under affiliates of The
Cranemere Group Limited, a private holding company, moderated in
part by material minority ownership by founders and management.

The Caa2 rating for Velocity Vehicle's senior unsecured notes is
two notches below the company's B3 corporate family rating. The two
notch difference reflects the application of Moody's Loss Given
Default for Speculative-Grade Companies Methodology (LGD
Methodology), which considers the significant amount of secured
debt that is senior to the $500 million unsecured notes, primarily
related to the floorplan.

The stable outlook reflects an expectation that credit metrics will
not material deteriorate from current levels and liquidity will
remain adequate as well as the absence of any near term debt
maturities.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

While not expected given the challenging operating environment,
ratings could be upgraded if there were a sustained improvement in
operating performance and financial strategy remains balanced
resulting in a sustained improvement in credit metrics with
debt/EBITDA below 6.5x, EBITA/interest above 1.5x and EBITA margins
improving from current levels across an industry cycle. An upgrade
would also require at least adequate liquidity, including committed
lines of credit.

Ratings could be downgraded if operating performance does not
improve, financial policy becomes more aggressive or if credit
metrics did not improve from current levels, particularly if EBITA
to interest fell below 1.0x. A deterioration in liquidity for any
reason could also negatively impact the ratings, including
diminished access to existing lines of credit which are uncommitted
or failure to improve cash liquidity in line with long-term
historical levels.

Velocity Vehicle Group LLC is majority owned by affiliates of The
Cranemere Group Limited, a private holding company that owns
substantial positions in operating businesses. Velocity Vehicle
founders and management also represent a large minority interest in
the company. Velocity Vehicle Group LLC operates across 145
locations in North America and Australia. For the LTM period ending
September 30, 2025, revenue was approximately $3.57 billion.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


VERASTEM INC: Armistice Capital Holds 5.30% Equity Stake
--------------------------------------------------------
Armistice Capital, LLC and Steven Boyd, disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
December 31, 2025, they beneficially own 3,536,000 shares of
Verastem, Inc.'s common stock, $0.0001 par value per share,
representing 5.30% of the shares outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/4bvsnr9s

                       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.


VERASTEM INC: Balyasny Asset Management Holds 6.18% Equity Stake
----------------------------------------------------------------
Balyasny Asset Management L.P., BAM GP LLC, Balyasny Asset
Management Holdings LP, Dames GP LLC, and Dmitry Balyasny,
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 4,767,154 shares of Verastem, Inc.'s common
stock, par value $0.0001 per share, representing 6.18% of the
77,154,709 shares outstanding as of November 17, 2025, as reported
in the Issuer's Prospectus on Form 424B5 filed November 17, 2025.

Balyasny Asset Management L.P. may be reached through:

     Scott Schroeder, Authorized Signatory
     444 West Lake Street, 50th Floor,
     Chicago, IL 60606
     Tel: 312-499-2999

A full-text copy of Balyasny Asset Management L.P.'s SEC report is
available at: https://tinyurl.com/4s5emfxr

                       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.


VERASTEM INC: Point72 Asset and Affiliates Cut Stake to 1.3%
------------------------------------------------------------
Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., and
Steven A. Cohen, disclosed in a Schedule 13G (Amendment No. 1)
filed with the U.S. Securities and Exchange Commission that as of
December 31, 2025, they beneficially own 995,026 shares of
Verastem, Inc.'s common stock, par value $0.0001 per share,
representing 1.3% of the 77,181,869 shares outstanding, calculated
as the sum of shares issued in the offering and overallotment
exercise reported on November 17, 2025, plus shares outstanding as
of November 3, 2025, per the Issuer's filings.

Point72 Asset Management, L.P. may be reached through:

     Jason M. Colombo, Authorized Person
     72 Cummings Point Road
     Stamford, CT 06902
     Tel: 203-890-2000

A full-text copy of Point72 Asset Management, L.P.'s SEC report is
available at: https://tinyurl.com/3sx9zpr6

                       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.


VERASTEM INC: RTW Investments, Roderick Wong Hold 9.9% Stake
------------------------------------------------------------
RTW Investments, LP and Roderick Wong, 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
7,836,346 shares of common stock -- with shared voting and
dispositive power; includes 1,260,040 shares issuable upon exercise
of warrants, the maximum exercisable amount given the 9.99%
beneficial ownership limitation in the warrant terms, preventing
further exercise beyond that cap -- of Verastem, Inc.'s common
stock, par value $0.0001 per share, representing 9.9% based on
66,776,006 shares outstanding as of November 3, 2025 per the
Issuer's Form 10-Q filed November 4, 2025, plus 10,405,863 shares
issued in a subsequent public offering per the prospectus
supplement dated November 13, 2025 and filed November 17, 2025, and
assuming exercise of the referenced warrants.

RTW Investments, LP may be reached through:

     Roderick Wong, M.D., Managing Partner
     40 10th Avenue, Floor 7
     New York, NY 10014
     Tel: 646-597-6980

A full-text copy of RTW Investments, LP's SEC report is available
at: https://tinyurl.com/mryhmd5d

                       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.


VERRICA PHARMACEUTICALS: Armistice Capital Holds 4.99% Stake
------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd, 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
439,657 shares of Verrica Pharmaceuticals Inc.'s common stock,
$0.0001 par value per share, representing 4.99% of the shares
outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/mshctwfs

                   About Verrica Pharmaceuticals

West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a
dermatology therapeutics company developing and selling medications
for skin diseases requiring medical intervention.  

Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2008, issued a "going concern" qualification in its report
dated March 11, 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 substantial operating losses since inception and has
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.

As of September 30, 2025, the Company had $40.9 million in total
assets, $57.9 million in total liabilities, and $17 million in
total stockholders' deficit.


