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260302.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, March 2, 2026, Vol. 30, No. 61 Headlines 140 MYERS: Seeks Chapter 11 Bankruptcy in New York 3220 S FISKE BLVD: Case Summary & 20 Largest Unsecured Creditors ACJK INC: Humana's Motion for Judgment on Pleadings Tossed ADVANTAGE SOLUTIONS: $590M Notes Tendered in Early Exchange Offer AFFINITY INTERACTIVE: Fidelity Marks $80,000 Bond at 41% Off AGI'S CAFE: Commences Chapter 11 Bankruptcy in New York ALTAMAHA D.M.E.: Case Summary & 20 Largest Unsecured Creditors ALTICE FINANCING: Fidelity Marks $70,000 Bond at 31% Off AMANA ACADEMY: S&P Assigns 'BB' ICR, Outlook Stable ANOINTED TOUCH: Case Summary & Nine Unsecured Creditors ARTERA SERVICES: Fidelity Marks $160,000 Corporate Bond at17% Off ASHLEY SELMAN: AGCO Loses Bid for Automatic Stay Relief AZUL SA: Advised by Davis Polk in Chapter 11 Restructuring BAUSCH HEALTH: Fidelity MultiStrategy Marks $70,000 Bond at 20% Off BAXSTO LLC: Hires James B. Smith as Substitute CRO and Accountant BEELINE HOLDINGS: Sansar Capital Holds 6.81% Equity Stake BERRY CAPITAL: Seeks to Sell Farm Equipment at Public Auction BLACK PEARL: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable BROOKSIDE CHARTER SCHOOL: S&P Lowers ICR to 'BB-', Outlook Stable CARPENTER FAMILY: Court Oks Carpenter Farm Sale to Jerry & Stacey CENTER CITY HEALTHCARE: Court Okays Chapter 11 Wind-Down Plan CHARTER COMMUNICATIONS: Fidelity Marks $198,000 Bond at 37% Off CHELSEA BUSINESS: Case Summary & 20 Largest Unsecured Creditors CHRYSALIS HEALTHCARE: Employs America Tax Solvers as CFO CHURCH INTERNATIONAL: Seeks Cash Collateral Access COCONUT BREEZE: Hires Obermayer Rebmann Maxwel as Legal Counsel COMPASS COFFEE: Secures Court Ok to Sell Stores in Chapter 11 COTY INC: Fitch Alters Outlook on 'BB+' LongTerm IDR to Negative CRACKER BARREL: Fidelity Marks $102,000 Corporate Bond at 25% Off CSC HOLDINGS: Fidelity Multi-Strategy Marks $50,000 Bond at 34% Off CSC HOLDINGS: Fidelity Multistrategy Marks $125,000 Bond at 65% Off CSC HOLDINGS: Fidelity Multistrategy Marks $225,000 Bond at 39% Off DANIEL TRUCKING: Gets OK to Use Cash Collateral Until April 24 DAWKINS GARDENS: Employs Milton D. Jones as Legal Counsel DEL MONTE: Broth & Stock Biz Sale to B&G Foods North America OK'd DEL MONTE: Court OKs Fruit Business to Pacific Coast Producers DEL MONTE: Multi-Business Segment Sale to Del Monte Fresh OK'd DENOYER-GEPPERT: Court OKs Business Asset Sale DENOYER-GEPPERT: Hires Law Office of David R. Herzog as Counsel DOLCHE TRUCKLOAD: Gets Extension to Access Cash Collateral DOUGLAS-5 LLC: Involuntary Chapter 11 Case Summary EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral ENCOMPASS ENTERPRISE: Gets Extension to Access Cash Collateral FAT BRANDS: Noteholders Move to Compel Chapter 11 Case Discovery FELT & FAT: Court OKs Equipment Sale G D FAMILY: Gets Interim OK to Use Cash Collateral GENESIS HEALTHCARE: JV Partner Cleared to Appeal Chapter 11 Stay GLASS MANAGEMENT: Court Extends Cash Collateral Access to March 31 GRAY MEDIA: Fidelity Multi-Strategy Marks $85,000 Bond at 25% Off GRIT PRODUCTIONS: Seeks to Sell De Minimis Assets HARADA FAMILY: Court Vacates Trial in Kapitus Adversary Case HUDBAY MINERALS: S&P Upgrades ICR to 'BB-', Outlook Stable ICRYO BRANDS: Employs Lain Faulkner as Restructuring Advisor ICRYO BRANDS: Seeks to Hire Driver Stephenson as Counsel INTEGRATED ENDOSCOPY: Examiner Taps Levene Neale Bender as Counsel INTEGRATED ENDOSCOPY: Gets Interim OK to Use Cash Collateral IPIC THEATERS: Plans Court-Supervised Sale Under Chapter 11 IRIE ENTREE: To Hire Obermayer Rebmann as Bankruptcy Counsel IRONNET INC: Plans to Wrap Up Chapter 11 Using Merger Proceeds ISLAND GASTROENTEROLOGY: Gets Interim OK to Use Cash Collateral JASON W. FOWLER: Trustee Substituted as Plaintiff, Case Transferred JOHN FITZGIBBON MEMORIAL: Fitch Withdraws 'D' LongTerm IDR KC TRANSPORT: To Sell Trailer to Wildcat Trucking for $36K KOVA COMMERCIAL: Case Summary & 14 Unsecured Creditors KRONOS ACQUISITION: Fidelity Marks $65,000 Bond at 34% Off KRONOS WORLDWIDE: S&P Downgrades ICR to 'CCC+', Outlook Negative LEFEVER MATTSON: Committee Seeks to Expand PwC's Scope of Work LOIS MIRIAM: Gets Interim OK to Use Cash Collateral LUMINAR TECHNOLOGIES: Amends Plan to Include Other Secured Claims M.K. WEEDEN: To Sell Wheel Loader to Travis Browning MARA HOLDINGS: Fidelity Multistrategy Marks $21,000 Bond at 32% Off MATADOOR RESTAURANT: Del Taco Closes All Georgia Locations MATADOR RESOURCES: S&P Rates New $750MM Sr. Unsecured Notes 'BB-' MERYDE GROUP: Taps NRT New York, Douglas Elliman as Brokers MILLSIDE PLAZA: Gets Interim OK to Use Cash Collateral MO-NA-C0-BIOMEDICAL CORP: Hires Nydia Gonzalez Ortiz as Counsel NATIONAL REALTY: Court Narrows Claims in Valley Adversary Case NAVIENT CORP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable NEW GENERATION: Case Summary & Four Unsecured Creditors NGL ENERGY: S&P Rates Proposed Senior Secured Term Loan B 'B+' NICK'S PIZZA: Court Extends Cash Collateral Access to March 30 NOR-WES INC: Seeks to Sell Agricultural Aircraft NORTHWEST WATERPROOFING: Gets Extension to Access Cash Collateral NOVEP LLC: Case Summary & One Unsecured Creditor OLENOX INDUSTRIES: Appoints Ambassador Paula Dobriansky to Board OLENOX INDUSTRIES: Executes Settlements, Issues Total 1.21MM Shares ONCAM INC: Court OKs Ch. 7 Sale of Assets to Tonn Investments OT MIDCO: Fidelity Multi-Strategy Marks $20,000 Bond at 60% Off PARAMOUNT GOLD: Fangjian Yuan Reports 8.5% Equity Stake PASTORELLI FOOD: UCC Foreclosure Sale of Assets Set for Mar. 25 PEORIA CHARTER: Seeks to Hire RSM US LLP as Accountant PHYSICAL INVESTMENTS: Court OKs Roanoke Property Sale to Z Hill PITTSBURGH SOUTHWESTERN: Taps Christopher M. Frye as Counsel PRECIOUS GEMS: Gets Interim OK to Use Cash Collateral PREMIER ROOFING: Seeks to Hire William G. Haeberle as CPA PUP II LLC: Case Summary & Four Unsecured Creditors PUP II: Case Summary & Four Unsecured Creditors PYRAMID CONCRETE: Seeks to Hire Jerry Schwartz as CPA QVC GROUP: Faces $30MM Termination Lawsuit, Mulls Chapter 11 Filing REACH MEDIA: Seeks Chapter 7 Bankruptcy in California REVOLUTION ACADEMY: S&P Rates 2026A/B Education Revenue Bonds 'BB' S&J DATA TECHNOLOGIES: Cash Collateral Hearing Set for March 3 SABRE GLBL: Fidelity Multi-Strategy Marks $100,000 Bond at 17% Off SABRE GLBL: Fidelity Multi-Strategy Marks $8,000 Bond at 18% Off SAKS GLOBAL: Clash with Simon Properties Over Lease Terminations SAKS GLOBAL: Fidelity Multi-Strategy Marks $17,880 Bond at 94% Off SAKS GLOBAL: Leading Brands Resume Shipping Despite Bankruptcy SAKS GLOBAL: Retains Milbank as Counsel to the Special Committee SANDY PINES: Seeks Chapter 11 Bankruptcy in Maine SANTIN AUTO: Commences Chapter 11 Bankruptcy in Texas SANTIN AUTO: Seeks to Employ Barron & Newburger as Counsel SCOTLAND DEVELOPMENT: Section 341(a) Creditors' Meeting on March 13 SCOTLAND DEVELOPMENT: St. Andrew University Owner Seeks Chapter 11 SCV GEMINI: Seeks to Sell Georgia Properties to SCV Gemini SGUS LLC: Fidelity Multi-Strategy Marks $7,575 Bond at 63% Off SHANNON WIND: Seeks to Retain Accordion Partners as CRO SHARON VITALE: Case Summary & Six Unsecured Creditors SHIVSANYA CORP: Seeks to Hire Hauser Realty as Realtor SILENT HERO: Seeks Chapter 11 Bankruptcy in New Jersey SILICON VALLEY: Former Executives Denied FDIC Shield Upgrade SIRIUS XM: S&P Rates Proposed $1BB Senior Unsecured Notes 'BB+' SOBE THERMAL: Receiver Opposes City's Bid to Intervene SONOMA CELLAR: Myllenbecks Win Summary Judgment in ERC Dispute SOUTHERN TIRE: Taps William G. Haeberle as Accountant SOUTHERN TREE: Gets Final OK to Use Cash Collateral SPIRIT AIRLINES: Reaches Deal with Lenders to Exit Chapter 11 SPIRIT AVIATION: Strikes Deal w/ Creditors to Exit Ch. 11 by Summer SRTX INC: Advances Sale to A.Y.K Under BIA Proceedings STEWARD HEALTH: Five Payers Hit with $57MM Fraud Claim STEWARD HEALTH: US Trustee Opposes Bid to Close Chapter 11 Case STOLI GROUP: Bankruptcy Watchdog Appeals Chapter 11 Trustee Order SUNOCO LP: S&P Rates Proposed $500MM Senior Unsecured Notes 'BB+' SUYDAM ST: Seeks Chapter 7 Bankruptcy in New York T.G.S. TRANSPORTATION: Seeks Chapter 7 Bankruptcy in California TEHUM CARE: Prison Health Units Skip Settlment Payments TERRAFORM LABS: Claims Jane Street Insider Trading Triggered Ch. 11 TERRASTRAT GROUP: Gets Interim OK to Use Cash Collateral TEXMAR GROUP: Seeks to Employ Fealy Law Firm as Attorney TILSON TECHNOLOGY: Court Dismissed Chapter 11 After Asset Sales TMC MAINTENANCE: Case Summary & 20 Largest Unsecured Creditors TONOPAH SOLAR: $7MM Stalking Horse Bid Identified TRICOLOR AUTO: ACV Auctions Recorded $18MM Loses in Co's Bankruptcy TRUE BELIEVERS: Case Summary & 12 Unsecured Creditors UNITED SITE: Projects Speedy Ch. 11 Exit After Plan Confirmation VALERO ENERGY: Refinery Shuts Down All Units Prior to Closure VANDERBILT MINERALS: Seeks Chapter 11 Bankruptcy in New York VILLAGE HOMES: Hogan Hill Property Sale to R. & J. Napolitan OK'd WARNERMEDIA HOLDINGS: Fidelity Marks $90,000 Bond at 30% Off WELCH & WELCH: Withdraws Motion to Sell Farm Equipment WELCOME GROUP 2: Seeks Continued Cash Collateral Access WHITE ROCK: To Retain Reed Smith LLP as Legal Counsel WOLFSPEED INC: Fidelity Multistrategy Marks $5,972 Bond at 17% Off YUNHONG GREEN: Appoints Gerald Roberts Jr. as Interim Chairman ZHL SERVICES: Cash Collateral Hearing Set for March 3 ZOOTILITY CO: Gets Interim OK to Use Cash Collateral [] Dorsey & Whitney Adds Ben Cavender to Finance & Restructuring [] Fitch Affirms Ratings on 12 North American Automotive Companies [] Fitch Affirms Ratings on 6 North American Chemicals Companies [] Fitch Affirms Ratings on 8 NA Capital Goods Entities [] Fitch Affirms Ratings on 9 NA Oil & Gas Production Companies [] Fitch Affirms Ratings on 9 North American Retail Companies [] Fitch Affirms Ratings on 9 North American Software Companies [] HelloNation Article Sees Bankruptcy Filings Rising in 2026 ********* 140 MYERS: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On February 19, 2026, 140 Myers Avenue 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 between 1 and 49 creditors. About 140 Myers Avenue LLC 140 Myers Avenue LLC is a limited liability company believed to be engaged in real estate holding and property-related operations associated with its namesake address. 140 Myers Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70705) on February 19, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Richard S. Feinsilver, Esq. William J. Birmingham, Esq. serves as US Trustee Trial Attorney. 3220 S FISKE BLVD: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: 3220 S Fiske Blvd, LLC d/b/a Rockledge Extended Stay Rockledge, FL 32955 Case No.: 26-01242 Business Description: 3220 S Fiske Blvd, LLC, doing business as Rockledge Extended Stay, operates an extended-stay hotel in Rockledge, Florida. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Middle District of Florida Judge: TBD Debtor's Counsel: Andrew S. Ballentine, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 Email: aballentine@nardellalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Raffaello Ciciola as manager. 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/MRMJH5I/3220_S_Fiske_Blvd_LLC_dba_Rockledge__flmbke-26-01242__0001.0.pdf?mcid=tGE4TAMA ACJK INC: Humana's Motion for Judgment on Pleadings Tossed ---------------------------------------------------------- Judge Mary P. Gorman of the U.S. Bankruptcy Court for the Southern District of Illinois will deny Humana Pharmacy Solutions, Inc.'s Rule 12(c) Motion for Judgment on the Pleadings in the adversary proceeding captioned as ACJK, Inc., Plaintiff v. HUMANA PHARMACY SOLUTIONS, INC., Defendant, Adv. No. 25-03009 (Bankr. S.D. Ill.) ACJK, Inc., a corporation that operated a retail pharmacy in Granite City, Illinois, commenced its Chapter 11 case by filing a voluntary petition on January 30, 2023. The pharmacy closed nine days before the filing, and the Debtor's confirmed Chapter 11 plan is a liquidating plan. When the pharmacy was operating, it provided prescription medications to Medicare beneficiaries. Medicare beneficiaries receive prescription medication benefits through the Medicare Part D program and, under that program, Pharmacy Benefit Managers ("PBMs") administer such benefits. Humana served as a PBM and entered into a contract with the Debtor's franchisor, Medicap Pharmacies, Inc., to administer the Debtor's Medicare transactions. Medicap, in turn, delegated some of its franchise-related obligations to Cardinal Health, Inc. In 2015, Medicap ceased its relationship with the Debtor, but Cardinal continued to perform all the administrative obligations previously performed by it and by Medicap. On January 29, 2025, just one day short of two years after the main case filing, the Debtor filed an adversary complaint against Humana and five other PBMs. Count I of the complaint sought relief from all defendants asking for an accounting and turnover of alleged postpetition transfers. The remaining twelve counts sought to recover alleged prepetition fraudulent transfers from each of the defendants under both the Bankruptcy Code and Illinois law. After a hearing held on February 12, 2025, Judge Laura K. Grandy found that the complaint violated Federal Rule of Civil Procedure 20(a)(2) because the claims against the several defendants did not arise out of the same transaction and therefore should not have been lumped together in one complaint. She also found that, in filing the complaint, the Debtor's attorney violated Federal Rule of Civil Procedure 11 by not signing the complaint as the attorney of record. Rather, only the Debtor's principal had signed the complaint. The Court notes the First Amended Complaint is similar to the original complaint. Count I seeks an accounting and turnover of avoidable postpetition transfers. Counts VIII and IX request avoidance under both the Bankruptcy Code and Illinois law of alleged prepetition fraudulent conveyances made to Humana. Humana filed a motion to dismiss the amended complaint asserting that the three counts seeking relief against it failed to state claims upon which relief could be granted. As to Count I, Humana asserted that the Debtor failed to identify specific postpetition transfers and therefore also failed to plead that the transfers were not authorized by the court or by statute. Further, Humana said that any such transfers made were contractual recoupments of DIR Fees and could not be recovered as a matter of law. As to Counts VIII and IX, Humana asserted that any prepetition transfers made were payments on debts owed by the Debtor to Humana and therefore were made in exchange for reasonably equivalent value and were not constructively fraudulent as alleged. After the matters raised in the motion to dismiss were fully briefed and arguments were heard, Judge Grandy denied the motion to dismiss finding that resolution of the issues turned on disputed facts rather than solely on matters of law. In large measure, the Motion for Judgment on the Pleadings is identical to the previously denied motion to dismiss. As to Count I, Humana again says that it is deficient because it fails to identify any specific transfers to be recovered. Humana adds that the Debtor has admitted the validity of the contract allowing it to charge DIR Fees and that, as a matter of law, it does not matter if the collection of the fees were recoupments or setoffs -- neither are recoverable transfers. As to Counts VIII and IX, again Humana asserts that any payments made to it were debt payments and therefore constituted reasonably equivalent value as a matter of law. According to the Court, the law-of-the-case doctrine controls in this case. The issues raised in the Motion for Judgment on the Pleadings are substantially the same as the issues decided with respect to the motion to dismiss. Absent compelling circumstances, this Court should not revisit the issues. The Court emphasizes Humana makes no argument that any new evidence is available. Having found that Humana is raising the same issues in its Motion for Judgment on the Pleadings as were previously decided by Judge Grandy, the Court can deny preclusive effect to her decision only if it finds that new evidence is being presented, the law has changed, or the prior decision was clearly erroneous. The Court finds Humana has failed to provide a credible argument that any of the factors that might allow reconsideration are present in this case. This Court cannot find that Judge Grandy's prior decision was clearly erroneous or erroneous at all. Therefore, the Motion for Judgment on the Pleadings must be denied. A copy of the Court's Opinion dated February 20, 2026, is available at http://urlcurt.com/u?l=DLQvtBfrom PacerMonitor.com. About ACJK, Inc. ACJK Inc. d/b/a Medicap Pharmacy -- https://granitecity.medicap.com/ -- is a local pharmacy that offers services such as immunizations, medication therapy management, multi-dose packaging, medication synchronization, important health screenings, and expert care. ACJK Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No. 23-30045) on January 30, 2023. In the petition filed by Mark Allen, manager, the Debtor reported assets and liabilities between $1 million and $10 million each. The case is overseen by Honorable Bankruptcy Judge Laura K. Grandy. The Debtor tapped Michael J Benson, Esq., at A Bankruptcy Law Firm, LLC as bankruptcy counsel and Mark Cuker, Esq., at Jacobs Law Group, PC as litigation counsel. ADVANTAGE SOLUTIONS: $590M Notes Tendered in Early Exchange Offer ----------------------------------------------------------------- Advantage Solutions Inc. announced on Feb. 24, 2026, the early results of the previously announced exchange offer by its indirect subsidiary Advantage Sales & Marketing Inc. to exchange any and all of the Company's outstanding 6.50% Senior Secured Notes due 2028 for a combination of the Company's newly issued 9.000% Senior Secured Notes due 2030 and cash, and a related consent solicitation to adopt certain proposed amendments to the indenture governing the Existing Notes to eliminate substantially all of the affirmative and negative covenants, mandatory offers to purchase, change of control provisions and events of default provisions, and remove certain other provisions contained in the Existing Notes Indenture, to terminate the guarantees provided by the subsidiary guarantors of the Existing Notes and to release all of the collateral securing the Existing Notes. The Exchange Offer and Consent Solicitation are being made pursuant to, and subject to the terms and conditions set forth in, the Confidential Offering Memorandum and Consent Solicitation Statement, dated February 9, 2026. Early Tender Date As of 5:00 p.m. (New York City time) on February 23, 2026, based on information provided by Global Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offer and Consent Solicitation, holders had validly tendered (and not validly withdrawn) $589,883,000 aggregate principal amount of Existing Notes, representing greater than 99% of the total principal amount of Existing Notes outstanding, and delivered their related consents to the Proposed Amendments, Guarantor Release and Collateral Release. Accordingly, the requisite consents to the Proposed Amendments, Guarantor Release and Collateral Release have been obtained. The withdrawal deadline for the Exchange Offer and Consent Solicitation occurred at 5:00 p.m. (New York City time) on February 23, 2026 and is not being extended by the Company. As a result, the Tendered Notes and related consents may no longer be withdrawn, except in the limited circumstances described in the Offering Memorandum. Following the Withdrawal Deadline, the Company, the guarantors of the Existing Notes and the trustee and collateral agent under the Existing Notes Indenture entered into a supplemental indenture to give effect to the Proposed Amendments, the Guarantor Release and the Collateral Release. The Proposed Amendments, the Guarantor Release and the Collateral Release are expected to become operative upon the settlement of the Exchange Offer and Consent Solicitation. The settlement date is expected to occur on March 11, 2026, which is promptly after the Expiration Date. Holders of Tendered Notes are eligible to receive, for each $1,000 principal amount of Existing Notes validly tendered for exchange, $946.77 in aggregate principal amount of New Notes and $74.06 in cash. Holders who validly tender their Existing Notes and deliver their related consents after the Early Tender Date and at, or prior to, 5:00 p.m. (New York City time) on March 9, 2026 will be eligible to receive, for each $1,000 principal amount of Existing Notes validly tendered for exchange, $925.94 in aggregate principal amount of New Notes and $74.06 in cash. In addition to the Exchange Price or the Total Consideration, as applicable, the Company will pay tendering holders an amount in cash equal to the accrued and unpaid interest on the Existing Notes accepted in the Exchange Offer from the latest interest payment date on which interest was paid to, but not including, the Settlement Date. No tenders will be valid if submitted after the Expiration Date. The Exchange Offer and Consent Solicitation are subject to the satisfaction or waiver of certain conditions set forth in the Offering Memorandum, including, among other things, holders of at least 99% in aggregate principal amount of Existing Notes outstanding validly tendering (and not validly withdrawing) their Existing Notes on or prior to the Expiration Date, which condition has been met as of the Early Tender Date. Subject to certain exceptions, the Company expressly reserves the right to waive any condition, amend the Exchange Offer and Consent Solicitation in any respect, and terminate the Exchange Offer and Consent Solicitation if any of the conditions of the Exchange Offer and Consent Solicitation are not satisfied by the Expiration Date. Existing Term Loans Concurrently with the Exchange Offer and Consent Solicitation, the Company is also conducting: (i) a solicitation of consents from the lenders under the Company's term loan facility outstanding under the First Lien Credit Agreement, dated as of October 28, 2020, by and among the Company, Karman Intermediate Corp., the guarantors party thereto, each lender from time to time party thereto and Bank of America, N.A., as administrative agent and collateral agent (as amended, restated, supplemented or otherwise modified from time to time, the "Existing First Lien Credit Agreement") to adopt certain proposed amendments to the Existing First Lien Credit Agreement and (ii) an offer to lenders under the Existing Term Loan Facility to prepay their Existing Term Loans in exchange for new term loans under a new term loan facility and certain cash consideration (clauses (i) and (ii) together, the "Term Loans Transactions"). As of the date hereof, lenders representing greater than 99% in aggregate principal amount of such Existing Term Loans have agreed to support and participate in the Term Loans Transactions, on the terms and subject to the conditions set forth in that certain Transaction Support Agreement, dated as of February 6, 2026, by and among the Company, certain subsidiaries of Advantage Solutions and certain holders of the Existing Notes and certain lenders under the Existing Term Loan Facility filed with the Securities and Exchange Commission on Form 8-K on February 9, 2026. General The Exchange Offer and Consent Solicitation are being made, and the New Notes are being offered and issued, pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder, and are also not being registered under any state or foreign securities laws. The New Notes may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offer and Consent Solicitation will only be made, and the New Notes are only being offered and issued, to holders of Existing Notes who are (a) reasonably believed to be "qualified institutional buyers" as defined in Rule 144A under the Securities Act, (b) institutional accredited investors, as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, or (c) not "U.S. persons," as defined in Rule 902 under the Securities Act and are in compliance with Regulation S under the Securities Act (such holders, the "Eligible Holders"), and only Eligible Holders who have completed and returned the eligibility letter are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offer and Consent Solicitation. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/advantage. None of Advantage Solutions, the Company, GBSC or the trustee or collateral agent for the Existing Notes or New Notes, or any of their affiliates, makes any recommendation as to whether holders of Existing Notes should tender or refrain from tendering all or any portion of the principal amount of their Existing Notes for New Notes in the Exchange Offer or deliver their related consents. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Existing Notes in the Exchange Offer and deliver the related consents and, if so, the amount of Existing Notes to tender. The Exchange and Information Agent Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offer and Consent Solicitation. The Company has engaged GBSC to act as exchange agent and information agent for the Exchange Offer and Consent Solicitation. Questions concerning the Exchange Offer or Consent Solicitation, or requests for additional copies of the Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2015 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at contact@gbsc-usa.com. Eligible Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Exchange Offer and Consent Solicitation. About Advantage Solutions Inc. Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods brands and retailers. With its data- and technology-powered services, Advantage Solutions leverages its unparalleled insights, expertise, and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it's creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage Solutions is the trusted partner that keeps commerce and life moving. Advantage Solutions has offices throughout North America and strategic investments and owned operations in select international markets. AFFINITY INTERACTIVE: Fidelity Marks $80,000 Bond at 41% Off ------------------------------------------------------------ Fidelity Multi-Strategy Credit Fund has marked its $80,000 corporate bond extended to Affinity Interactive to market at $47,410 or 59% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Affinity Interactive. The bond accrues interest at a rate of 6.875% per annum. The bond matures on December 15, 2027. 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 Affinity Interactive Affinity Interactive is a gaming and technology company with interests in casinos, online betting and related interactive entertainment services. AGI'S CAFE: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------- On February 19, 2026, AGI'S Cafe 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 between 1 and 49 creditors. About AGI'S Cafe LLC AGI'S Cafe LLC is a limited liability company operating in the food and beverage sector, primarily engaged in café and restaurant services. AGI'S Cafe LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40788) on February 19, 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 Jil Mazer-Marino handles the case. The Debtor is represented by counsel of record. ALTAMAHA D.M.E.: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Altamaha D.M.E., Inc. 477 South First Street Jesup, GA 31545 Case No.: 26-20053 Business Description: Altamaha D.M.E., Inc., a family- and locally-owned business, supplies durable medical equipment and home healthcare products, including oxygen systems, wheelchairs, hospital beds, power chairs, and ambulatory aids, operating in Jesup, Brunswick, and Pooler, Georgia. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Southern District of Georgia Judge: Hon. Michele J Kim Debtor's Counsel: Thomas B. Norton, Esq. STONE & BAXTER, LLP 577 Third Street Macon, GA 31201 Tel: 478-750-9898 Fax: 478-750-9899 Email: tnorton@stoneandbaxter.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Teresa L. Brake as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AFJZDJQ/Altamaha_DME_Inc__gasbke-26-20053__0001.0.pdf?mcid=tGE4TAMA ALTICE FINANCING: Fidelity Marks $70,000 Bond at 31% Off -------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $70,000 corporate bond extended to Altice Financing SA to market at $48,529 or 69% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Altice Financing SA. The bond accrues interest at a rate of 5.75% per annum. The bond matures on August 15, 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 Altice Financing SA Altice Financing SA is a financing arm of the Altice telecommunications group, raising capital to support broadband, pay TV and mobile operations. AMANA ACADEMY: S&P Assigns 'BB' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to Amana Academy Inc., Ga. The outlook is stable. S&P said, "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectation that enrollment will increase, as projected, and that the school will maintain its overall financial profile, with at least a stable liquidity position, as measured by DCOH, and positive financial performance. The stable outlook also reflects our expectation that management will prudently manage its debt profile, addressing the upcoming bullet maturity as it comes due. "We could consider a negative rating action if the school fails to meet enrollment growth targets, resulting in weakened margins and lease-adjusted MADS coverage or a deteriorated reserve position. Significant additional debt or an inability to refinance bullet payments as they come due could also be viewed negatively. "We could consider a positive rating action over time if the school successfully executes on its expansion plans while maintaining other enterprise profile characteristics and strengthening its financial profile through an increasing liquidity position, maintenance of healthy financial performance, and lease-adjusted MADS coverage commensurate with a higher rating." ANOINTED TOUCH: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: Anointed Touch Residential Services LLC 1800 N. Meridian St, Suite 602 Indianapolis, IN 46202 Case No.: 26-00922 Business Description: Anointed Touch Residential Services LLC is a home care services provider based in Indianapolis that offers non-medical personal care and residential support services to clients in a home setting, including assistance with daily living activities and companionship, operating within the health care and social assistance sector. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Southern District of Indiana Judge: Hon. James M Carr Debtor's Counsel: Jacob Troxell, Esq. ALLEN WELLMAN HARVEY KEYES COOLEY LLP 5 Courthouse Plaza Greenfield, IN 46140 Tel: (317) 468-9800 Email: jst@awhkc.com Total Assets: $328,025 Total Liabilities: $1,175,947 Ayries Nachelle Bledsoe signed the petition in her capacity as the sole member. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YZC3OMY/Anointed_Touch_Residential_Services__insbke-26-00922__0001.0.pdf?mcid=tGE4TAMA ARTERA SERVICES: Fidelity Marks $160,000 Corporate Bond at17% Off ----------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $160,000 corporate bond extended to Artera Services LLC to market at $132,855 or 83% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Artera Services LLC. The bond accrues interest at a rate of 8.5% per annum. The bond matures on February 15, 2031. 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 Artera Services LLC Artera Services LLC provides infrastructure services to the natural gas and electric utility industries, including maintenance and construction. ASHLEY SELMAN: AGCO Loses Bid for Automatic Stay Relief ------------------------------------------------------- Judge Selene D. Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi denied the motion of AGCO Finance, LLC seeking abandonment or termination of the automatic stay as to a 2023 Fendt Rogator agricultural sprayer. AGCO's motion is denied without prejudice. Selman Planting Co., Inc., a Mississippi corporation and non-debtor, entered into a Retail Installment Contract and Security Agreement with AGCO Finance, LLC for the purchase of the Rogator on July 17, 2023. The Agreement identifies Selman Planting as the sole buyer and borrower and grants AGCO a security interest in the equipment. The Agreement also expressly prohibits Selman Planting from selling, leasing, transferring, or otherwise disposing of any interest in the Rogator without AGCO's consent. AGCO perfected its security interest by filing a UCC-1 financing statement. The Debtor's schedules list the Rogator as an asset of the estate and AGCO as a secured creditor, as well as the proposed plan of reorganization. No written lease, assignment, or other agreement exists between Selman Planting and the Debtor concerning the Rogator. There is no evidence that AGCO consented to any transfer of ownership or interest in the equipment. Selman Planting remains an active corporation in good standing under Mississippi law. AGCO asserts that the Rogator is not property of the Debtor's bankruptcy estate because it is titled in, financed by, and contractually restricted to Selman Planting, a non-debtor entity. AGCO argues that, because the Rogator is not property of the estate, AGCO is not a creditor of the Debtor and cannot be compelled to participate in the Debtor's Chapter 11 plan. In the alternative, AGCO contends that even if the Court finds some minimal estate interest, cause exists to grant relief from stay or abandonment because the Debtor has no equity in the Rogator and AGCO lacks adequate protection. The Debtor, Ashley Selman Farms Partnership, opposed the motion. The Debtor contends that although it is not the named purchaser under the AGCO financing documents, it has exclusively paid for, insured, maintained, and operated the Rogator, giving rise to an interest sufficient to bring the equipment within the scope of the Debtor's bankruptcy estate under 11 U.S.C. Sec. 541. The Debtor argues that even if the Court concludes that legal title remains with Selman Planting, the Debtor's possessory and equitable interests are sufficient to invoke the automatic stay. No evidence reflects any subsequent transfer of title. Accordingly, the Court concludes that the Debtor does not hold legal title to the Rogator and failed to prove a resulting trust or other equitable ownership interest sufficient to disturb record title under Mississippi law. Nevertheless, the Debtor's undisputed possession and use of the Rogator constitutes a limited interest that is property of the estate under 11 U.S.C. Sec. 541(a)(1), or at minimum arguable property of the estate, such that the automatic stay applies. Accordingly, AGCO Finance, LLC's motion is denied without prejudice. A copy of the Court's Memorandum Opinion and Order dated February 18, 2026, is available at http://urlcurt.com/u?l=nvcSMefrom PacerMonitor.com. About Ashley Selman Farms Partnership Ashley Selman Farms Partnership is a privately-held company operating in the oilseed and grain farming industry. Ashley Selman Farms Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-10118) on January 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Law Offices of Craig M. Geno, PLLC represents the Debtor as counsel. AZUL SA: Advised by Davis Polk in Chapter 11 Restructuring ---------------------------------------------------------- Davis Polk served as lead counsel to Azul S.A. and its subsidiaries ("Azul" or "the company") in connection with the company's comprehensive restructuring under chapter 11 of the Bankruptcy Code. On December 19, 2025, Judge Sean H. Lane, United States Bankruptcy Judge for the Southern District of New York, entered an order confirming the company's overwhelmingly consensual plan of reorganization. On February 20, 2026, Azul completed its restructuring and emerged from bankruptcy. Pursuant to its approved plan, Azul (i) received $850 million of equity investments in a rights offering conducted at emergence, including investments from the company's prepetition bondholders and from United Airlines, (ii) secured an investment from American Airlines for an incremental $100 million equity investment in the form of mandatorily exercisable warrants, subject to antitrust approval, (iii) raised $1.375 billion of secured exit financing, (iv) equitized certain prepetition claims, reducing the company's loans and financing debt by approximately $1.1 billion and its annual interest expense by over 50% and (v) optimized its fleet through the renegotiation of aircraft lease agreements, reducing fleet debt by nearly 40% without reducing operating capacity. Azul's plan was unanimously approved across all voting classes. The consummation of Azul's plan has resulted in a significant deleveraging, enhanced the company's liquidity and operational profile and preserved the jobs of over 15,000 Azul crewmembers. Azul's financial and operational transformation was successfully completed in less than nine months, significantly faster than the in-court restructurings of its competitor airlines. Azul is the largest airline in Brazil measured by cities served and direct domestic routes, with more than 800 daily flights to 137 destinations. With a fleet of approximately 200 aircraft, Azul operates a network of 250 direct routes. Azul's flight network also includes select international destinations. The Davis Polk restructuring team included partner Timothy Graulich, counsel Jarret Erickson, Richard J. Steinberg, Stephen D. Piraino and Joshua Y. Sturm and associates Andrew Frisoli, Benjamin Weissler, Kaitlyn Kelleher Otero and Naomi R. Philhower. The capital markets team included partner Manuel Garciadiaz, counsel Konstantinos Papadopoulos and associate Alexandre Diniz. The finance team included partner James A. Florack and counsel Yuko Sin. Partner Yan Zhang provided structured products advice. Associate Ben Isaacs provided antitrust advice. Members of the Davis Polk team are based in the New York, Sao Paulo and Brussels offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. BAUSCH HEALTH: Fidelity MultiStrategy Marks $70,000 Bond at 20% Off ------------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $70,000 corporate bond extended to Bausch Health Cos Inc to market at $56,350 or 80% of the outstanding amount, according to Fidelity Multi-Strategy's 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 Bausch Health Cos Inc. The bond accrues interest at a rate of 6.25% per annum. The bond matures on February 15, 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 Bausch Health Cos Inc Bausch Health Companies Inc is a global, diversified American-Canadian pharmaceutical company. BAXSTO LLC: Hires James B. Smith as Substitute CRO and Accountant ----------------------------------------------------------------- BAXSTO, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire James B. Smith, CPA, P.C. to serve as substitute chief restructuring officer and accountant. Mr. Smith will provide these services: (a) prepare monthly operating reports for the debtor; (b) prepare and monitor cash collateral budget; (c) prepare the reorganization plan budget; (d) make operations review for the business to determine necessary actions for the reorganization plan; and (e) assist legal counsel and the debtor on technical/financial matters impacting the debtors ability to reorganize its business under the plan. Mr. Smith will receive an hourly rate of $250. SMITH PC does not represent or hold any interest adverse to Debtor and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: James B. Smith, CPA, P.C. 17806 IH 10 West, Suite 300 San Antonio, TX 78257 Telephone: (210) 819-7304 Facsimile: (210) 819-7501 E-mail: jim@jamesbsmithcpa.com About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BEELINE HOLDINGS: Sansar Capital Holds 6.81% Equity Stake --------------------------------------------------------- Sansar Capital Master Fund, L.P., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of January 30, 2026, it beneficially owns 1,889,010 shares of Beeline Holdings, Inc.'s common stock, representing 6.81% of the 27,755,039 shares outstanding as of November 14, 2025, per the Company's Form 10-Q for the quarter ended September 30, 2025, filed November 14, 2025. Sansar Capital Master Fund, L.P. may be reached through: Sanjay Motwani, President c/o Sansar Capital Management, L.L.C. 220 Riverside Blvd., Apt 20N New York, NY 10069 Tel: 212-399-8981 A full-text copy of Sansar Capital Master Fund, L.P.'s SEC report is available at: https://tinyurl.com/2h32br75 About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BERRY CAPITAL: Seeks to Sell Farm Equipment at Public Auction ------------------------------------------------------------- Berry Capital Management II PLC seeks approval from the U.S. Bankrtupcy Court for the Eastern District of North Carolina, Raleigh Division, to sell Property in a public auction, free and clear of liens, claims, interests, and encumbrances. A list of the personal property that is up for sale can be found on Exhibit A at https://urlcurt.com/u?l=QYa5h3. The Property is encumbered as security for loans represented by a series of Secured Promissory Notes held by certain non-voting members of the Debtor. The funds were loaned pursuant to individual Secured Promissory Notes, each of which included a security interest provision granted the Secured Note Holders a security interest in accounts receivable, equipment, inventory, general intangibles, deposit accounts, chattel paper, instruments, documents, security for accounts, records, and proceeds. The Secured Note Holders include the following individuals and entities: A. Caldwell Generational Trust B. Chris Vander Woude C. Equity Trust Company FBO James Benjamin D. Gilbert Ruiz E. IBIS Capital Fund LP F. Jay & Barbara Applebaum G. Lawrence A. Peck H. Lycay LLC I. Matthew Albert J. Pekar Holding Two, LLC K. Peter Benjamin L. Peter Sikorski M. Solera Nation Bank FBO Papillon Management LLC N. Thomas James Everling III O. Todd Gaul P. Tomorrow's Harvest LLC Q. William W. Humphrey and Mary Catherine Wynne R. WKPP Holdings LLC The Debtor employs Iron Auction Group LLC as the auctioneer for the Property. The Debtor shall hold a public sale to sell the Property through an online auction commencing March 27, 2026. The Property will be sold in an "AS IS" condition, and no warranties shall be made as to the condition, use or fitness of the Property for a particular purpose. The buyer of the Property shall bear all costs associated with the transfer of the Property, including registration fees, local transfer fees and taxes, and North Carolina sales taxes, as applicable. About Berry Capital Management LLC Berry Capital Management LLC, based in Brevard, North Carolina, is an agricultural investment company providing capital for a 400-acre organic blueberry farm. Its affiliated entity, Berry Capital Management II, LLC, supports the same investment projects. Berry Capital Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04002) on October 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by David J. Haidt, Esq. of AYERS & HAIDT, PA. BLACK PEARL: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned Black Pearl Compute LLC's a 'BB-' Long-Term Issuer Default Rating (IDR). Fitch has also assigned the company's $2.0 billion senior secured notes a 'BB-' rating. The Rating Outlook is Stable. The 'BB-' IDR and senior secured notes ratings for Black Pearl's $2.0 billion issuance reflect elevated completion risk for its 300 MW (216 IT MW) high-performance computing (HPC) data center project in West Texas. Although the construction scope is relatively straightforward, the project is in the early construction stage, with final completion expected by the end of February 2027 across two phases and five sub-phases. The project is being developed by Black Pearl, a subsidiary of Cipher Mining Inc. (Cipher), in partnership with Quanta Services Inc. (BBB/Stable). Fitch views completion risk as elevated due to the