VERSACE DOMINICAN: Hearing Today on Bid to Use Cash Collateral
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, is set to hold a hearing today to consider
extending Versace Dominican Restaurant 1 y Mas Inc.'s authority to
use cash collateral.

The Debtor was initially allowed to access cash collateral under
the court's February 13 interim order.

The interim order approved the payment of the Debtor's expenses
from the cash collateral in accordance with its budget and granted
the U.S. Small Business Administration and other lenders
replacement liens on assets (excluding proceeds from avoidance
action) acquired by the Debtor after the bankruptcy filing that are
similar to the lenders' pre-bankruptcy collateral.

The interim order also required the Debtor to pay $1,000 per month
to the Subchapter V Trustee, John T. Whaley, CPA, LLC, for trustee
fees until further court order.

            About Versace Dominican Restaurant 1 y Mas Inc

Versace Dominican Restaurant 1 y Mas, Inc. operates a restaurant.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64759) on December 18,
2025. In the petition signed by Leonor Romero, chief executive
officer, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.

Judge Barbara Ellis-Monro oversees the case.

Benjamin Keck, Esq., at Keck Legal, LLC, represents the Debtor as
bankruptcy counsel.


VOLITIONRX LTD: Armistice Capital Holds 4.99% Equity Stake
----------------------------------------------------------
Armistice Capital, LLC and Steven Boyd, disclosed in a Schedule 13G
(Amendment No. 5) filed with the U.S. Securities and Exchange
Commission that as of December 31, 2025, they beneficially own
6,449,635 shares of VolitionRx Limited's common stock, $0.0001 par
value per share, representing 4.99% of the shares outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/5t5stbw2

                           About Volition

Henderson, Nev.-based VolitionRx Limited is a multinational
epigenetics company. It has patented technologies that use
chromosomal structures, such as nucleosomes, and transcription
factors as biomarkers in cancer and other diseases.

Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated March 31, 2025, attached in the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has suffered recurring losses from operations,
negative cash flows from operations and minimal revenues which
raises substantial doubt about its ability to continue as a going
concern.

As of September 30, 2025, the Company had $6.4 million in total
assets, $42.4 million in total liabilities, and $35.9 million in
total stockholders' deficit.


VOLITIONRX LTD: Lagoda Investment Holds 10.1% Equity Stake
----------------------------------------------------------
Lagoda Investment Management, L.P., 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
12,535,706 shares of common stock (includes 11,463,603 shares of
common stock and 1,072,103 shares issuable upon exercise of
warrants at $0.60 per share) of VolitionRX Ltd's common stock, par
value $0.001 per share, representing 10.1% of the 122,801,572
shares outstanding as of November 7, 2025, as reported in the
Issuer's Form 10-Q filed with the SEC on November 13, 2025.

Lagoda Investment Management, L.P. may be reached through:

     Jason A. Ozone, Chief Financial Officer & Chief Compliance
Officer
     3 Columbus Circle
     New York, NY 10019
     Tel: 212-309-7664
     
A full-text copy of Lagoda Investment Management, L.P.'s SEC report
is available at: https://tinyurl.com/4u28tmuk

                           About Volition

Henderson, Nev.-based VolitionRx Limited is a multinational
epigenetics company. It has patented technologies that use
chromosomal structures, such as nucleosomes, and transcription
factors as biomarkers in cancer and other diseases.

Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated March 31, 2025, attached in the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has suffered recurring losses from operations,
negative cash flows from operations and minimal revenues which
raises substantial doubt about its ability to continue as a going
concern.

As of September 30, 2025, the Company had $6.4 million in total
assets, $42.4 million in total liabilities, and $35.9 million in
total stockholders' deficit.


WENDY'S CO: S&P Alters Outlook to Negative, Affirms 'B+' ICR
------------------------------------------------------------
S&P Global Ratings affirmed the 'B+' issuer credit rating and
revised its outlook to negative on Wendy's Co.

The negative outlook reflects elevated risk to S&P's base case over
the next 12 months and the potential for adjusted debt to EBITDA to
remain above 7x because Wendy's is investing in improvements and
marketing that may not gain traction or resonate with consumers in
the current strained macroeconomic environment and credit metrics
are currently elevated.

S&P said, "Wendy's Co.'s 2025 performance fell short of
expectations and we now expect flat to a low-single-digit decline
in 2026 total revenue. This reflects the impact of announced
restaurant closures and our expectation of a low-single-digit
same-restaurant sales (SRS) decline.

"We now forecast S&P Global Ratings-adjusted leverage will be about
6.3x in 2025 and weaken further to about 6.8x in 2026, reflecting
SRS declines, restaurant closures, and an investment in corporate
costs.

"Although we see execution risk, our base case assumes wider
implementation of operational improvements among franchisees to
support stabilization in guest traffic and low-single-digit SRS
growth in 2027, leading to leverage decreasing to the mid-6x range
in 2027.

"Our revised outlook reflects the risk leverage may remain elevated
beyond 2026. The company may find it difficult to stabilize guest
traffic if the operating improvements and menu initiatives outlined
in its turnaround strategy "Project Fresh" are not consistently
implemented across its vast franchise network. Furthermore, those
improvements may prove insufficient in driving higher visit
frequency due to stiff competition from other quick service
restaurant (QSR) brands amid ongoing consumer budgetary pressures.
Improved value perception and brand relevance will be critical in
this regard, and Wendy's is still in early stages of its turnaround
initiatives.

"Our base case anticipates operating improvements and targeted
marketing will support stabilization in guest traffic over the next
year. These initiatives, focused on enhancing guest satisfaction
through improved quality, accuracy, and service, have already
demonstrated positive results at company-operated locations,
outperforming the wider franchise by 410 basis points in the fourth
quarter and 310 basis points in 2025. Approximately 20% of
franchisees have begun adopting some of the operational
improvements that are part of the “Project Fresh” plan, and we
expect broader adoption throughout the year, supporting
stabilization in guest traffic, with a potential inflection in SRS
growth in the fourth quarter of 2026 and low-single-digit growth in
2027. We expect restaurant closures in the first half of 2026 to
total 5%–6% of the overall U.S. restaurant base as part of
Wendy's footprint rationalization, including 28 restaurants already
closed in the fourth quarter of 2025. International expansion at a
pace similar to 2025 will partially offset closures.

"We believe Wendy's shift toward a permanent value platform, rather
than relying on limited-time offers, will better position the
company to compete amid heightened consumer value-seeking behavior.
The launch of the Biggie Deals in January 2026 established a tiered
value menu designed to broaden Wendy's appeal to value-seeking
consumers by providing consistent everyday value. We expect this
value platform, along with menu innovation across its burger and
chicken offerings, to support stabilizing guest traffic by
improving visit frequency among its core customer base.

"However, we expect it will take time for these operational and
marketing improvements to gain traction. Consequently, we forecast
a low-single-digit SRS decline in 2026, with sequential improvement
throughout the year from mid-single-digit declines in the first
quarter. For 2027, we assume low-single-digit SRS growth.

"We expect EBITDA margins to contract to the low- to mid-26% range
in 2026, down from 28% in 2025. This decrease will be partially
driven by higher general and administrative (G&A) costs, including
those associated with incremental technology investments, incentive
compensation and other expenses, affecting margins by approximately
100 basis points. The remaining decline will primarily be due to
lower restaurant-level margins at company-operated locations,
reflecting continued softness in guest traffic while it implements
in turnaround initiatives. However, despite the decline, we expect
adjusted EBITDA margins will remain above average for the industry
due to its highly franchised operating model. We anticipate some of
these higher G&A costs associated with technology investments and
certain other nonrecurring expenses will subside in 2027 and
restaurant-level margins will improve on stabilizing guest traffic,
leading to margin improvement to around 27% in 2027.

"We expect Wendy's to continue generating robust free operating
cash flow (FOCF) despite high adjusted debt to EBITDA . However, we
anticipate a decline to approximately $160 million in 2026 from
$204 million in 2025, primarily due to lower adjusted EBITDA.
Wendy's highly franchised operating model provides an advantage
over restaurant operators by limiting capital expenditures and the
impact of commodity and labor costs fluctuations at
franchisee-operated locations.

"Our base case assumes its capital allocation strategy will
prioritize an annual dividend distribution of about $107 million.
However, our base case also assumes Wendy's will not repurchase
shares until its leverage decreases below its maximum target of 5x.
Therefore, we do not expect share repurchases in 2026 or 2027,
which will result in consistent debt levels over the next two
years.

"The negative outlook reflects our expectation that Wendy's
leverage will deteriorate to the high-6x area over the next 12
months and could weaken further if its operating improvements and
marketing initiatives do not gain traction. This outlook also
considers that guest traffic may not improve if Wendy's turnaround
initiatives and marketing fail to resonate with consumers, amid
stiff competition and consumer budgetary pressures.

"We could lower our rating on Wendy's if we expect its operating
performance to weaken beyond our base case. This includes if the
company is unable to improve the trajectory of SRS growth and
stabilize EBITDA margin suggesting a weakening brand. We could also
consider a downgrade if we expect its S&P Global Ratings-adjusted
leverage to be sustained above 7x." This could occur if:

-- Its "Project Fresh" and other initiatives aimed at improving
guest traffic do not resonate with customers and it continues to
lose market share to competitors; or

-- Its capital allocation strategy leads to materially higher
level of reported balance sheet debt.

S&P could revise the outlook on Wendy's to stable if it expects to
maintain leverage below 7.0x. This could occur if:

-- Guest traffic stabilizes leading to same-restaurant sales
growth sufficient to at least offset rising expenses and support
stable EBITDA margins; and

-- It's financial policy supports and maintains lower leverage.



WESCO DISTRIBUTION: S&P Rates New $650MM Sr. Unsecured Notes 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '4'
recovery rating to WESCO Distribution Inc.'s proposed $650 million
senior unsecured notes due 2031 and $650 million senior unsecured
notes due 2034. The '4' recovery rating indicates its expectation
for average (30%-50%; rounded estimate: 30%) recovery in the event
of a payment default. Parent WESCO International Inc. intends to
use the proceeds from these notes, together with borrowings from
its asset-based lending (ABL) facility, to redeem all its
outstanding 7.250% senior notes due 2028. Therefore, we view the
transaction as leverage neutral.

S&P's existing ratings on WESCO, including the 'BB' issuer credit
rating, are unchanged.

WESCO is the leading electrical distributor in the U.S. and Canada.
The company's network of distribution centers and digital
capabilities separate it from its regional competitors. S&P expects
WESCO's geographic reach, broad product variety and service
capabilities, efficient logistics network, and good end-market and
customer diversity will continue to support its competitive
position. The electrical distribution market is highly fragmented,
which can lead to intense pricing pressures, particularly when
demand is weak. WESCO derives half of its revenue from projects,
which can fluctuate with the health of the economy, and half from
more-stable maintenance, repair, and operations services.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors:

-- WESCO's capital structure primarily comprises a $1.55 billion
accounts-receivable securitization facility maturing Feb. 28, 2028
(not rated), a $1.725 billion ABL facility maturing Feb. 28, 2030
(not rated), $900 million of senior notes due 2029, $850 million of
senior notes due 2032, $800 million of senior notes due 2033, and
the proposed $650 million senior notes due 2031 and 2034.

-- S&P's simulated default scenario considers a default in 2031
due to sharp macroeconomic pressures that severely compress the
company's revenue and margins.

-- S&P values the company on an EBITDA multiple basis using a 6x
multiple of its projected emergence EBITDA, which reflects WESCO's
solid scale and market position in its addressable end markets.