developer's relatively modest experience in building HPC data centers, the tight implementation schedule and the absence of a fixed-price construction contract. Delays in any sub-phase beyond 120 days, plus a 30-day cure period, trigger tenant lease termination rights, which is relatively shorter than in similar transactions. The ratings also incorporate the issuer's ability to raise additional debt for expansion or new data center developments utilizing excess property or shared facilities, which is atypical for project finance structures. Additional debt is restricted to a loan-to-cost (LTC) ratio in line with the current issuance, and requires lease obligations to have a backstop, guarantee, or lease from a creditworthy party equal to the lesser of the then rating of Amazon.com, Inc. (Amazon; AA-/Stable) or a rating of 'AA-'. Another mitigant is the fact that the existing site does not have any additional power capacity currently, which limits near-term expansion. However, potential expansions or new projects could face elevated completion risk due to currently unknown budgets and construction schedules. Furthermore, the new debt is not required to maintain lease terms similar to the existing lease, nor does it require rating affirmations. Hence, Fitch views this allowance as an overall constraint on the rating. The ratings incorporate the project's strong contractual structure, supporting steady operating-phase cash flows under a 15-year lease with Amazon Data Services, Inc. (not rated), with rent and operating expenses guaranteed by Amazon. Non-recurring charges above $9.5 million/IT MW are the responsibility of the tenant but are not guaranteed by parent Amazon, Inc. Debt is sized to fully amortize during the initial lease term, reducing lease renewal risk. The financial metrics as reflected in DSCR and PLCR are strong, supported by reliable cash flows underpinned by guaranteed, triple-net lease payments from a strong off-taker. The IDR is equalized with the debt facilities' ratings given their equal senior position and lack of subordinate liabilities. KEY RATING DRIVERS Completion Risk - Weaker The assessment reflects the sponsor's relatively modest track record in developing HPC data centers, the absence of a fixed-price construction contract and an aggressive implementation schedule. Self-performed construction and lack of a fixed-price construction contract reduces the risk-transfer benefits in comparison to a traditional contractor model. Quanta is supporting construction and has experience in digital and energy infrastructure. The project will be delivered in two phases, with rent commencing as each of the five sub-phases is completed. The tenant will reimburse construction costs above the $9.5 million/IT MW as an allowable capital cost allowance, which provides a proxy cost cap, thereby mitigating cost overrun risk. Management indicates no permits are required within the county in which Black Pearl is located. These strengths are offset by the tight 13-month schedule, particularly where key equipment and interfaces are outside the developer's control, and by labor availability risk in the remote Texas location. The project is also exposed to delay risks relating to procurement and supply chain as only 54% of phase 1 and 38% of phase 2 long-lead equipment is secured as of January 2026. The lease allows up to a four-month delay beyond the target completion date, with a 30-day cure period, before the tenant could exercise its termination rights without compensation, resulting in a below-average schedule cushion. A debt service reserve account fully funded at financial close, sized to cover six months of interest and principal due post the target completion date, and phased completion provide some mitigation, but may not cover all costs in a prolonged delay scenario. Supply Risk - Midrange The assessment is supported by firm grid access and limited approval risk. Black Pearl is in West Texas, with power regulated under ERCOT. The project has a 300 MW facility extension agreement with Oncor Electric Delivery Company LLC (Oncor; LT IDR BBB+/Negative) that ERCOT has approved, with no pending approvals or load-profile restrictions. Power is delivered via an existing 138 kV interconnection and priced under Oncor's transmission service tariff. The site has one fully energized high to mid-voltage substation. About 150 MW of infrastructure is operational for the bitcoin mining facility that was previously on the premises. However, this remains to be upgraded to an N+1 configuration for the higher demand of an HPC data center. The project has no generators; if grid power is lost for reasons not caused by the tenant, the tenant cannot terminate the lease unless the outage lasts up to 180 consecutive days. This right lapses if power is restored before it is exercised. The project will have an on-site water treatment plant to treat water sourced from a third party, consistent with local practice for a remote area in Texas. Revenue Risk - Stronger The revenue risk profile is supported by a 15-year triple-net lease to Amazon Data Services, Inc., with three five-year extension options and 3% annual rent escalators. Lease payments are guaranteed by Amazon.com. Average net contracted net operating income (NOI) is about $367 million a year, or about $5.5 billion over the initial term. Rents flow through an agent-controlled lockbox and waterfall that prioritizes operating costs, mandatory amortization and interest, supporting deleveraging and aligning debt reduction with lease cash flows. Although the debt has a bullet maturity, it is sized to fully amortize within the initial 15 years lease term with no reliance on lease renewal leading to a 'Stronger' assessment, despite a relatively remote location and new market for data centers. Operation Risk - Stronger The assessment reflects the triple-net lease that passes approximately 100% of the operating expenses, taxes, insurance premiums and any nonrecurring costs related to tenant-driven change orders or cost overruns on the tenant. Lease payments and operating expenses are fully guaranteed by the tenant's parent, Amazon, but non-recurring charges are not guaranteed. Issuer/landlord obligations require diligent operation and upkeep of the substation, which has N+1 redundancies, but the lease does not include uptime, humidity or temperature service level agreements (SLAs). This offsets Cipher's relatively modest experience operating an HPC data center. Infrastructure Development & Obsolescence Risk - Neutral Fitch's assessment reflects a newly built and retrofitted modern facility with 300MW of gross capacity (216MW critical IT load) that is scheduled to commence operations in October 2026. Lifecycle replacement strategies were set during design and cover execution for future equipment swaps including risk assessments, routing, staffing, timing, lifting, transport and returns. Spare parts are held on-site or can be sourced within 48 hours under supplier agreements to limit downtime, and the design includes clearances, lighting and access platforms to support safe maintenance. Renewal and obsolescence risk is partly mitigated by debt scheduled to fully amortize within the initial 15-year lease term, broadly in line with typical 12- to 15-year replacement cycles for mission-critical M&E systems. Debt Structure - 1 - Weaker The assessment reflects that, in comparison to standard project finance structures, Black Pearl's documentation and allowances reflect a hybrid corporate framework with greater flexibility for additional debt under largely unknown conditions. This includes a basket equal to 50% of NOI (incorporated into Fitch's assumptions) as well as an additional project debt basket with no explicit cap for additional projects of similar nature utilizing excess property or shared facilities. Although restrictions apply to this additional project debt with respect to counterparty credit quality, maintenance of a loan-to-cost ratio, and presence of a lease with a creditworthy counterparty, the ability to incur an unknown amount of incremental debt with unknown terms introduces risks to the project and the existing notes, even after construction is complete. The lease and debt terms as well as completion and operating risk profiles of additional projects are unknown at this time and could be substantially weaker than the current project. This risk is partially mitigated because the current site has no additional power capacity, limiting near-term expansion, and the project's high coverage ratio could support some additional debt at the current rating. In addition, the project can invest in joint ventures or similar businesses but is subject to an aggregate net-debt-to-NOI ratio of 3x or less. Funding for such investments would have to be from existing debt availability; a separate permitted debt basket for these investments does not exist. The transaction consists of $2.0 billion of senior secured notes due 2031, thereby exposing the project to refinancing risk. Refinancing risk at the 2031 maturity is mitigated by the 15-year lease term, which supports full amortization. The notes are secured by a first-priority lien over substantially all assets, contracts, grid connections and cash flows, and supported by Amazon.com's lease payment guarantee. Liquidity is supported by a $130 million debt service reserve account (DSRA) funded at closing, sized to six months of debt service, and interest during construction is fully funded from note proceeds. Lease payments are paid into agent-controlled lockbox accounts and applied through a waterfall to de minimis operating expenses, then scheduled principal and interest before other permitted uses, including DSRA replenishment. The issuer is subject to special purpose entity (SPE) covenants, including distribution controls, debt incurrence limits, separateness provisions and restrictions on commingling and guarantees of parent obligations. Financial Profile The operating phase financial profile demonstrates strong performance post-completion for the current project. DSCRs under Fitch's rating case, which incorporates stressed refinancing rates, are above Fitch's 1.1x indicative criteria guidelines for a triple net lease structure with an average of 1.87x over the term of the lease. Fitch cases factor in the incurrence of additional debt as permitted by the debt documents. This additional credit facility is capped at 50% of the net operating income (trailing four quarters) and is estimated at $152 million and amortizing pari passu through the life of the lease. PLCR at year five (expected maturity) is 1.83x, which mitigates refinancing risk. While these metrics could support a higher rating, the rating remains constrained by completion risk as well as the project's ability to raise additional debt for an expansion or additional project. PEER GROUP Cipher Compute LLC (BB-/Stable) is a comparable publicly rated peer developing a 300 MW (phase 1 with 244 MW plus phase 2 expansion with 56 MW) data center at Barber Lake, TX. The project faces elevated completion risk because, despite having a relatively straightforward scope of work, the project is in the early construction phase without a fully locked in price with contractor Quanta Infrastructure Solutions Group, LLC (a subsidiary of Quanta Services Inc.; BBB/Stable), exposing it to cost escalation risks. Cipher Compute's rating is also constrained by completion risk, lack of an operational track record in relation to HPC data centers, and the project's ability to raise additional debt for an expansion or additional project. The Cipher Compute project benefits from a 10-year initial lease term with Fluidstack and a Google backstop mechanism during the operating phase to cover Fluidstack's obligations under the lease. Cipher Compute's operating phase financial profile is strong, with an average DSCR of 1.40x over the initial lease term (2026-2036) and a PLCR at maturity (2030) of 1.60x under Fitch's rating case, which incorporates stressed operating costs and escalation. Operating revenues depend on one site including the initial phase and expansion, the latter of which will improve coverage ratios due to the higher lease rate compared to the initial phase rate due upon expansion. Google's backstop, together with a fully funded six-month debt service reserve, provides additional credit enhancement. WULF Compute, LLC (WULF; BB/Stable) is also a comparable rating and project. It is developing a 450MW data center at the Lake Mariner campus in western New York state. The rating is constrained by completion risk and a limited operating track record, with additional risks from the absence of a fixed-price construction contract and an aggressive schedule. The project has MG+E lease with Fluidstack for 10 years, with two five-year extension options, and benefits from Google's backstop during the operating phase, which is expected to cover Fluidstack's lease obligations or termination payments sufficient to repay outstanding debt in the event of a Fluidstack default or bankruptcy. WULF has three sites with staggered completion, each with its own backstop. WULF has an average DSCR 1.26x over the initial debt term (2026-2036) and a PLCR at maturity (year five) of 1.60x under Fitch's rating case, which incorporates stressed operating costs and escalation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays for any of the two phases that exceed allowable times as indicated in the lease terms, leading to potential tenant termination; - Degradation of the financial performance leading to sustained DSCR below 1.1x; - The rating could be downgraded if any additional project faces elevated completion risk from delays or cost overruns, or if it raises the existing project's completion risk due to interface issues. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely due to the risk associated with potential additional project debt of unknown terms, completion and operating risk profiles. TRANSACTION SUMMARY Black Pearl, an indirect wholly owned subsidiary of Cipher, issued $2.0 billion of senior secured notes to fund construction of a 216 MW critical IT load (300 MW gross) purpose-built HPC data center in West Texas. The total budgeted project cost is about $2.3 billion, including about $2.1 billion of capex, which includes about $171 million of contingency, capitalized interest during construction, and a DSRA and financing fees. Cipher has funded about $578 million of capex to date with equity; remaining costs are expected to be funded by net note proceeds and, if needed, other issuer cash. Sources and uses reflect an 85% LTC which results in $2.0 billion in debt and $346 million in equity contribution. The equity portions will partly reimburse a prior parent equity contribution of $578 million. Cipher also provides a parent completion guarantee. The notes have a five-year tenor through 2031, a fixed 6.125% coupon, and a first-priority lien on substantially all issuer assets, contracts and cash flows. The DSRA will be funded at closing for about $130 million, sized to around six months of post-construction debt service, along with a $106 million fund for capitalized interest during construction. The issuer is the sole guarantor, with SPE covenants restricting commingling and parent support. All lease payments are paid into a lockbox and agent-controlled accounts, with a waterfall that prioritizes operating expenses, mandatory amortization and debt service. All capacity is pre-leased under a 15-year triple-net sublease to tenant Amazon Data Services, Inc. (not rated); permitted payees are the issuer or, after an event of default, the collateral agent. The tenant's parent, Amazon.com, Inc., fully guarantees lease rent (including operating expenses), and tenant provides construction cost certainty by covering costs above the $9.5 million/MW IT load allowance as non-recurring payments. SECURITY The debt is secured by all assets, revenues, and cash flows from the Amazon Data Services, Inc. lease which benefits from a guarantee of rent payments and operating expenses payable through the lease term from parent Amazon.com, Inc. Date of Relevant Committee 03-Feb-2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Black Pearl Compute LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Black Pearl Compute LLC LT IDR BB- New Rating BB-(EXP) Black Pearl Compute LLC/Senior Secured Debt/1 LT LT BROOKSIDE CHARTER SCHOOL: S&P Lowers ICR to 'BB-', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating (ICR) on Brookside Charter School, Mo. (Brookside). to 'BB-' from 'BB'. At the same time, S&P Global Ratings assigned its 'BB-' long-term rating to the Missouri Health and Educational Facilities Authority's $45.86 million series 2026 educational facilities revenue bonds issued for Brookside Charter School. The outlook is stable. The downgrade reflects S&P's view of the school's considerable additional debt from the planned series 2026 issuance, which has resulted in significant leverage as measured by pro forma debt per student, maximum annual debt service (MADS) burden, and expectations for weakened MADS coverage. S&P said, "We analyzed Brookside's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectations that Brookside will meet its enrollment targets, the expansion project will proceed as anticipated, and--despite some liquidity softening--levels will rebound following reimbursement from the proposed financing. We expect financial performance will remain positive, though we believe pro forma MADS coverage will remain weak. "We could consider a negative rating action if the school fails to meet enrollment, operating, or coverage projections. We could also lower the rating if Brookside spends more cash than anticipated. "We could consider a positive rating action over time if Brookside successfully executes on its expansion plans in a timely manner and within budget, continues strengthening its enrollment and demand profile, maintains financial performance and liquidity at levels consistent with those of a higher rating, and gradually moderates its debt burden." CARPENTER FAMILY: Court Oks Carpenter Farm Sale to Jerry & Stacey ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, has granted Carpenter Family Farms and Benjamin Carpenter to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at Sugar Creek Township, Montgomery County, Colfax, Indiana known as Carpenter Farm, containing 98.85 acres. The Court has authorized the Debtor to sell the Property to Jerry & Stacey LLC for a purchase price of $1,285,050. The Court held that proper and sufficient notice on the Sale Motion has been served on all creditors and parties in interest. The Property may be transferred to the Purchaser free and clear of all Interests, with such Interests to attach to the proceeds of the sale of the Property in the order of their priority with the same validity. The Debtor is authorized to issue bills of sale and deeds and related documents to affect such transfer. The Debtor shall turn over Proceeds to First Farmers Bank and Trust. 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. CENTER CITY HEALTHCARE: Court Okays Chapter 11 Wind-Down Plan ------------------------------------------------------------- Alex Wittenberg of Law360 reports that the Chapter 11 liquidation plan of Center City Healthcare LLC won confirmation Wednesday, February 25, 2026, from a Delaware bankruptcy judge, authorizing the former Philadelphia hospital operator to proceed with an orderly wind-down. The ruling enables the debtor to formalize its exit strategy and begin paying creditors. The confirmed plan provides for the creation of a liquidating trust tasked with collecting and monetizing remaining assets, reconciling claims and distributing recoveries. Creditors will receive payments based on statutory priority, with recoveries dependent on the value realized through asset sales and potential litigation, the report states. Court approval brings long-running restructuring efforts closer to conclusion. With confirmation secured, the company can dissolve its remaining corporate structure and complete distributions under court oversight, according to Law360. About Center City Healthcare, LLC d/b/a Hahnemann University Hospital Center City Healthcare, LLC is a Delaware limited liability company that operates Hahnemann University Hospital. Its parent company is Philadelphia Academic Health System, LLC, which is also the parent company of St. Christopher's Healthcare, LLC and its affiliated physician groups. Center City Healthcare and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11466) on June 30, 2019. At the time of the filing, the Debtors listed $100 million to $500 million in both assets and liabilities. Judge Kevin Gross oversees the cases. The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel; EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as investment banker; and Omni Management Group, Inc. as claims and noticing agent. CHARTER COMMUNICATIONS: Fidelity Marks $198,000 Bond at 37% Off --------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $198,000 corporate bond extended to Charter Communications Operating LLC / Charter Communications Operating Capital to market at $124,628 or 63% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Charter Communications Operating LLC / Charter Communications Operating Capital. The bond accrues interest at a rate of 3.7% per annum. The bond matures on April 1, 2051. 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 Charter Communications Operating LLC / Charter Communications Operating Capital Charter Communications Operating, LLC/Charter Communications Operating Capital C is set up as a dual issuer and operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. CHELSEA BUSINESS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Chelsea Business Properties, LLC 144 Eighth Avenue New York, NY 10011 Business Description: Chelsea Business Properties, LLC is a privately held single-asset real estate company incorporated in New York, New York that owns and leases a mixed-use commercial property at 144 Eighth Avenue in the Chelsea neighborhood of Manhattan, featuring retail and office space leased to multiple tenants. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10380 Debtor's Counsel: Sally Siconolfi, Esq. SICONOLFI PLLC 2 Peter Cooper Road #4G New York, NY 10010 Tel: (646) 245-8949 Email: sallysiconolfi@siconolfipllc.com Total Assets: $9,598,005 Total Liabilities: $5,386,694 The petition was signed by Kenneth Choi as manager and operating member. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PAU5JDA/Chelsea_Business_Properties_LLC__nysbke-26-10380__0001.0.pdf?mcid=tGE4TAMA CHRYSALIS HEALTHCARE: Employs America Tax Solvers as CFO -------------------------------------------------------- Chrysalis Healthcare Partners LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire America Tax Solvers LLC to serve as chief financial officers and perform bookkeeping and tax preparation services. The firm will provide these services: (a) Bank Reconciliations & Month End Closed; (b) Review AP, AR, Payroll, Expense Tracking; (c) Ongoing Meeting Cadences (Qtly); (d) Onboarding & Transition; (e) 1-Year Forecasting; (f) Cash Flow Management; (g) Planning To Revenue Gross Profit Net Profit Net Worth; (h) Posting of transactions (Bookkeeping); (i) Tax Preparation. America Tax Solvers LLC will receive $500 per month for the services provided. America Tax Solvers LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Mark Johnson America Tax Solvers LLC 4831 NW 19th St Lauderhill, FL 33313 Telephone: (954) 497-8821 E-mail: info@americataxsolvers.com Website: https://americataxsolvers.com/home-care-business/ About Chrysalis Healthcare Partners Chrysalis Healthcare Partners, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-80040) on January 27, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Alfredo R. Perez presides over the case. Robert C. Lane, Esq. at The Lane Law Firm, PLLC represents the Debtor as bankruptcy counsel. CHURCH INTERNATIONAL: Seeks Cash Collateral Access -------------------------------------------------- The Church International, Inc. asks the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, for authority to use cash collateral and provide adequate protection. Prior to the Chapter 11 filing, the Debtor executed a Promissory Note, Chattel Mortgage, and Security Agreement in favor of Biz 2 Credit, pledging chattel paper, accounts receivable, contracts, documents, cash, and bank accounts as collateral. Biz 2 Credit filed its financing statement on March 28, 2025, and the loan is reported as current. The Debtor estimates that its current cash and accounts receivable, limited to receivables less than 90 days old, total approximately $4,000. Although the Debtor co-signed the loan with West Jacksonville Restoration Center, Inc., that affiliated entity has been making the loan payments and will continue to do so during the Chapter 11 case. The Debtor asserts that access to the pledged cash collateral is essential to meet payroll, tax obligations, inventory costs, equipment expenses, and other operational needs. Without such use, operations would cease. As adequate protection, the Debtor offers to grant a continuing post-petition replacement lien on cash collateral to the secured creditor if it is determined to hold a valid secured claim. A copy of the motion is available at https://urlcurt.com/u?l=VUFV1E from PacerMonitor.com. About Church International, Inc. Church International, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-00622) on February 16, 2026. In the petition signed by Eunice D. Williams, vice president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Bryan K. Mickler, Esq., at Law Offices of Mickler & Mickler, LLP, represents the Debtor as legal counsel. COCONUT BREEZE: Hires Obermayer Rebmann Maxwel as Legal Counsel --------------------------------------------------------------- Coconut Breeze Cuisine Incorporated seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Obermayer Rebmann Maxwell & Hippel LLP to serve as its legal counsel. Obermayer will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, motions, orders, reports, schedules, statements of financial affairs, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) draft, negotiate, and promulgate a Chapter 11 plan and disclosure statement, advise on claims, liens, and recovery of property for the benefit of the bankruptcy estates. Obermayer will receive a blended hourly rate of $325 to $550 for attorneys depending on seniority, and $200 for paralegals. Obermayer Rebmann Maxwell & Hippel LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Eric J. Monzo, Esq. Jason S. Levin, Esq. Siena B. Cerra, Esq. Obermayer Rebmann Maxwell & Hippel LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 E-mail: emonzo@obermayer.com jlevin@obermayer.com scerra@obermayer.com About Coconut Breeze Cuisine Incorporated Coconut Breeze Cuisine Incorporated and Irie Entree LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10640 and 26-10642) on February 18, 2026. At the time of the filing, Debtors had estimated assets of between $500,001 and $1 million, and liabilities of between $500,001 and $1 million. Judge Derek J. Baker oversees the case. Obermayer Rebmann Maxwell & Hippel LLP is Debtors' legal counsel. COMPASS COFFEE: Secures Court Ok to Sell Stores in Chapter 11 ------------------------------------------------------------- Emlyn Cameron of Law360 reports that The Chapter 11 sale of Compass Coffee's stores and assets to the American subsidiary of Caffe Nero received approval Thursday, February 26, 2026, from a Washington bankruptcy judge, according to the debtor. The decision authorizes the transfer of key business operations to the international coffee retailer. Court filings indicate the deal covers multiple retail locations along with equipment and other operational assets. The transaction emerged from a court-supervised marketing and bidding process aimed at maximizing returns for creditors. Following the judge's ruling, the sale is expected to close in short order, allowing Compass Coffee to wind down its estate while enabling Caffè Nero to strengthen its foothold in the U.S. specialty coffee market, the report states. About Compass Coffee Compass Coffee is a coffee chain founded in Washington, D.C., in the early 2010s. Compass Coffee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00005) on January 6, 2026. In its pettion, the Debtor reports estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Jennifer Ellen Wuebker, Esq. of Hunton Andrews Kurth LLP. COTY INC: Fitch Alters Outlook on 'BB+' LongTerm IDR to Negative ---------------------------------------------------------------- Fitch Ratings has affirmed Coty Inc. (Coty) and Coty B.V.'s Long-Term Issuer Default Ratings (IDRs) at 'BB+', with the credit facility and senior notes affirmed at 'BBB-' with a Recovery Rating of 'RR2'. The Rating Outlook has been revised to Negative from Stable. The Outlook revision reflects weak like-for-like (LFL) sales trends, with underperformance in prestige fragrances, and accelerated market share losses in consumer beauty. This reflects execution issues in the U.S and a general slowdown in the global beauty market. Fitch expects EBITDA to trend in the mid-$800 million range in fiscal 2026 (ending June 2026) and fiscal 2027, and for EBITDA leverage to be elevated in the 4.3x-4.4x range in fiscal 2026 despite significant debt reduction from FCF and proceeds from the recent sale of its remaining stake in Wella. An inability to reduce leverage to under 4x in fiscal 2027 could lead to a rating downgrade. Key Rating Drivers Operating Weakness: Coty's results have been weak over the past few quarters, with average LFL declines in the mid-single digits. Fitch expects revenue growth to remain weak through fiscal 2027, after several years of strong operating momentum. Coty has seen market share losses in both prestige fragrances and its consumer beauty business, largely due to execution issues in the U.S. business (about 25% of total revenue), against a backdrop of a deceleration in overall beauty market growth and retailer inventory destocking. The company recently announced management changes, bringing in Mark Strobel as Executive Chairman and Interim CEO. Weakness in Prestige: Prestige beauty, which has been a bright spot for Coty and accounted for 65% of revenue and over 80% of EBITDA in fiscal 2025, has witnessed recent market share losses. Coty's prestige revenue was flat in fiscal 2025 after growing approximately 13% in fiscal 2024, with LFL revenue down 6% in 1Q26 and down 2% in 2Q26. The company has cited inventory destocking, increased promotions during the holiday season and weakness in the Hugo Brand business in 1H26. Fitch expects the prestige fragrance segment to remain flat in fiscal 2026 before resuming modest growth in fiscal 2027. Coty's recent sales contraction suggests some execution challenges. Stabilizing share would require improvement to brand elements, including product innovation, marketing and price promotion. Fitch will assess the new CEO's plans to revitalize its prestige brands to gauge the timing and ability of Coty to return its portfolio to market share stability and improve profitability. Strategic Review of Consumer Beauty: The company launched a strategic review of its $1.2 billion revenue mass color cosmetics business mid-2025, which includes Covergirl, Rimmel, Max Factor and Sally Hansen, and its $400 million Brazil business. Repositioning efforts of its mass color cosmetics has been challenging, and the business saw market share losses over the last few years, which accelerated recently with LFL sales down 11% in 1Q26 and 8% in 2Q26. The review will assess a full range of alternatives including partnerships, divestitures, spin-offs, and other potential strategic actions, with potential proceeds used towards debt reduction or investments in its business. Leverage Elevated at Over 4x: Coty ended fiscal 2025 with around $4.4 billion in debt (including its preferred and A/R securitization) and EBITDA leverage at 4.1x, similar to fiscal 2024. Fitch expects leverage around 4.3x-4.4x in fiscal 2026, given projected EBITDA in the mid-$800 million range, from the average $1 billion range over fiscal 2023-2025. This is despite significant debt reduction, which Fitch projects at over $700 million in fiscal 2026, given the recent sale of its remaining stake in Wella for gross proceeds of $750 million. An inability to reduce EBITDA leverage to under 4x in fiscal 2027 from EBITDA growth and/or debt reduction could lead to a rating downgrade. Dynamic and Evolving Industry: The fragrance and color cosmetics industries have demonstrated positive long-term characteristics, including mid-single-digit annual growth and relatively high margins, due to a growing middle class, premiumization of fragrances and skincare products, and a focus on wellness. However, the strong growth rates for prestige brands and fragrances have moderated recently given the overall pullback in discretionary consumer spending. Peer Analysis Similarly rated peers in the consumer products sector include Reynolds Consumer Products Inc. (BB+/Stable), Central Garden & Pet Company (CENT; BB/Stable) and Spectrum Brands, Inc. (BB/Stable) Reynolds Consumer Products' 'BB+' ratings reflect its conservative financial policies, with EBITDA leverage projected to remain below 3x over the rating horizon. A focus on innovation supports its leading market position and liquidity is robust with good annual FCF generation. This is offset by Reynolds' smaller scale, high exposure to raw material price fluctuations, and limited product diversity vs. larger consumer goods firms. CENT's 'BB' ratings reflect strong positions in pet and garden consumables, recent margin improvement from cost and portfolio optimization initiatives, and ample liquidity with moderate EBITDA leverage below 4x. The ratings acknowledge the company's smaller scale versus larger consumer peers, ongoing product portfolio rationalization, and exposure to durables and weather, which temper topline growth. Spectrum's 'BB' ratings reflect the company's low leverage across the rating horizon, which helps balance its smaller scale, its relatively diversified portfolio, and uncertainty around its business mix over the next several years. Fitch’s Key Rating-Case Assumptions Fitch's assumptions below do not reflect any potential divestitures or spin-off of businesses based on a strategic review of the company's Consumer Beauty business. - Revenue declines at approximately 2% in fiscal 2026 on a fiscal 2025 revenue base of $5.9 billion, with mid-single digits declines in F1Q and flattish revenue for the remainder of the year. Fitch expects organic revenue to be flat in fiscal 2027, assuming recovery in its fragrance business offset by low- to mid-single digit decline in its consumer beauty (mass market cosmetics) brands; - EBITDA in fiscal 2026 declines of around 20% to $860 million on top line declines, with EBITDA margins falling to approximately 15% from 18.4% in FY2025. EBITDA is expected to remain flat in fiscal 2027; - FCF of around $200 million in fiscal 2026 and fiscal 2027; - EBITDA leverage is expected to increase to the 4.3x-4.4x in fiscal 2026, on account of EBITDA contraction inspite of a projected $700 million in debt paydown from its recent sale of its Wella stake and FCF. Fitch's debt calculations include $143 million in preferred stock and approximately $210 million to $220 million in factored receivables; - Coty's debt generally has fixed interest rate structures aside from its revolving credit facilities (RCFs). Pricing is SOFR +125bps for the $1.67 billion revolver and Euribor +125bps for the EUR300 million tranche. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Fitch assigns Recovery Ratings (RRs) to the various debt tranches in accordance with Fitch's criteria, which allows for the assignment of RRs for issuers with IDRs in the 'BB' category. Given the distance to default, RRs in the 'BB' category are not computed by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Fitch has affirmed Coty's senior secured credit facilities at 'BBB-'/'RR2', indicating outstanding recovery prospects in the event of default. The senior credit facilities are senior secured obligations of Coty and are guaranteed on a senior secured basis by each of Coty's wholly owned domestic subsidiaries. Fitch has also affirmed Coty's $793 million senior secured notes and $2.2 billion unsecured notes due 2027, 2030, and 2031 at 'BBB-'/'RR2'. The notes went from secured to unsecured, with a covenant suspension and collateral release in effect since September 2024 as described below in the Criteria Variation section. The Series B preferred stock is rated 'BB-'/'RR6' due to its deeply subordinated nature. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade to 'BB' could result from a worse-than-expected deceleration in top-line growth and decline in EBITDA margins such that EBITDA leverage is sustained above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Coty's ratings to 'BBB-' could result from strong operating performance, with annual organic top-line growth in the low- to mid-single digits, stable to improving market shares, with EBITDA leverage sustained under 3.5x; - A stabilization of Coty's ratings could result from stabilizing revenue trends and improving EBITDA, which along with debt reduction, would lead to leverage being sustained in the mid to high 3x range. Liquidity and Debt Structure Coty's liquidity as of Dec 31, 2025, consisted of $436.7 million in cash and around full availability under its $2.0 billion RCFs. The company has two senior secured revolving credit tranches maturing in July 2028: a $1.670 billion tranche available in U.S. dollars and other currencies, and a EUR300 million tranche. Coty had no revolver borrowings outstanding as of Dec 31, 2025. Coty also maintains receivables factoring facilities, including a U.S. facility of $150 million and a European facility of EUR143 million. Net utilization was $229.8 million as of Dec 31, 2025, and Fitch includes this in its debt calculations. As of Dec 31, 2025, Coty had $3.0 billion of senior notes and $142 million of convertible series B preferred stock. Fitch treats the preferred stock as debt due to its high coupon, which creates a lack of permanence in the capital structure. Coty's upcoming debt maturities include EUR250 million of notes due April 2026 and EUR500 million due May 2027, which Fitch expects could be paid down with a combination of FCF, revolving borrowings and refinancing activity. The company recently paid off EUR500 million of notes due September 2028 with proceeds from the Wella sale. Fitch expects Coty to generate around $200 million in FCF in fiscal 2026 and fiscal 2027. Issuer Profile Founded in 1904, Coty Inc. is one of the world's largest beauty companies. It manufactures, markets and distributes prestige and mass market products with a top three global position in prestige fragrances. Criteria Variation According to Fitch's "Corporates Recovery Ratings and Instrument Ratings Criteria," unsecured debt is capped at 'RR4'/+0. Fitch maintains an 'RR2' Recovery Rating and +1 notching for the $2.2 billion senior notes due 2027, 2030 and 2031, which were converted from secured to unsecured. This reflects the high likelihood that the notes' security will reactivate near or upon a default. Implicit in this assumption is that the liens created in favor of the holders of these notes wouldn't provide more capacity for new secured debt than what already exists in the indentures. Coty's senior secured notes are its senior secured obligations. The notes are guaranteed on a senior secured basis by each of Coty's wholly owned domestic subsidiaries that guarantees the company's obligations under its existing senior secured credit facilities. The notes are secured by first priority liens on the same collateral that secures Coty's obligations under its existing senior secured credit facilities. Upon the respective senior secured notes achieving investment grade ratings from two out of the three ratings agencies, the senior secured notes provide for certain collateral release and covenant suspension provisions, as follows: - For the 2026 euro senior secured notes, the guarantees and certain covenants will be released; - For the 2029 dollar senior secured notes, the collateral security relating to the co-issuers and guarantors, the guarantees and certain covenants will be released; - For the 2027 Euro senior secured notes and the 2030 and 2031 dollar senior secured notes (issued in October 2025), the collateral security, the guarantees and certain covenants will be released. As a result, Coty's $2.2 billion senior secured notes due 2027, 2030, and 2031 went unsecured after the notes received investment grade ratings from two rating agencies, with the note guarantees suspended during a covenant suspension period which is now in effect. The collateral will be reinstated if the notes are downgraded to noninvestment grade by two out of the three rating agencies. Summary of Financial Adjustments Fitch adjusted historical and projected EBITDA to add back non-cash, stock-based compensation and to exclude nonrecurring charges. With respect to the balance of receivables under Coty's factoring programs, Fitch has reinstated the balance of accounts receivables that were treated as sold on the balance sheet with a related addition to debt; accordingly, cash flows from operating and financing activities have also been adjusted. Fitch also added the Convertibles Series B Preferred Stock to its debt calculations. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Coty Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Coty Inc. LT IDR BB+ Affirmed BB+ Preferred LT BB- Affirmed RR6 BB- senior secured LT BBB- Affirmed RR2 BBB- senior unsecured LT BBB- Affirmed RR2 BBB- Coty B.V. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- CRACKER BARREL: Fidelity Marks $102,000 Corporate Bond at 25% Off ----------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $102,000 corporate bond extended to Cracker Barrel Old Country Store Inc. to market at $76,663 or 75% 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 Cracker Barrel Old Country Store Inc. The bond accrues interest at a rate of 1.75% per annum. The bond matures on September 15, 2030. 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 Cracker Barrel Old Country Store Inc. Cracker Barrel Old Country Store, Inc. operates restaurants. The Company provides various breakfast, lunch, and dinner dishes such as pancakes, sandwiches, fried chicken, and ice cream. Cracker Barrel Old Country Store serves customers throughout the United States. CSC HOLDINGS: Fidelity Multi-Strategy Marks $50,000 Bond at 34% Off ------------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $50,000 corporate bond extended to CSC Holdings LLC to market at $33,123 or 66% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 CSC Holdings LLC. The bond accrues interest at a rate of 6.5% per annum. The bond matures on February 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 CSC Holdings LLC CSC Holdings, LLC, doing business as Optimum-Cablevision, provides cable and telecommunications services. The Company offers Internet, WiFi hotspots, router, TV application, cable boxes, and mobile data. Optimum-Cablevision serves customers in the United States. CSC HOLDINGS: Fidelity Multistrategy Marks $125,000 Bond at 65% Off ------------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $125,000 corporate bond extended to CSC Holdings LLC to market at $44,128 or 35% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 CSC Holdings LLC. The bond accrues interest at a rate of 5% per annum. The bond matures on November 15, 2031. 