-- The notes issued by WESCO Distribution Inc. are guaranteed by
WESCO International Inc.

Simulated default assumptions:

-- EBITDA at emergence: $685 million

-- ABL facility: 60% drawn at default (S&P assumes this is split
between the U.S. facility and Canadian subfacility)

-- Accounts-receivable securitization facility: Fully drawn at
default

-- All debt amounts include six months of prepetition interest.

-- Jurisdiction: U.S.

Simplified waterfall:

-- Net enterprise value (after 5% administrative expenses): $3.9
billion

-- Valuation split (U.S. obligors/Canadian nonobligors/other
foreign nonobligors/U.S. nonobligors): 56%/13%/12%/19%

-- Priority claims: $1.6 billion (ABL, accounts-receivable
securitization facility, and modest foreign debt)

-- Total value available for unsecured claims: $1.3 billion

-- Senior unsecured debt: $4 billion

    --Recovery expectations: 30%-50% (rounded estimate: 30%)



WESTCHESTER COUNTY HEALTH CARE: S&P Cuts Rev. Bonds Rating to 'BB'
------------------------------------------------------------------
S&P Global Ratings lowered its long-term rating and underlying
rating (SPUR) to 'BB' from 'BB+' on various health care revenue
bonds issued for Westchester County Health Care Corp. (WCHCC),
N.Y., and on Bon Secours Charity Health System's taxable series
2015 health care revenue bonds. WCHCC guarantees the annual debt
service on Bon Secours Charity Health System's bonds.

The outlook is negative.

The rating action reflects S&P's view of WCHCC's increase in debt
levels, extremely thin unrestricted reserves, and continued
operating losses. In addition, the system remains reliant on lines
of credit for managing short-term cash flow needs.

S&P said, "New York state's statutory provisions that prohibit
prefunding of OPEB liabilities is a weakness within our credit
rating analysis for WCHCC when compared with other acute care
providers across the U.S. that do not operate with this constraint.
We note that management is focusing on containing health care
costs, but WCHCC has little legal flexibility or control over the
governance framework. We have analyzed environmental and social
risks and consider them neutral within our credit rating analysis.
However, WCHCC is somewhat reliant on special funding--namely
Medicaid disproportionate share funding, which could be subject to
reductions in the future. WCHCC also has a high percentage of
unionized employees, which could result in increased social risk as
a result of prolonged contract negotiations. However, because WCHCC
is a public benefit corporation, union employees are not permitted
to strike.

"The negative outlook reflects our expectation of operating
pressure over the outlook period as well as our view of extremely
thin unrestricted reserves and elevated leverage that provide
little if any cushion for unforeseen events.

"We could lower the rating if operating cash flow does not improve
as expected or if unrestricted reserves decline further. We could
view any additional debt negatively. Based on our GRE criteria, a
significant change in the rating on Westchester County or changes
in the links between WCHCC and the county could also affect the
ratings on WCHCC.

"We could revise the outlook to stable if cash flow increases and
is sustained at a level that supports stronger coverage of
consolidated MADS while WCHCC builds unrestricted reserves to
levels consistent with a higher rating."



WORKSPORT LTD: Armistice Capital Holds 9.84% Equity Stake
---------------------------------------------------------
Armistice Capital, LLC and Steven Boyd, disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
December 31, 2025, they beneficially own 966,008 shares of
Worksport Ltd.'s common stock, representing 9.84% of the shares
outstanding.

Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Issuer held by the Master Fund and thus may be deemed to
beneficially own the securities of the Issuer held by the Master
Fund.

Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Issuer held by the
Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Issuer directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.

Armistice Capital, LLC may be reached through:

     Steven Boyd
     c/o Armistice Capital, LLC
     510 Madison Avenue, 7th Floor
     New York, NY 10022
     Tel: (212) 231-4932

A full-text copy of Armistice Capital, LLC's SEC report is
available at: https://tinyurl.com/5eb29ch8

                       About Worksport Ltd.

West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries,
designs, develops, manufactures, and owns intellectual property on
a portfolio of tonneau cover, solar integration, portable power
station, and NP (Non-Parasitic), Hydrogen-based green energy
products and solutions for the automotive aftermarket accessories,
power storage, residential heating, and electric vehicle-charging
industries.

Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor
since 2022, issued a "going concern" qualification in its report
dated March 27, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024, citing that the Company
has suffered recurring losses from operations and has an
accumulated deficit, that raise substantial doubt about its ability
to continue as a going concern. The Company recorded a net loss of
$16,163,789 for the year ended December 31, 2024, and has an
accumulated deficit of $64,476,966 as of December 31, 2024.

As of September 30, 2025, the Company had $27,048,622 in total
assets, $7,269,230 in total liabilities, and $19,779,392 in total
stockholders' equity.


WYNDHAM HOTELS: S&P Rates New $650MM Senior Unsecured Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '6'
recovery rating to Wyndham Hotels & Resorts Inc.'s proposed $650
million senior unsecured notes due 2033. The '6' recovery rating
indicates its expectation for negligible (0%-10%; rounded estimate:
0%) recovery in the event of a default. S&P expects the company
will use the proceeds from these notes to repay its outstanding
senior secured term loan A and senior secured revolver balances.
The transaction will modestly increase our estimated recovery
prospects for Wyndham's secured lenders because of the lower amount
of assumed secured debt in its capital structure in a hypothetical
default scenario; however, the change isn't significant enough to
cause us to revise the '2' recovery rating.

S&P said, "Our other existing ratings on Wyndham, including the
'BB+' issuer credit rating and stable outlook, are unchanged. Last
week, the company issued its 2026 global revenue per available room
(RevPAR) guidance (between -1.5% and 0.5%) and system rooms of
4.0%-4.5%. Economy and midscale travelers, the primary segments in
which Wyndham operates, have consistently been more sensitive to
higher interest rates, inflation, and broad macroeconomic
uncertainty than other segments. Despite still soft demand, we
maintain our stable outlook because the company has increased the
number of rooms in its system and its ancillary fees, enabling it
to sustain stable S&P Global Ratings adjusted EBITDA margin. We
also expect Wyndham's S&P Global Ratings-adjusted debt to EBITDA
will be in the mid- to high-3x range in 2026, which will provide it
with a very good cushion relative to our 5x downgrade threshold."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P rates Wyndham's senior secured debt, which comprises a $1
billion senior secured revolving credit facility due 2030 and the
$1.5 billion senior secured term loan B due 2030, 'BBB-' with a '2'
recovery rating. The '2' recovery rating indicates its expectation
for substantial (70%-90%; rounded estimate: 75%) recovery in the
event of a default.

-- S&P rates Wyndham's existing $500 million senior unsecured
notes due 2028 and the proposed $650 million unsecured notes 'BB-'
with a '6' recovery rating. The '6' recovery rating indicates its
expectation for negligible (0%-10%; rounded estimate: 0%)
recovery.

Simulated default assumptions

-- S&P's simulated default scenario assumes a payment default in
2031 stemming from a prolonged economic downturn that significantly
reduces leisure travel, combined with a deterioration in Wyndham's
brands that leads to a substantial loss of franchisees.

-- S&P assumes a reorganization following the default and use an
emergence EBITDA multiple of 7x to value the company.

-- Emergence EBITDA: $285 million

Simplified waterfall

-- Gross recovery value: $2 billion

-- Net recovery value for waterfall after 5% administrative
expenses: $1.9 billion

-- Obligor/nonobligor valuation split: 95%/5%

-- Estimated secured debt claims: $2.43 billion

-- Value available for senior secured claims: $1.88 billion

    --Recovery expectations: 70%-90% (rounded estimate: 75%)

-- Estimated unsecured debt and pari passu deficiency claims:
$1.72 billion

-- Value available for unsecured debt claims (and pari passu
deficiency claims): $34 million

    --Recovery expectations: 0%-10% (rounded estimate: 0%)

Note: All debt amounts include six months of prepetition interest.



X4 PHARMA: Bain Capital and Affiliates Hold 8.41% Stake
-------------------------------------------------------
Bain Capital Life Sciences Fund, L.P. and affiliated entities --
Bain Capital Life Sciences Fund II, L.P., BCIP Life Sciences
Associates, LP, BCLS II Investco, LP, BCLS I Investco, LP, and BCLS
II Equity Opportunities, LP -- disclosed in a Schedule 13G
(Amendment No. 1) filed with the U.S. Securities and Exchange
Commission that as of December 31, 2025, they beneficially own an
aggregate of 615,649 shares of common stock plus warrants and
pre-funded warrants exercisable for up to an additional 7,351,805
shares (with shared voting and dispositive power via control
structures through Bain Capital Life Sciences Investors, LLC and
related entities; includes 615,649 directly held shares of common
stock, a pre-funded warrant for up to 7,047,216 shares held by BCLS
II Equity Opportunities, LP, and other warrants for up to 304,589
shares held by BCLS II Investco, LP and BCLS I Investco, LP, all
subject to Beneficial Ownership Blockers limiting exercise to no
more than 9.99% for pre-funded and certain warrants or 4.99% for
Class C warrants to prevent exceeding those thresholds
post-exercise) of X4 Pharmaceuticals, Inc.'s common stock, par
value $0.001 per share, representing 8.41% of the 87,436,688 shares
outstanding as of October 31, 2025, per the Issuer's Quarterly
Report on Form 10-Q filed with the SEC on November 5, 2025, plus
7,351,805 shares issuable upon exercise of the referenced warrants
and pre-funded warrants held by the Reporting Persons, reflecting
the application of the Beneficial Ownership Blockers.

Bain Capital Life Sciences Fund, L.P. may be reached through:

     Andrew Hack
     Bain Capital Life Sciences Investors, LLC
     200 Clarendon Street
     Boston, MA 02116
     Tel: 617-516-2000

A full-text copy of Bain Capital Life Sciences Fund, L.P.'s SEC
report is available at: https://tinyurl.com/mry2ew4v

                     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.


X4 PHARMA: Biotechnology Value and Affiliates Cut Stake to 3.9%
---------------------------------------------------------------
Biotechnology Value Fund L.P. and affiliated entities -- including
BVF I GP LLC, Biotechnology Value Fund II, L.P., BVF II GP LLC,
Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF
GP Holdings LLC, BVF Partners L.P./IL, BVF Inc./IL, and Mark N.
Lampert -- disclosed in a Schedule 13G (Amendment No. 1) filed with
the U.S. Securities and Exchange Commission that as of December 31,
2025, they beneficially own an aggregate of 3,411,993 shares of
common stock (with shared voting and dispositive power via
investment management and control structures; includes shares
underlying Pre-Funded Warrants exercisable immediately at $0.001
per share for an aggregate of 1,178,251 shares across the entities
and a managed account, subject to a 9.99% beneficial ownership
blocker that did not limit exercise as of the date) of X4
Pharmaceuticals, Inc.'s common stock, par value $0.001 per share,
representing 3.9% of the 87,436,688 shares outstanding as of
October 31, 2025, per the Issuer's Quarterly Report on Form 10-Q
filed with the SEC on November 5, 2025, plus certain shares
underlying the referenced Pre-Funded Warrants as applicable for
percentage calculations.

Biotechnology Value Fund L.P. may be reached through:

     Mark N. Lampert, Authorized Signatory
     44 Montgomery St., 40th Floor
     San Francisco, CA 94104
     Tel: 312-506-6500

A full-text copy of Biotechnology Value Fund L.P.'s SEC report is
available at: https://tinyurl.com/mr2y4zbt

                     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.