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 CSC Holdings LLC CSC Holdings, LLC, doing business as Optimum-Cablevision, provides cable and telecommunications services. The Company offers Internet, WiFi hotspots, router, TV application, cable boxes, and mobile data. Optimum-Cablevision serves customers in the United States. CSC HOLDINGS: Fidelity Multistrategy Marks $225,000 Bond at 39% Off ------------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $225,000 corporate bond extended to CSC Holdings LLC to market at $136,251 or 61% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 CSC Holdings LLC. The bond accrues interest at a rate of 3.375% per annum. The bond matures on February 15, 2031. 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 CSC Holdings LLC CSC Holdings, LLC, doing business as Optimum-Cablevision, provides cable and telecommunications services. The Company offers Internet, WiFi hotspots, router, TV application, cable boxes, and mobile data. Optimum-Cablevision serves customers in the United States. DANIEL TRUCKING: Gets OK to Use Cash Collateral Until April 24 -------------------------------------------------------------- Daniel Trucking International, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of its secured creditors through April 24. The court's interim order authorized the Debtor to use cash collateral for post-petition expenses listed in a submitted budget, subject to a 10% variance per line item. The Debtor's 30-day budget projects total operational expenses of $1,103,027. Secured creditors, Old National Bank and the U.S. Small Business Administration, hold liens on all of the Debtor's assets, including cash and receivables, pursuant to pre-bankruptcy UCC filings. As adequate protection, both creditors will be granted replacement post-petition liens on the cash collateral, with the same validity and extent as their pre-bankruptcy liens, effective as of the petition date. In addition, the Debtor was ordered to keep its assets insured as further protection to the secured creditors. The next hearing is scheduled for April 22. Daniel Trucking International owes approximately $1.3 million and $1.886 million to ONB and the SBA, respectively. Both creditors hold perfected security interests in all of the Debtor's assets, including its cash and receivables, pursuant to properly filed UCC financing statements. Old National Bank is represented by: Kristopher A. Capadona, Esq. Grogan Hesse & Uditsky, P.C. 2 Mid America Plaza, Suite 110 Oakbrook Terrace, IL 60181 Telephone: 630-359-8197 kcapadona@ghulaw.com About Daniel Trucking International Inc. Daniel Trucking International, Inc. is a Wheeling, Illinois-based transportation company. Daniel Trucking International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq., at Law Offices of David Freydin Ltd. DAWKINS GARDENS: Employs Milton D. Jones as Legal Counsel --------------------------------------------------------- Dawkins Gardens LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Milton D. Jones, a professional who practices law, to serve as legal counsel. Mr. Jones will provide these services: (a) prepare pleadings and applications; (b) conduct examinations; (c) advise the Applicant of their rights, duties, and obligations as Debtor-in-Possession; (d) consult with the Applicant and represent the Applicant with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operation of the Applicant's business, including institution and prosecution of necessary legal proceedings, and general business and corporate legal advice and assistance; and (f) take any and all other action incident to the proper preservation and administration of Applicant's estate and business. Mr. Jones will receive an hourly rate of $450, and an hourly rate of $150 is for legal assistants. Milton D. Jones is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Milton D. Jones, Esq. 12252 Styron Drive Hampton, GA 30228 Telephone: (770) 899-8486 E-mail: miltondjonesatty@gmail.com About Dawkins Gardens LLC Dawkins Gardens LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ga. Case No. 26-51480-JRS) on February 3, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million, and liabilities of between $1,000,001 and $10 million. Milton D. Jones serves as Debtor's legal counsel. DEL MONTE: Broth & Stock Biz Sale to B&G Foods North America OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has granted Del Monte Foods Corporation II Inc. and its affiliates to sell Assets and the assumption and assignment of contracts and leases, free and clear of liens, claims, interests, and encumbrances. Del Monte -- one of the country's leading producers, distributors, and marketers of premium quality, plant-based packaged food products -- seeks approval for a process by which it will sell all, or substantially all, of its assets. Del Monte has been a cornerstone of American grocery stores for more than 130 years, produces and sells its products through some of the most well-known food brands. The Debtors are committed, not just to the survival of their iconic company, brands and business units, but to their future prosperity. A going concern sale, conducted in the manner outlined below, maximizes the likelihood of an ongoing business and future prosperity to the benefit of all of the Company’s stakeholders. On December 12, 2025, the Debtors commenced the in-person Auction at the office of the Debtors’ co-counsel, Herbert Smith Freehills Kramer (US) LLP, which was thereafter continued. The Court has authorized the Debtor to sell the Broth & Stock Business to B&G Foods North America, Inc. in the sum of $110,000,000 plus the Saleable Inventory Adjustment, and assumption of Assumed Liabilities. The Debtors have full corporate power and authority to execute, deliver, and perform their obligations under the Asset Purchase Agreement and all other documents contemplated. The Debtors are the sole and lawful owners of the Purchased Assets and the Purchased Assets constitute property of the Debtors' estates. The Sale must be approved and consummated promptly in order to preserve the estates. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DEL MONTE: Court OKs Fruit Business to Pacific Coast Producers -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has granted Del Monte Foods Corporation II Inc. and its affiliates to sell Assets and the assumption and assignment of contracts and leases, free and clear of liens, claims, interests, and encumbrances. Del Monte – one of the country's leading producers, distributors, and marketers of premium quality, plant-based packaged food products – seeks approval for a process by which it will sell all, or substantially all, of its assets. Del Monte has been a cornerstone of American grocery stores for more than 130 years, produces and sells its products through some of the most well-known food brands. The Debtors are committed, not just to the survival of their iconic company, brands and business units, but to their future prosperity. A going concern sale, conducted in the manner outlined below, maximizes the likelihood of an ongoing business and future prosperity to the benefit of all of the Company's stakeholders. On December 12, 2025, the Debtors commenced the in-person Auction at the office of the Debtors’ co-counsel, Herbert Smith Freehills Kramer (US) LLP, which was thereafter continued. The Court has authorized the Debtor to sell its Fruit Business to Pacific Coast Producers Cash equal to sum of $82,221,048, multiplied by the Closing Date Adjustment Percentage, plus $21,533,988, which represents the entire consideration for all Purchased Assets, including without limitation all Saleable Inventory and Non-Saleable Inventory, and assumption of Assumed Liabilities. The Debtors have full corporate power and authority to execute, deliver, and perform their obligations under the Asset Purchase Agreement and all other documents contemplated. The Debtors are the sole and lawful owners of the Purchased Assets and the Purchased Assets constitute property of the Debtors' estates. The Sale must be approved and consummated promptly in order to preserve the estates. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DEL MONTE: Multi-Business Segment Sale to Del Monte Fresh OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has granted Del Monte Foods Corporation II Inc. and its affiliates to sell Assets and the assumption and assignment of contracts and leases, free and clear of liens, claims, interests, and encumbrances. Del Monte -- one of the country's leading producers, distributors, and marketers of premium quality, plant-based packaged food products -- seeks approval for a process by which it will sell all, or substantially all, of its assets. Del Monte has been a cornerstone of American grocery stores for more than 130 years, produces and sells its products through some of the most well-known food brands. The Debtors are committed, not just to the survival of their iconic company, brands and business units, but to their future prosperity. A going concern sale, conducted in the manner outlined below, maximizes the likelihood of an ongoing business and future prosperity to the benefit of all of the Company’s stakeholders. On December 12, 2025, the Debtors commenced the in-person Auction at the office of the Debtors’ co-counsel, Herbert Smith Freehills Kramer (US) LLP, which was thereafter continued. The Court has authorized the Debtor to sell the Multi-Business Segment to Del Monte Fresh Produce Company in cash equal to sum of $285,000,000 plus Closing Restricted Cash plus $10,000,000 Wind-Down Amount less the Venezuelan Tax Escrow and assumption of Assumed Liabilities. The Debtors have full corporate power and authority to execute, deliver, and perform their obligations under the Asset Purchase Agreement and all other documents contemplated. The Debtors are the sole and lawful owners of the Purchased Assets and the Purchased Assets constitute property of the Debtors' estates. The Sale must be approved and consummated promptly in order to preserve the estates. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DENOYER-GEPPERT: Court OKs Business Asset Sale ---------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has granted Denoyer-Geppert Science Company to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 7305 N. St. Louis, Skokie, Illinois, 60076, where the Debtor engages in the manufacturer of anatomical parts and charts used, in the main, by educational institutions and pharmaceutical companies. The Debtor's personal property includes but not limited to machinery, raw materials, finished goods, molds, models, images from charts, office furniture, computers and fixtures, and other equipment and inventory of the business. The Court has authorized the Debtor to sell the business assets, free and clear of liens, claims, and encumbrances with the liens attaching to the sale proceeds. About Denoyer-Geppert Science Company Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Denoyer-Geppert Science Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11605) on July 30, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David R Herzog, Esq., at Law Office of David R. Herzog, LLC. DENOYER-GEPPERT: Hires Law Office of David R. Herzog as Counsel --------------------------------------------------------------- Denoyer-Geppert Science Company seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Heath Industrial Auction Services, Inc. as auctioneer. The firm will provide these services: a) appraise the value of the Business Assets; b) advertise the auction sale proposed by the Sale Motion; c) conduct an auction of the Business Assets in the commercially reasonable manner likely to yield the greatest return and to benefit the Estate and tis creditors; and d) perform all the services related to the auction sale. The firm will be paid a fee of $8,000. Mr. Heath disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Heath Heath Industrial Auction Services, Inc. 2100 Stonington Ave. Hoffman Estates, IL 60169 Tel: (847) 380-9819 About Denoyer-Geppert Science Company Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Denoyer-Geppert Science Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11605) on July 30, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David R Herzog, Esq., at Law Office of David R. Herzog, LLC. DOLCHE TRUCKLOAD: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Dolche Truckload Corp. received fourth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The fourth interim order authorized the Debtor to use cash collateral through April 24, consistent with the prior order entered on July 18 and subject to the budget. The Debtor projects total operational expenses of $468,450. The July 18 cash collateral order remains in effect. The next hearing is scheduled for April 22. About Dolche Truckload Corp. Dolche Truckload Corp. provides full truckload transportation services across the United States, including refrigerated, dry van, and hazardous materials freight. The Company operates a fleet of trucks and offers tailored logistics solutions from its headquarters in Palatine, Illinois. Dolche Truckload sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09093) on June 15, 2025. In its petition, the Debtor reported total assets of $1,944,419 and total liabilities of $3,410,448. Judge Deborah L. Thorne handles the case. The Debtor is represented by: David Freydin, Esq. Law Offices of David Freydin Ltd Tel: 630-516-9990 david.freydin@freydinlaw.com DOUGLAS-5 LLC: Involuntary Chapter 11 Case Summary -------------------------------------------------- Alleged Debtor: Douglas-5, LLC 555 E. Ocean Blvd., Ste 410 Long Beach CA 90802 Case No.: 26-11697 Involuntary Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Central District of California Petitioner's Counsel: Robert S. Altagen, Esq. LAW OFFICES OF ROBERT S. ALTAGEN, INC. 1111 Corporate Center Drive #201 Monterey Pak, CA 91754 Tel: 323-268-9588 Email: robertaltagen@altagenlaw.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3YDRSFA/Douglas-5_LLC__cacbke-26-11697__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Orion Bay Estates III, LLC Loan-Money Lent $150,000 530 S. Lake Ave Pasadena, CA 91101 EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Allison Byman, the Chapter 11 trustee for Emergency Hospital Systems, LLC, received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The 13th interim order approved a stipulation between the trustee and RDFCB Acquisition, LLC, authorizing the trustee to use the lender's cash collateral through March 31. Spending must follow rolling 30-day budgets agreed between the Trustee and RDFCB, with flexibility to pay approved expenses when they come due and authority to spend within a 10% variance. RDFCB will be granted replacement liens on its collateral to the extent of any cash collateral used without the need to file any UCC or other perfection instrument. In the event of any diminution in the value of its collateral, RDFCB will have an administrative expense pursuant to Section 507(b) of the Bankruptcy Code, subordinate only to the administrative claims of the trustee and her estate professionals. The 13th interim order approved the carveout for trustee compensation, estate-professional fees, and U.S. Trustee fees, as well as employee wage payments. About Emergency Hospital Systems Emergency Hospital Systems LLC, doing business as Cleveland Emergency Hospital, is a system of regional hospitals serving the communities of The Woodlands, Porter, and Deerbrook, Cleveland. These facilities support each other with respect to the services they provide and are united under a common objective to provide quality healthcare professionally and compassionately. Emergency Hospital Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on October 3, 2024, with $10 million to $50 million in both assets and liabilities. Rafael Delaflor, operating officer, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Megan Rapp, Esq., at Kean Miller, LLP is the Debtor's legal counsel. RDFCB Acquisition, LLC, as lender, is represented by: Kell Mercer, Esq. Kell C. Mercer, P.C. 901 S. Mopac Expy, Suite 300, Bldg. 1 Austin, Texas 78746 Telephone: 512-767-3214 ENCOMPASS ENTERPRISE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Encompass Enterprises, LLC received a three-month extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court issued a second interim order extending the Debtor's authority to use cash collateral to May 29 in accordance with its budget, subject to permitted variances. The Debtor was initially allowed to access cash collateral through February 27 under the court's February 13 interim order. the Debtor's cash collateral includes cash and accounts receivable. The court recognized that the Internal Revenue Service appears to hold a first-priority secured claim on this cash collateral based on previously filed tax liens while other creditors may hold junior interests. The court's second interim order, however, does not determine the validity, extent, or priority of any liens, leaving those issues open for future determination. As adequate protection, the IRS will receive a replacement lien on post-petition property matching the scope and priority of its pre-petition tax liens while Specialty Capital will be granted a replacement lien on post-petition cash collateral and proceeds to the extent that it holds such an interest. These replacement liens are automatically perfected without additional filings. The order preserves all parties' rights to challenge liens, seek additional relief, or request modification of the order. The next hearing is set for May 21. The deadline for filing objections is on May 7. About Encompass Enterprises LLC Encompass Enterprises LLC specializes in building and renovating homes, elevating and relocating structures, commercial projects, and design-build services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-11403) on February 10, 2026. In the petition signed by Eugene (Gene) Benton, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. Christopher L. Rogan, Esq., at RoganMillerZimmerman, PLLC, represents the Debtor as legal counsel. FAT BRANDS: Noteholders Move to Compel Chapter 11 Case Discovery ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a group of lenders owed nearly $990 million by FAT Brands Inc. has accused the company of stonewalling discovery as they pursue the appointment of a Chapter 11 trustee. The creditors say the debtor has not fully complied with requests for documents and communications relevant to their motion. According to the filing, the lenders are seeking detailed information about insider dealings, financial controls and other matters they believe justify installing an independent trustee. They argue that without complete discovery, they cannot fairly present their case at the forthcoming hearing, the report states. The company, however, maintains that a trustee is unnecessary and that it has acted in good faith throughout the restructuring. The dispute over document production is expected to factor into the court's consideration of whether heightened oversight is warranted, according to Law360. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FELT & FAT: Court OKs Equipment Sale ------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Pennsylvania has granted Felt and Fat LLC to sell equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor is an innovative and collaborative ceramic design and manufacturing hub that provides manufacturing jobs to its local community in Kensington, Philadelphia, Pennsylvania. The Debtor’s Class A Member is Nate Mell. The Debtor has additional Class B and C non-voting members and Class D is also non-voting with certain veto rights. The list of the equipment can be found at https://urlcurt.com/u?l=BGVe7u. The Court has authorized the Debtor to process and sell the equipment. All proposed sales are subject to notice to the Secured Creditors with liens on the subject Equipment. The Debtor will provide the offer, in writing, to the Secured Creditors with liens on the subject Equipment and file a Notice of Proposed Sale on the docket with the Bankruptcy Court. The Notice will include the equipment to be sold, the sale price, the liens on the equipment, and the account where the sale proceeds will be deposited after the closing as well as the proposed closing date and objection deadline. The liens of the Secured Creditors on the Equipment shall attach to the proceeds of the sale. The Court held that there exists good and sufficient business justification for the Debtor to sell the Equipment, and good cause for the Court to approve said Motion, as such sale is in the best interest of the estate and the Debtor's creditors. Any potential buyer of the Equipment shall not have any liability, responsibility or obligation for any Claims and Interests of the Debtor or its estate, including any claims, liabilities, or other obligations arising under or related to the Equipment which may become due. About Felt and Fat LLC Felt and Fat, LLC is an innovative and collaborative ceramic design and manufacturing hub that provides manufacturing jobs to its local community in Kensington, Philadelphia, Pennsylvania. Felt and Fat sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14162) on October 14, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer presides over the case. Albert Anthony Ciardi, III, Esq., at Ciardi Ciardi & Astin, represents the Debtor as legal counsel. G D FAMILY: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The United States Bankruptcy Court for the District of Nevada entered an interim order authorizing G D Family Inc., doing business as Hobak BBQ Restaurant, to use cash collateral. Under the order, the debtor is permitted to use cash collateral from the petition date through the scheduled final hearing on March 11, but only in the ordinary course of business and in accordance with an approved operating budget. Spending is subject to an aggregate monthly variance of up to 10%, ensuring controlled use of secured funds while the company continues operations during restructuring. The court also imposed protections for secured creditors, including the prohibition against granting new liens or security interests that would be equal or senior to existing prepetition liens. Additionally, the debtor must continue making monthly payments of $9,906 to the U.S. Small Business Administration (SBA), beginning shortly after entry of the interim order and continuing on a monthly schedule. As adequate protection, the SBA received a superpriority administrative claim and replacement liens on the debtor's assets to compensate for any potential decline in collateral value resulting from the use of cash collateral. The order remains temporary, preserves all parties' rights to challenge issues at the final hearing, and became effective immediately upon entry. About G D Family Inc. G D Family Inc. runs Hobak BBQ Restaurant in Las Vegas, Nevada, serving Korean cuisine with a 1980s street-inspired theme, featuring traditional meat displays and warehouse-style interiors, and catering to a younger audience that values both food quality and dining experience. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10539) on January 29, 2026, with $1,310,760 in assets and $3,802,026 in liabilities as of January 7, 2026. Jang Hyun Kim, president, signed the petition. Judge August B. Landis presides over the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC represents the Debtor as legal counsel. GENESIS HEALTHCARE: JV Partner Cleared to Appeal Chapter 11 Stay ---------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a real estate joint venture partner of Genesis Healthcare Inc. has won the right to take its challenge over the scope of the automatic stay directly to the United States Court of Appeals for the Fifth Circuit. The appeal stems from a Texas bankruptcy judge's decision interpreting how Chapter 11 shields the debtor and related interests. The bankruptcy court found that the stay applied broadly enough to halt certain actions the joint venture partner sought to pursue. The partner contends that the ruling overextends the stay to nondebtor entities and improperly restricts its contractual and property rights, the report states. By authorizing a direct appeal, the court acknowledged that the legal question is significant and unsettled. Immediate appellate review, the judge said, could promote judicial efficiency and provide clarity on the reach of the stay, according to Law360. The Fifth Circuit's decision may have broader implications for joint venture arrangements in bankruptcy cases. The ruling could define how closely tied entities are affected when one partner seeks Chapter 11 protection, 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. GLASS MANAGEMENT: Court Extends Cash Collateral Access to March 31 ------------------------------------------------------------------ Glass Management Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of Old National Bank. The court extended the Debtor's authority to use cash collateral to March 31 to pay expenses in accordance with its budget, which projects total operational expenses of $206,769.67 for March. Spending must not exceed 110% of the total amount set forth in the budget. The Debtor was previously allowed to access cash collateral from February 1 to 28 under the court's February 6 interim order. Old National Bank's interest in the assets will be protected by replacement liens on post-petition assets. The bank will also be granted a superpriority administrative expense claim in case of diminution in value of its collateral and will continue to receive monthly payments of $30,000 from the Debtor, which the bank can automatically debit from the Debtor's account. The monthly payments started in December last year. As further protection, the Debtor was ordered to keep the bank's collateral insured. The next hearing is scheduled for March 25. Old National Bank is the holder of two loans made to the Debtor. The loans are secured by a first priority security interest over all business assets of the Debtor granted to the bank. As of September 25, 2024, the balance due in the aggregate against each of the loans was not less than $4,046,480.56. About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Judge Janet S. Baer presides the case. The Debtor tapped David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel and Allocco, Miller & Cahill, PC as special labor counsel. Old National Bank, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com GRAY MEDIA: Fidelity Multi-Strategy Marks $85,000 Bond at 25% Off ----------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $85,000 corporate bond extended to Gray Media Inc. to market at $63,739 or 75% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Gray Media Inc. The bond accrues interest at a rate of 5.375% per annum. The bond matures on November 15, 2031. 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 Gray Media Inc. Gray Media, Inc. operates as a media company. The Company owns and manages local television stations and digital assets. Gray Media serves customers in the Unites States. GRIT PRODUCTIONS: Seeks to Sell De Minimis Assets ------------------------------------------------- Grit Productions LLC and its affiliates, Grit Expositions LLC, Grit Transportations Services LLC, and Grit Holding Company LLC, seek approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell De Minimis Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors seek authority to implement streamlined procedures to sell excess assets that are no longer essential to the Debtors' operations. The proposed De Minimis Sale Procedures are tailored to the realities of the Debtors' asset base—trucks, trailers, and related equipment, and certain studio and production equipment—substantially all of which have established markets with accessible and reliable pricing benchmarks. Given these transparent and active markets, the Debtors and other parties in interest are able to reasonably ascertain the fair market value of the assets to be sold and act quickly to capture value while reducing administrative costs and avoiding delays that could diminish returns to the Debtors' estates. The relief requested is both modest and well-supported under applicable law. It allows for the sale of lower-value assets pursuant to notice and an opportunity to object, without the inefficiencies of filing individual motions for each transaction. The Debtors own a variety of assets used in the operation of their businesses. Among them are several trucks, trailers, and other vehicles chiefly used in the operation of the Debtors' transport business, including several Peterbilt trucks and two Freightliner trucks. Most of these vehicles are owned by Debtor Grit Transportation Services, LLC. The Debtors also own a large quantity of studio production and exposition equipment, including cameras, audio/visual equipment, and studio LEDs. Although a substantial portion of these assets consist of trucks, trailers, and other assets that the Debtors depend on to operate, with fluctuations in the market and the changes in the demand for the Debtors' services, certain of the Debtors' vehicles and other assets invariably become unnecessary for the Debtors' continued operations. The De Minimis Sale Procedures are designed to promote a competitive sale process for the Debtors' assets. If approved, the De Minimis Sale Procedures will allow the Debtors to solicit and identify bids from potential bidders that constitute the highest or otherwise best offers for the Debtors' assets on a timeline that will enable the Debtors to leverage the robust marketplace for the assets for the benefit of the Debtors' estates and their stakeholders. The Debtors submit that obtaining Court approval of each De Minimis Sale would be administratively burdensome and costly to the Debtors’ estates and could eliminate or substantially undermine economic benefits that would be realized from such transactions. To alleviate the cost and delay of filing a separate motion for each proposed De Minimis Sale, the Debtors seek approval of the De Minimis Sale Procedures for the sale of Debtors' de minimis assets. The Debtors propose to utilize the De Minimis Sale Procedures to obtain more expeditious and cost-effective review by parties in interest. The Debtors believe that the proposed De Minimis Sale Procedures set forth below will conserve the resources of the Court and the Debtors by avoiding the need for numerous motions to approve relatively modest sales or other transfers. With regard to the use, sale, or transfer of De Minimis Assets in any individual transaction or series of related transactions to or from a single buyer or seller or group of related buyers or sellers with a total transaction value as calculated within the Debtors' reasonable discretion, greater than $15,000, but less than or equal to $100,000. The Debtors are authorized to pay those reasonable and necessary fees and expenses incurred in the sale, transfer, or abandonment of De Minimis Assets, including commission fees to agents, brokers, auctioneers, and liquidators. Although the Debtors request authority to sell assets for a price of up to $100,000, the Debtors believe that many individual transactions will, in fact, be for assets worth substantially less. In light of the size of the Debtors' estates, the proposed sale price limitations are relatively modest and appropriate. The Debtors believe that they have proposed a fair process for obtaining the highest and best offer and sale of the Debtors' assets for the benefit of the Debtors' estates and their creditors. About Grit Productions LLC Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-44447) on November 13, 2025. At the time of the filig, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtors as legal counsel. HARADA FAMILY: Court Vacates Trial in Kapitus Adversary Case ------------------------------------------------------------ The Hon. Benjamin P. Hursh of the U.S. Bankruptcy Court for the District of Montana vacated the trial and remaining deadlines pending resolution of the appeal in the adversary proceeding captioned as HARADA FAMILY DENTAL CARE, P.C., Plaintiff v. STRATEGIC FUNDING SOURCE, INC, D/B/A KAPITUS SERVICING INC. and KAPITUS SERVICING INC., AS SERVICING AGENT FOR KAPITUS LLC, Defendants, Adv. No. 4:25-ap-04001-BPH (Bankr. D. Mont.). In this adversary case, an appeal of the Bankruptcy Court's order denying Defendants' Motion to Compel Arbitration is currently before the Court of Appeals for the Ninth Circuit. Following entry of any appellate decision on the merits, the parties are ordered to file a report to the Bankruptcy Court and request a status conference for the next telephonic hearing date. As shared by the Troubled Company Reporter, Kapitus was included on Harada's schedules and received notice of the underlying bankruptcy case. Consistent with the notice of case filing, Kapitus filed a proof of claim. According to the Claim, Kapitus was owed $110,898.85 on the petition date. Harada objected to the Claim on Feb. 5, 2025. The Claim Objection disputed: (i) the value of Harada's alleged security; (ii) the validity of Kapitus's security interest; and (iii) argued that the Claim is subject to offset because the underlying transaction was usurious and subject to a penalty for usury. Kapitus's response to the Claim Objection was due March 7, 2025. Prior to March 7, 2025, Harada filed this adversary proceeding. In this adversary action, Harada requests: declaratory relief regarding choice of law; declaratory relief and a finding that the transaction is a loan; declaratory relief and a finding that the loan is usurious under Mont. Code. In the prayer for relief, Harada seeks the statutory penalty for usury, which is forfeiture of a sum double the amount of interest to be paid under the loan. Harada calculates that amount to be $231,662.12. Kapitus failed to respond to the Claim Objection. As a result, the Court sustained the Claim Objection. The amended plan provides that Class 3 unsecured claimants will receive a pro rata share of Harada's projected disposable income plus any surplus of the funds (after payment of Class 4 unsecured claims) resulting from Harada's usury claim against Kapitus. Under the plan's definitions, the Claim was a disputed claim. A stipulation between the parties was approved, and the Plan was confirmed. Kapitus filed a motion to compel arbitration on April 16, 2025. Because these matters are core proceedings and arbitration would circumvent the objectives of the bankruptcy code, the Bankruptcy Court declined to enforce the arbitration agreement. A copy of the Court's Order dated February 18, 2026, is available at http://urlcurt.com/u?l=tRwIatfrom PacerMonitor.com. About Harada Family Dental Care Harada Family Dental Care, P.C. is a privately owned dental group. Harada Family Dental Care filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mont. Case No. 24-40076) on Nov. 22, 2024, listing $73,202 in assets and $1,174,825 in liabilities. The petition was signed by Christopher W. Harada as president. The Debtor tapped James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green as counsel and Lindsey Kellam, CPA, at Scharfe, Kato & Company PC as accountant. HUDBAY MINERALS: S&P Upgrades ICR to 'BB-', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Toronto-based base metals producer Hudbay Minerals Inc. to 'BB-' from 'B+'. At the same time, S&P raised its issue-level rating on the company's unsecured debt to 'BB-' from 'B+'. Our '3' recovery rating on the unsecured debt is unchanged. The stable outlook reflects S&P's expectation that Hudbay will maintain solid credit measures--including adjusted debt to EBITDA of 1.5x-2.0x--over the next couple of years as it increases capital expenditures for its potential Copper World development project. Hudbay's cash flow and credit measures significantly improved in 2025. The company's 2025 financial performance was stronger than S&P had expected, with EBITDA increasing 22% over the previous year. This enabled the company to generate S&P Global Ratings-adjusted free operating cash flow (FOCF) of $174 million. Higher realized annual copper and gold prices--which increased 11% and 47%, respectively, over 2024--contributed to higher earnings and cash flows despite lower copper and gold volumes. The company deployed a portion of this FOCF to buy back about $185 million of its unsecured notes in 2025. With higher earnings and lower debt, Hudbay's adjusted debt to EBITDA decreased half a turn to 1.6x in 2025. S&P said, "Based on our recently raised commodity price assumptions over the next few years, we expect the company will generate increased earnings and cash flows in 2026-2027 compared with 2025. Our estimates incorporate that consolidated copper production will be largely consistent with 2025 at about 260 million pounds (mlbs) before increasing in 2027 from optimization activities at the Copper Mountain mine. Also, we expect consolidated gold production to decline in 2026, primarily due to the depletion of the higher-grade Pampacancha deposit at Hudbay's Constancia mine in Peru, remaining relatively steady thereafter." Hudbay is advancing its Copper World development project toward a construction decision later this year. S&P said, "In our view, Hudbay has significantly de-risked its Copper World project in Arizona by recently bringing in Mitsubishi Corp. as a 30% joint venture partner. Mitsubishi purchased this minority interest in the project for $600 million ($420 million received in January 2026 and $180 million expected in the next 18 months) and will fund its share of future capital requirements for the project. We believe the cash inflow from this joint venture with Mitsubishi reduces Hudbay's financial risks on this relatively large project over the next few years. Copper World is estimated to cost about $1.5 billion for the first phase (including feasibility study and pre-sanction costs) per the last estimate provided by Hudbay in 2023. We think actual capital costs could be significantly higher given inflationary pressures over the past few years. As a result, we have assumed closer to $2 billion spending on a 100% basis over the next three years." S&P said, "We expect the company will complete a definitive feasibility study on the project in the next several months and assume it will proceed with its construction later this year. We expect the company to have a fully funded project before the construction decision is made, including $230 million in stream deposits (which we would consider debt-like) and about $350 million in project debt financing. Even with assumed debt funding for the project, we estimate the company will maintain low adjusted debt to EBITDA of under 2x through 2028 as higher earnings support near breakeven FOCF generation and relatively flat adjusted debt levels despite elevated capex. "In our view, the development of Copper World would expose Hudbay to potential execution and financial risks during its 2.5-year estimated construction period. However, we believe the company will remain prudent with its financial policy and maintain credit measures in line with our current rating expectations through the project completion, including adjusted debt to EBITDA well below 3x. Our financial risk profile assessment continues to incorporate potential volatility in Hudbay's credit measures that stem from their sensitivity to copper and gold price fluctuations as well as the company's capital intensity. That said, we also recognize that Hudbay has an ample cushion to manage a period of weaker earnings and lower metal prices than we currently anticipate or higher capital requirements due to its relatively low leverage and sizable cash balance that we don't net against debt. "We expect Hudbay will maintain robust liquidity and flat debt levels through the construction of Copper World. Hudbay has close to $1 billion of cash, including $569 million in cash as of Dec. 31, 2025, and about $420 million of cash proceeds received earlier this year from Mitsubishi for its 30% interest in the Copper World project. We assume Hudbay's cash balance could further increase with the receipt of the remaining $180 million in proceeds from Mitsubishi and positive FOCF generation in 2026 from favorable commodity prices. We expect Hudbay will fund its capex largely from its operating cash flows, keeping debt levels and its cash position relatively flat throughout our forecast period. We believe the large cash balance would provide the company with significant financial flexibility and a liquidity cushion during the Copper World construction period. "Our rating on Hudbay incorporates the company's relatively modest scale and limited operating breadth. We expect Hudbay will produce close to 260 mlbs of copper in 2026, which is modest compared with that of higher-rated industry peers. Also, cash flows primarily depend on Hudbay's Constancia mine in Peru, which accounted for more than half of its revenue in 2025. Hudbay's annual consolidated gold production is estimated in low- to mid-200,000 ounces (oz) area over the next two years, which provides meaningful metal diversity, especially with gold prices currently above $5,000 per ounce. "We assume Hudbay's Copper World project will notably increase the company's scale and cash flow once completed. At full production, we estimate Hudbay's annual copper output on an attributable basis could increase by about 130 mlbs, approximately 50% higher than 2025. The completion of the project would also add another long-life operating mine to the three assets Hudbay currently operates. "The stable outlook reflects our expectation for Hudbay to maintain solid credit measures, including adjusted debt to EBITDA of 1.5x-2.0x, over the next couple of years as it increases capital expenditures for its potential Copper World development project. "We could downgrade Hudbay within the next 12 months if we expect its S&P Global Ratings-adjusted debt to EBITDA to increase above 3x for a sustained period. This could result from lower-than-expected metal prices, operational challenges, or higher-than-expected capital costs at Copper World that increase the need for debt funding. "We consider an upgrade to be unlikely within the next 12 months due to our view of Hudbay's narrow operating breadth and large capital expenditures for its Copper World development project, which could expose the company to financial and execution risks over the next few years." ICRYO BRANDS: Employs Lain Faulkner as Restructuring Advisor ------------------------------------------------------------ iCRYO Brands, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Lain, Faulkner & Co., P.C. as restructuring advisor and to designate Kelly McCullough to serve as Chief Restructuring Officer. Lain, Faulkner & Co. will provide these services: (a) assisting in the evaluation and/or development of a short-term cash flow model and/or related liquidity management tools for the Debtors; (b) assisting in the evaluation and/or development of a business plan and related forecasts and analyses; (c) assisting in the evaluation and/or development of strategic and/or financial alternatives and financial analyses; (d) assisting in engagement and negotiations with constituents, including holders of debt or equity, employees, customers, vendors, and other commercial counterparties; (e) assisting in the development and distribution of information required by the Debtors or constituents; (f) assisting in contingency planning related to commencing or becoming the subject of a chapter 11 case; (g) assisting in obtaining and presenting information required by parties in interest, including statutory committees or the Court; (h) assisting in preparation of business, financial and reporting items related to a chapter 11 case, including asset sales, a chapter 11 plan, and disclosure statement; and (i) assisting with such other matters within LainFaulkner's expertise as mutually agreed. The firm will be paid at these hourly rates: Directors $400-540 Accounting Professionals $210-350 IT Professionals $325 Staff Accountants $270-295 Supporting Personnel $95-145 Lain, Faulkner & Co., P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Lain, Faulkner & Co., P.C. 400 N. St. Paul, Suite 600 Dallas, TX 75201 Telephone: (214) 720-1929 Facsimile: (214) 720-1450 About ICryo Brands LLC ICryo Brands, LLC is a wellness company focused on cryotherapy and recovery-based health services offered through franchised and company-owned centers. ICryo Brands and affiliate, iCRYO Franchise Systems, LLC, filed Chapter 11 petitions (Bankr. S.D. Texas Case No. 26-90118) on January 21, 2026. At the time of the filing, both Debtors reported $1 million to $10 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Vickie L. Driver, Esq., at Driver Stephenson, PLLC is the Debtors' legal counsel. ICRYO BRANDS: Seeks to Hire Driver Stephenson as Counsel -------------------------------------------------------- iCRYO Brands, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Driver Stephenson, PLLC to serve as its legal counsel. Driver Stephenson, PLLC will provide these services: (a) provide legal advice and services related to this chapter 11 case as legal issues arise; (b) advise the client with regards to insurance matters; (c) advise the client with regards to utility issues; (d) advise the Debtor in connection with any restructuring; (e) negotiate with representatives of creditors and other parties in interest; (f) review and comment on proposed drafts of pleadings to be filed with the Court; (g) at the request of the Debtor, appear in Court and at any meeting with the U.S. Trustee, and any meeting of creditors at any given time on behalf of the Debtor; (h) coordinate and work with any other professionals employed in this Chapter 11 Case; and (i) perform all other services assigned by the Debtor to the Firm. Ms. Driver's current customary rate is $895, and Ms. Stephenson's current customary rate is $845. The firm will also seek reimbursement of actual and necessary out-of-pocket expenses, subject to court approval. Driver Stephenson, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Vickie L. Driver, Esq. DRIVER STEPHENSON, PLLC 13155 Noel Road, Suite 900 Dallas, TX 75240 Telephone: (214) 280-1003 E-mail: Vickie@DriverStepLaw.com About ICryo Brands LLC ICryo Brands, LLC is a wellness company focused on cryotherapy and recovery-based health services offered through franchised and company-owned centers. ICryo Brands and affiliate, iCRYO Franchise Systems, LLC, filed Chapter 11 petitions (Bankr. S.D. Texas Case No. 26-90118) on January 21, 2026. At the time of the filing, both Debtors reported $1 million to $10 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Vickie L. Driver, Esq., at Driver Stephenson, PLLC is the Debtors' legal counsel. INTEGRATED ENDOSCOPY: Examiner Taps Levene Neale Bender as Counsel ------------------------------------------------------------------ Mark M. Sharf, the duly appointed examiner for Integrated Endoscopy, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. to serve as legal counsel. The firm will provide these services: (a) advise the Examiner whether to file the report, seek to file the report under seal, or take other measures to protect the estate; (b) comply with any further orders from the Court; and (c) handle any additional legal matters that may arise for the Examiner in this case. The firm's hourly billing rates effective January 1, 2026 include attorney rates of $795, $775, $750, $725, and $595, and paraprofessional rates of $300. Levene, Neale, Bender, Yoo & Golubchik L.L.P. is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Eric P. Israel, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: (212) 484-3900 Facsimile: (212) 484-3990 E-mail: jeffrey.gleit@afslaw.com brett.goodman@afslaw.com - and - Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: (213) 629-7400 Facsimile: (213) 629-7401 E-mail: aram.ordubegian@afslaw.com christopher.wong@afslaw.com INTEGRATED ENDOSCOPY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The United States Bankruptcy Court for the Central District of California, Santa Ana Division issued an interim order authorizing Integrated Endoscopy Inc., the Chapter 11 debtor-in-possession, to use cash collateral. Under the order, the Debtor is permitted to use cash collateral—funds subject to secured creditors' liens—on an interim basis beginning February 1. The authorization remains effective until the earliest of conversion or dismissal of the case, confirmation of a reorganization plan, or 5:00 p.m. local time on May 1. The company must operate within an approved budget attached to the supporting declaration, allowing a variance of up to 10% per budget line item and overall. The court stated that if the Debtor seeks to continue using cash collateral beyond May 1, it must file a new motion and provide proper notice to interested parties requesting further authorization. As adequate protection for secured creditors, the court granted replacement liens on the Debtor's post-petition assets to parties holding perfected security interests, including Research Corporation Technologies, Inc., Knobbe, Martens, Olson & Bear LLP, David Chou, and Quartus AI Fund LP. These replacement liens maintain the same validity, priority, and extent as the creditors’ prepetition liens, excluding recoveries from avoidance actions. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: 212.484.3900 Facsimile: 212.484.3990 jeffrey.gleit@afslaw.com brett.goodman@afslaw.com -- and -- Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: 213.629.7400 Facsimile: 213.629.7401 aram.ordubegian@afslaw.com christopher.wong@afslaw.com About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. IPIC THEATERS: Plans Court-Supervised Sale Under Chapter 11 ----------------------------------------------------------- IPIC Theaters, LLC, America's premier luxury dine-in theater and restaurant brand, announced plans to pursue a sale of assets through voluntary Chapter 11 reorganization under the US Bankruptcy Code in the Southern District of Florida where it will seek approval of said sale. The Company announced that it will continue to operate and conduct business pending a process to maximize value to all creditors. In connection with the filing, the Company issued WARN notices to all employees. As part of this process, IPIC cannot guarantee employment beyond the notice period. "After exploring a range of possible alternatives, the Company concluded that a court-supervised sale of assets is in the best interest of the Company and its stakeholders," said Patrick Quinn, Chief Executive Officer. "We are committed to continuing our business operations with minimal impact throughout the process and will endeavor to serve our customers with the high standard of care they have come to expect from us." The Company anticipates sufficient liquidity to operate the business during an expedited sale process and the formulation of its plan of reorganization. "We believe this process is the best path forward for the Company to continue to be an industry leader in the luxury dine-in theater and restaurant business. We are committed to making this a seamless process for all of our stakeholders," said Quinn. To ensure that day-to-day operations continue uninterrupted, current management will remain in place to work alongside the Company's restructuring advisors. The Company has filed "first day" motions seeking approval from the Court that the Company can honor its commitment to employees, guests, and partners. Court filings and other information related to the reorganization are available at, https://cases.stretto.com/IPICTheaters/, or by calling 562-684-1704 (toll free in North America). About IPIC The IPIC(R) Theaters' portfolio is comprised of four dine-in theater and restaurant brands, including IPIC, City Perch, The Tuck Room and Serena Pastificio. Founded in 2010, IPIC is a pioneer of the premium dine-in theater and restaurant concepts, offering guests high-quality, chef-driven culinary and mixology offerings in architecturally unique destinations. IPIC Theaters currently operates 8 restaurant locations and 13 dine-in theater locations with 100 screens in California, Florida, Georgia, Maryland, New Jersey, New York, Texas, and Washington. IRIE ENTREE: To Hire Obermayer Rebmann as Bankruptcy Counsel ------------------------------------------------------------ Irie Entree LLC and Coconut Breeze Cuisine Incorporated seek approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Obermayer Rebmann Maxwell & Hippel LLP to serve as general bankruptcy counsel. The firm will provide these services: (a) advising the Debtors of their rights, powers, and duties as debtors in possession; (b) assisting Debtors in the preparation of any administrative and procedural legal papers as may be required for the sound conduct of the case, including, but not limited to, the Debtors' schedules and statement of financial affairs; (c) performing all other legal services for Debtors, including, but not limited to, preparing on the Debtors' behalf, all necessary and appropriate applications, motions, pleadings, orders, notices, petitions, schedules, and other documents to be filed in the Debtors' chapter 11 cases; (d) advising the Debtors concerning and prepare responses to any applications, motions, pleadings, orders, notices, petitions, schedules, and other documents which may be filed in the Debtors' chapter 11 cases; (e) drafting, negotiation, and promulgation of a Chapter 11 plan and disclosure statement; (f) advising the Debtors regarding the actions it may take to collect and recover property for the benefit of their bankruptcy estates; (g) reviewing claims and advising the Debtors on claim objections; (h) reviewing the nature and validity of liens asserted against the Debtors and their property and advise as to the enforceability of those liens; and (i) performing all other legal services for the Debtors which may be necessary. Obermayer Rebmann Maxwell & Hippel LLP shall be compensated at a blended hourly billing rate of $325 to $550 for attorneys, depending upon the level of seniority of the individual performing the service, and $200 per hour for paralegals. During the 90 days prior to the Petition Date, the Debtors paid Obermayer a retainer in the amount of $18,476. The Debtors also paid $9,101 for fees, services, and costs incurred prior to the Petition Date, which was paid from the retainer, reducing the balance from $18,476 to $9,375. An affidavit further states that prior to the Petition Date, the Debtors paid a retainer in the amount of $15,000, which is currently being held in Obermayer's IOLTA account. According to court filings, Obermayer Rebmann Maxwell & Hippel LLP does not have any connection to any creditors of the Debtors or other parties in interest or hold or represent any interest adverse to the Debtors' estate, is a disinterested person, and is a disinterested party within the meaning of Section 327 of the United States Bankruptcy Code. The firm can be reached at: Edmond M. George, Esq. OBERMAYER REBMANN MAXWELL & HIPPEL LLP Centre Square West 1500 Market Street, Suite 3400 Philadelphia, PA 19102 About Irie Entree LLC Irie Entree LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10640-DJB and 26-10642) on February 18, 2026. At the time of the filing, the Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $500,001 to $1 million. Honorable Judge Derek J. Baker oversees the case. Obermayer Rebmann Maxwell & Hippel LLP is Debtors' proposed legal counsel. IRONNET INC: Plans to Wrap Up Chapter 11 Using Merger Proceeds -------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the attorneys for IronNet Inc. told a bankruptcy judge that the company intends to deploy funds from a newly announced merger to close its Chapter 11 case, more than two years after its reorganization plan was confirmed. The merger is expected to generate capital sufficient to resolve outstanding administrative and professional fee claims. Although IronNet emerged from bankruptcy following plan confirmation, the case has remained open as the company addressed residual matters and claims reconciliation. Counsel explained that the anticipated merger proceeds will enable the debtor to finalize distributions and complete all required plan obligations, the report relays. With those steps completed, IronNet plans to request a final decree formally ending the Chapter 11 proceedings. The company indicated that closing the case will eliminate ongoing reporting requirements and reduce costs associated with maintaining an open bankruptcy docket, according to report. The judge was advised that the merger funding is central to wrapping up the case and ensuring all remaining liabilities tied to the restructuring are paid. Upon consummation of the transaction, IronNet expects to bring the protracted Chapter 11 to a close, reports Law360. About IronNet Inc. Founded in 2014 and headquartered in McLean, Va., IronNet, Inc. (NYSE: IRNT) -- https://www.ironnet.com/ -- is a global cybersecurity company that is transforming how organizations secure their networks by delivering the first-ever collective defense platform operating at scale. Employing a number of former NSA cybersecurity operators with offensive and defensive cyber experience, IronNet integrates deep tradecraft knowledge into its industry-leading products to solve the most challenging cyber problems facing the world today. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11710) on Oct. 12, 2023. In the petition signed by Cameron Pforr, president and chief financial officer, IronNet, Inc. disclosed $77,389 in assets and $33,833,108 in liabilities. Debtor IronNet Cybersecurity Inc. listed $10 million to $50 million in estimated assets and $50 million to $100 million in estimated liabilities. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel, Arnold & Porter Kaye Scholer LLP as general corporate counsel, and Stretto, Inc. as claims, noticing, and solicitation agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP represents the DIP lenders as legal counsel. ISLAND GASTROENTEROLOGY: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered a second interim order authorizing Island Gastroenterology Consultants, P.C. to use cash collateral to fund operations. Under the second interim order, the Debtor is authorized to use cash collateral to fund ordinary-course operating expenses, including payroll, taxes, utilities, insurance, maintenance, and repairs, in accordance with its budget. The Debtor said it lacks sufficient unencumbered funds to continue operations and requires immediate access to cash collateral to maintain its medical practice and work toward reorganization. As adequate protection, Link Medical Services, PLLC will be granted first-priority replacement liens while Dr. Mariwalla will be granted second-priority replacement liens. In addition, both lenders will receive superpriority administrative expense claims equal to the amount of cash collateral used, subject to lien validity. The order is immediately effective and modifies the automatic stay as necessary. A final hearing is scheduled for March 19, with objections due by March 12. About Island Gastroenterology Consultants, P.C. Island Gastroenterology Consultants, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70198) on January 14, 2026, listing between $1 million and $10 million in both assets and liabilities. The petition was signed by Raj Mariwalla, M.D. as director. Judge Sheryl P. Giugliano oversees the case. The Debtor is represented by: Sean C. Southard, Esq. Klestadt Winters Jureller Southard & Stevens, LLP Tel: 212-972-3000 Email: ssouthard@klestadt.com Andrew Charles Brown Klestadt Winters Jureller Southard & Stevens, LLP Tel: 212-972-3000 Email: abrown@klestadt.com JASON W. FOWLER: Trustee Substituted as Plaintiff, Case Transferred ------------------------------------------------------------------- In the case captioned as TRANSPECOS BANKS, SSB, Plaintiff, v. JASON W. FOWLER, et al., Defendants, Case No. 23-cv-01621 (E.D. Wis.), Magistrate Judge Nancy Joseph of the U.S. District Court for the Eastern District of Wisconsin granted the motion of Virigina E. George, the Trustee of the Chapter 11 bankruptcy estate of defendants Jason W. Fowler and Sondra Stedron-Fowler, for an order substituting the Trustee as plaintiff in this case and referring this matter to the Bankruptcy Court for further proceedings. This lawsuit arises out of the transfer of a multi-million dollar property located on Lake Geneva in Fontana, Wisconsin, owned by husband-and-wife Jason Fowler and Sondra Stedron-Fowler. In 2016, Transpecos Bank, SSB provided two loans to HyQuality Alloys, LLC and Magnolia Storage and Logistics, LLC pursuant to two promissory notes personally guaranteed by the Fowlers. The LLCs subsequently defaulted on the notes in October 2019 and the Fowlers became aware of the defaults in April 2020. Transpecos alleges that the Fowlers, as guarantors, refused to pay the amounts due and owing on the notes. Transpecos filed suit against the Fowlers in Texas, and was granted summary judgment in its favor in August 2023. On August 28, 2020, the Fowlers transferred the Lake Geneva property via quit claim deed to the Five Three Two Irrevocable Trust Dated 01-01-2020 and the Four Seven Two Irrevocable Trust Dated 01-01 2020, for no or nominal consideration. Stedron-Fowler's father is the trustee of both Trusts, and the Fowlers are the beneficiaries. Transpecos asserts that the Fowlers fraudulently transferred their interest in the Lake Geneva property to deprive Transpecos of the amounts due and owing on the two notes the Fowlers personally guaranteed. On December 1, 2023, Transpecos filed the present lawsuit in the District Court, suing the Fowlers and the two Trusts for fraud under Wisconsin law. The Trustee's Motion to Substitute Herself as Plaintiff Trustee Virginia George argues that she should be substituted as plaintiff in this case, in place of Transpecos. The Trustee argues that the Bankruptcy Code gives the Trustee the authority to avoid fraudulent transfers of the debtor's property. She argues that Transpecos brought this action seeking recovery of the Lake Geneva property as an alleged fraudulent transfer and requested, among other relief, to avoid the transfer and place a constructive trust on the property to the extent necessary to satisfy Transpecos' claim. The Trustee argues, however, that it is her responsbility as Trustee to examine and recover fraudulent transfers that would benefit the bankruptcy estate as a whole rather than just a single creditor. Thus, when the Bankruptcy Court appointed her as a Chapter 11 Trustee in the Fowlers' bankruptcy case, the Trustee became the sole party authorized to pursue the fraudulent transfer claims in this case. Transpecos does not oppose the Trustee's requested relief. The Court finds while it was proper for Transpecos, as a creditor, to pursue its claims against the defendants based on the alleged fraudulent conveyance prior to the Fowlers filing for bankruptcy, once the bankruptcy case commenced, the Trustee became the proper party to pursue these claims. Thus, the Court concludes pursuant to Fed. R. Civ. P. 25(c), the Trustee is substituted for Transpecos as plaintiff in this case. Referral of Case to Bankruptcy Court The Trustee argues that while actions to recover fraudulent transfers do not arise exclusively under the Bankruptcy Code, such actions are "related to" the bankruptcy case. The Trustee asserts that because recovered fraudulent transfers are property of the bankruptcy estate, they impact the amount available for distributions to creditors. As such, she argues that this case is "related to" the Fowlers' pending bankruptcy case and thus should be referred to the Bankruptcy Court under this District's Order of Reference. Transpecos does not object to referral of this action to the Bankruptcy Court. As neither of the parties object to referring this matter to the Bankruptcy Court, Judge Joseph will refer this case to the Honorable Chief Bankruptcy Judge Katherine M. Perhach, In re Fowler, Case No. 25-23180 (Bankr. E.D. Wis.). A copy of the Court's Decision and Order dated February 18, 2026, is available at http://urlcurt.com/u?l=bzKjrCfrom PacerMonitor.com. On May 30, 2025, Jason W. Fowler and Sondra Stedron-Fowler filed a voluntary petition under Chapter 13 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-23180). In July 2025, the Bankruptcy Court converted the Fowlers' case from one proceeding under Chapter 13 to one proceeding under Chapter 11. The Debtors are represented by Michael P. Richman, Esq. and Claire Ann Richman, Esq., at Richman & Richman LLC. JOHN FITZGIBBON MEMORIAL: Fitch Withdraws 'D' LongTerm IDR ---------------------------------------------------------- Fitch Ratings has downgraded the Industrial Development Authority of the County of Saline, MO series 2010 health facilities revenue bonds issued on behalf of John Fitzgibbon Memorial Hospital (JFMH) to 'D' from 'C.' Fitch also downgraded JFMH's Long-Term Issuer Default Rating (IDR) to 'D' from 'C.' Following the downgrades, Fitch has withdrawn JFMH's IDR and bond rating. Entity/Debt Rating Prior ----------- ------ ----- John Fitzgibbon Memorial Hospital (MO) LT IDR D Downgrade C LT IDR WD Withdrawn John Fitzgibbon Memorial Hospital (MO) /General Revenues/1 LT LT D Downgrade C John Fitzgibbon Memorial Hospital (MO) /General Revenues/1 LT LT WD Withdrawn The downgrades of JFMH's IDR and bond rating to 'D' is a result of JFMH's failure to pay obligations under the Master Note and Loan Agreement following the Feb. 11, 2026 trustee notice of continuing events of default and marketing and sale process. JFMH failed to make required payments to the trustee for the principal and interest on the 2010 bonds to be paid to bondholders and payment defaults are continuing without waiver or cure. As such the trustee did not make the bond payment to bondholders and the balance of the debt service reserve fund is being preserved by the Trust Estate for the benefit of all bond owners. The ratings have been withdrawn following the downgrades as JFMH has defaulted. Accordingly, Fitch will no longer provide ratings or analytical coverage for JFMH. SECURITY The bonds are secured by general revenues of the obligated group, a mortgage on certain system facilities, and a debt service reserve fund. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - This is no longer applicable as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - This is no longer applicable as the ratings have been withdrawn. PROFILE JFMH is a 60-licensed-bed hospital located in Saline County, MO, approximately 80 miles east of Kansas City. Operations also include a 99-bed SNF and several rural health clinics. Total revenues in (unaudited) fiscal 2025 were $66.9 million. Fitch reviews and cites consolidated financial data, and the consolidated entity currently comprises the obligated group. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. KC TRANSPORT: To Sell Trailer to Wildcat Trucking for $36K ---------------------------------------------------------- KC Transport LLC seeks permission from the U.S. Bankruptcy Court for the District of Montana to sell SmithCo Side Dump trailer, free and clear of liens, claims, interests, and encumbrances. The Debtor intends to sell the 2017 Smithco Side Dump Trailer Model SX4-49-36, VIN 4624100, free and clear of liens, on shortened 7-day notice, with the sales proceeds to be paid to Loeb. The purchase price of the trailer is $36,000 and the buyer is Wildcat Trucking LLC of Sidney, Montana. The sales proceeds are proposed to be paid to Loeb Term Solutions, LLC. The Debtor seeks a shortened notice period of 7 days for objections to the sale in order that the proposed sale may be completed and funds paid to Loeb. The Debtor's confirmed chapter 11 plan contemplates the sale of property out of the ordinary course of business. The usual manner of buying and selling KC Transport's equipment in accordance with marketplace practices shows the good cause to shorten the notice period. About KC Transport, LLC KC Transport LLC is a limited liability company. KC Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10010) on January 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by James A. Patten, Esq. at PATTEN PETERMAN BEKKEDAHL & GREEN, PLLC. KOVA COMMERCIAL: Case Summary & 14 Unsecured Creditors ------------------------------------------------------ Debtor: KOVA Commercial of Naples, LLC DBA KOVA Commercial Group 9130 Galleria Court, Suite 100 Naples, FL 34109 Case No.: 26-01415 Business Description: KOVA Commercial of Naples, LLC, doing business as KOVA Commercial Group, provides full-service real estate support across multiple disciplines, including property sales, leasing, and management, operating primarily in Southwest Florida. The company offers specialized advisory services for office, industrial, retail, and medical properties, as well as landlord and tenant representation, catering to investors, developers, owners, and occupiers. KOVA emphasizes a collaborative approach and industry expertise to deliver comprehensive real estate solutions and 360-degree client support. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Middle District of Florida Judge: Hon. Catherine Peek Mcewen Debtor's Counsel: Kathleen L. DiSanto, Esq. BUSH ROSS, P.A. PO Box 3913 Tampa, FL 33601-3913 Tel: 813-224-9255 Email: kdisanto@bushross.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony L. Emma, Jr., as manager. A copy of the Debtor's list of its 14 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P5AI2II/KOVA_Commercial_of_Naples_LLC__flmbke-26-01415__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PSKV5PI/KOVA_Commercial_of_Naples_LLC__flmbke-26-01415__0001.0.pdf?mcid=tGE4TAMA KRONOS ACQUISITION: Fidelity Marks $65,000 Bond at 34% Off ---------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $65,000 corporate bond extended to Kronos Acquisition Holdings Inc. to market at $42,738 or 66% 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 Kronos Acquisition Holdings Inc. The bond accrues interest at a rate of 8.25% per annum. The bond matures on June 30, 2031. 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 Kronos Acquisition Holdings Inc Kronos Acquisition Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manufactures personal and home care products. KRONOS WORLDWIDE: S&P Downgrades ICR to 'CCC+', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its ratings on Kronos Worldwide Inc., including its issuer credit rating to 'CCC+'. S&P said, "We also revised our recovery rating on the company's secured debt to '2' (80%) from '1' (90%) and the ratings on secured debt to 'B-' from 'BB-'. "The negative outlook reflects a risk that weak earnings could continue through all of 2026. If earnings do not improve in the second half of 2026 as we expect, then debt leverage could remain elevated for longer than we assume in our base case. This could create further pressure on credit quality. "We expect challenging operating conditions will result in weak near term earnings at Kronos Worldwide Inc., following unexpectedly soft third-quarter 2025 earnings." Unfavorable operating conditions, including weak demand, are pressuring earnings. The titanium dioxide market weakened in the second half of 2025, with demand in particular showing softness. While markets for Kronos' products have generally been soft over the past few years, in recent quarters the weakness has been pronounced. S&P said, "We project that low demand from key end markets including housing will continue to contribute to tough market conditions for the company's products. We expect the company's twelve-month EBITDA, which benefitted from a relatively strong first quarter 2025, will increasingly reflect the ongoing challenging conditions and weaken. Third quarter 2025 S&P adjusted EBITDA was unexpectedly depressed. The operating environment in subsequent quarters is unlikely to improve. We are not forecasting meaningful (sustained) price or volume increases in 2026." S&P said, "We expect very high debt leverage in the near term. We think debt leverage will increase in the near term reflecting successive quarters of weak EBITDA. We anticipate total debt to EBITDA will rise well above 10x. We consider the capital structure to be unsustainable at these levels. This ratio was at an appropriate level of 5.5x for the rating as of Sept. 30, 2025, reflecting mainly strong earnings from previous quarters, prior to the advent of second-half 2025 challenges. Kronos has a recent history of volatile EBITDA, and sharp increases in debt leverage under challenging market conditions. In 2023, declining EBITDA drove the ratio of total debt to EBITDA above 10x. The ratio improved meaningfully in 2024 with EBITDA improvement. We think we are likely to see a similar rise in debt leverage, followed by potential declines if the company's cost cutting measures are successful. "Cost reduction measures should benefit 2026 earnings. The company is cutting costs to improve its operating performance. Ultimately, we expect the company will benefit from several of these efforts. Given that high fixed costs at a time of weak volumes contribute to the earnings downturn, we expect a reduction in fixed costs will quickly work its way into earnings." The achievement of cost saving is dependent on timely completion, and successful execution, of these steps. It is also dependent on the absence of unexpected setbacks. This creates some uncertainty in our view around these measures. For this reason, S&P assumes only a partial benefit to EBITDA in 2026 from the company's large cost saving plan. S&P expects full-year 2026 EBITDA will improve to levels above $100 million, but remain well below 2024 levels of $187 million. S&P said, "We believe Kronos will sustain adequate liquidity. We expect sufficient availability under the company's revolving credit facility over the next several quarters will contribute to adequate liquidity levels. In our base case we think that sources of funds will be at least 1.2x uses. Liquidity is supported by the absence of meaningful debt maturities in the next twenty four months. The company's key product will continue to exhibit volatility. Titanium dioxide earnings in general tend to be volatile, largely due to unexpected pricing or volume downswings. Kronos' high operating leverage contributes to earnings swings. S&P said, "In 2025 and 2026, despite softness in pricing and demand, we do not expect trough-level pricing or demand. Nonetheless, we expect earnings to decline meaningfully. Unexpected weakness in the form of a general recession (for example) is a key risk that could weaken credit quality more than we anticipate. This is reflected in our business risk assessment of weak." S&P said, "Our group credit profile incorporates Kronos' ownership by Valhi Inc. We consider Kronos to be a core subsidiary of Valhi. In our view, the overall group credit profile, including Valhi, is very meaningfully influenced by earnings and debt at Kronos, which is the largest contributor by far to Valhi's earnings. Our current view of the group credit profile does not constrain or elevate our ratings on Kronos. "The negative outlook reflects our view of that there is at least a one in three likelihood that earnings in 2026 might not improve as we anticipate. Further setbacks to the titanium dioxide market in terms of demand or pricing and unexpected delays to cost saving benefits are key risks. Our current rating anticipates that benefits from cost savings will improve Kronos' 2026 EBITDA over 2025 levels, allowing debt leverage to strengthen." S&P could lower its rating on Kronos during the next 12 months if it believes credit risk increases or a default is imminent in the next twelve months including if: -- Liquidity weakens or covenant compliance becomes a challenge; or -- The company restructures or enters into a debt buyback or exchange that we consider to be distressed. S&P said, "We could consider a positive rating action, including an upgrade, in the next few quarters if the company is able to achieve its planned cost savings in a timely manner, improving its EBITDA faster than we anticipate. We would consider such an action if its total debt to EBITDA improves into the single-digit percent area in a sustainable manner and group credit metrics at Valhi reflect such an improvement." LEFEVER MATTSON: Committee Seeks to Expand PwC's Scope of Work -------------------------------------------------------------- The official committee of unsecured creditors of Lefever Mattson seeks approval from the U.S. Bankruptcy Court for the Northern District of California to expand scope of work of PwC US Business Advisory LLP as financial advisor. 1.1 The following is added to subpart (a) (Services to be provided by PwC) of the Scope of PwC Services and Deliverables section of Exhibit I to the Engagement Letter: 6. If requested by Counsel or Client, Kristin Rivera will provide expert witness testimony in the Bankruptcy proceeding on the following topics (the "Expert Topics"): The factual indicia identified by Counsel or the Court as relevant to a substantive consolidation analysis of LeFever Mattson ("LFM") and KS Mattson Partners, LP ("KSMP") and related limited partnerships. Specific areas of testimony may include forensic evidence of, methods applied, documents and data reviewed, and observations concerning: -- Common control a decision making -- Corporate record keeping -- Disregard of corporate formalities -- Overlap of investors -- Investor confusion -- Intercompany and interproperty transfers -- Books, records, and accounting practices -- Feasibility and cost of disentanglement -- Impact of substantive consolidation on investors 1.2 The following is added to the list of Deliverables in subpart (b) (Deliverables) of the Scope of PwC Services and Deliverables section of Exhibit I to the Engagement Letter: -- Written expert witness report (the "Expert Report"). The Expert Report will be in the name of Kristin Rivera, not PwC, and will be limited to the Expert Topics. Steven J. Fleming, a partner at PwC US Business Advisory LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven J. Fleming PwC US Business Advisory LLP 300 Madison Avenue New York, NY 10017 Tel: (646) 471 3000 About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use realestate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors' counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LOIS MIRIAM: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington, Seattle, granted Lois Miriam, LLC interim approval to use cash collateral. Under the order, the Debtor is authorized to use cash collateral to fund operations in accordance with a court-approved operating budget. This authorization is temporary and subject to reconsideration at a later final hearing. As adequate protection, ODK Capital, LLC, doing business as OnDeck, will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and related proceeds, maintaining the same extent and priority as any valid pre-petition liens. In addition, the Debtor must make payments of $1,000 per month to the secured creditor pursuant to the approved budget. The interim authorization remains effective until March 16, unless extended by further court order. The order is available at https://is.gd/htiX7m from PacerMonitor.com. A final hearing is scheduled for March 13, with objections due by March 6. As of the petition date, the Debtor held $44,124.09 in cash and had no accounts receivable or cash equivalents. OnDeck originated a $180,000 loan to the Debtor and filed a UCC-1 financing statement in April of last year. As of the petition date, approximately $75,000 remains outstanding. Based on a preliminary review, OnDeck is the senior secured creditor and the only secured creditor with realizable collateral value. About Lois Miriam LLC Lois Miriam, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10402) on February 9, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. The Debtor is represented by Steven M. Palmer, Esq., at Cairncross & Hempelmann, Ps. LUMINAR TECHNOLOGIES: Amends Plan to Include Other Secured Claims ----------------------------------------------------------------- Luminar Technologies, Inc., and affiliates submitted a Second Amended Disclosure Statement describing Second Amended Plan of Liquidation dated February 17, 2026. The Plan contemplates the distribution of the proceeds from the completed sales of substantially all the Debtors' assets pursuant to section 363 of the Bankruptcy Code to QCi for LSICo and to MicroVision for LiDARCo. and the efficient and orderly wind-down of the Debtors' estates in accordance with the Global Settlement. To implement the provisions of the Plan, including making distributions to holders of Claims and Interests, the Plan contemplates the creation of a Liquidation Trust, as well as the appointment of a Liquidation Trustee the identity of which shall be included in the Plan Supplement. To the extent the Liquidation Trustee generates Excess Cash after the effective date from monetizing the Liquidation Trust Assets, including the receipt of any Surplus Reserved Cash, Surplus Senior Claims Reserve Cash and Surplus Professional Fee Escrow Account, such proceeds shall be allocated pursuant to the Waterfall. The Debtors, the Ad Hoc Noteholder Group, and the Creditors' Committee have engaged in good faith and arm's length negotiations, culminating in the parties' entry into the Global Settlement. The Global Settlement is incorporated into the Plan and provides for the resolution of all disputes, claims, and controversies between the parties, including those related to the Plan and treatment of general unsecured claims, among other issues. The Global Settlement includes, among others, the following material terms and conditions (each as set forth in the Plan): * Holders of General Unsecured Claims (including First Lien Noteholder Deficiency Claims, if any, and Second Lien Noteholder Deficiency Claims) shall receive GUC Liquidation Trust Interests entitling them to their Pro Rata Share of Cash consisting of the GUC Reserve Assets and any proceeds thereof, net of any costs and expenses incurred by the Liquidation Trust (including fees of the Liquidation Trustee and any taxes incurred by the Liquidation Trustee, whether such taxes are incurred directly by the Liquidation Trustee in his or her role as such, or on account of those taxes attributed proportionately to each Holders' share of GUC Liquidation Trust Interests) in connection with the pursuit, abandonment, or liquidation of all GUC Reserve Assets; * GUC Reserve Assets shall include (i) the GUC Residual Amount, if any, (ii) the GUC Reserve Funding Amount of $1,500,000.00, (iii) the Retained Causes of Action belonging to each of the Debtors and the Debtors' Estates and the proceeds thereof (including any D&O Policy proceeds payable to the Estate on account of settlements or judgments from Commercial Tort Claims and other non-released claims and Causes of Action), and (iv) the Unencumbered Assets, and (v) the proceeds of each of the foregoing clauses (i)-(iv); * The appointment of the Liquidation Trustee shall be mutually agreeable between the Ad Hoc Noteholder Group and the Creditors' Committee and reasonably acceptable to the Debtors; the Creditors' Committee shall select each of the three members of the Liquidation Trust Oversight Board; * The sum of the Allowed Professional Fee Claims of the Creditors' Committee Advisors and the Restructuring Fees and Expenses due to the Unsecured Notes Trustee shall be capped at $4.225 million; provided that any amounts up to $200,000 incurred in excess of $4.025 million shall be payable from the first dollars to be distributed as Post Effective Date Available Cash (GUC Reserve Assets); and * The Allowed Professional Fee Claims of the Debtors' Advisors shall not exceed $26.471 million. Class 2 consists of Other Secured Claims. Except to the extent that a Holder of an Allowed Other Secured Claim agrees to less favorable treatment of such Claim, each Holder of an Allowed Other Secured Claim shall receive, at the option of the Debtors or the Liquidation Trustee, as applicable, in full and final satisfaction, settlement, release, and discharge of such Claim, on the Effective Date or as soon as reasonably practicable thereafter: (i) payment in full in Cash in an amount equal to the Allowed amount of such Other Secured Claim; (ii) such other treatment sufficient to render such Holder's Allowed Other Secured Claim Unimpaired pursuant to section 1124 of the Bankruptcy Code; or (iii such other recovery necessary to satisfy section 1129 of the Bankruptcy Code. The amount of claim in this Class total $8.0M. Class 5 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment of such Claim, each such Holder shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, on the Effective Date or as soon as reasonably practicable thereafter, such Holder's Pro Rata Share of the GUC Liquidation Trust Interests. The allowed unsecured claims total $518.8M. This Class will receive a distribution of 0% to 1% of their allowed claims. The Debtors and Liquidation Trustee, as applicable, shall fund Plan Distributions under the Plan as set forth herein with the (i) Effective Date Available Cash, (ii) Post Effective Date Available Cash (Non-GUC Reserve Assets), (iii) Post Effective Date Available Cash (GUC Reserve Assets), (iv) Excess Cash, (v) Senior Claims Reserve, (vi) First Lien Reserve, (vii) Second Lien Reserve, (viii) GUC Reserve, (ix) Surplus Wind Down Reserve, and (x) Surplus Senior Claims Reserve. A full-text copy of the Second Amended Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=BI3ta0 from Omni Agent Solutions, Inc. Attorneys for the Debtors: Stephanie N. Morrison, Esq. Austin B. Crabtree, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: stephanie.morrison@weil.com Austin.Crabtree@weil.com - and - Ronit J. Berkovich, Esq. Jessica Liou, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 E-mail: ronit.berkovich@weil.com Jessica.Liou@weil.com About Luminar Technologies Luminar Technologies, Inc., is an automotive lidar manufacturer. Luminar Technologies and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90808) on Dec. 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Wilson Sonsini Goodrich & Rosati Professional Corporation. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. M.K. WEEDEN: To Sell Wheel Loader to Travis Browning ---------------------------------------------------- MK Equipment Co., LLC and its affiliate M.K. Weeden Construction Inc. and WMK Holding LLC, seek permission from the U.S. Bankruptcy Court for the District of Montana, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor intends to sell a Caterpillar IT-28B Wheel Loader (serial number IHF02202) and its Fork Attachments. The Caterpillar Wheel Loader is to be sold to Travis Browning for a purchase price of $29,000.00. The Buyer and Mr. Weeden negotiated the purchase price for the Caterpillar Wheel Loader at arm's length. The offer received is believed to be the best offer to be received for this piece of equipment. Should any higher offer on similar terms come to the Debtor in advance of the hearing on this motion, Debtor would propose approving the sale to that bidder. The lien holder of the Property is First Bank of Montana and Bravera Bank. The Buyer is not related to the Debtor and its affiliates or any of the other related Weeden Entities, their affiliates, or any of their insiders. The Caterpillar Wheel Loader is not currently in use by Debtor. Accordingly, the Debtor believes that liquidating the Caterpillar Wheel Loader is in the best interest of the estate and its creditors, as it will assist with maximizing the value of the estate. About M.K. Weeden Construction Inc. M.K. Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40100) on December 11, 2025. In the petition signed by Monte K. Weeden, president and manager, the Debtor disclosed $27,956,847 in total assets and $23,678,668 in total liabilities. Judge Benjamin P. Hursh oversees the case. Laurie Thornton, Esq., at DBS LAW, represents the Debtor as legal counsel. MARA HOLDINGS: Fidelity Multistrategy Marks $21,000 Bond at 32% Off ------------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $21,000 corporate bond extended to Mara Holdings Inc. to market at $21,000 or 68% 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 Mara Holdings Inc. The bond accrues interest at a rate of zero percent per annum. The bond matures on August 1, 2032. 