X4 PHARMA: Saturn V Capital Holds 7.36% Equity Stake
----------------------------------------------------
Saturn V Capital Management LP and Xiaoying Tian, disclosed in a
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of October 24, 2025, they beneficially own 6,433,481 shares
of X4 Pharmaceuticals, Inc.'s common stock, representing 7.36% of
the 87,436,688 shares outstanding as of October 31, 2025, as
reported in the Issuer's Form 10-Q filed with the SEC on November
5, 2025.

Saturn V Capital Management LP may be reached through:

     Xiaoying Tian
     SVCM GP LLC
     919 Congress Avenue, Suite 830
     Austin, TX 78701
     Tel: 415-738-4435

A full-text copy of Saturn V Capital Management LP's SEC report is
available at: https://tinyurl.com/mrybn2b4

                     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.


X4 PHARMA: Trails Edge Entities Hold 5.8% Equity Stake
------------------------------------------------------
Trails Edge Capital Partners, LP, Trails Edge Biotechnology Master
Fund, LP and Ortav Yehudai, disclosed in a Schedule 13G (Amendment
No. 1) filed with the U.S. Securities and Exchange Commission that
as of December 31, 2025, they beneficially own 5,227,222 shares of
common stock; includes 2,571,478 shares of common stock held
directly by Trails Edge Biotechnology Master Fund, LP and 2,655,744
shares issuable upon exercise of pre-funded warrants held directly
by Trails Edge Biotechnology Master Fund, LP, of X4
Pharmaceuticals, Inc.'s common stock, par value $0.001 per share,
representing 5.8% of the 87,436,688 shares outstanding as of
October 31, 2025, as reported in the Issuer's Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2025, filed
with the SEC on November 5, 2025.

Trails Edge Capital Partners, LP may be reached through:

     Ortav Yehudai, Chief Investment Officer
     3455 Peachtree Road NE, 5th Floor
     Atlanta, GA 30326
     Tel: 917-657-2249

A full-text copy of Trails Edge Capital Partners, LP's SEC report
is available at: https://tinyurl.com/7ufztr2b

                     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.


ZHE CHANG: Loses Bid to Stay Foreclosure Proceedings
----------------------------------------------------
Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the
District of Colorado denied Zhe Chang and Jing Xie's emergency
motion to stay foreclosure proceedings, vacate the order granting
relief from stay, and stay the issuance of a confirmation deed in
the bankruptcy case.

The Debtors filed a voluntary petition under Chapter 11 Subchapter
V on January 7, 2025. On the same day, the Debtors filed a
Subchapter V Status Report indicating their residence was currently
in foreclosure, prompting the filing of the bankruptcy case to stay
a scheduled foreclosure sale on January 8, 2025, and to allow the
Debtors time to collect on a foreign judgment

On February 25, 2025, the Court held a status conference pursuant
to 11 U.S.C. Sec. 1188, where it became apparent that the Debtors
failed to make post-petition mortgage payments for January and
February.

On July 15, 2025, FirstBank filed a Motion for Relief from Stay
with respect to the Debtors' residence. The Motion alleged the
Debtors made no post-petition payments on the note since April of
2025. The Motion was resolved by a stipulation providing for the
payment of $39,359.76, representing monthly payments due for May,
June, July, and August, to be made by February 8, 2026. The
stipulation further provided the Debtors would timely make required
payments under the note beginning September 21,2025. The
stipulation was approved by order entered August 8, 2025.

On December 12, 2025, Il Sun Jang filed a Motion for Relief from
Stay with respect to the Debtors' residence. Il Sun Jang holds a
junior security interest in the residence. The Motion alleged no
post-petition payments were made on the note and by its terms, the
note matured on September 1, 2025. Further, cause existed for
relief under 11 U.S.C. Sec. 362 (d)(1) for lack of adequate
protection and under 11 U.S.C. Sec. 362 (d)(2) as no equity existed
in the property and the property was not necessary for an effective
reorganization.

The Debtors objected to the Motion for Relief from Stay, arguing
the value of the residence was $3,100,000 and equity existed in the
property to provide adequate protection. In addition, the Objection
proposed making adequate protection payments of $4,000 at the end
of March 2026 with a one-time payment of $10,000 by April 30,
2026.

A hearing on the Motion for Relief from Stay was conducted on
December 23, 2025, at which the Court received offers of proof from
the parties and admitted relevant exhibits. The Court found cause
existed for relief from stay for lack of adequate protection under
11 U.S.C. Sec. 362 (d)(1) and (d)(2). The Movant had not received
any post-petition payments, and the note had matured, causing a
lack of adequate protection.

The Order Granting Relief from Stay was entered on December 24,
2025, subject to the 14-day automatic stay provided by
Fed.R.Bankr.P. 4001 (a)(3). The Order became final on
January 7, 2026.

The Debtors failed to timely file a status report and on
February 17, 2026, the Court entered an Order Dismissing the Case.

On the same day, the Debtors hand-filed their Emergency Motion.

For the first time, in the Emergency Motion, the Debtors claim the
loan was based on predatory lending instruments currently under
litigation. They claim their former counsel did not adequately
represent their interests in the bankruptcy case. They claim there
would be equity in the residence once the purported illegal loan
was set aside. They claim a proposed witness endorsed at the
preliminary hearing was a straw lender. They claim improprieties
with creditor's counsel representing two lenders in the bankruptcy
case.  

The Court finds grounds do not exist to vacate the Order for Relief
from Stay under Rule Fed.R.Civ.P. 60(b).

According to the Court, the Emergency Motion does not allege
mistake, inadvertence, surprise, or excusable neglect. The grounds
raised in the Emergency Motion were all known prior to the hearing
on the Motion for Relief from Stay. The grounds are not based on
newly discovered evidence that, with reasonable diligence, could
not have been discovered in time to move for a new trial under Rule
59(b).