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 Mara Holdings Inc. Mara Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. MATADOOR RESTAURANT: Del Taco Closes All Georgia Locations ---------------------------------------------------------- Mona Thomas of People reports that all Georgia locations of Del Taco have closed, ending the brand's operations in the state. Restaurants in communities such as Lawrenceville, Dalton and Snellville have been removed from the company’s website and marked permanently shut. The closures follow the Chapter 11 bankruptcy of franchisee Matadoor Restaurant Group, which managed 22 restaurants across Georgia and Alabama. The filing cited persistent sales weakness and higher operating expenses, the report relays. During the bankruptcy proceedings, the franchisee's Georgia footprint was steadily reduced. By 2026, the state's 11 locations were gone, and only one Alabama restaurant in Huntsville remained listed, according to report. The development highlights ongoing contraction for the chain, which has reduced its national store count in recent years. After its 2022 acquisition by Jack in the Box, Del Taco was sold in late 2025 to Yadav Enterprises as part of a broader restructuring effort, the report cites. About Matadoor Restaurant Group LLC Matadoor Restaurant Group LLC, doing business as Del Taco, operates and manages franchised and proprietary restaurant concepts in the United States. The Company serves as a franchisee of Del Taco and operates The Matador, a full-service Mexican restaurant in Greenville, South Carolina. It functions under Red Door Brands, LLC, which oversees a portfolio of foodservice operations including additional national quick-service brands. Matadoor Restaurant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reported estimated assts and liabilities between $1 million and $10 million. The Debtor is represented by Christine E. Brimm, Esq. Barton Brimm, PA. MATADOR RESOURCES: S&P Rates New $750MM Sr. Unsecured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to U.S.-based crude oil and natural gas exploration and production company Matador Resources Co.'s proposed $750 million senior unsecured notes due 2034. The '3' recovery rating indicates its expectation for meaningful (capped at 50%-70%; rounded estimate: 65%) recovery of principal to creditors in the event of a payment default. The proposed notes will rank pari passu with the company's $900 million of outstanding 6.5% senior unsecured notes due 2032 and $750 million of outstanding 6.25% senior unsecured notes due 2033. Matador intends to use the net proceeds from these notes to refinance its existing $500 million of outstanding 6.875% senior unsecured notes due 2028 and repay a portion of the outstanding borrowings under its reserve-based lending (RBL) credit facility. As of Dec. 31, 2025, the company had about $313 million of outstanding borrowings and $54 million of outstanding letters of credit on its $2.25 billion RBL due 2029. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a period of sustained low commodity prices, which is consistent with the conditions of past defaults in this sector. -- S&P based its valuation of Matador's proved reserves on a company-provided PV10 report as of Dec. 31, 2025, using its recovery price deck assumptions of $50 per barrel for West Texas Intermediate crude oil and $2.50 per million Btus for Henry Hub natural gas. -- S&P's analysis assumes that the company's RBL facility, which has an elected commitment of $2.25 billion, is fully drawn up to this amount before default. -- S&P's analysis assumes that the $500 million 2028 notes are fully repaid with proceeds from the proposed note offering. -- S&P caps its recovery ratings on the unsecured debt issued by companies rated in the 'BB' category at '3' to reflect the heightened risk they will issue additional priority or pari passu debt on the path to default. Simulated default assumptions -- Simulated year of default: 2030 Simplified waterfall -- Net enterprise value (after 5% administrative costs): $5.6 billion -- Secured first-lien debt claims: $2.3 billion --Recovery expectations: Not applicable -- Value available to repay senior unsecured claims: $3.3 billion -- Senior unsecured debt claims: $2.5 billion --Recovery expectations: Capped at 50%-70% (rounded estimate: 65%) Note: All debt amounts include six months of prepetition interest. MERYDE GROUP: Taps NRT New York, Douglas Elliman as Brokers ----------------------------------------------------------- Meryde Group of Hotels LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain and employ NRT New York LLC d/b/a The Corcoran Group and Douglas Elliman Real Estate as its exclusive real estate brokers. The Debtor is a New York limited liability company formed in 2012 which is engaged in the operation of motel named "Central Motel Court Yard" located at 441 Central Avenue, White Plains, New York and an adjacent house located at 19 Waldo Avenue, White Plains, New York, (collectively, the "Property"). The brokers will provide these services: (a) evaluating the value of the Property; (b) reviewing all pertinent documents in connection with marketing the Property; (c) creating a marketing program for the Property and preparing and disseminating all marketing materials; (d) communicating with parties who have expressed an interest in the Property and endeavoring to locate additional parties who may have similar interests; (e) responding and providing information to, negotiating with, and soliciting offers from prospective purchasers and making recommendations to the Debtor as to the advisability of accepting particular offers; (f) arranging for physical inspection of the Property by prospective purchasers; (g) meeting with the Debtor and its attorneys as necessary; and (h) appearing, if requested, before the Bankruptcy Court during the term of its retention to testify or to consult with the Debtor in connection with the marketing or disposition of the Property. The Co-Brokers shall receive a combined brokerage commission of 5% of the gross sale price, with each broker receiving 2.5%. The Debtor shall not be obligated to pay a commission greater than 5% of the gross sale price. Payment of the Co-Brokers' commission will be made upon closing of any sale of the Property. The Co-Brokers are "disinterested persons" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firms can be reached at: Walter D. McCullough NRT New York LLC d/b/a The Corcoran Group 660 Madison Avenue New York, NY - and - Bruce D. Friedberg Douglas Elliman Real Estate 575 Madison Avenue New York, NY About Meryde Group of Hotels LLC Meryde Group of Hotels LLC is a hospitality company engaged in the ownership and operation of hotel properties. Meryde Group of Hotels LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22056) on January 21, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Douglas J. Pick, Esq. of Pick & Zabicki LLP. MILLSIDE PLAZA: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York entered an interim order authorizing Millside Plaza, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral generated from its property to pay ordinary and necessary operating expenses, subject to a monthly limit of $90,000, with a permitted 10% variance per budget line item. Any excess revenues must remain in the debtor-in-possession account until further court authorization. This interim access to funds allows the Debtor to maintain operations and preserve the value of the bankruptcy estate during the restructuring process. The Debtor projects total operational expenses of $435,256.97 for the period from January to April. As adequate protection for the lender, the Court granted first-priority replacement liens on substantially all post-petition assets of the Debtor, excluding avoidance actions and related proceeds. If the lender suffers any decline in collateral value due to the Debtor's use of cash collateral, that loss may also qualify as an administrative expense of the bankruptcy estate. Additionally, the Debtor must make monthly adequate protection payments of $58,103.74, beginning within three business days after entry of the order and continuing on the tenth day of each subsequent month. The interim order remains effective until a final hearing scheduled for April 27, at 10:30 a.m. The order preserves both parties' rights, stating that the Debtor does not admit the validity or priority of the lender's claims and may challenge them later, while the lender likewise retains all enforcement rights. 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. MO-NA-C0-BIOMEDICAL CORP: Hires Nydia Gonzalez Ortiz as Counsel --------------------------------------------------------------- MO-NA-C0-BIOMEDICAL, CORP seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Nydia Gonzalez Ortiz, Esq. of Santiago & Gonzalez Law to serve as legal counsel. Ms. Gonzalez Ortiz will represent the Debtor in the instant case. Ms. Gonzalez Ortiz will receive a $6,000 retainer fee, which has been advanced by Debtor, and hourly rates of $300 for work performed by Nydia Gonzalez Ortiz, $225 for work performed by the firm's associates, and $75 for paralegal services, plus expenses, upon application(s) and approval of the Court. Santiago & Gonzalez Law and Nydia Gonzalez Ortiz, Esq. are "disinterested persons" as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: Nydia Gonzalez Ortiz, Esq. SANTIAGO & GONZALEZ LAW 11 Betances Street Yauco, PR 00698 Telephone: (787) 267-2205 (787) 267-2252 E-mail: bufetesg@gmail.com About MO-NA-C0-BIOMEDICAL, CORP MO-NA-C0-BIOMEDICAL, CORP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-00578) on February 13, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $0 and $50,000. SANTIAGO & GONZALEZ LAW is Debtor's legal counsel. NATIONAL REALTY: Court Narrows Claims in Valley Adversary Case -------------------------------------------------------------- The Hon. John K. Sherwood of the U.S. Bankruptcy Court for the District of New Jersey granted in part and denied in part Valley National Bancorp, d/b/a Valley National Bank's motion to dismiss the AIRN Liquidation Trust Co., LLC's adversary complaint captioned as AIRN LIQUIDATION TRUST CO., LLC in its capacity as Liquidation Trustee of the AIRN LIQUIDATION TRUST, Plaintiff, v. VALLEY NATIONAL BANCORP, D/B/A VALLEY NATIONAL BANK, Defendant, Adv. Pro. No. 25-01237 (Bankr. D.N.J.). Valley's motion to dismiss is granted as to Counts Two, Five, Seven, Ten, Eleven, and Twelve, and is denied as to all other Counts. The Plaintiff seeks a judgment against Valley based on its alleged role in a real estate Ponzi scheme carried out through the debtors, National Realty Investment Advisors, LLC, and its affiliates ("NRIA"). Valley performed banking services for NRIA from July 2021 to December 2021, during which time NRIA opened eleven (11) business accounts. Valley's Motion is based on two primary arguments: (i) that the Plaintiff lacks standing to assert tort claims on behalf of NRIA's creditors under New Jersey law; and (ii) that the Plaintiff's aiding and abetting claims should be dismissed for failing to adequately allege that Valley had actual knowledge of the Ponzi scheme or substantially assisted the Ponzi scheme. Valley also argues that the rest of the Plaintiff's less significant claims should be dismissed on other grounds. The Court has recently decided a similar motion to dismiss by a bank that was sued by the Plaintiff based on its dealings with NRIA and its principals. AZRN Liquidation Trust Co., LLC v. Bank of America, N.A., Case No. 22-14539, Adv. Pro. No. 25-01239 (Dec. 31, 2025) ("BofA Decision" or "BofA Case"). The Court finds that the Plaintiff has standing in the BofA Decision, and it has standing in this case for the same reasons. The Plaintiff has standing to pursue tort claims on behalf of NRIA because it was established to pursue or liquidate the Liquidation Trust Assets and make distributions to Liquidation Trust Beneficiaries pursuant to the terms of the Liquidation Trust Agreement. According to the Court, New Jersey's anti-assignment law is preempted by Sec. 1123 of the Bankruptcy Code and the assignment of the NRIA Investors' individual claims to the Liquidation Trust was an appropriate means of plan implementation under Sec. 1123(a)(5). The terms of the confirmed Plan per the Confirmation Order preempt state law and there are no compelling reasons to reconsider that decision. Therefore, the Court concludes Plaintiff has standing to bring tort claims against Valley on behalf of NRIA and the Investors. Valley arguably engaged in services that were beyond standard when it granted account exceptions and kept NRIA accounts open after flagging them for closure. For these reasons, the Court holds Plaintiff adequately pled that Valley aided and abetted NRIA's fraud and Count One will not be dismissed. The Plaintiff alleges that there were instances during the banking relationship where Valley gave NRIA's accounts special scrutiny. According to the Court, with this information, it is reasonable to infer that Valley learned that NRIA was moving funds between accounts at the bank in violation of its duties to Investors. The Court finds the Plaintiff sufficiently pled aiding and abetting breach of fiduciary duty. Count Three will not be dismissed. According to the Court, the Complaint did not make any allegations that Valley represented NRIA directly in the sale of securities. The Plaintiff did not adequately plead that Valley aided and abetted securities fraud and Count Two of the Complaint will be dismissed. As set forth in the BofA Decision, the Ponzi scheme presumption applies because the Plaintiff alleges that NRIA was conducting a Ponzi scheme and that the fees paid to Valley were in furtherance of the Ponzi scheme. The actual fraudulent transfer claims in Counts Four and Six will not be dismissed. The Complaint seeks to recover "all banking and management fees paid to Valley" and refers to the fees in two years preceding the bankruptcy in the amount of approximately $5,000. According to the Court, there is no allegation that these fees were unreasonable, or more than fees charged by other banks. Therefore, the Plaintiff's claims for constructive fraudulent transfers in Counts Five and Seven are dismissed. The Plaintiff seeks to recover and preserve the allegedly avoidable transfers under 11 U.S.C. Secs. 550 and 551, and/or applicable state law for the transfers in Counts Four through Seven. The Court has dismissed Counts Five and Seven but Counts Four and Six have not been dismissed. The claims for recovery and preservation of the avoided transfers in Counts Four and Six will not be dismissed. The Court finds the Plaintiff in this case did not adequately allege facts demonstrating Valley had knowledge that NRIA engaged in the conversion of Investor funds or provide substantial assistance. The Plaintiff's claim for aiding and abetting conversion in Count Ten is dismissed. As in the BofA Case, Valley has not filed a claim in the NRIA bankruptcy that can be disallowed or equitably subordinated. Therefore, Count Twelve is dismissed without prejudice. A copy of the Court's Decision dated February 18, 2026, is available at http://urlcurt.com/u?l=Nlsbivfrom PacerMonitor.com. About National Realty Investment National Realty Investment Advisors, LLC is a luxury-homes developer based in Secaucus, N.J. National Realty Investment Advisors and 102 affiliates, including NRIA Partners Portfolio Fund I, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-14539) on June 7, 2022. In the petition filed by its independent manager, Brian Casey, National Realty Investment Advisors listed up to $50,000 in both assets and debt. NRI Partners Portfolio listed assets between $50 million and $100 million and liabilities between $500 million and $1 billion. Judge John K. Sherwood oversees the cases. S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the Debtors' counsel. Omni Agent Solutions is the claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors on June 30, 2022. The committee is represented by Ice Miller, LLP. NAVIENT CORP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Navient Corporation's (Navient) Long-Term Issuer Default Rating (IDR) and senior unsecured debt rating at 'BB-' and its Short-Term IDR at 'B'. The Rating Outlook is Stable. Key Rating Drivers Solid Franchise in Student Lending: The ratings affirmation reflects Navient's position as one of the largest non-government owners of student loan assets, its demonstrated track record (including as part of its predecessor organization) in managing its loan portfolios, its adequate liquidity profile, and the low credit risk and predictable cash flow of its Federal Family Education Loan Program (FFELP) loan assets. Monoline Business, High Leverage: Rating constraints include Navient's monoline business model focused on student lending, its diminishing scale, higher leverage relative to finance and leasing company peers, reliance on secured, wholesale funding, and high levels of asset encumbrance. Articulated Strategy, but Uncertain Growth Prospects: Fitch believes Navient has clearly articulated its strategy over the last year, after beginning a strategic review in January 2024 given the contraction of legacy segments like FFELP. Going forward, the business will be driven by student loan refinancing and personal lending through the Earnest digital platform, as well as in-school lending. Refinance originations doubled in 2025 yoy to $2.1 billion, aided by the resumption of federal direct loan payments, and in-school lending will be supported by the elimination of the Federal Graduate PLUS program. Still, growth prospects remain uncertain as refinance volumes are rate-sensitive, and the personal loan space is highly competitive and prone to credit deterioration. Credit Performance Normalizing: Asset quality continues to normalize in the private student loan (PSL) portfolio, with delinquencies rising in line with the broader weakening of consumer credit in recent years. As of YE25, the 30+ day delinquency rate was 6.3%, up from 6.1% at YE24 and above the four-year average of 5.6% for 2022-2025. Net charge offs increased to 2.2% in 2025 from 1.9% in 2024 and 1.5% in 2023. Overall asset quality metrics remain bolstered by the large FFELP portfolio, which has low credit risk due to the government guarantee. Profitability Constrained by Loss Provisioning: Navient's profitability continued to decline in 2025 relative to recent years driven by elevated provisioning expenses, the lack of floor-income hedge benefits on FFELP loans, and transformation-related restructuring charges. Pretax ROAA was negative 0.2% in 2025, below 0.3% in 2024 and the four-year average of 0.4% from 2022-2025. Provisioning expenses for the year totaled $280 million, up from $113 million in 2024. The increase was largely attributable to $168 million of loss provisions taken in 3Q25 given elevated delinquencies and revised default and recovery assumptions for the legacy PSL portfolio. Right-Sized Expense Base: Navient has realigned its cost structure since January 2024, moving to variable servicing costs by outsourcing all loan servicing to Higher Education Loan Authority of the State of Missouri (MOHELA), divesting the business processing segment and eliminating an additional $133 million of corporate expenses. Fitch expects this will improve profitability in the near term. High Leverage: Fitch views Navient's leverage as high relative to the risk profile of the PSL portfolio and compared with similarly rated finance and leasing companies. Leverage, calculated as debt to tangible equity, excluding debt and capital associated with guaranteed FFELP assets and mark-to-market gains/losses on derivatives, was 10.2x at YE25, up from 9.0x at YE24. Leverage increased during the year with higher originations, partially offset by lower share repurchases relative to prior periods. Fitch expects leverage to continue to increase with growing refinance volumes but remain below the peak of 13.3x at YE20. Largely Secured Funding Profile: Navient's proportion of unsecured debt to total funding was stable at 11.6% at YE25. When excluding FFELP debt, which is more indicative of the company's ongoing funding profile, unsecured debt comprised 29.3% of the funding mix. Fitch expects unsecured funding levels to remain relatively stable near term as growth to fund the refi portfolio is offset by amortization of secured debt associated with legacy portfolios. Navient faces a $506 million unsecured maturity in June 2026, which, if repaid, would bring the mix of unsecured debt to 26.5% of total non-FFELP debt on a pro forma basis. Adequate Liquidity: As of YE25, Navient's available primary liquidity consisted of $637 million in unrestricted cash, $612 million of unencumbered FFELP and refi loans, and company-projected cash flows of $1.2 billion and $1.3 billion (before operating expenses, taxes, unsecured debt paydowns and shareholder distributions) from its loan portfolio in 2026 and 2027, respectively. The company can access additional liquidity by securitizing its $1.3 billion of unencumbered private education loans, inclusive of the above-mentioned refi loans, and by borrowing against the $4.7 billion of overcollateralization in its securitizations. Stable Outlook: The Stable Outlook reflects Fitch's expectations that leverage will increase modestly but remain within rating sensitivities, profitability will improve as stronger operating margins are partially offset by weaker credit performance, liquidity will remain adequate, and the funding mix will remain stable. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Degradation of Navient's franchise and scale that materially weakens operating results, access to funding and/or available liquidity; - A sustained increase in Navient's debt-to-tangible equity ratio (excluding FFELP and the mark-to-market on floor income hedges) to over 12x; - Significant deterioration in credit performance of the PSL portfolio leading to materially weaker operating results; - A sustained decrease in the unsecured debt mix, representing less than 10% of the company's non-FFELP funding; - An increase in shareholder distributions above Navient's core earnings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustainable growth in core earnings from successful execution on new loan originations or other product offerings; - Strong credit performance of the private education loan refi portfolio through periods of economic stress; - A sustained reduction in leverage below 8.0x; - Continued ability to access the unsecured debt market on economic terms. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is equalized with Navient's IDR. The equalization reflects average recovery prospects under a stress scenario given the availability of unencumbered assets. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is expected to move in tandem with the IDR. However, a meaningful increase in the proportion of secured funding or reduction of the unencumbered asset pool could result in the unsecured debt rating being notched below the IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). The Asset Quality score has been assigned above the implied score due to the following adjustment reason: Collateral and reserves (positive). The Capitalization and Leverage score has been assigned above the implied score due to the following adjustment reason: Risk profile and business model (positive). ESG Considerations Navient has an ESG Relevance Score of '4' for Exposure to Social Impacts due to its exposure to shifts in social or consumer preferences as a result of an institution's social positions, or social and/or political disapproval of core activities, which has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Navient has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy, and Data Security due to its exposure to compliance risks including fair lending practices, debt collection practices and consumer data protection, which has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Navient Corporation LT IDR BB- Affirmed BB- ST IDR B Affirmed B senior unsecured LT BB- Affirmed BB- NEW GENERATION: Case Summary & Four Unsecured Creditors ------------------------------------------------------- Debtor: New Generation International Ministries 1700 Blair St. Richmond, VA 23220 Business Description: New Generation International Ministries is a nonprofit religious organization based in Richmond, Virginia, providing Christian worship services, community programs, and ministry activities. The ministry operates locally at its Richmond campus on Blair Street and is part of a broader network of New Generation International Ministries locations. Its activities are focused on faith-based services, spiritual development, and community engagement within the religious services sector. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 26-30727 Debtor's Counsel: Graham T. Jennings, Jr., Esq. GRAHAM T. JENNINGS, JR., P.C. P.O. Box 426 Powhatan, VA 23139 Tel: (804) 598-7912 Fax: (804) 591-0323 Email: powlaw@gjenningspc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael B. Hathaway as president and member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HS5XOSI/New_Generation_International_Ministries__vaebke-26-30727__0001.0.pdf?mcid=tGE4TAMA NGL ENERGY: S&P Rates Proposed Senior Secured Term Loan B 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to Tulsa, Okla.-based midstream energy partnership NGL Energy Partners L.P. and NGL Energy Operating LLC's proposed $700 million senior secured term loan B due 2033. The company has also proposed an additional $250 million secured debt issuance (unrated). The '2' recovery rating indicates S&P's expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a default. The partnership intends to use the net proceeds from the offerings to repay its existing term loan B, redeem a portion of its class D preferred units, and pay applicable fees and expenses. S&P's 'B' long-term issuer credit rating and stable outlook on the partnership are unchanged. Pro forma for the proposed transaction, we expect the partnership will have about $3.3 billion of debt outstanding. NGL Energy Partners specializes in crude oil logistics, water disposal and treatment, natural gas liquids logistics, and other refined products logistics. NICK'S PIZZA: Court Extends Cash Collateral Access to March 30 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued its sixth interim order authorizing Nick's Pizza & Pub, Ltd. to use cash collateral. Under the sixth interim order, the Debtor is authorized to use its lenders' cash collateral to pay the expenses set forth in its budget through March 30 or the date of the final hearing. The Debtor may make monthly partial rent payments for its Crystal Lake and Elgin restaurants from available operating funds after setting aside a $75,000 reserve and paying Section 330 attorneys' fees pursuant to Section 330 of the Bankruptcy Code. The next hearing is scheduled for March 25. The Debtor's lenders are St. Charles Bank & Trust Company, N.A., Rewards Network Establishment Services, Inc. and On Deck Capital, Inc. St. Charles Bank & Trust, successor by merger with First Community Bank, asserts that it holds a lien on assets of the Debtor pursuant to UCC-1 financing statements it filed against the Debtor. The lender provided a $5.725 million loan to the Debtor to, among other things, assist in the refinancing of the Debtor's real property and construction of a restaurant. Similar security interests may be asserted by Rewards pursuant to its 2017 Receivables Purchase and Marketing Agreement with the Debtor. The agreement included language granting a security interest in certain property owned by the Debtor. A copy of the court's order and the budget is available at https://shorturl.at/oZh1g from PacerMonitor.com. About Nick's Pizza & Pub Ltd. Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in Crystal Lake and Elgin, serving thin-crust Chicago pizza. Nick's Pizza & Pub filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-18037) on December 2, 2024, with assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Nicholas Sarillo, president of Nick's, signed the petition. Judge Janet S. Baer handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. St. Charles Bank & Trust Company, N.A., as lender, is represented by: John Adam Powers, Esq. Brotschul Potts, LLC 1 Tower Lane, Suite 2060 Oak Brook Terrace, IL 60181 Phone: (312) 551-9003 apowers@brotschulpotts.com NOR-WES INC: Seeks to Sell Agricultural Aircraft ------------------------------------------------ Nor-Wes Inc. seeks permission from the U.S. Bankruptcy Court for the Western District of Louisiana, Shreveport Division, to sell Aircraft, free and clear of liens, claims, interests, and encumbrances. The Debtor has obtained authority to sell certain assets in the ordinary course of its liquidation efforts. In connection with the final title work for the closing of the sale of one Thrush Model S2RT660 agricultural aircraft bearing FAA Registration No. N710NW, the Debtor learned that as a fact that Eastern Aviation Fuels, Inc. d/b/a Titan Aviation Fuels had recorded a filing with the Federal Aviation Administration asserting a lien against the Aircraft. The Debtor had not previously identified the Titan filing in the earlier stages of the sale process and promptly began efforts to obtain Titan's consent to the closing and to address the asserted lien in a manner that would permit the transaction to proceed. The Debtor has continued to attempt to contact Titan and remains willing to resolve the matter consensually. As of the filing of this Motion, Titan has not provided the requested consent. The Debtor's Property is one Thrush Model S2R-T660 agricultural aircraft bearing FAA Registration No. N710NW, together with all associated engines, components, and records. The closing of the sale of the Aircraft had been projected for February 20, 2026, subject to completion of the parties' closing requirements. The Debtor has been advised, however, that the purchaser's willingness to hold the transaction open is necessarily limited, and further delay creates a material risk that the transaction will not be consummated, to the detriment of the estate and its creditors. The Debtor seeks authority to sell the Aircraft free and clear of any interest asserted by Titan. The Debtor further seeks a determination that the proposed escrow of the sale proceeds constitutes adequate protection of any interest asserted by Titan. The Debtor has requested payoff information and lien-release coordination from Delta Bank, the senior secured creditor with a recorded security interest in the Aircraft, through the closing agent. Delta Bank holds a senior, properly recorded security interest in the Aircraft and is entitled to enforce its rights under applicable non-bankruptcy law. About Nor-Wes Inc. Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Nor-Wes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11534) on December 19, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Robert W. Raley, Esq. NORTHWEST WATERPROOFING: Gets Extension to Access Cash Collateral ----------------------------------------------------------------- Northwest Waterproofing, LLC received another extension from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral to fund operations. The court issued a fourth interim order extending the Debtor's authority to use cash collateral to March 20 strictly in accordance with its latest budget. The Debtor was previously allowed to access cash collateral from February 1 to 18 under the court's third interim order. The fourth interim order reflects agreements reached among the Debtor, the Subchapter V trustee, the Office of the U.S. Trustee and secured creditors, including U.S. Bank, N.A.., CAN Capital Inc. and Vox Funding, LLC. As adequate protection, the secured creditors will be granted replacement liens on post-petition collateral of the same type, validity, and priority as their pre-bankruptcy liens. The Debtor must also make monthly interest-only adequate protection payments to U.S. Bank of $361, provide financial reports, tax returns, and variance reports comparing actual performance to the budget, and grant the lender access to books and records. The Debtor additionally stipulated to the validity and secured status of U.S. Bank's claims and agreed to maintain collateral free of additional liens. The fourth interim order imposes strict compliance requirements and authorization to use cash collateral will automatically terminate if the Debtor fails to meet reporting obligations, exceeds budget limits, falls below revenue thresholds, misses payments, or violates other provisions. Funds owed to the Debtor must be released to support operations, while new encumbrances on assets are prohibited without consent or court approval. The order's protections, liens, and priorities remain effective even if the case is later converted, dismissed, or modified. The order is available at https://is.gd/6fv7w0 from PacerMonitor.com. About Northwest Waterproofing LLC Northwest Waterproofing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-33899-thp11) on November 20, 2025. In the petition signed by Richard Dowers, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Teresa H. Pearson oversees the case. Noah Bishop, Esq., at Bishop Bankruptcy Law, LLC, represents the Debtor as legal counsel. NOVEP LLC: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: Novep LLC 9205 Research Drive Irvine, CA 92618 Case No.: 26-10572 Business Description: Novep LLC is an Irvine, California-based real estate company that owns and leases a commercial property on Research Drive with an appraised value of $3 million. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Central District of California Judge: Hon. Scott C Clarkson Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Email: tom@urelawfirm.com Total Assets: $3,000,000 Total Liabilities: $2,560,000 The petition was signed by Jasmine Lee as managing member. The Debtor listed the County of Orange as its sole unsecured creditor, with a $60,000 claim tied to property taxes. The Debtor listed the County of Orange (Santa Ana, California) Treasurer-Tax Collector as its sole unsecured creditor, with a $60,000 claim tied to property taxes. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7NABRCY/Novep_LLC__cacbke-26-10572__0001.0.pdf?mcid=tGE4TAMA OLENOX INDUSTRIES: Appoints Ambassador Paula Dobriansky to Board ---------------------------------------------------------------- Olenox Industries Inc. disclosed in a regulatory filing that the Board appointed Ambassador Paula J. Dobriansky as a director to fill a board seat vacancy. Ambassador Dobriansky will serve until the date of the Company's 2025 Annual Meeting of Shareholders, and until her successor is duly elected and qualified. As a non-employee director, Ambassador Dobriansky will participate in the Company's previously disclosed non-employee director compensation program, which consists of: (i) an annual cash retainer of $40,000 which is paid in quarterly installments, (ii) an annual cash retainer of $10,000 per committee chair position held, and (ii) an annual equity grant of restricted stock units under the Company's Stock Incentive Plan with a grant date value of approximately $50,000 that will vest quarterly over two years, subject to continued service as a director through such date. In connection with her appointment, Ambassador Dobriansky will receive a pro-rata portion of each to reflect the fact that she was appointed in February 2026. Ambassador Paula J. Dobriansky, age 70, was appointed as a director of the Company on February 3, 2026. Ambassador Dobriansky is a foreign policy expert and diplomat specializing in national security affairs, is Vice Chair of the Atlantic Council' Scowcroft Center for Strategy & Security and Senior Fellow, Harvard University Belfer Center. She brings over 30 years of government and international experience across senior levels of diplomacy, business, and defense. She was Senior Vice President and Global Head of Government and Regulatory Affairs at Thomson Reuters and held the Distinguished National Security Chair at the U.S. Naval Academy. Her high-level government positions include Under Secretary of State for Global Affairs, President's Envoy to Northern Ireland (for which she received the Secretary of State's highest honor -- the Distinguished Service Medal, and National Security Council Director of European and Soviet Affairs. A member of the Council on Foreign Relations and the American Academy of Diplomacy, Dobriansky also served on the Defense Policy Board, the Secretary of State's Foreign Policy Board and as Chair of ExIm Bank's Council on China Competition. She has a BSFS summa cum laude from Georgetown University School of Foreign Service and an MA and Ph.D. in Soviet political/military affairs from Harvard University. She has received high-level international recognition from the governments of Poland, Ukraine, Hungary, Romania, Lithuania and Colombia and is the recipient of five honorary degrees. There are no family relationships between Ambassador Dobriansky and any of the Company's directors or executive officers. In addition, as set forth above, Ambassador Dobriansky is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. OLENOX INDUSTRIES: Executes Settlements, Issues Total 1.21MM Shares ------------------------------------------------------------------- Olenox Industries Inc. disclosed in a regulatory filing that it executed a settlement agreement with Michael McLaren, to settle the outstanding balance owed to the Note Holder pursuant to a convertible promissory note between the Note Holder and the Company's subsidiary Olenox Corp., a Wyoming corporation. Per the terms of the Settlement, the Company will issue 626,325 shares of restricted common stock of the Company, par value $0.01 to settle the balance due under the Note in full. Under the terms of the Settlement, the Note Holder agrees to waive and release any and all claims against the Company relating to the Note. A full text copy of the Settlement is available at https://tinyurl.com/58wx3pub Additionally, the Company also executed a settlement agreement with Mr. McLaren, to resolve and settle any and all actual or potential claims that the Shareholder may have with regard to the Shareholder's shares of Company Series A Non-Voting Convertible Preferred Stock. Per the terms of the Settlement, the Company will issue 585,000 shares of restricted common stock of the Company, par value $0.01 and the Shareholder shall surrender to the Company 39,000 Preferred Shares held by the Shareholder. Under the terms of the Settlement, the Note Holder agrees to waive and release any and all claims against the Company relating to the Preferred Shares. A full text copy of the Settlement is available at https://tinyurl.com/3b6dtnja About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. ONCAM INC: Court OKs Ch. 7 Sale of Assets to Tonn Investments ------------------------------------------------------------- A report says that on October 31, 2024, the United States Bankruptcy Court for the District of Arizona approved the Chapter 7 Trustee's sale of certain Joseph Evan Shapiro's assets to Tonn Investments LLC, thereby transferring all of Mr. Shapiro's title and ownership of the following assets to Tonn Investments, LLC as documented by a Bill of Sale: * Arcturus Holding, Inc. * Bytedragon Holding Co. * Frontier Global Technologies Holding(s) Inc. * QXGFF Holding(s) Inc.; Knight Transportation Technologies Inc. * Oriental Digital Asset(s) Holdings, LLC * Proxima Centauri Holding Inc. * Oncam Holding(s) Inc.; Shapiro LLC * FutureFone, LLC; 2GTHR, LLC; and * any other entity in which Joseph Shapiro held an interest as of May 15, 2023. Between 2012 and 2016, Joseph Shapiro was the Chairman and Chief Executive Officer of Oncam. Mr. Scott Tonn served as the President and Chief Operations Officer of Oncam. On January 27, 2026, the U.S. District Court for the District of Arizona, Judge G. Murray Snow presiding, ordered the Clerk of the Court to enter a judgement in favor of Scott L. Tonn in the amount of $3,278,246.16, with $772.44 daily per diem post-judgement interest and in favor of Tonn Investments, LLC in the amount of $10,803,082.18 with $4,316.23 per diem post judgement interest. Tonn Investments, LLC is attempting to collect upon the judgement against Joseph Evan Shapiro and seeks information about the Joseph Evan Shapiro a.k.a. Joe Shapiro assets listed above. Tonn Investments seeks to share benefits of any monetization and/or collection of funds related to the aforementioned. Inquiries regarding the Joseph Evan Shapiro assets or judgment in favor of Tonn Investments, LLC are directed to contact legal@tonninv.com. Contact: Legal Department TONN INVESTMENTS, LLC Email: legal@tonninv.com OT MIDCO: Fidelity Multi-Strategy Marks $20,000 Bond at 60% Off --------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $20,000 corporate bond extended to OT Midco Inc. to market at $7,958 or 40% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 OT Midco Inc. The bond accrues interest at a rate of 10% per annum. The bond matures on February 15, 2030. 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 OT Midco Inc. Artera Services LLC provides infrastructure services to the natural gas and electric utility industries, including maintenance and construction. PARAMOUNT GOLD: Fangjian Yuan Reports 8.5% Equity Stake ------------------------------------------------------- Fangjian Yuan disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 3, 2026, he beneficially owns 6,717,111.79 (with shared voting and dispositive power pursuant to a limited, revocable power of attorney to trade securities in an account beneficially owned by a family member) shares of common stock of Paramount Gold Nevada Corp.'s common stock, par value US$0.01 per share, representing 8.5% of the 79,325,833 shares outstanding as updated February 10, 2026. Mr. Yuan holds a limited, revocable power of attorney to trade securities in an account beneficially owned by a family member and disclaims beneficial ownership except to the extent of voting and dispositive power, if any. Mr. Yuan has been granted limited and revocable trading authority with respect to the securities held by an entity beneficially owned by a family member. Mr. Yuan does not have any economic interest in the Entity and receives no compensation in connection with such authority. Mr. Yuan may be deemed to share dispositive power over the securities held by the Entity solely for purposes of Section 13(d) of the Securities Exchange Act of 1934 and disclaims beneficial ownership except to the extent of such dispositive power, if any. There is no agreement among Mr. Yuan and any other person to act together with respect to the acquisition, disposition, or voting of the securities of the Company. Fangjian Yuan may be reached at: The Yard, 157 Columbus Ave New York, NY 10023 A full-text copy of Yuan Fangjian's SEC report is available at: https://tinyurl.com/42yupss7 About Paramount Gold Nevada Corp. Paramount Gold Nevada Corp. is engaged in the business of acquiring, exploring and developing precious metals projects in the United States of America. Paramount owns both exploration and development stage projects in the states of Nevada and Oregon. Denver, Colorado -based Baker Tilly US, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $53,859,326 in total assets, $25,380,807 in total liabilities, and $28,478,519 in total stockholders' equity. PASTORELLI FOOD: UCC Foreclosure Sale of Assets Set for Mar. 25 --------------------------------------------------------------- AW Properties Global, through its auction division AuctionWorks, announces a UCC Article 9 foreclosure sale by Pomodoro Lender LLC of all right, title, and interest in certain collateral owned by Pastorelli Food Products, Inc. The collateral includes certain furniture, fixtures, equipment, inventory, and related intellectual property associated with the Debtor's business. The public sale will be conducted virtually via Zoom on March 25, 2026 at 10 am CST with an initial credit bid of $2,840,435.70. Collateral Offered All assets and all personal property of the Debtor, whether now owned or hereafter acquired, as set forth in the Loan Documents between the Debtor and the Lender. (a) all Accounts, Inventory, Equipment, other goods, fixtures, General Intangibles, Payment Intangibles, Chattel Paper, Letter of Credit Rights, Supporting Obligations, Proprietary Rights, Instruments, promissory notes, Documents and documents of title, Investment Property, Deposit Accounts, Securities Accounts, Commercial Tort Claims, money, cash, cash equivalents, securities and other personal property of any kind (whether held directly or indirectly by Debtor), all books and records, whether in tangible or intangible form, all other assets, if any, and all accessions to, substitutions for and replacements, products and proceeds (including all "proceeds" as defined in Section 9.102 of the Uniform Commercial Code and, including all dividends, distributions and other income from the foregoing, collections thereon or distributions with respect thereto) of any of the foregoing; provided, however, that the foregoing does not include any property or components to the extent owned by any third parties; and (b) all Intellectual Property Collateral of the Debtor, including any Copyrights, Copyright Licenses, Other Assets, Patents, Patent Licenses, Trademarks, and Trademark Licenses; provided, however, that such Intellectual Property Collateral of the Debtor does not include any intellectual property interests to the extent owned by any third parties. For the avoidance of doubt, the Sale Assets do not include any fee interests in real property. Terms used and not defined herein shall have the meaning given to such terms in the Loan Documents. Important Notice This is a sale of assets only, not a sale of the Debtor's equity interests. The Collateral is being sold AS-IS, WHERE-IS, WITH ALL FAULTS, and without any representation or warranty, express or implied, including without limitation any warranty of merchantability, fitness for a particular purpose, or non-infringement. Auction Details -- Date/Time: March 25, 2026 -- Location: Remotely via Zoom -- Initial Credit Bid: $2,840,435.70 -- Collateral Condition: AS IS, WHERE IS, WITH ALL FAULTS, WITHOUT WARRANTIES OF ANY KIND (including merchantability or fitness for purpose). Bidding Information Interested parties who intend to bid on the above collateral must contact AW Properties Global to receive the terms of sale, bidding instructions, and any confidentiality agreement required for additional documentation. Contact: Diana Peterson AW Properties Global 707 Skokie Boulevard, Suite 600 (312) 218-6102 dianap@awproperties.com Additional information is available at auctions.awproperties.com. Statement from AW Properties Global "We continue to see strong investor interest in UCC sales involving diverse categories of collateral, including furniture, fixtures, equipment, inventory, and intellectual property," said Diana Peterson, CEO of AW Properties Global. "UCC foreclosure sales provide lenders and investors with a transparent and efficient process to monetize collateral while creating strategic acquisition opportunities for buyers." About AW Properties Global AW Properties Global and AuctionWorks, its auction division and online marketplace, are headquartered in Northbrook, IL. The AW Properties Global team is a sophisticated and dynamic group of seasoned brokerage and auction professionals including attorneys, MBAs, and CPAs who consult with their clients to help them reduce costs and maximize value across a portfolio or on an individual asset basis. Committed to client satisfaction and excellence in consulting, investment sales, brokerage, and auctions, the AW Properties Global team seamlessly merges local market expertise with extensive global reach. The AW Properties Global team provides premier consulting, brokerage, and auction services across all regions, complemented by equipment liquidation services, sales of going concern businesses, and lease restructuring services. Specializing in dispositions of distressed assets, the AW Properties Global platform includes investment sales, accelerated sales, online auction sales, sealed bid sales, bulk/portfolio sales, sale leasebacks, UCC foreclosure sales, and bankruptcy/363 sales. PEORIA CHARTER: Seeks to Hire RSM US LLP as Accountant ------------------------------------------------------ Peoria Charter Coach Company seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to hire Michael Bass of RSM US LLP to serve as accountant. Mr. Bass will provide these services: (a) advise on tax issues; (b) prepare necessary tax returns on behalf of the estate; and (c) assist with accounting tasks. Mr. Bass will receive a blended hourly rate of $250 to $275 per hour for accountants and accounting staff members, plus expenses. RSM US LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael Bass RSM US LLP 401 Main Street, Suite 1200 Peoria, IL 61602 Telephone: (309) 497-1405 About Peoria Charter Coach Co. Peoria Charter Coach Company is a Peoria, Illinois-based transportation firm that provides intercity bus service and charter transportation across Illinois and surrounding states. Founded in 1999, the privately held company operates scheduled routes connecting major cities, universities, and airports. Peoria Charter Coach Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-80900) on December 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peter W. Henderson handles the case. The Debtor is represented by Jeana K. Reinbold, Esq. of Sgro, Hanrahan, Durr, Rabin & Reinbold, LLP. PHYSICAL INVESTMENTS: Court OKs Roanoke Property Sale to Z Hill --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, has granted Physical Investments Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 813 30th Street, NW, Roanoke, VA 24017. The Court has authorized the Debtor to sell the Property to Z Hill Properties, LLC. The amount of the purchase price is less than the aggregate secured debt. Blue Ocean will agree to accept the net purchase price in satisfaction of its lien and all claims it has against the Debtor. The Debtor is authorized to sign any documents necessary to provide the purchaser with clean and clear title to the Property. The purchaser of the Property shall be afforded the protection provided by the U.S.C. Section 363 (m). The Court held that all liens on the Property shall attach to the proceeds of the Property to the same extent, with the validity and priority as the liens had in the Property. The Debtor is authorized to pay normal and customary closing costs from the proceeds of the sale of the Property. The remaining sales proceeds shall be paid to Blue Ocean Mortgage LLC to the extent of its secured debt against the Property. To the extent that the net proceeds are insufficient to pay Blue Ocean Mortgage LLC in full, Blue Ocean Mortgage LLC will accept the net proceeds in satisfaction of its lien and its debt from the October. About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PITTSBURGH SOUTHWESTERN: Taps Christopher M. Frye as Counsel ------------------------------------------------------------ Pittsburgh Southwestern Industries Co. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Christopher M. Frye, Esquire of Steidl and Steinberg, P.C. to serve as counsel in its Chapter 11 case. Christopher M. Frye, Esquire will provide these services: (a) serve as counsel to Pittsburgh Southwestern Industries Co. in regard to its voluntary Chapter 11 reorganization proceeding; (b) perform all of the legal services required; and (c) represent the Debtor in its Chapter 11 bankruptcy case. Christopher M. Frye, Esquire will bill time at $400 per hour. Applicant charges hourly rates for services and may seek reimbursement for all out-of-pocket charges that are incurred on behalf of the client. A retainer totaling $10,000 (plus the filing fee of $1,738) was paid by the Debtor to counsel prior to the filing of the Chapter 11 case. Christopher M. Frye, Esquire and Steidl and Steinberg, P.C. do not represent any interest adverse to Debtor's estate, Debtor, or creditors of Debtor's estate, and is a disinterested person within the meaning of 11 U.S.C. Section 101. Applicant believes that they are a "disinterested person" within the meaning of Sections 101 and 327 of the Bankruptcy Code. The firm can be reached at: Christopher M. Frye, Esquire STEIDL AND STEINBERG, P.C. Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 E-mail: chris.frye@steidl-steinberg.com About Pittsburgh Southwestern Industries Co. Pittsburgh Southwestern Industries Co. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20440) on February 17, 2026. At the time of the filing, Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $100,001 and $500,000. Steidl and Steinberg, P.C. is Debtor's legal counsel. PRECIOUS GEMS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered an interim order authorizing Precious Gems Academy, Inc., to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with an approved operating budget after determining that it lacks sufficient unencumbered funds to maintain operations. The primary secured creditor, PNC Bank, holds approximately $60,723.44 in secured debt and maintains collateral rights in funds held in the Debtor's PNC account. Under the order, PNC Bank may continue an administrative hold on $30,000 in the account, and the Debtor may use only funds exceeding that amount unless further court approval is obtained. As adequate protection for the use of its collateral, PNC Bank will be granted several protections, including monthly adequate protection payments of $1,200, replacement liens on post-petition assets, continuing security interests in deposited funds, and preserved setoff rights subject to the automatic stay. These replacement liens are deemed automatically perfected upon entry of the order without additional filings. The order also establishes protections for other secured creditors and creates a limited carve-out for statutory fees, subchapter V trustee expenses, and potential Chapter 7 trustee fees. The interim order remains effective until a final hearing scheduled for March 19. Parties wishing to object to final approval must file objections by March 12. About Precious Gems Academy, Inc. Precious Gems Academy, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.Y. Case No. 26-11503) with $100,001 to $500,000 in assets and $1,000,001 to $10 million in laibilities. The petition was signed by Karen Villacari as director. The Debtor is represented by: Andrew J. Kelly, Esq. The Kelly Firm, P.C. 732-449-0525 akelly@kbtlaw.com PREMIER ROOFING: Seeks to Hire William G. Haeberle as CPA --------------------------------------------------------- PREMIER ROOFING OF JACKSONVILLE, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to employ William G. Haeberle, a professional providing accounting services, to serve as its certified public accountant. Mr. Haeberle will provide these services: (a) preparation of the Debtor's Monthly Operating Reports; and (b) preparation of tax returns. The firm will be billed at $300 per month. A $2,000retainer to be paid post-petition. William G. Haeberle states that he is a "disinterested person" as that term defined in Section 101(14) of the Bankruptcy Code. The professional can be reached at: William G. Haeberle, CPA 4446-1A Hendricks Ave., #245 Jacksonville, FL 32207 About Premier Roofing of Jacksonville LLC Premier Roofing of Jacksonville, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00235) on January 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Honorable Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor as legal counsel. PUP II LLC: Case Summary & Four Unsecured Creditors --------------------------------------------------- Debtor: PUP II, LLC 10203 N Boyd Avenue Fresno, CA 9373 Business Description: PUP II, LLC is a single-asset real estate company, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-10728 Judge: Hon. Rene Lastreto II Debtor's Counsel: Joel D. Winter, Esq. WINTER LAW GROUP 1060 Fulton St. Ste. Fresno, CA 93721 Tel: 559-321-8671 Fax: 866-554-9123 Email: joelwinter@bankruptcyfresno.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Victoria Nino as authorized member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T4FYHXY/PUPII_LLC__caebke-26-10728__0001.0.pdf?mcid=tGE4TAMA PUP II: Case Summary & Four Unsecured Creditors ----------------------------------------------- Debtor: PUP II, LLC 10203 N Boyd Avenue Fresno, CA 9373 Business Description: PUP II, LLC is a single-asset real estate company that owns one income-producing property. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-10726 Judge: Hon. René Lastreto II Debtor's Counsel: Joel D. Winter, Esq. WINTER LAW GROUP 1060 Fulton St. Ste Fresno, CA 93721 Tel: 559-321-8671 Fax: 866-554-9123 Email: joelwinter@bankruptcyfresno.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Victoria Nino a authorized member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MHSN4ZI/PUP_II_LLC__caebke-26-10726__0001.0.pdf?mcid=tGE4TAMA PYRAMID CONCRETE: Seeks to Hire Jerry Schwartz as CPA ----------------------------------------------------- Pyramid Concrete Pumping LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Jerry Schwartz, a licensed professional based in Memphis, Tennessee, to serve as its certified public accountant. Mr. Schwartz will provide these services: (a) general accounting services; and (b) preparation of federal and state tax returns. Mr. Schwartz will receive an hourly rate of $300, and an hourly rate of $175 is for accounting staff and $250 for technical staff. Jerry Schwartz is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The professional can be reached at: Jerry Schwartz, CPA 6260 Poplar Avenue Memphis, TN 38117 Telephone: (901) 683-8766 E-mail: Attycpa1040@gmail.com About Pyramid Concrete Pumping Pyramid Concrete Pumping LLC provides concrete pumping services in Tennessee, offering line pumps, boom trucks and specialized trucks to handle residential, commercial and industrial projects. The company has more than two decades of industry experience and focuses on reliability and customer service. It serves as a contractor for concrete placement, including projects that require equipment capable of meeting complex or large-scale construction demands. Pyramid Concrete Pumping sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September 12, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy JudgeÂ Denise E. Barnett the case. The Debtor is represented by Bo Luxman, Esq., at Luxman Law Firm. QVC GROUP: Faces $30MM Termination Lawsuit, Mulls Chapter 11 Filing ------------------------------------------------------------------- Erin McCarthy of The Philadelphia Inquirer reports that the QVC Group, parent company of HSN, is facing both financial strain and a $30 million lawsuit from former on-air talent Antthony Mark Hankins. Bloomberg reported that executives are considering a Chapter 11 filing to reorganize billions in debt. Hankins, a Savannah, Georgia designer with a 31-year tenure on HSN, filed the suit last week alleging wrongful termination, discriminatory treatment, and retaliatory conduct. His lawyers describe the firing as abrupt and unjustified. The lawsuit, filed in the U.S. District Court for the Eastern District of Pennsylvania, seeks at least $30 million in damages, the report states. The complaint details that HSN executives reduced Hankins' airtime and curtailed promotion of his brand, Antthony Design Originals, between 2023 and 2025 to focus on a TikTok-oriented strategy. Hankins claims this led to a $2 million drop in expected sales. He also alleges racial discrimination, citing preferential promotions during Black History Month and immediate removal from airwaves, The Philadelphia Inquirer reports. Additional allegations include breach of contract, defamation, interference with business relationships, and misappropriation of his name and likeness. Hankins described the suit as protecting his brand and legacy. QVC Group, which merged with HSN in 2017 and rebranded last year, has not commented on the lawsuit, and no bankruptcy filings have been recorded, the report relays. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of June 30, 2025, QVC had $6.69 billion in total assets against $9.58 billion in total liabilities. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." REACH MEDIA: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On February 19, 2026, Reach Media Group, Inc. filed for Chapter 7 protection in the Central District of California. According to court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1-49 creditors. About Reach Media Group, Inc. Reach Media Group, Inc. is a media company involved in content creation, distribution, and related media services. Reach Media Group, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10226) on February 19, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1,000,001-$10,000,000. The case is overseen by Honorable Bankruptcy Judge Ronald A. Clifford III. Jeremy W. Faith appointed as Interim Trustee. The Debtor is represented by Anthony A. Friedman of Levene, Neale, Bender, Yoo & Golubchik L.L.P. REVOLUTION ACADEMY: S&P Rates 2026A/B Education Revenue Bonds 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' rating to the Public Finance Authority, Wis.'s series 2026A and series 2026B education revenue bonds, issued for Revolution Academy (RA), N.C. At the same time, S&P Global Ratings affirmed its 'BB' underlying rating on the authority's series 2023 education revenue refunding bonds, issued for RA. The outlook is stable. S&P analyzed RA's environmental, social, and governance factors and consider them neutral in its credit rating analysis. S&P said, "The stable outlook reflects our opinion that RA will maintain solid liquidity and positive operating performance while successfully growing its enrollment base in accordance with its expansion and new debt plans. "We could consider a negative rating action if RA spends down cash reserves such that liquidity ratios weaken materially or if ongoing expansion plans and related growth in operating costs pressure lease-adjusted MADS coverage. While this is not expected, we would also view negatively if the school fails to execute its growth plans in line with future enrollment projections, or issues additional debt. "While we view this as unlikely over the near term given the school's elevated pro forma debt burden, we could consider a positive rating action if the school grows into its debt by successfully expanding its enrollment while generating favorable lease-adjusted MADS coverage and liquidity that is in line with that of higher-rated peers." S&J DATA TECHNOLOGIES: Cash Collateral Hearing Set for March 3 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on March 3 to consider extending S&J Data Technologies, Inc.'s authority to use cash collateral. The Debtor was initially allowed to access cash collateral held by M&T Bank 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 authorized the Debtor to grant M&T Bank a replacement lien and an administrative expense claim in case of any diminution in value of its collateral. The budget projects total operational expenses of $171,572.64 for March and $173,972.64 for April. S&J is a New York based data technology installation company employing fourteen people and operating from its Bohemia, New York facility. Its principal assets include approximately $125,000 in cash, $450,000 in accounts receivable, and inventory and equipment. M&T Bank, the primary secured creditor, is owed about $167,000 under a drawn line of credit secured by assets valued at roughly $600,000. About S&J Data Technologies Inc. S&J Data Technologies, Inc. is a New York based data technology installation company employing fourteen people and operating from its Bohemia, New York facility. S&J sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-70046-spg) on January 5, 2026, listing up to $1 million in both assets and liabilities. Joseph Morgan, president of S&J, signed the petition. Judge Sheryl P. Giugliano oversees the case. Fred S. Kantrow, Esq., The Kantrow Law Group, PLLC, represents the Debtor as bankruptcy counsel. SABRE GLBL: Fidelity Multi-Strategy Marks $100,000 Bond at 17% Off ------------------------------------------------------------------ Fidelity Multi-Strategy Credit Fund has marked its $100,000 corporate bond extended to Sabre GLBL Inc. to market at $82,907 or 83% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Sabre GLBL Inc. The bond accrues interest at a rate of 11.125% per annum. The bond matures on July 15, 2030. 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 Sabre GLBL Inc. Sabre GLBL Inc is part of Sabre Corp, a travel technology company providing software and distribution solutions to airlines, hotels and travel agencies. SABRE GLBL: Fidelity Multi-Strategy Marks $8,000 Bond at 18% Off ---------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $8,000 corporate bond extended to Sabre GLBL Inc. to market at $6,579 or 82% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Sabre GLBL Inc. The bond accrues interest at a rate of 10.75% per annum. The bond matures on March 15, 2030. 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 Sabre GLBL Inc. Sabre GLBL Inc is part of Sabre Corp, a travel technology company providing software and distribution solutions to airlines, hotels and travel agencies. SAKS GLOBAL: Clash with Simon Properties Over Lease Terminations ---------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the lawyers for Saks and landlord Simon Property Group appeared in Texas bankruptcy court seeking clarity on whether a $100 million 2024 transaction permits Simon to end two retail leases. The disagreement arises as Saks navigates its Chapter 11 proceedings and works to stabilize operations. According to Saks, the agreement was intended to restructure financial arrangements between the parties without granting unilateral lease termination rights. Simon disputes that reading, maintaining that the deal included provisions that allow it to exit the leases under specified conditions. The court is being asked to interpret the contractual language and determine the parties' rights, a decision that could affect Saks' store footprint and Simon’s control over prime retail space, Law360 reports. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAKS GLOBAL: Fidelity Multi-Strategy Marks $17,880 Bond at 94% Off ------------------------------------------------------------------ Fidelity Multi-Strategy Credit Fund has marked its $17,880 corporate bond extended to Saks Global Enterprises LLC to market at $1,162 or 6% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Saks Global Enterprises LLC. The bond accrues interest at a rate of 11% per annum. The bond matures on December 15, 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 SAKS GLOBAL Saks Global Enterprises LLC is an operator of luxury retail and related businesses, including department stores and e-commerce platforms. SAKS GLOBAL: Leading Brands Resume Shipping Despite Bankruptcy -------------------------------------------------------------- Jeannette Neumann of Bloomberg News reports that Saks Global Enterprises said that luxury brands including Burberry and houses affiliated with LVMH and Kering have maintained or restarted shipments as the retailer restructures in bankruptcy. The company's portfolio includes Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. In an interview, Chief Executive Officer Geoffroy van Raemdonck said the retailer anticipates receiving approximately $1.2 billion in merchandise over the coming months, the report relays. Shipments are arriving from more than 380 brands. While some vendors temporarily halted deliveries amid mounting financial distress, many have resumed supplying goods following court-approved restructuring steps, according to report. The CEO said the continued vendor participation demonstrates confidence in the retailer's turnaround plan. A steady pipeline of high-end merchandise is expected to help reinforce customer demand and improve the company's prospects for emerging from bankruptcy as a going concern. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SAKS GLOBAL: Retains Milbank as Counsel to the Special Committee ---------------------------------------------------------------- Saks Global Enterprises LLC, et al., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Milbank LLP as counsel to the Special Committee of HBC GP LLC's Board of Managers and the special committees of the governing bodies of each of HBC's Global Debtor subsidiaries that are not member-managed. Milbank LLP will provide legal services to the Special Committee in connection with these Chapter 11 Cases. Milbank will provide these services: (a) serve as counsel to the Special Committee of HBC GP LLC's Board of Managers and the special committees of the governing bodies of each of HBC's Global Debtor subsidiaries that are not member-managed; (b) render professional services in connection with the Chapter 11 Cases; (c) apply for compensation for professional services rendered on an hourly basis and reimbursement of expenses incurred in accordance with the Bankruptcy Code, Bankruptcy Rules, Local Rules, and applicable orders of the Court; and (d) maintain detailed, contemporaneous time records and documentation of necessary expenses incurred in connection with rendering legal services. Milbank will be compensated at these standard hourly rates: - Partners: $2,145 to $2,725 - Counsel: $1,995 to $2,270 - Associates: $745 to $1,820 - Paraprofessionals: $410 to $595 Milbank does not hold or represent any interest adverse to the Debtors' estates and, to the best of the Global Debtors' and Special Committee's knowledge, is a disinterested person within the meaning of the Bankruptcy Code. Milbank made the following disclosures pursuant to the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard billing arrangements for this engagement? Answer: Milbank did not agree to a variation of its standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: None of Milbank's professionals included in this engagement has varied their rate based on the geographic location of these cases. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Milbank did not represent the Special Committee prior to the Petition Date. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Special Committee and Milbank intend to develop a prospective budget and staffing plan. Consistent with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated circumstances. The firm can be reached at: Dennis F. Dunne, Esq. Milbank LLP 55 Hudson Yards New York, NY 10001-2163 Telephone: (212) 530-5770 E-mail: ddunne@milbank.com - and - Samir L. Vora, Esq. Milbank LLP Los Angeles, CA About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor to an ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SANDY PINES: Seeks Chapter 11 Bankruptcy in Maine ------------------------------------------------- On February 24, 2026, Sandy Pines, LLC (dba Sandy Pines Campground) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maine. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to creditors and indicates there will be funds available for distribution to unsecured creditors. About Sandy Pines, LLC Sandy Pines, LLC operates Sandy Pines Campground, a seasonal resort-style campground in Kennebunkport, Maine, offering cottage rentals, glamping accommodations and RV sites. Sandy Pines, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-100xx) on February 24, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., of Bernstein Shur Sawyer & Nelson. SANTIN AUTO: Commences Chapter 11 Bankruptcy in Texas ----------------------------------------------------- Twinkle Jha of WhatNow reports that Santin Auto and Truck Repair Center LLC, a provider of automotive and heavy-duty truck repair services, has filed for Chapter 11 bankruptcy to restructure its financial obligations. Operations at the San Antonio company will continue under court supervision while the case is ongoing. The voluntary petition was filed on February 13, 2026, in the Western District of Texas Bankruptcy Court. Esteban Santin, the company's owner, is the authorized representative, and legal counsel is provided by Stephen W. Sather of Barron & Newburger, P.C. The petition lists estimated assets and liabilities ranging from $1 million to $10 million. The company owes around 49 creditors. Court documents indicate that unsecured creditors are unlikely to receive distributions after administrative costs. Initial filings included a financial affairs statement, a list of equity holders, and verification of the largest 20 non-insider unsecured claims, the report states. Santin Auto and Truck Repair Center LLC is required to submit its Chapter 11 plan and disclosure statement by June 15, 2026. The timeline allows the company to restructure while maintaining day-to-day operations during the bankruptcy proceedings, according to WhatNow. About Santin Auto and Truck Repair Center LLC Santin Auto and Truck Repair Center LLC provides comprehensive repair and maintenance services for light, medium, and heavy-duty vehicles, including cars, trucks, buses, RVs, and construction equipment. Based in San Antonio, Texas, the company offers in-shop and mobile 24/7 roadside services, specializing in diesel repair, fleet maintenance, engine and transmission work, and heavy equipment repair. Its team of ASE-certified technicians combines over 65 years of experience with modern diagnostic and repair technology to serve San Antonio and surrounding areas. Santin Auto and Truck Repair Center LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50372) on February 13, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Craig A. Gargotta oversees the case. The Debtor is represented by Stephen W Sather, Esq. of BARRON & NEWBURGER, P.C. SANTIN AUTO: Seeks to Employ Barron & Newburger as Counsel ---------------------------------------------------------- Santin Auto & Truck Repair Center, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, P.C. as its counsel. The firm will provide these services: (a) advising Debtor of its rights, powers, and duties as a Debtor-in-possession continuing to manage its assets; (b) reviewing the nature and validity of claims asserted against the property of Debtor and advising Debtor concerning the enforceability of such claims; (c) preparing on behalf of Debtor, all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in the Chapter 11 case; (d) advising Debtor concerning and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers which may be filed in the Chapter 11 case; (e) counseling Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) performing all other legal services for and on behalf of Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and Debtor's business; and (g) working with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for Debtor. Stephen Sather will primarily provide services at an hourly rate of $650. Other attorneys bill at rates ranging from $250 to $450. Support staff bill at rates ranging from $40 to $100. The firm received a $25,000 retainer, of which $1,770 was applied to fees and $1,738 was applied to the filing fee, leaving a balance of $20,492. Barron & Newburger, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expwy., Suite 400 Austin, TX 78731 Telephone: (512) 476-9103 Facsimile: (512) 476-9253 About SANTIN AUTO & TRUCK REPAIR CENTER, LLC Santin Auto and Truck Repair Center LLC provides comprehensive repair and maintenance services for light, medium, and heavy-duty vehicles, including cars, trucks, buses, RVs, and construction equipment. Based in San Antonio, Texas, the company offers in-shop and mobile 24/7 roadside services, specializing in diesel repair, fleet maintenance, engine and transmission work, and heavy equipment repair. Its team of ASE-certified technicians combines over 65 years of experience with modern diagnostic and repair technology to serve San Antonio and surrounding areas. Santin Auto & Truck Repair Center, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50372) on February 13, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Craig A. Gargotta oversees the case. Barron & Newburger, P.C. is Debtor's legal counsel. SCOTLAND DEVELOPMENT: Section 341(a) Creditors' Meeting on March 13 ------------------------------------------------------------------- Scotland Development Corp., a Laurinburg, North Carolina–based real estate holding company that owns certain campus assets of St. Andrews University, filed for Chapter 11 protection on February 17, 2026 in the U.S. Bankruptcy Court for the Middle District of North Carolina. The company lists $11.2 million in liabilities. Court filings indicate that funds will be available for distribution to unsecured creditors. A meeting of creditors under Section 341(a) to be held on March 13, 2026 at 02:00 PM at (CH-11) Zoom Meeting, https://www.ncmba.uscourts.gov/zoom341s About Scotland Development Corp. Scotland Development Corp. is a nonprofit organization based in Laurinburg, North Carolina, that focuses on community and economic development, including workforce and educational initiatives, and holds various land assets in the area such as campus tracts, equestrian facilities, and horseshoe tracts, with a total valuation of approximately $5.5 million. Scotland Development Corp. sought relief under Chapter 11 of the U.S. Bankruptcy (Bankr. M.D.N.C. Case No. 26-80045) on February 17, 2026. In its petition, the Debtor reports total assets of $5,569,302 and total liabilities of $11,179,384. The Debtor is represented by John A. Northen, Esq. of NORTHEN BLUE LLP. SCOTLAND DEVELOPMENT: St. Andrew University Owner Seeks Chapter 11 ------------------------------------------------------------------ Matt Hartman and Heidi Perez-Moreno of The Assembly report that the nonprofit entity controlling most of the land once occupied by St. Andrews University has sought Chapter 11 protection, derailing a scheduled foreclosure auction. Scotland Development Corp. filed the voluntary petition in federal bankruptcy court, triggering an automatic stay that blocks the sale of the campus property. The filing outlines approximately $5.6 million in assets and $11.2 million in liabilities. SDC originally acquired large portions of the campus in 2011 and leased them back to the university in an arrangement designed to maintain local oversight even after Webber International University acquired the school, according to report. After the university ceased operations and stopped rent payments in April 2025, foreclosure actions followed. Argent Institutional Trust Company moved to foreclose on behalf of bondholders and scheduled an auction of the main campus before the bankruptcy filing intervened, the report relays. Major creditors include Argent, with nearly $6.3 million owed, and Foundation Capital Resources, which claims $4 million related to land tied to the equestrian facilities. Attorneys for SDC say a restructuring proposal will be filed for court approval, but community leaders say it is too soon to predict what lies ahead for the campus, the report states. About Scotland Development Corp. Scotland Development Corp. is the nonprofit entity that holds title to the majority of the former St. Andrews University campus property. Scotland Development Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-80045) on February 17, 2026. In its petition, the Debtor reports $5.6 million in assets and $11.2 million in liabilities. John Paul Hughes Cournoyer is the Bankruptcy Administrator. The Debtor is represented by John A. Northen, Esq. of Northen Blue LLP. SCV GEMINI: Seeks to Sell Georgia Properties to SCV Gemini ---------------------------------------------------------- SCV Gemini II, LLC and James Stacy Smith seek permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor SCV Gemini is a Georgia limited liability company formed in September 2023 for real estate investment purposes. Debtor SCV Gemini owns residential real property located at 6011 Blackberry Lane, Buford, Hall County, Georgia 30518 (Buford Property). Debtors seek to approve a transaction whereby the New American Funding and Infinity claims will be satisfied in full with new indebtedness funded by MFS Corporation, or such other lender, investor, or participant as may be designated by MFS. Debtor SCV will be the owner of the Properties and both Debtors will be obligated in the indebtedness to the New Lender which will be secured by a first priority lien on the Properties. Debtor Smith owns residential real property located at 85 Snake Nation Overlook, Blue Ridge, Fannin County, Georgia 30513 (Blue Ridge Property). The Buford Property is secured by first priority indebtedness held by Infinity Capital, LLC. The Blue Ridge Property is secured by first priority indebtedness held by Broker Solutions, Inc. d/b/a New American Funding and second priority indebtedness held by Infinity. Debtors seek to approve a transaction whereby the New American Funding and Infinity claims will be satisfied in full with new indebtedness funded by MFS Corporation, or such other lender, investor, or participant as may be designated by MFS. Pursuant to the Transaction, Debtor SCV will be the owner of the Properties and both Debtors will be obligated on the indebtedness to the New Lender which will be secured by a first priority lien on the Properties. Debtor Smith seeks to satisfy the New American Security Deed and Blue Ridge Infinity Security Deed by selling the Blue Ridge Property to Debtor SCV for the amount of at least the below disbursements, plus funds sufficient to cover interest for a period of at least 12 months to the New Lender. The Blue Ridge Purchase Price will be funded by a loan to Debtor SCV in the amount of the Blue Ridge Purchase Price by New Lender. Debtor Smith seeks to disburse the net proceeds of the Blue Ridge Purchase Price to pay any closing costs and as further detailed below: a. Payment in full of the balance owed on the New American Security Deed; b. Satisfaction in full of the Blue Ridge Smith/Infinity Security Deed based on the payoff agreed to between Debtors and Infinity for the Blue Ridge Property of $484,542.14 through February 28, 2026 with per diem interest there after at the rate of $222 thereafter (Blue Ridge Agreed Payoff); c. Payment of ad valorem property taxes; d. Payment of the quarterly trustee fees associated with the Transaction; e. To payoff Debtor Smith’s unsecured claims listed on Exhibit A https://urlcurt.com/u?l=JBE9ds; and f. All closing costs. The Blue Ridge Transaction and the Buford Transaction will occur at back-to-back closing so that Infinity receives the total Blue Ridge Agreed Payoff and Buford Agreed Payoff (i.e. $2,178,865.08 as of February 28, 2026 with per diem interest thereafter of $902), and if one closing fails, the other will not be consummated. About SCV Gemini II, LLC SCV Gemini II, LLC is a real estate investment and development company engaged in property ownership and asset management activities. SCV Gemini II, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51440) on February 2, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. SGUS LLC: Fidelity Multi-Strategy Marks $7,575 Bond at 63% Off -------------------------------------------------------------- Fidelity Multi-Strategy Credit Fund has marked its $7,575 corporate bond extended to SGUS LLC to market at $2,803 or 37% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 SGUS LLC. The bond accrues interest at a rate of 11% per annum. The bond matures on December 15, 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 SGUS LLC SGUS LLC is a holding and operating company involved in specialty retail and consumer brands. SHANNON WIND: Seeks to Retain Accordion Partners as CRO ------------------------------------------------------- Shannon Wind, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Accordion Partners, LLC to designate John Shepherd as chief restructuring officer. Accordion will provide these services: (a) assist with the implementation of this Court's orders; (b) based on underlying records, as and when produced, assist with the preparation of such financial disclosures as may be required by the Court, the Bankruptcy Code or other applicable rules or guidelines, including any schedules of assets and liabilities, statements of financial affairs and monthly operating reports; (c) participate in meetings and provide support in responding to information requests, and communicating with creditor constituencies, any official or unofficial committees, claimant representatives appointed by the Court, the United States Trustee for the Southern District of Texas and any party in interest, as well as any professionals of the foregoing; (d) identify the Company's executory contracts and unexpired leases, as and when produced, and perform analyses of the financial impact of the assumption or rejection of each, as necessary; (e) participate in the Company's claims analysis and reporting, including plan classification modeling and claim estimation; (f) advise the Debtor's Independent Director, as may be appropriate, in connection with the drafting of a Chapter 11 plan; (g) prepare any information and analyses that may be requested or required in connection with confirmation of a Chapter 11 plan; (h) assist in implementing a Chapter 11 plan; (i) provide investigative and litigation support in potential matters involving related parties; (j) provide assistance with testimony before the Court, as requested, on matters that are within Accordion's expertise; and (k) provide such other restructuring or advisory services to the Debtor as are consistent with the role of CRO and/or the above-described services, requested by the Debtor and its counsel, not duplicative of services provided by other professionals, and agreed to by Accordion. Pursuant to the Engagement Letter, the fee for Mr. Shepherd's CRO services will be $125,000 per month. Fees for the additional personnel will be based on the actual hours worked at Accordion's standard hourly rates, which range from $1,050 to $1,250 for Senior Managing Directors; $950 to $1,050 for Managing Directors; $795 to $895 for Senior Directors; $675 to $775 for Directors; $575 to $650 for Vice Presidents; and $450 to $550 for Associates. Accordion received a $200,000 retainer, with a balance of $88,959.50 as of the Petition Date. Accordion will also seek reimbursement of reasonable costs and expenses. Accordion represents that it does not hold or represent an interest adverse to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: John Shepherd ACCORDION PARTNERS, LLC 1920 McKinney Ave, Suite 950 Dallas, TX 75201 About Shannon Wind, LLC Shannon Wind LLC develops and owns the Shannon Wind project, a utility-scale wind farm in Clay County, Texas, generating approximately 204 megawatts of electricity from wind turbines. The Company manages construction, commercial operations, and overall project oversight for the renewable energy facility. Shannon Wind, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90124) on January 25, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jarrod B. Martin, Esq. of BRADLEY ARANT BOULT CUMMINGS LLP. The Debtor's financial advisor is ACCORDION PARTNERS, LLC, its investment banker is NOMURA SECURITIES INTERNATIONAL, INC., its valuator is KPMG LLP. The Debtor's notices, claims, solicitation and balloting agent and administrative advisor is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. SHARON VITALE: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: Sharon Vitale, P.A. DBA Mobile Wound and Skin Practitioners 13515 155th Place N Jupiter, FL 33478 Business Description: Sharon Vitale PA, doing business as Mobile Wound and Skin Practitioners, is a Florida-based healthcare practice that provides mobile wound and skin care services. The company specializes in the assessment and treatment of chronic and complex wounds, including adult wound management, and delivers services outside traditional clinical settings. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-12265 Debtor's Counsel: Craig I. Kelley, Esq. KELLEY KAPLAN DELANEY & ELLER, PLLC 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: 561-491-1200 Email: craig@kelleylawoffice.com Total Assets: $30,551 Total Liabilities: $1,645,692 The petition was signed by Sharon Vitale as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GNLI4DQ/Sharon_Vitale_PA__flsbke-26-12265__0001.0.pdf?mcid=tGE4TAMA SHIVSANYA CORP: Seeks to Hire Hauser Realty as Realtor ------------------------------------------------------ Shivsanya Corp. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginiato hire Michael W. Scearce of Hauser Realty Group to serve as its realtor. The Debtor owns an interest in real estate in the City of Danville, Virginia (5.7 acre tract on Riverside Drive, Danville, Virginia). Mr. Scearce will provide these services: (a) value the said property; (b) market the property; (c) secure a buyer for the property at the highest and best sale price possible given the condition; and (d) take any other action necessary to perform the foregoing actions. Mr. Scearce will receive a commission equal to 8% of the selling price. Hauser Realty Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael W. Scearce HAUSER REALTY GROUP 1225 West Main Street Danville, VA 24541 Telephone: (434) 792-3000 Facsimile: (434) 792-2757 Mobile: (434) 489-1444 E-mail: scearce.commercial@gmail.com About Shivsanya Corp. Shivsanya Corp. is a single-asset real estate company that leases residential and nonresidential buildings. Shivsanya Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61245) on Oct. 15, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented byAndrew S. Goldstein, Esq. of MAGEE GOLDSTEIN LASKY & SAYERS, P.C.bout Shivsanya Corp. Shivsanya Corp. is a single-asset real estate company that leases residential and nonresidential buildings. Shivsanya Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61245) on October 15, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Paresh K. Suthar as president. Judge Paul M. Black oversees the case. Andrew S. Goldstein, at MAGEE GOLDSTEIN LASKY & SAYERS, P.C., is the Debtor's counsel. SILENT HERO: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------ On February 20, 2026, Silent Hero LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Silent Hero LLC Silent Hero LLC is a New Jersey limited liability company. Silent Hero LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11893) on February 20, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Law Office Of Norgaard O'Boyle. SILICON VALLEY: Former Executives Denied FDIC Shield Upgrade ------------------------------------------------------------ James Nani of Bloomberg Law reports that a federal court has denied former executives of Silicon Valley Bank and its parent company the ability to use the business judgment rule to limit liability in a $1.7 billion lawsuit brought by the FDIC. The ruling means the officers will be evaluated under a lower standard. Judge Beth Labson Freeman, presiding in the Northern District of California, granted partial summary judgment on Monday, allowing claims to proceed under ordinary negligence instead of the stricter gross negligence standard, according to report. The business judgment rule under California law typically shields directors and officers from liability when they act in good faith and with due care. In this case, the court found that the circumstances of the FDIC's claims fall outside those protections, Bloomberg Law states. By removing the higher bar for liability, the decision strengthens the FDIC's position and increases the likelihood of holding former executives accountable for decisions made before the bank's failure. The case remains ongoing, the report states. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. SIRIUS XM: S&P Rates Proposed $1BB Senior Unsecured Notes 'BB+' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '4' recovery rating to Sirius XM Radio LLC's proposed $1 billion senior unsecured notes due 2032. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default. The company intends to use the proceeds from these notes to partially repay its $1 billion 3.125% notes due September 2026. S&P expects the company will increase its S&P Global Ratings-adjusted free operating cash flow (FOCF) to about $1.4 billion in 2026. S&P's 'BB+' issuer credit rating and stable outlook on Sirius XM are unchanged. S&P said, "We expect the proposed issuance will have a minimal impact on the company's S&P Global Ratings-adjusted leverage, which stood at 4.2x as of Dec. 31, 2025. We expect XM will reduce its leverage to the mid-3x area in 2026 on its healthy FOCF generation, a reduction in its capital expenditure, muted share buyback activity, and the roll off of one-time restructuring charges." SOBE THERMAL: Receiver Opposes City's Bid to Intervene ------------------------------------------------------ David Skolnick of The Vindicator reports that the outgoing receiver of SOBE Thermal Energy Systems LLC is opposing the City of Youngstown's attempt to intervene in the utility's receivership case, despite mounting pressure for his removal. The dispute centers on the company’s repeated failures to deliver reliable steam heat to downtown customers. Reg Martin's attorney, Kenneth R. Goldberg, filed a response urging Mahoning County Common Pleas Judge Anthony Donofrio to reject the city's motion. Goldberg argued that the city's concerns regarding public health and infrastructure are generalized interests already addressed by the receiver and the Public Utilities Commission of Ohio. He maintained that intervention would unnecessarily complicate and delay the proceedings, the report cites. The city claims SOBE failed to comply with court-ordered service obligations and improperly shifted blame to customers during outages. PUCO has separately requested Martin’s replacement following ongoing service disruptions tied to boiler repossessions and temporary rentals. Although additional boiler capacity was secured using funds from an Enbridge Gas Ohio settlement, service interruptions continued through late January 2026, according to The Vindicator. About SOBE Thermal Energy Systems LLC SOBE Thermal Energy Systems LLC operates as a public utility regulated by the Public Utilities Commission of Ohio. It provides steam heating and cooling services to buildings downtown Youngstown. The troubled district heating company SOBE Thermal Energy LLC was placed in receivership after falling behind on critical lease payments and experiencing repeated boiler failures that disrupted service to downtown customers. SONOMA CELLAR: Myllenbecks Win Summary Judgment in ERC Dispute -------------------------------------------------------------- Judge Klinette H. Kindred of the U.S. Bankruptcy Court for the Eastern District of Virginia granted the motion for summary judgment filed by Richard and Elizabeth Myllenbeck in the bankruptcy case of Sonoma Cellar LLC. In December of 2022, Richard and Elizabeth Myllenbeck (the "Myllenbecks") sold their ownership interests in Sonoma Cellar, LLC to Daniel Wharam under a sale agreement. Thereafter, a dispute arose with respect to certain refundable employee retention tax credits ("ERCs") payable to the Debtor that were attributable to the two-year period prior to the closing of the sale. The Debtor and Mr. Wharam ultimately filed for and obtained certain of those ERCs and apparently some are still in process with the Internal Revenue Service (the "IRS"). The Debtor and Mr. Wharam believe that under the sale agreement, the credits belong to the Debtor. The Myllenbecks, asserting various theories sounding in contract, constructive trust and conspiracy law, believe that the credits belong to them. On September 24, 2024, Sonoma filed a voluntary petition under Subchapter V of Chapter 11 of the Bankruptcy Code. On December 2, 2024, the Myllenbecks filed Claim 2-1 seeking to recover $1,874,742.93 relating to the ERCs that were the subject of the pending litigation in the Alexandria Circuit Court. Primarily, the Myllenbeck Claim seeks $474,914.31 in IRS refunds for ERCs relating to six quarters of 2020 and 2021 that the Myllenbecks assert were wrongfully diverted from them in contravention of the sale agreement. Ultimately, the Myllenbecks argue, among other things, that the Debtor and Mr. Wharam held the ERCs in constructive trust for the Myllenbecks either by virtue of the express sale agreement or through a purported implied-in-fact contract between the Debtor, the Myllenbecks and Mr. Wharam. On April 14, 2025, the Debtor objected to Claim 2-1, arguing that the credits belonged to the Debtor, not the prior owners, and that the Myllenbecks could not meet the standard to impose a constructive trust over the funds. On September 3, 2025, the Myllenbecks filed a motion for summary judgment under Rule 56 of the Federal Rules of Civil Procedure, as incorporated by Rule 7056 of the Federal Rules of Bankruptcy Procedure. Later, the Debtor and Mr. Wharam responded, filing an Objection to the Myllenbecks' Motion and a Cross-Motion for Summary Judgment. While the Myllenbecks have asserted various theories of recovery, at core this is primarily a contract dispute that requires the Court to determine whether the express sale agreement or an implied-in-fact contract entitles the Myllenbecks to the ERCs, or alternatively, if the Debtor and Mr. Wharam are the rightful recipients of the ERCs. The Court finds that: 1) there is no genuine dispute of material fact and that, as a matter of law, the Myllenbecks are the rightful recipients of the ERCs pursuant to an implied-in-fact contract between the Debtor, the Myllenbecks and Mr. Wharam, 2) there is no genuine dispute of material fact and that, as a matter of law, a constructive trust in favor of the Myllenbecks arose with respect to the credits that have been received and shall arise with respect to any future credits received by the Debtor, and 3) that the Myllenbecks are not entitled to summary judgment with respect to their conspiracy or tortious interference claims or their request for punitive damages or attorneys' fees asserted in connection therewith. The Court will: 1) grant summary judgment to the Myllenbecks and allow their claim in the amount of $474,914.31, representing the ERCs that have already been processed, 2) enter judgment against the Debtor and in favor of the Myllenbecks in the amount of $474,914.31, with post-judgment interest to accrue; and 3) impose a constructive trust in favor of the Myllenbecks over any in-process ERC refunds for the 2020 and 2021 tax years upon receipt thereof by the Debtor. The Court will deny summary judgment on the issues of business conspiracy, civil conspiracy, tortious interference, punitive damages and attorneys' fees and will, at this time, disallow any amounts asserted in connection with these theories. A copy of the Court's Memorandum Opinion dated February 18, 2026, is available at http://urlcurt.com/u?l=tNMpLIfrom PacerMonitor.com. About Sonoma Cellar Sonoma Cellar, LLC is a company that operates in the wine industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11780) with $10,000 to $50,000 in assets and $500,000 to $1 million in liabilities. Judge Klinette H. Kindred. Mark oversees the case. Justin Fasano at Mcnamee Hosea, P.A. represents the Debtor as legal counsel. SOUTHERN TIRE: Taps William G. Haeberle as Accountant ----------------------------------------------------- Southern Tire and Fleet Services, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to hire William G. Haeberle of William G. Haeberle, P.A. to serve as accountant. Mr. Haeberle will provide these services: (a) preparation of monthly operating reports; (b) preparation of Form 426; and (c) other accounting services. Mr. Haeberle will receive an hourly rate of $250, billed against a retainer of $1,500 for income tax preparation, payable monthly without further Court approval, subject to final approval by the Court upon filing of a final fee application. William G. Haeberle, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: William G. Haeberle, CPA WILLIAM G. HAEBERLE, P.A. 4446-1A, Suite 245 Jacksonville, FL 32207 About Southern Tire and Fleet Service Southern Tire and Fleet Service, LLC, a company in Jacksonville, Florida, provides tire sales and services, emergency roadside assistance, and fleet maintenance for trucks and trailers, including tire repair, brake services, hubs, and wheel seals. Southern Tire and Fleet Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04762) on December 23, 2025, with $256,751 in assets and $1,160,257 in liabilities. Jason Cobb, member, signed the petition. Judge Jason A. Burgess presides over the case. Thomas Adam, Esq., at Adam Law Group, PA represents the Debtor as bankruptcy counsel. SOUTHERN TREE: Gets Final OK to Use Cash Collateral --------------------------------------------------- Southern Tree Professionals, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral to fund operations. The order allows the Debtor to use cash collateral, including business revenue subject to potential lender liens, to fund ongoing operations in accordance with an approved budget covering February through June 2026. The Debtor may operate within a permitted variance of 10% per budget line item, while U.S. Trustee quarterly fees must be paid in full when due. Special provisions address bonded construction projects involving Travelers Casualty and Surety Company of America. The Debtor expects a $49,751.39 payment from the Georgia Department of Transportation, of which $35,000 must be placed into a segregated account and used only for expenses related to the bonded project or other court-approved purposes. If Travelers incurs losses exceeding $35,000 on the bonded projects, it may assert an administrative expense claim up to $14,751.39 or the amount of actual losses, whichever is less. As adequate protection, lenders with valid pre-bankruptcy liens will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. These replacement liens exclude proceeds of avoidance actions under Chapter 5 of the Bankruptcy Code. The order preserves all parties' rights to challenge lien validity or seek later modifications and requires the Debtor to file monthly operating reports comparing actual results to the approved budget. The order became effective immediately upon entry and remains in force unless modified by the court. The final order is available at https://shorturl.at/VB0p7 from PacerMonitor.com. About Southern Tree Professionals LLC Southern Tree Professionals LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. The Company operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, debris haul-off and site preparation for commercial contractors and government entities including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and land-management sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21754) on December 5, 2025. In the petition signed by Benjamin Townsend Ellis, owner, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. William Rountree, Esq.. at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SPIRIT AIRLINES: Reaches Deal with Lenders to Exit Chapter 11 ------------------------------------------------------------- Sabrina Valle of Reuters reports that Spirit Airlines announced Tuesday, February 24, 2026, that it struck a restructuring agreement with lenders aimed at positioning the airline to exit bankruptcy by late spring or early summer. Its parent, Spirit Aviation Holdings, sought Chapter 11 protection again in August as losses widened and cash dwindled. The new pact follows a turbulent stretch that included creditor infighting and failed acquisition efforts, notably prior interest from Frontier Group Holdings. Management has been racing to secure financing and implement cost reductions to avert a potential liquidation scenario, the report states. Spirit told the bankruptcy court it will streamline operations by concentrating on routes and timeframes with the strongest demand. Plans include further trimming expensive aircraft leases and making more efficient use of its Airbus jets. Under the agreement, the carrier expects to slash its debt and lease burden from $7.4 billion prepetition to roughly $2.1 billion post-emergence. It also intends to broaden premium offerings such as Spirit First and Premium Economy, enhance its loyalty programs, and recalibrate capacity to navigate persistent fare pressure and softer leisure travel demand. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Strikes Deal w/ Creditors to Exit Ch. 11 by Summer ------------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that budget carrier Spirit Aviation Holdings, currently in Chapter 11 bankruptcy, said Tuesday, February 24, 2026, it reached a restructuring accord with its secured creditors that will allow the company to exit bankruptcy protection. The agreement marks a key milestone in Spirit’s efforts to reorganize its finances. According to the airline, the deal with its secured lender group lays out the principal terms of a reorganization plan that will cut debt and support a viable post‑emergence capital structure. Shareholders and unsecured creditors may still need to approve aspects of the plan before it can be confirmed. Spirit emphasized that the restructuring deal reflects strong creditor confidence and will help ensure continuity of service during and after its restructuring. The company continues to operate under court supervision as it works toward a confirmation hearing, the report states. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. SRTX INC: Advances Sale to A.Y.K Under BIA Proceedings ------------------------------------------------------ SRTX Inc., the Canadian materials innovator behind Sheertex(R), announced on Feb. 26, 2026, that the Superior Court of Quebec has approved the previously announced sale transaction with A.Y.K International Inc., a Canadian hosiery-focused company, following completion of its strategic review process. The transaction was approved in connection with the Company's Notice of Intention to Make a Proposal filed under the Bankruptcy and Insolvency Act, with PricewaterhouseCoopers Inc. acting as trustee. The Court's approval authorizes the Company to proceed with closing the transaction, subject to customary closing conditions. The transaction is the result of a competitive process undertaken to identify the best available outcome for the Company and its stakeholders. The Purchaser is expected to support continuity of the Sheertex brand and the continued commercialization of SRTX's proprietary materials technology. Certain assets are excluded from the transaction, including the Company's Pointe-Claire lease and certain machinery and equipment, which will be addressed through the ongoing NOI proceedings. In connection with the transaction, the Purchaser intends to retain a limited number of employees to support the continued operation of the Sheertex business. Closing of the transaction is expected in the coming days, following completion of the remaining closing steps. PricewaterhouseCoopers Corporate Finance served as financial advisor to SRTX in connection with the strategic review process. About SRTX SRTX, a Certified B Corporation (B Corp), is best known for its first technology, the patent-pending Sheertex(R) Rip-Resist knit, made from one of the world's strongest polymers, which has revolutionized hosiery through impossibly strong tights. SRTX's mission is to advance the durability and sustainability of apparel products by building new materials and software that enable better, more sustainable textiles. Visit https://www.srtxlabs.com. STEWARD HEALTH: Five Payers Hit with $57MM Fraud Claim ------------------------------------------------------ Madeline Ashley and Jakob Emerson of Becker's Payer Issues report that the trustee handling litigation claims for Steward Health Care System is pursuing five insurers in bankruptcy court, claiming they collectively owe at least $56.9 million for unpaid hospital reimbursements. Mark Kronfeld filed the actions in mid-February in the Southern District of Texas, where the Dallas-based hospital operator is undergoing Chapter 11 proceedings. Named defendants include Florida Blue, Elevance Health's Wellpoint Texas and Simply Healthcare, Leon Health, Mass General Brigham Health Plan and CareSource. The largest portion of the alleged debt — $25.4 million — is attributed to Florida Blue for services rendered at seven hospitals in Florida. Additional claims total $15.5 million against Elevance affiliates, $8.2 million against Leon Health, $4.4 million against Mass General Brigham's plan and $3.4 million against CareSource, according to report. The trustee alleges the insurers systematically denied or underpaid legitimate claims, taking advantage of Steward's worsening financial position prior to its May 2024 bankruptcy filing. A spokesperson said the estate intends to recover tens of millions of dollars allegedly owed to creditors. Once the nation's largest private for-profit hospital chain, Steward has since sold or shuttered all 31 of its hospitals as part of its restructuring, Becker's Payer Issues states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STEWARD HEALTH: US Trustee Opposes Bid to Close Chapter 11 Case --------------------------------------------------------------- Emily Lever of Law360 reports that yhe U.S. Trustee's Office has objected to Steward Health Care System’s bid to close its Chapter 11 cases in Texas, contending that confirmation of the reorganization plan does not automatically warrant case closure. The Trustee argues the estates are still being administered and that significant work remains. In its filing, the office pointed to unresolved claims, pending professional compensation requests, and other administrative matters that must be finalized before the cases can be deemed fully administered under the Bankruptcy Code. The Trustee stressed that closing the cases at this stage could limit transparency and court supervision. Steward has sought to wrap up the Texas proceedings following plan confirmation as part of its broader restructuring strategy. The U.S. Trustee, however, said continued court oversight is necessary until all administrative and financial obligations tied to the cases are completed, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STOLI GROUP: Bankruptcy Watchdog Appeals Chapter 11 Trustee Order ----------------------------------------------------------------- Emlyn Cameron of Law360 reports that The U.S. Trustee's Office has filed an appeal against recent decisions in the Chapter 11 case of Stoli Group, contesting orders that permitted the use of cash collateral and appointed a federal trustee to oversee the bankruptcy. The watchdog said the rulings raise significant legal questions. The appeal argues that the bankruptcy court should not have authorized Stoli's access to cash collateral without stricter protections for creditors, and that the decision to install a trustee lacked sufficient justification. According to the U.S. Trustee, both decisions misapply governing bankruptcy standards. Creditors and other stakeholders are watching closely as the appeal unfolds, with potential implications for how the case proceeds. Stoli has been working to implement a reorganization plan while managing creditor claims and operational challenges, the report states. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. SUNOCO LP: S&P Rates Proposed $500MM Senior Unsecured Notes 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Sunoco L.P.'s proposed $500 million senior unsecured notes due 2031 and $500 million senior unsecured notes due 2034. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The company will use the proceeds from these notes, along with borrowings from its revolving credit facility, to fully redeem its $500 million of 6.0% NuStar notes due 2026 and $600 million of 6.0% Sunoco notes due 2027. Sunoco L.P. does not have any outstanding secured debt. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a prolonged period of intense competition in the wholesale distribution business that significantly compresses the company's margins, as well as a considerable reduction in its volume of refined products sold due to a decline in the demand for motor fuels. -- S&P also considers reduced fee-based revenue from the midstream pipeline assets due to reduced production volumes in the basins served by the company's assets, most likely stemming from a prolonged period of weak crude and natural gas prices. This assumes shippers exhibit financial difficulties and are unable to pay the firm reservation charges on the pipeline utilized. S&P said, "To value Parkland's Burnaby, B.C. refinery asset, we apply about a US$3,000 multiple to the refinery's 55,000 barrels per day of crude slate throughput capacity. Our valuation reflects the asset's favorable market dynamics, access to cost-advantaged sources of crude through the Trans Mountain Pipeline System, its low-complexity, and its good product slate (given that more than 90% of the refinery's output is high-value products)." S&P assumes the pari passu $2.5 billion revolving credit facility is 85% drawn at default. Simulated default assumptions -- Simulated year of default: 2031 -- Valuation of refinery: About $165 million -- EBITDA at emergence: $1,414 million -- EBITDA multiple: 7x Simplified waterfall -- Net enterprise value (after 5% administration costs): Approximately $9.56 billion -- Senior unsecured debt: Approximately $15.65 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. SUYDAM ST: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------- On February 18, 2026, Suydam St Management Corp. filed for Chapter 7 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 Suydam St Management Corp. Suydam St Management Corp. is a New York-based management company. Suydam St Management Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40753) on February 18, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. T.G.S. TRANSPORTATION: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------------- Twinkle Jha of WhatNow reports that T.G.S. Transportation, Inc., a long-standing drayage trucking company headquartered in Fresno, California, has filed for Chapter 7 bankruptcy after permanently closing operations in July 2025. The company attributed the closure to challenging market conditions affecting its business. The company submitted its voluntary Chapter 7 petition on February 13, 2026, in the U.S. Bankruptcy Court for the Eastern District of California. Peter Schneider, the company's President and CFO, filed the petition, with legal representation provided by Peter Fear of Fear Waddell, P.C. The Chapter 7 filing is designed to liquidate assets rather than reorganize operations. The bankruptcy petition lists between 100 and 199 creditors. Submitted court documents include summaries of assets and liabilities, statements of financial affairs, corporate resolutions, and disclosures of attorney compensation. After administrative expenses are covered, there are no remaining funds expected for distribution to unsecured creditors, marking the formal closure of the company. About T.G.S. Transportation Inc. Founded in 1985 by Timothy G. Schneider, T.G.S. Transportation, Inc. grew from a small startup to a full-service trucking firm offering domestic and international drayage, intermodal transport, and LCL shipping. T.G.S. Transportation Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-10601) on February 13, 2026. Irma Edmonds is appointed Interim Trustee. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. The Debtor is represented by Peter L. Fear, Esq. of Fear Waddell, P.C. TEHUM CARE: Prison Health Units Skip Settlment Payments ------------------------------------------------------- James Nani of Bloomberg Law reports that defunct prison health-care provider Tehum Care Services Inc. has allegedly missed another required settlement payment, putting former insiders and affiliates—including YesCare Corp.—at risk of renewed litigation. The alleged failure follows several missed installments in recent months tied to the company's Chapter 11 reorganization. The $2 million payment, due February 17, 2026, was earmarked for distribution to two creditor trusts benefiting unsecured creditors and personal injury and wrongful death claimants. Lawyers for the trusts disclosed the missed payment in a notice filed Wednesday, February 25, 2026, in the US Bankruptcy Court for the Southern District of Texas, according to Bloomberg Law. According to the filing, the funds were part of a broader settlement agreement embedded in Tehum's confirmed Chapter 11 plan. That plan resolved extensive claims tied to the company's prison health-care operations before it entered bankruptcy. If the alleged default isn't cured by March 4, 2026. the legal releases and injunctions granted to insiders and affiliated entities under the plan could be terminated. That outcome would allow creditors and claimants to resume litigation that had been paused under the restructuring framework, the report states. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. TERRAFORM LABS: Claims Jane Street Insider Trading Triggered Ch. 11 ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the administrator for bankrupt cryptocurrency firm Terraform Labs has filed suit against trading firm Jane Street in federal court in New York, alleging the firm orchestrated an insider trading scheme designed to front-run large token transactions. The complaint claims Jane Street used confidential knowledge of Terraform's planned trades to execute its own transactions ahead of the company, securing profits at Terraform's expense. According to the filing, the alleged conduct involved advanced awareness of sizable token purchases and sales, allowing the trading firm to position itself strategically in the market before Terraform’s orders were executed. The administrator contends this activity distorted token prices and undermined market fairness during a period of financial distress for the crypto company. The lawsuit seeks to recover damages for the bankruptcy estate, arguing that Jane Street’s actions contributed to Terraform’s losses and harmed creditors. The administrator is pursuing clawbacks and other relief, asserting that the alleged front-running scheme improperly diverted value from the estate at a critical time, according to report. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. TERRASTRAT GROUP: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The United States Bankruptcy Court for the Southern district of Ohio, Eastern Division entered an interim order authorizing Terrastrat Group, LLC to use cash collateral while continuing operations during its restructuring process. The court authorized the debtor to use cash collateral through at least the next scheduled hearing on March 6, 2026, subject to strict compliance with a court-approved operating budget. The debtor must deposit all funds into a debtor-in-possession account and may spend cash collateral only on approved operating expenses, with limited variance allowances. As adequate protection for secured lenders Rapid Financing and Everest Business Funding, the order requires monthly payments totaling $5,500 ($5,000 to Rapid and $500 to Everest). The lenders were also granted replacement liens on both pre-petition and post-petition assets, maintaining the same priority as their existing security interests. The debtor acknowledged the validity and enforceability of approximately $50,000 owed to Rapid and $88,000 owed to Everest, both secured by substantially all company assets. The order further modifies the automatic stay to allow perfection of replacement liens and establishes conditions that could terminate the debtor's authority to use cash collateral, including failure to comply with the budget or required payments. It preserves lenders' enforcement rights upon default while requiring ongoing reporting, insurance maintenance, and financial transparency by the debtor. The relief is interim in nature and remains subject to further court review and entry of a final order. A further court hearing is scheduled for March 6, 2026. About Terrastrat Group LLC Terrastrat Group LLC provides consulting and analytics services to financial institutions in the United States, focusing on optimizing branch networks and ATM placement. The Columbus, Ohio-based company delivers data-driven growth strategies that leverage predictive modeling, market analysis, and micromarket optimization to inform decisions on branch consolidation, expansion, and investment prioritization. Its services are tailored to each client's needs, helping banks improve efficiency, reach, and customer retention within their retail footprint. Terrastrat Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55664) on December 24, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by Tami Hart Kirby, Esq. of Porter Wright Morris & Arthur LLP. TEXMAR GROUP: Seeks to Employ Fealy Law Firm as Attorney -------------------------------------------------------- Texmar Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to hire Vicky M. Fealy of The Fealy Law Firm, PC to serve as its attorney. Ms. Fealy will provide these services: (a) analyzing the financial situation, and rendering advice and assistance to the Debtor; (b) advising the Debtor with respect to its duties as Debtor; (c) preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; (d) representing the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; (f) preparing and filing of Chapter 11 Plan of Reorganization; and (g) assisting the Debtor in any matters relating to or arising out of the captioned case. Ms. Fealy will receive these hourly rates pursuant to the parties' fee agreement and normal billing practices: Vicky M. Fealy $475 Associate Attorneys $275 Paralegals $115 Law Clerks $125 Responsibility to provide legal services will commence when the $11,000 retainer is paid. The Debtor deposited with Fealy the amount of $12,738 on February 2, 2026, prior to the filing of the case. Fealy applied $1,738 for filing fees. The remaining amount will be held in Fealy's IOLTA account pending further court order or compliance with Local Rule 2016-1(b) for application of retainers. Fealy is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Vicky M. Fealy, Esq. THE FEALY LAW FIRM, PC 1235 North Loop W Ste 1120 Houston, TX 77008 Telephone: (713) 526-5220 Facsimile: (713) 526-5227 E-mail: vfealy@fealylawfirm.com About Texmar Group LLC Texmar Group, LLC provides commercial and industrial machinery and equipment rental and leasing services in Porter, Texas, offering a range of heavy construction and material-handling equipment, including excavators, dozers, forklifts, and powerwashers, to businesses and contractors across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30736) on February 2, 2026. In the petition signed by Mohamed El Attar, president and owner, the Debtor disclosed $2,300,096 in assets and $2,717,600 in liabilities. Judge Eduardo V Rodriguez oversees the case. Vicky M. Fealy, Esq., at The Fealy Law Firm, PC, represents the Debtor as bankruptcy counsel. TILSON TECHNOLOGY: Court Dismissed Chapter 11 After Asset Sales --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Wednesday, February 25, 2026, a Delaware bankruptcy judge granted a request to dismiss Tilson Technology Management Inc.'s Chapter 11 case after the debtor and its creditors acknowledged that secured debt outweighs the company's asset base. The parties concluded that reorganization was no longer feasible. Filings show that the estate lacks sufficient value to satisfy secured obligations, leaving no equity cushion for other creditors. As a result, stakeholders agreed that maintaining the bankruptcy proceeding would not produce a confirmable plan or meaningful benefit. The dismissal order allows creditors to assert their rights outside the protections of Chapter 11. The decision effectively terminates the court-supervised restructuring effort and shifts the process back to private negotiations or enforcement actions, the report states. About Tilson Technology Management Inc. Tilson Technology Management Inc. is a telecommunications infrastructure construction and technology management firm based in Portland, Maine, specializes in building and managing telecommunications infrastructure projects across the United States. The company works with various construction, technology, and service providers to deploy telecommunications networks. Tilson Technology Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10949) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Evan T. Miller, Esq. at Saul Ewing LLP. TMC MAINTENANCE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: TMC Maintenance Co., LLC 410 Grayson Drive Winder, GA 30680 Business Description: TMC Maintenance Co., LLC, based in Winder, Georgia, provides commercial and industrial heating, ventilation and air conditioning (HVAC) maintenance and repair services, including chilled water systems, refrigeration, grease hoods, waste oil systems and preventive maintenance programs. The company also offers consulting, design, construction and retrofit services for commercial and institutional facilities. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-20266 Debtor's Counsel: Adam E. Ekbom, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Email: info@joneswalden.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeffrey W. Guthrie as authorized representative. 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/63CS4RQ/TMC_Maintenance_Co_LLC__ganbke-26-20266__0001.0.pdf?mcid=tGE4TAMA TONOPAH SOLAR: $7MM Stalking Horse Bid Identified ------------------------------------------------- Emlyn Cameron of Law360 reports that bankrupt Nevada solar project, Tonopah Solar Energy, has identified a prospective bidder selected to serve as the stalking‑horse in its Chapter 11 asset auction, with a minimum bid of $7 million. The designation signals the first substantive step toward marketing the debtor’s assets under court supervision. In filings with the bankruptcy court, the debtor said the stalking‑horse bidder has agreed to set the floor price for competing offers, providing a benchmark that could encourage higher bids at the auction. The minimum $7 million bid will be subject to bankruptcy court approval and bid procedures that govern the sale process. The Chapter 11 auction is intended to maximize value for creditors as the solar project moves through liquidation or restructuring. Creditors and other stakeholders will have the opportunity to evaluate and potentially top the stalking‑horse bid, with a hearing on final approvals expected in the coming weeks, the report states. About Tonopah Solar Energy Tonopah Solar Energy, LLC owns and operates a net 110-megawatt concentrated solar energy power plant located near Tonopah in Nye County, Nevada. The power plant is also known as the Crescent Dunes Solar Energy Project, which is the first utility-scale concentrated solar power plant in the United States to be fully integrated with energy storage technology. Tonopah Solar Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-11884) on July 30, 2020. At the time of the filing, the Debtor had estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge Karen B. Owens oversees the case. The Debtor tapped Young, Conaway, Stargatt & Taylor LLP and Willkie Farr & Gallagher LLP as its legal counsel, Houlihan Lokey Inc. as investment banker, and Epiq Corporate Restructuring, LLC as claims agent and administrative advisor. FTI Consulting, Inc., provides turnaround management services. 2nd Try Tonopah Solar Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10060) on January 21, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor is represented by Aaron S. Applebaum, Esq. of DLA PIPER LLP (US). The Debtor's investment banker is SSG ADVISORS, LLC and EPIQ CORPORATE RESTRUCTURING, LLC is its claims & noticing agent. TRICOLOR AUTO: ACV Auctions Recorded $18MM Loses in Co's Bankruptcy ------------------------------------------------------------------- Paige Smith of Bloomberg News reports that online auto marketplace ACV Auctions Inc. said it suffered losses exceeding $18 million in 2025 as a result of the bankruptcy of Tricolor Holdings. The company attributed the hit to financial exposure connected to the lender's vehicle loan operations. The bankruptcy of the Texas-based lender followed the discovery by financing banks of warning signs in the collateral securing its subprime auto loans. Concerns over documentation and asset values prompted funding withdrawals and triggered the lender's collapse, according to report. Among the banks acknowledging losses are Fifth Third Bancorp, JPMorgan Chase & Co. and Barclays Plc, each of which disclosed exposure tied to Tricolor's financing structure. The situation has cast a spotlight on risk management in subprime auto credit, the report states. ACV's disclosure adds to mounting evidence that the lender's failure has had far-reaching consequences beyond direct creditors. Market participants are now reassessing counterparty risk and collateral verification practices in the auto finance ecosystem, Bloomberg states About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRUE BELIEVERS: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: True Believers, LLC 2796 Triverton Pike Drive Suite 207 Madison, WI 53711-5840 Case No.: 26-10365 Business Description: True Believers LLC, a Department of Health and Human Services-certified outpatient clinic, provides mental health and substance abuse services in Wisconsin. The agency offers psychotherapy, psychoeducation, coping skills, meditation, medication management, and limited case management, with specialized support for gender dysphoria and transgender care. Its staff includes licensed substance abuse professionals, licensed professional counselors, and master's-level mental health providers with over 20 years of experience. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Western District of Wisconsin Judge: TBD Debtor's Counsel: Kristin J. Sederholm, Esq. KREKELER LAW, S.C. 26 Schroeder Court, Suite 300 Madison, WI 53711 Tel: 608-258-8555 Fax: 608-258-8299 Email: ksederho@ks-lawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Angela Reed as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L26USTY/True_Believers_LLC__wiwbke-26-10365__0001.0.pdf?mcid=tGE4TAMA UNITED SITE: Projects Speedy Ch. 11 Exit After Plan Confirmation ---------------------------------------------------------------- Hilary Russ of Law360 reports that a New Jersey bankruptcy judge has confirmed the Chapter 11 plan of United Site Services Inc., clearing the company to exit bankruptcy as soon as this week. The confirmation leaves intact opt-out third-party releases that were challenged by the federal bankruptcy watchdog. The U.S. Trustee argued that the releases improperly insulated nondebtors from liability without requiring explicit consent from affected creditors. The court rejected that position, concluding that the plan met the applicable legal requirements and that the release provisions were appropriate under the circumstances, according to Law360. With the plan confirmed, United Site Services can move to consummate the restructuring, reduce its debt obligations and resume operations outside of bankruptcy. The ruling marks the final step before the company’s anticipated emergence from Chapter 11, the report relays. About United Site Services Inc. United Site Services Inc. is a national provider of portable toilet rentals and temporary site services. The company serves construction companies, municipalities, industrial clients, and event organizers throughout the United States. United Site Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23630) on December 29, 2025. In its petition, the Debtor reports estimated assets and liabilities each ranging between $1 billion and $10 billion. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. VALERO ENERGY: Refinery Shuts Down All Units Prior to Closure ------------------------------------------------------------- Nathan Risser and Barbara Powell of Bloomberg News report that the operations at Valero Energy Corp's Benicia refinery have largely ceased, signaling the likely loss of another California fuel-making plant. The refinery's only crude processing unit was shut in early February, and other primary units were subsequently taken offline, according to data from Wood Mackenzie. Government statistics illustrate the immediate impact. The US Department of Energy reported that West Coast refinery throughput declined by 144,000 barrels per day for the week ended Feb. 20—mirroring the Benicia plant's production capacity, the report states. The refinery in Benicia had been among California's dwindling in-state refining assets. Its shutdown narrows local supply at a time when environmental mandates and infrastructure constraints already limit production flexibility, according to Bloomberg. As a result, the state will likely need to source more fuel from outside California, including foreign imports. Market observers caution that reduced in-state refining capacity could sustain upward pressure on pump prices and heighten exposure to global supply disruptions, the report cites. About Valero Energy Corp. Valero Energy Corporation is an international manufacturer and marketer of transportation fuels, other petrochemical products, and power. VANDERBILT MINERALS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------ Bondoro reports that Norwalk-based Vanderbilt Minerals, LLC, a producer and supplier of industrial minerals and clays, sought Chapter 11 protection on February 16, 2026 in the Northern District of New York. The filing is aimed at addressing significant talc-related litigation liabilities. The debtor faces more than 1,400 asbestos-related cases, up sharply from 307 in 2019. Defense and indemnity expenses reached $8 million this 2026, and a 2024 jury verdict totaling $15 million — plus $7.5 million in punitive damages and a $3.8 million appeal bond -- added further financial pressure. Overall talc-related liabilities stand at approximately $117.2 million, and the company has no secured funded debt, the report cites. After a prepetition sales process overseen by Greenhill & Co. failed to produce a viable out-of-court transaction, the debtor opted for a Chapter 11 sale. Proposed stalking horse bidder Commodore Materials, LLC, via an affiliate, is providing $15 million in senior secured superpriority DIP financing, with $6.5 million accessible immediately. Vanderbilt Minerals is also seeking court approval of a settlement with its parent company, R.T. Vanderbilt Holding Co., following an independent special committee review, according to Bondoro. The company reports assets and liabilities each ranging between $100 million and $500 million. According to court filings, unsecured creditors are expected to receive distributions. About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC supplies mineral and chemical products. The Company offers ceramics, clay binders, mineral fillers, floor finishes, paints, concrete, and lubricants. Vanderbilt Minerals serves rubber, plastics, petroleum, paper, pharmaceutical, agricultural, ceramics, adhesives, wire and cable, and cosmetics industries worldwide. Vanderbilt Minerals sought sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60110 (WAK)) on February 16, 2026) Charles J. Sullivan at Bond, Schoeneck & King, PLLC represents the Debtor as legal counsel. Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC) serves as claims agent. R.T. Vanderbilt Holding Company, Inc. is the sole equity holder, owning 100% of the company. VILLAGE HOMES: Hogan Hill Property Sale to R. & J. Napolitan OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has granted Village Homes LP to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's real properties are located in various subdivisions in Tarrant and Parker Counties, Texas. The Court has authorized the Debtor to sell the Property with an almost-completed townhome with an address of 2728 Hogan Hill Lane, Fort Worth, Texas 76109 to Raymond S. and Jody A. Napolitan Jr. in the purchase price of $1,382,000. The Hogan Hill Property shall be sold free and clear of the liens recorded under the Hogan Hill DOT as to Lot 27 only, held by Worthington Bank. VilHom FW Holdings, LLC, f/k/a Olerio Development, LLC, holds no equitable interest in the Hogan Hill Property because the Asset Sale Contract either was terminated prepetition, or as a result of the rejection of the Asset Sale Contract. The Debtor is authorized to distribute the sale proceeds to: a) First, to the payment of normal and customary costs of sale, including commission, title fees, and prorated taxes assessed against the property which is the obligation of the Debtor as of the date of closing; (b) Second, payment to Worthington Bank of the Release Price for the sale of the Hogan Hill Property; and (c) Third, the net proceeds remaining after payment of the items listed in (a) and (b) immediately above constitute cash collateral of Worthington Bank and, with the consent of Worthington Bank, such net proceeds shall be distributed to the Debtor to be used by the Debtor for the costs and expenses of its operations and the administration of the Debtor’s chapter 11 case. Neither of the Buyers of the Hogan Hill Property, as identified in the Hogan Hill Agreement, is an "inside" of the Debtor. The Hogan Hill Agreement was negotiated in good faith and at arms-length between the Buyers and the Debtor. The Buyers are paying value in the amount of the Purchase Price for the Hogan Hill Property as set forth in the Hogan Hill Agreement. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. WARNERMEDIA HOLDINGS: Fidelity Marks $90,000 Bond at 30% Off ------------------------------------------------------------ Fidelity Multi-Strategy Credit Fund has marked its $90,000 corporate bond extended to Warnermedia Holdings Inc. to market at $63,338 or 70% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Warnermedia Holdings Inc. The bond accrues interest at a rate of 5.05% per annum. The bond matures on March 15, 2042. 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 Warnermedia Holdings Inc. Discovery Global Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, creates, distributes films and television content. Warnermedia Holdings serves customers in the United States. WELCH & WELCH: Withdraws Motion to Sell Farm Equipment ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Tennessee has granted Welch & Welch Planting Co. to withdraw motion to sell farm equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in the farming and custom farming business and farm equipment is one of the Debtor's primary assets. The Court has granted the Debtor to withdraw Motion to Sell of the Assets, free and clear of liens and encumbrances. About Welch & Welch Planting Co., LLC Welch & Welch Planting Co. LLC is an agricultural company specializing in crop production, utilizing advanced machinery for planting, soil preparation, irrigation, and harvesting. Welch & Welch Planting Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10356 on March 13, 2025. In its petition, the Debtor reports total assets of $1,323,500 and total liabilities of $1,055,264. The Debtor is represented by Tom Strawn, Esq., at The Law Office of Tom Strawn. WELCOME GROUP 2: Seeks Continued Cash Collateral Access ------------------------------------------------------- Welcome Group 2, LLC asks the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division at Columbus, for entry of an order modifying and extending the existing final cash collateral order to permit continued use of cash collateral through July 13, 2026. The Debtors operate three hotels in Southwest Ohio and filed for Chapter 11 relief on September 1, 2023, to reorganize their debts while maintaining operations and preserving jobs. Since the initial interim and final cash collateral orders were entered in September and October 2023, the court has repeatedly extended authorization for use of cash collateral, and the Debtors have remained current on all required adequate protection payments to their secured lender, RSS WFCM2019-C50 – OH WG2, LLC, as well as to the Small Business Administration. Under the current request, the Debtors request approval of a revised budget and continued authority to use cash collateral under substantially similar terms as previously approved, including ongoing monthly adequate protection payments to the secured lender and the re-granting of prepetition replacement liens. However, the Debtors propose ceasing payments to the SBA on the basis that its loan appears wholly unsecured and that the Debtors are not using any SBA cash collateral, rendering further adequate protection payments unwarranted. The Debtors assert that continued access to cash collateral is essential to fund payroll, operating expenses, and administrative costs necessary to preserve the value of the hotel businesses as going concerns. Without such authority, the Debtors contend they would be forced to cease operations, causing immediate and irreparable harm, employee job losses, and a significant decline in asset value. The Debtors maintain that the revised budget is reasonable, feasible, and based on historical performance and current conditions, and that the proposed adequate protection fully safeguards the secured lender against any diminution in collateral value. A copy of the motion is available at https://urlcurt.com/u?l=oytU0F from PacerMonitor.com. About Welcome Group 2 LLC Welcome Group 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Ohio Case No. 23-53044) on September 1, 2023. In the petition signed by Abhijit Vasani, as president, InnVite Opco, Inc., sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge C. Kathryn Preston oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the Debtor as legal counsel. Secured lender RSS WFCM2019-C50 - OH WG2, LLC, is represented by, Tami Hart Kirby, Esq. And Walter Reynolds, Esq. At Porter Wright Morris & Arthur LLP. WHITE ROCK: To Retain Reed Smith LLP as Legal Counsel ----------------------------------------------------- White Rock Medical Center, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Reed Smith LLP to serve as their legal counsel. Reed Smith LLP will provide these services: (a) advise the Debtors with respect to their powers and duties as debtors and debtors-in-possession in the continued management and operation of their business and property; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on their behalf, the defense of any actions commenced against the estates, and negotiations concerning all litigation in which the Debtors may be involved and objections to claims filed against the estates; (d) prepare, on behalf of the Debtors, as debtors in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors’ estates; (e) take all appropriate actions in connection with the sale of any or all of the Debtors' assets pursuant to section 363 of the Bankruptcy Code or otherwise; (f) appear in the Bankruptcy Court, any appellate courts, and before the U.S. Trustee; and protect the interests of the Debtors' estates before such courts and the U.S. Trustee; (g) take all necessary actions in connection with any Chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; and (h) perform all other necessary legal services in connection with the prosecution of these Chapter 11 Cases; provided, however, that to the extent Reed Smith determines that such services fall outside of the scope of services historically or generally performed by Reed Smith as lead debtors’ counsel in a bankruptcy case, Reed Smith will file a supplemental declaration. Reed Smith LLP will be compensated at these standard hourly rates: Partners: $1,320-$1,355 Counsel: $1,035 Associates: $660-$1,055 Paralegals, legal assistants, and support staff: $105-$805 Reed Smith LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Scott M. Esterbrook Reed Smith LLP Three Logan Square, Suite 3100 1717 Arch Street Philadelphia, PA 19103 Direct Phone: (215) 851-8146 E-mail: sesterbrook@reedsmith.com About White Rock Medical Center LLC White Rock Medical Center, LLC operates a healthcare facility providing medical and hospital services to patients in Texas. White Rock Medical Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20, 2026. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alfredo R. Lopez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WOLFSPEED INC: Fidelity Multistrategy Marks $5,972 Bond at 17% Off ------------------------------------------------------------------ Fidelity Multi-Strategy Credit Fund has marked its $5,972 corporate bond extended to Wolfspeed Inc. to market at $4,777 or 83% of the outstanding amount, according to Fidelity Multi-Strategy Credit Fund's 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 Wolfspeed Inc. The bond accrues interest at a rate of 7% Pay-In-Kind per annum. The bond matures on June 15, 2031. 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 Wolfspeed Inc. Wolfspeed Inc is a semiconductor company specializing in silicon carbide and gallium nitride technologies for power and radio-frequency applications. YUNHONG GREEN: Appoints Gerald Roberts Jr. as Interim Chairman -------------------------------------------------------------- Yunhong Green CTI Ltd. disclosed in a regulatory filing that the Board of Directors accepted the resignation of Mr. Yubao Li as Chairman of the Board of Directors of the Company, effective immediately. The Board has elected Gerald D. Roberts Jr. as interim Chairman. Mr. Roberts has agreed to serve until a permanent Chairman is selected. About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 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 has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. ZHL SERVICES: Cash Collateral Hearing Set for March 3 ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, is set to hold a hearing on March 3 to consider extending ZHL Services, LLC's authority to use cash collateral. The Debtor was previously allowed to access cash collateral under the court's February 6 amended second interim order pending the March 3 hearing. The February 6 order authorized the Debtor to use cash collateral for court-approved payments, including U.S. Trustee quarterly fees, and operating expenses set forth in its budget, with up to a 10% variance per line item. The order granted secured creditors including Celtic Bank/USA SBA and Kapitus Servicing, Inc. (acting for Kapitus LLC), a perfected post-petition replacement lien on cash collateral, with the same validity, priority, and extent as their pre-petition liens. About ZHL Services LLC ZHL Services, LLC provides land-clearing, demolition, excavation, utility, and septic services for industrial, commercial, and residential projects in North Florida. The Company operates as a locally owned contractor that has expanded from grade-work origins to a broader range of site-development services. It is recognized as a Jacksonville Small and Emerging Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04182) on November 13, 2025. In the petition signed by Haley Lundy, manager, the Debtor disclosed $2,264,846 in assets and $3,965,913 in liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP, represents the Debtor as bankruptcy counsel. ZOOTILITY CO: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine entered an interim order authorizing Zootility Co. to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its operating budget, with total spending limited to up to 125% of the projected expenditures outlined in the budget. As adequate protection for lenders holding pre-petition security interests, the court granted them replacement liens on substantially all post-petition assets of the Debtor's estate, excluding avoidance actions and related proceeds. The replacement liens maintain the same priority positions that existed before the Debtor's bankruptcy filing. If the replacement liens do not fully compensate lenders for any decline in collateral value, the remaining amounts will be treated as administrative expense claims under section 507(b) of the Bankruptcy Code. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LGtiA from PacerMonitor.com. A final hearing is scheduled for March 12. Any objections to granting final approval must be filed before March 10. Lenders that may assert an interest in the Debtor's cash collateral include Portland Development Corporation, Secured Lender Solutions, LLC, TD Bank, N.A., and the U.S. Small Business Administration. Portland, TD Bank, and the SBA assert claims of approximately $132,000, $190,000, and $550,000, respectively. The amount of Secured Lender Solutions' claim is unknown. About Zootility Co. Zootility Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mai. Case No. 26-20026) with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Hon. Michael A Fagone oversees the case. The Debtor is represented by: Adam R. Prescott, Esq. Bernstein Shur Sawyer & Nelson, PA 207-228-7145 aprescott@bernsteinshur.com [] Dorsey & Whitney Adds Ben Cavender to Finance & Restructuring ---------------------------------------------------------------- Ben Cavender has joined Dorsey & Whitney LLP as Of Counsel in the Firm's Finance & Restructuring group in Minneapolis, the international law firm announced on February 26, 2026. Ben returns to Dorsey from U.S. Bank, where he was Assistant General Counsel. His perspective is shaped by more than a decade of in--house experience, gaining insight into how organizations assess risk, manage competing priorities, and execute strategic goals. Ben focuses his practice on commercial lending, restructuring, and the full range of matters that arise when businesses face financial pressure or operational disruption. Ben advises clients on commercial collections and workouts, bankruptcy matters, secured transactions involving real estate and personal property, note sales, and liability--management strategies. Ben received his J.D. from University of Michigan Law School; his M.B.A. from Vanderbilt University, Owen School of Management; and his B.A. from Vanderbilt University. "We are thrilled to welcome Ben back to our Finance & Restructuring team, " said Eric Lopez Schnabel, Finance & Restructuring Practice Group Co-Leader for Dorsey. "Ben draws on both legal experience and a strong business background, approaching each problem with an eye toward practical solutions and long--term stability." "Dorsey has a nationally recognized Finance & Restructuring practice," said Ben Cavender. "I am very excited to return to Dorsey's excellent team and to join my colleagues in serving our clients." About Dorsey & Whitney LLP Clients have relied on Dorsey as a valued business partner since 1912. With locations across the United States and in Canada, Europe, and the Asia-Pacific region, Dorsey provides results-oriented, grounded counsel for its clients' legal and business needs. Dorsey represents a number of the world's most successful companies from a wide range of industries, including banking & financial institutions; development & infrastructure; energy & natural resources; food, beverage & agribusiness; healthcare & life sciences; and technology. [] Fitch Affirms Ratings on 12 North American Automotive Companies ------------------------------------------------------------------ Fitch Ratings has affirmed 12 North American automotive and related companies' ratings: 1. BorgWarner Inc. 2. Aptiv PLC 3. General Motors Company 4. Lear Corporation 5. Ford Motor Company 6. LKQ Corporation 7. Versigent Limited (f/k/a Cyprium Holdings Limited) 8. Dana Incorporated 9. Dauch Corporation (f/k/a American Axle & Manufacturing Holdings, Inc.) 10. Goodyear Tire & Rubber Company 11. Clarios International Inc. (Clarios Global LP) 12. Tenneco LLC These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Ratings Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores BorgWarner 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-, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (a, Moderate), Profitability (a-, Higher), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BBB+'. Aptiv PLC Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (a, Moderate), Profitability (a, Higher), Financial Structure (bb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach. General Motors Company Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Higher), Financial Structure (a-, Moderate), and Financial Flexibility (bbb+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BBB'. Lear Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BBB'. Ford Motor Company Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Higher), Financial Structure (bb+, Moderate), and Financial Flexibility (bbb+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: No adjustments were made to the SCP resulting in an IDR of 'BBB-'. LKQ Corporation Fitch scored the issuer as follows, using its CRT to produce the 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 (bb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach. Versigent Limited (f/k/a Cyprium Holdings Limited) Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Higher), Financial Structure (bb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BB+'. Dana Incorporated Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Higher), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BB+'. Dauch Corporation (f/k/a American Axle & Manufacturing Holdings, Inc.) Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb-, Lower), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Higher), Financial Structure (b+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BB-'. Goodyear Tire & Rubber Company Fitch scored the issuer as follows, using its CRT to produce the 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 (bb-, Higher), Financial Structure (b, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach. Clarios International Inc. (Clarios Global LP) Fitch scored the issuer as follows, using its CRT to produce the 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 (a-, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'b'. To derive the IDR: - No adjustments were made to the SCP resulting, in an IDR of 'B'. Tenneco LLC Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'b'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'B'. Recovery Analysis Refer to the RAC for each issuer. RATING SENSITIVITIES Refer to the RAC for each issuer. Liquidity and Debt Structure Refer to the RAC for each issuer. Issuer Profile Refer to the RAC for each issuer. Sources of Information Refer to the RAC for each issuer. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for BorgWarner Inc., Aptiv PLC, Dana Incorporated, Goodyear Tire & Rubber Company (The), Clarios International Inc. and Tenneco LLC. The Climate.VS for Versigent Limited (fka Cyprium Holdings Limited) for 2035 is 50. The Climate.VS for General Motors Company, Lear Corporation, Ford Motor Company, LKQ Corporation and Dauch Corporation for 2035 is 51. ESG Considerations Refer to the RAC for each issuer. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Dauch Corporation LT IDR BB- Affirmed BB- LKQ Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Clarios International Inc. LT IDR B Affirmed B LKQ Dutch Bond B.V. senior unsecured LT BBB- Affirmed BBB- BorgWarner Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Lear Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB LKQ European Holdings B.V. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Aptiv PLC LT IDR BBB Affirmed BBB Dana Incorporated LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Goodyear Tire & Rubber Company (The) LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- Aptiv LLC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Aptiv Swiss Holdings Limited LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB junior subordinated LT BB+ Affirmed BB+ General Motors Company LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB American Axle & Manufacturing, Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ Ford Motor Company LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Dana Financing Luxembourg S.a r.l. senior unsecured LT BB+ Affirmed RR4 BB+ Clarios Global LP LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT B B Affirmed RR1 BB senior secured LT B+ Affirmed RR3 B+ Tenneco LLC LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- Versigent Limited LT IDR BB+ Affirmed BB+ Goodyear Europe B.V. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR2 BB+ [] Fitch Affirms Ratings on 6 North American Chemicals Companies ---------------------------------------------------------------- Fitch Ratings has affirmed six North American chemicals companies' ratings and the ratings of their related subsidiaries. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" published on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. 1. Advancion Holdings, LLC 2. Advancion Sciences, Inc. 3. CVR Partners, LP 4. Fortis 333, Inc. 5. Kronos Worldwide, Inc. 6. Kronos International Inc. 7. SK Mohawk Holdings, SCS 8. Polar US Borrower, LLC 9. W. R. Grace Holdings LLC Corporate Rating Tool Inputs and Scores Advancion Holdings, LLC Advancion Sciences, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+1 approach. CVR Partners, LP Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a same credit profile for both parent and subsidiary approach. Fortis 333, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb, Lower), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Lower), Financial Structure (b-, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2025 and 50% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Kronos Worldwide, Inc. Kronos International 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 (b+, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (b+, Higher), Profitability (b+, Higher), Financial Structure (b, Moderate), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. SK Mohawk Holdings, SCS Polar US Borrower, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (b-, Moderate), Market and Competitive Positioning (ccc+, Higher), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (b-, Moderate), Profitability (ccc+, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. W. R. Grace Holdings LLC Fitch scored the issuer as follows, using out Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Lower), Financial Structure (b-, Higher), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 5% for the forecast year 2026, 40% for the forecast year 2027 and 45% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Kronos International Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Kronos Worldwide, Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Advancion Sciences, Inc. LT IDR CCC+ Affirmed CCC+ senior unsecured LT CCC- Affirmed RR6 CCC- Advancion Holdings, LLC LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ sr secured 2nd Lien LT CCC Affirmed RR6 CCC Polar US Borrower, LLC LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- CVR Partners, LP LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB senior secured LT BB+ Affirmed RR1 BB+ W. R. Grace Holdings LLC LT IDR B Affirmed B senior unsecured LT B- Affirmed RR5 B- senior secured LT BB Affirmed RR1 BB Fortis 333, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- SK Mohawk Holdings, SCS LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ [] Fitch Affirms Ratings on 8 NA Capital Goods Entities ------------------------------------------------------- Fitch Ratings affirmed ratings on certain North American Capital Goods: 1. Allison Transmission Holdings, Inc. 2. Allison Transmission, Inc. 3. Oshkosh Corporation 4. Caterpillar Inc. 5. Patrick Industries, Inc. 6. Polaris Inc. 7. Brunswick Corporation 8. Harley-Davidson, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Allison Transmission Holdings, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a+, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BB+'. Oshkosh Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BBB'. Caterpillar Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (a-, Lower), Market and Competitive Positioning (a, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (a+, Moderate), Profitability (a+, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'a+'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'A+'. Patrick Industries, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (b+, Higher), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BB'. Polaris Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BBB-'. Brunswick Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BBB'. Harley-Davidson, Inc. Fitch scored the issuer as follows, using its CRT to produce the 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 (bbb-, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - No adjustments were made to the SCP resulting in an IDR of 'BBB+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Harley-Davidson, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Allison Transmission, Inc LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ Patrick Industries, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Brunswick Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Caterpillar Inc. LT IDR A+ Affirmed A+ ST IDR F1 Affirmed F1 senior unsecured LT A+ Affirmed A+ senior unsecured ST F1 Affirmed F1 Polaris Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Allison Transmission Holdings, Inc. LT IDR BB+ Affirmed BB+ Oshkosh Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB [] Fitch Affirms Ratings on 9 NA Oil & Gas Production Companies --------------------------------------------------------------- Fitch Ratings has affirmed nine North American oil & gas production companies, one North American refining company, and one North American oil field services company as well as their subsidiaries: 1. Talos Energy Inc. 2. Ascent Resources Utica Holdings, LLC 3. Gulfport Energy Corp 4. Par Pacific Holdings Inc. 5. Matador Resources Company 6. TGNR Intermediate Holdings LLC 7. Highpeak Energy Inc. 8. Enerflex Inc. 9. BKV Corporation 10. Crescent Energy Company 11. Moss Creek Resources Holdings, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Talos Energy 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 (b, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (b, Moderate), Profitability (b+, Moderate), Financial Structure (aa-, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Ascent Resources Utica Holdings, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Lower), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Higher), Financial Structure (a, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. Gulfport Energy Corp Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (b-, Higher), Financial Structure (aa-, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Par Pacific Holdings Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (b, Moderate), Profitability (b, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027 and 60% for the forecast year 2028. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Matador Resources Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bb, Higher), Financial Structure (aa-, Lower), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb' To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. TGNR Intermediate Holdings LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b+, Moderate), Financial Structure (bbb+, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: 'bb-' - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a bottom up +1 approach. Highpeak Energy 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 (bb-, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b-, Higher), Profitability (b+, Moderate), Financial Structure (a, Lower), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Enerflex 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 (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 15% for the forecast year 2026, 25% for the forecast year 2027 and 50% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in an equalized approach. BKV Corp Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Higher), Financial Structure (a+, Lower), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Crescent Energy Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb-, Higher), Financial Structure (a-, Lower), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2026, 15% for the forecast year 2027 and 75% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb-'. Moss Creek Resources Holdings, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (b, Higher), Financial Structure (aa, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- BKV Corporation LT IDR B Affirmed B Talos Production Inc. LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB sr secured 2nd Lien LT B+ Affirmed RR3 B+ MRC Energy Company LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- TGNR Intermediate Holdings LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- Talos Energy Inc. LT IDR B Affirmed B HighPeak Energy, Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- super senior LT BB Affirmed RR1 BB Gulfport Energy Corporation LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ Crescent Energy Company LT IDR BB- Affirmed BB- Matador Resources Company LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Par Pacific Holdings Inc. LT IDR B+ Affirmed B+ Moss Creek Resources LLC LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB Enerflex Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Ascent Resources Utica Holdings, LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- Moss Creek Resources Holdings, Inc. LT IDR B Affirmed B senior unsecured LT B+ Affirmed RR3 B+ Par Petroleum, LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior secured LT B+ Affirmed RR4 B+ TG Natural Resources LLC LT IDR BB- Affirmed BB- Crescent Energy Finance LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- BKV Upstream Midstream, LLC LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B Enerflex Ltd. LT IDR BB Affirmed BB [] Fitch Affirms Ratings on 9 North American Retail Companies ------------------------------------------------------------- Fitch Ratings has affirmed nine North American retail companies and their subsidiaries: 1. Asbury Automotive Group, Inc. 2. AutoNation, Inc. 3. AutoZone Inc. 4. Home Depot, Inc. 5. Kohl's Corporation 6. Levi Strauss & Co. 7. Macy's, Inc. 8. Nordstrom, Inc. 9. Sonic Automotive, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Asbury Automotive Group, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB'. AutoNation, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BBB-'. AutoZone Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (aa-, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (ended Aug. 30, 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BBB'. Home Depot, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (a, Moderate), Profitability (bbb, Moderate), Financial Structure (a, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'A' Kohl's Corporation Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB-'. Levi Strauss & Co. Fitch scored the issuers as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (aa, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2025 (ended November 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BBB-'. Macy's Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Lower), Financial Structure (a-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach. Nordstrom, Inc. Fitch scored the issuers as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Lower), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB'. Sonic Automotive, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Home Depot, Inc. LT IDR A Affirmed A ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 Macy's Retail Holdings, LLC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- AutoZone Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Levi Strauss & Co. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB Macy's, Inc. LT IDR BBB- Affirmed BBB- AutoNation, Inc. LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 Kohl's Corporation LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB+ Affirmed RR2 BB+ Asbury Automotive Group, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Macy's Inventory Funding LLC LT IDR BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB Nordstrom, Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BB+ Affirmed RR2 BB+ Sonic Automotive, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- [] Fitch Affirms Ratings on 9 North American Software Companies --------------------------------------------------------------- Fitch Ratings has affirmed the ratings of nine North American Technology software companies and their related subsidiaries and affiliates: 1. Rocket Software, Inc. 2. Tungsten CayCo, Ltd. 3. Ivanti Security Holdings LLC 4. ConnectWise, LLC 5. Waystar Holding Corp. 6. Conga Corporation 7. Uber Technologies, Inc. 8. Cadence Design Systems Inc. 9. Calabrio, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Rocket Software, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The Standalone Credit Profile is 'b'. Tungsten CayCo, Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b-'. Ivanti Security Holdings LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b-'. ConnectWise, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b+'. Waystar Holding Corp. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb+, Lower), Profitability (a-, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Weakest link considerations adjustment is applied based on Financial Structure factor and results in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The calibration adjustment applies and results in no adjustment. - The SCP is 'bb' Conga Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b+' Uber Technologies, 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 (a-, Higher), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bb, Lower), Profitability (bb+, Moderate), Financial Structure (aa, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. Cadence Design Systems Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a-, Moderate), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Moderate), Financial Structure (aa-, Moderate), and Financial Flexibility (a+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'a-'. Calabrio, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The Standalone Credit Profile is 'b' RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Rocket Software, Inc. LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- Tungsten Automation Receivables European Purchaser SPV senior secured LT BB- Affirmed RR1 BB- Tungsten Automation AR SPV, LLC senior secured LT BB- Affirmed RR1 BB- ConnectWise, LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Icon Software Holdings, Inc. LT IDR B- Affirmed B- Waystar Holding Corp. LT IDR BB Affirmed BB Waystar Technologies, Inc. LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ Uber Technologies, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 Tungsten CayCo, Ltd LT IDR B- Affirmed B- Calabrio Holdings, Inc. LT IDR B Affirmed B Calabrio, Inc. LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB senior secured LT B+ Affirmed RR3 B+ Cadence Design Systems Inc. LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Ivanti Security Holdings LLC LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- Project Everest Ultimate Parent, LLC LT IDR B+ Affirmed B+ Ivanti Software, Inc. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B sr secured 2nd lien LT CCC Affirmed RR6 CCC ConnectWise Holdings, LLC LT IDR B+ Affirmed B+ Conga Corporation LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Project Leopard Holdings, Inc. LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ sr secured 2nd lien LT CCC Affirmed RR6 CCC [] HelloNation Article Sees Bankruptcy Filings Rising in 2026 ------------------------------------------------------------- The article reviews economic and credit conditions shaping 2026 bankruptcy trends, including what may influence Chapter 7 and Chapter 13 filings for individuals and small businesses. What should individuals and small businesses expect from bankruptcy trends in 2026? That's the question answered in a HelloNation article featuring insights from Carla Vida and Behrooz Vida of The Vida Law Firm, PLLC. The article provides a clear look at how economic shifts, tightening credit access, and regulatory updates are influencing bankruptcy filings across the country. Total bankruptcy filings rose by 11 percent in 2025, and further increases are expected in 2026, signaling growing financial distress among consumers and businesses. The HelloNation feature explores how financial pressure is growing for many households and small businesses, and how those stressors are expected to shape personal bankruptcy and small business bankruptcy decisions throughout the year. According to the article, rising interest rates and limited credit access are already creating difficulties for individuals managing personal debt. Credit card debt alone has surpassed $1 trillion, adding to the financial strain many consumers face. The article points out that this is leading more people to consider filing for Chapter 7 or Chapter 13 bankruptcy. While bankruptcy filings may rise, the article explains that these changes are more reflective of the economic outlook than of individual missteps. The article emphasizes that understanding these patterns helps individuals recognize when it's time to explore debt solutions. For business owners, the article outlines how supply chain costs, inflation, pandemic-era debt, and tighter lending standards are playing a growing role in small business bankruptcy filings. Businesses with smaller cash buffers or higher debt loads are particularly vulnerable. The HelloNation article highlights the unique situation of business owners who may also be personally liable for company debt, requiring them to consider both personal and business bankruptcy options. Bankruptcy regulations are also shifting. The article notes that changes in procedures and legal requirements are influencing how bankruptcy cases are handled. These updates can affect both the timing and outcome of a bankruptcy case. The article recommends that individuals and business owners alike stay informed about evolving bankruptcy regulations to avoid unexpected hurdles. Access to credit is another recurring theme. According to the article, stricter lending standards are not only raising borrowing costs but also limiting financial options for people already in distress. Small businesses, especially those in high-risk industries, are feeling the effects of lenders becoming more selective. The article connects this tightening credit environment to higher bankruptcy risks across both sectors. The HelloNation article also covers how the broader economic outlook feeds into bankruptcy trends. Factors like employment rates, inflation, and consumer behavior play a key role in shaping financial stability. The article advises that both individuals and small businesses monitor these indicators closely to stay ahead of potential trouble. Finally, the article points to a growing trend: more people are seeking professional guidance before filing. This includes consulting with bankruptcy attorneys and financial advisors to evaluate all available options. The article stresses that early planning and legal support can make the bankruptcy process less difficult and more effective. The article provides a full picture of what to watch as bankruptcy trends evolve in 2026, offering clear takeaways for anyone facing financial uncertainty. Bankruptcy Trends for 2026: What Individuals & Businesses Should Watch features insights from Carla Vida and Behrooz Vida, Bankruptcy Experts of Fort Worth, TX, in HelloNation. About HelloNation HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative "edvertising" approach that blends educational content and storytelling, HelloNation delivers expert-driven articles that inform, inspire, and empower. 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