Judge Rosania holds, "Each of Debtors' arguments for relief from
judgment under Fed.R.Civ.P. 60(b) fail. The Debtors'
dissatisfaction with the judgment is insufficient grounds for
relief. The Debtors failed to timely appeal the Order Granting the
Motion for Relief from Stay. Fed.R.Civ.P. 60(b) is not a substitute
for the filing of a timely appeal."

A copy of the Court's Order dated February 20, 2026, is available
at https://urlcurt.com/u?l=N4Ep0O

Zhe Chang and Jing Xie filed for Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 25-10065) on January 7, 2025, listing
under $1 million in both assets and liabilities. The Debtor is
represented by  Aaron Garber, Esq., at Wadsworth Garber Warner
Conrardy PC.


[] Fitch Affirms Ratings on 11 North American Services Companies
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 North American
services companies and their related subsidiaries and affiliates:

   1. Clarivate Plc
   2. CoStar Group, Inc.
   3. DXC Technology Company
   4. Gartner, Inc.
   5. Moody's Corporation
   6. MSCI Inc.
   7. Newmark Group, Inc.
   8. NIQ Global Intelligence plc
   9. Rollins, Inc.
  10. S&P Global Inc.
  11. Thomson Reuters Corporation

These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

Clarivate Plc

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb-, Lower), Profitability (bbb,
Moderate), Financial Structure (bb-, Higher), and Financial
Flexibility (bb, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- Weakest link considerations adjustment is applied based on
Financial Structure factor and results in an adjustment of -1
notch(es).

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bb-'.

- No adjustments were made to the SCP, resulting in an IDR of
'BB-'.

CoStar Group, Inc.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (bbb+,
Moderate), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (b+,
Moderate), Financial Structure (bb+, Higher), and Financial
Flexibility (aa-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.

- The calibration adjustment applies and results in an adjustment
of 1 notch(es).

- The SCP is 'bbb'.

- No adjustments were made to the SCP, resulting in an IDR of
'BBB'.

DXC Technology Company

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bbb-,
Moderate), Financial Structure (a-, Moderate), and Financial
Flexibility (bbb, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb-'.

- No adjustments are made to the SCP, resulting in an IDR of
'BBB-'.

Gartner, Inc.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb-,
Higher), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bb+, Lower), Company Operational
Characteristics (bbb, Moderate), Profitability (bbb+, Moderate),
Financial Structure (a+, Higher), and Financial Flexibility (a-,
Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb'.

- No adjustments were made to the SCP, resulting in an IDR of
'BBB'.

Moody's Corporation

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Higher), Market and Competitive Positioning (a, Moderate),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (a,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (a, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'a' results in no
adjustment.

- The SCP is 'bbb+'.

- No adjustments were made to the SCP, resulting in an IDR of
'BBB+'.

MSCI Inc.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb+, Moderate),
Diversification and Asset Quality (bb, Higher), Company Operational
Characteristics (bbb+, Moderate), Profitability (a, Moderate),
Financial Structure (a-, Moderate), and Financial Flexibility (a-,
Lower).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb-'.

- No adjustments were made to the SCP, resulting in an IDR of
'BBB-'.

Newmark Group, Inc.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb, Higher), Profitability (bbb,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb-'.

- No adjustments were made to the SCP, resulting in an IDR of
'BBB-'.

NIQ Global Intelligence plc

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb+, Lower), Profitability (bb-,
Higher), Financial Structure (bb-, Higher), and Financial
Flexibility (bb-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'a' results in no
adjustment.

- The SCP is 'bb-'.

- No adjustments were made to the SCP, resulting in an IDR of
'BB-'.

Rollins, Inc.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Moderate), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (a,
Moderate), Financial Structure (a+, Higher), and Financial
Flexibility (a, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

- Weakest link considerations adjustment is applied based on Market
& Competitive Positioning factor and results in an adjustment of -1
notch(es).

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'bbb+'.

- No adjustments were made to the SCP, resulting in an IDR of
'BBB+'.

S&P Global Inc.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Higher), Market and Competitive Positioning (a, Moderate),
Diversification and Asset Quality (a, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (a,
Lower), Financial Structure (a+, Moderate), and Financial
Flexibility (a+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'a' results in no
adjustment.

- The SCP is 'a-'.

No adjustments were made to the SCP, resulting in an IDR of 'A-'.

Thomson Reuters Corporation

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Moderate), Market and Competitive Positioning (a, Moderate),
Diversification and Asset Quality (bbb+, Higher), Company
Operational Characteristics (bbb+, Moderate), Profitability (a+,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (a+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'a' results in no
adjustment.

- The SCP is 'a-'.

- No adjustments were made to the SCP, resulting in an IDR of
'A-'.

RATING ACTIONS

   Entity/Debt                Rating            Recovery   Prior
   -----------                ------            --------   -----
NIQ Global
Intelligence plc        LT IDR BB-   Affirmed              BB-

DXC Capital
Funding DAC       

                        LT IDR BBB-  Affirmed              BBB-
                        ST IDR F3    Affirmed              F3
   senior unsecured     LT     BBB-  Affirmed              BBB-
   senior unsecured     ST     F3    Affirmed              F3

Indy Dutch
Bidco B.V.           

                        LT IDR BB-   Affirmed              BB-
   senior secured       LT     BB+   Affirmed    RR2       BB+

MSCI Inc.         

                        LT IDR BBB-  Affirmed              BBB-
   senior unsecured     LT     BBB-  Affirmed              BBB-

Nielsen
Consumer Inc.         

                        LT IDR BB-   Affirmed              BB-
   senior secured       LT     BB+   Affirmed    RR2       BB+

Gartner, Inc.   

                        LT IDR BBB   Affirmed              BBB
   senior unsecured     LT     BBB   Affirmed              BBB

Clarivate Plc          

                        LT IDR BB-   Affirmed              BB-

TR Finance LLC

   senior unsecured     LT     A-   Affirmed               A-
   senior unsecured     ST     F1   Affirmed               F1

IHS Markit Ltd.

   senior unsecured     LT     A-   Affirmed               A-

S&P Global Inc.         

                        LT IDR A-   Affirmed               A-
                        ST IDR F1   Affirmed               F1
   senior unsecured     LT     A-   Affirmed               A-
   senior unsecured     ST     F1   Affirmed               F1

Moody's Corporation    

                        LT IDR BBB+ Affirmed               BBB+
                        ST IDR F1   Affirmed               F1
   senior unsecured     LT     BBB+ Affirmed               BBB+
   senior unsecured     ST     F1   Affirmed               F1

Clarivate Science
Holdings Corporation

                        LT IDR BB-  Affirmed               BB-
   senior unsecured     LT     BB-  Affirmed    RR4        BB-
   senior secured       LT     BB+  Affirmed    RR1        BB+

Rollins, Inc.

                        LT IDR BBB+ Affirmed               BBB+
                        ST IDR F1   Affirmed               F1
   senior unsecured     LT     BBB+ Affirmed               BBB+
   senior unsecured     ST     F1   Affirmed               F1

Camelot U.S.
Acquisition LLC      

                        LT IDR BB-  Affirmed               BB-
   senior secured       LT     BB+  Affirmed    RR1        BB+

Indy US Holdco, LLC   

                        LT IDR BB-  Affirmed               BB-
   senior secured       LT     BB+  Affirmed    RR2        BB+

DXC Technology Company

                        LT IDR BBB- Affirmed               BBB-
                        ST IDR F3   Affirmed               F3
   senior unsecured     LT     BBB- Affirmed               BBB-

Newmark Group, Inc.  

                        LT IDR BBB- Affirmed               BBB-
   senior unsecured     LT     BBB- Affirmed               BBB-

Thomson Reuters
Corporation         

                        LT IDR A-   Affirmed               A-
                        ST IDR F1   Affirmed               F1
   senior unsecured     LT     A-   Affirmed               A-
   senior unsecured     ST     F1   Affirmed               F1

Camelot Finance S.A.   

                        LT IDR BB-  Affirmed               BB-
   senior secured       LT     BB+  Affirmed    RR1        BB+

CoStar Group, Inc.  

                        LT IDR BBB  Affirmed               BBB
   senior unsecured     LT     BBB  Affirmed               BBB


[^] BOOK REVIEW: Bankruptcy in United States History
----------------------------------------------------
Author: Charles Warren
Publisher: Beard Books
Softcover: 195 pages
List Price: $34.95
https://beardbooks.com/beardbooks/bankruptcy_in_united_states_history.html

Written by a lawyer, this book on the history of bankruptcy in the
United States from the latter 1700s, when the country first gained
its independence, through the years of the Great Depression in the
early 1930s has a legalistic slant.  Warren, a Harvard-educated
lawyer, gives some attention to social conditions of the day, the
effects on individuals such as debtors, and the overall evolution
of bankruptcy in the U.S., but he is mainly interested in the
groundbreaking legal decisions concerning bankruptcy, and
especially in major U.S. Supreme Court decisions.

The book is an amplification of lectures the author gave in 1934 at
the Law School of Northwestern University.  As Warren explains,
"This book is an attempt to place the subject [of bankruptcy] in
its proper historical setting."  The author proceeds to argue that
American history has neglected the important economic and social
subject of bankruptcy because "[h]istory and law have long been
regarded as distinct subjects."  By bringing the subjects of
history and bankruptcy law together, Warren provides the first
history of bankruptcy in the U.S. In doing so, he makes bankruptcy
law a useful, adaptable, comprehensible, and beneficial resource.

Warren was motivated to write the book after witnessing the effects
of the Great Depression.  He hoped that public officials, lawyers,
economists, and general readers would not only be heartened, but
also get practicable economic ideas, from the book's "sketch of the
great depressions of the past, and the description of the attempts
at legislative adjustment of the relations of debtor and creditor .
. . bearing upon present conditions."

Throughout U.S. history, major changes in bankruptcy laws have
always been related to financial crises and periods of economic
depression. During such times, states usually took the lead in
revising bankruptcy laws.  From time to time, the U.S. Congress
also intervened to make changes in national bankruptcy and business
law.  In many cases, with both state and national legislation, the
U.S. Supreme Court would have the final word on the
constitutionality of changes in existing laws or on new laws. The
phrase "to establish uniform laws upon the subject of bankruptcy .
. . ." was included as a late addition to Article I, Section 8 of
the U.S. Constitution.

During times of financial crisis, Warren discerns three distinct,
fundamental themes concerning bankruptcy law.  In its earliest
period, up until the 1820s, U.S.  bankruptcy laws were modeled
after English laws, which favored creditors.  In the following
years, up to the start of the Civil War in 1861, new bankruptcy
laws favored debtors.  The turmoil of the Civil War and the
subsequent Southern Reconstruction, large inflows of immigrants,
and the economic development of all parts of the country in the
latter 1800s and early 1900s produced bankruptcy laws with the
national interest in mind.  This national perspective of bankruptcy
law continues through today, sometimes favoring the creditor and
sometimes the debtor depending on prevailing social conditions and
political agendas.

Bankruptcy in United States History is a readable book which both
bankruptcy professionals and general readers will find informative
on the subject of bankruptcy.

After graduating from Harvard law school, Charles Warren
(1868-1954) practiced law in Boston.  He also served as Assistant
Attorney General of the United States in Washington, D.C.


                            *********

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.

                            *********

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Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
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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
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                   *** End of Transmission ***