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260303.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 3, 2026, Vol. 30, No. 62 Headlines 100 MCKNIGHT: Hires William J. Factor as Legal Counsel 10500 SUMMIT KP: Voluntary Chapter 11 Case Summary 10509 SUMMIT: Case Summary & 17 Unsecured Creditors 1300 DESERT: Romspen’s Plan Moves Forward to Confirmation Hearing 1960 DALLAS: Taps Keller Williams Integrity as Real Estate Broker 22ND CENTURY: Approves Nasdaq-Related Proposals at Special Meeting 4054 MYSTIC: Hires Waldron H. Rand & Company as Accountant 4912 WISCONSIN: Seeks Court OK to Hire Stinson LLP as Counsel 6909 BURNET: Case Summary & Six Unsecured Creditors A.B. INTERNATIONAL: Gets Final OK to Use Cash Collateral ABC CHILDREN'S: Hires LeBaron & Carroll as Insurance Consultant ACJK INC: Aetna, CVS Lose Bid to Dismiss Adversary Cases ADULT HOME: Hires Donald W. Reid as Bankruptcy Counsel ADVANTAGE SOLUTIONS: Moody's Puts 'B3' CFR on Review for Downgrade AEMETIS INC: Stockholders OK Common Stock Increase to 140MM ALEON METALS: Disclosure Statement Wins Conditional OK ALL-CITY TOWING: Seeks to Hire Neal Group LLC as Accountant AMON FOODSERVICE: Mark Sharf Named Subchapter V Trustee ANCARLO BROTHERS: Hires Pedro Betancourt Diaz as Real Estate Agent ANCHORAGE CREDIT 4: Moody's Ups Rating on Class E-R Notes From Ba1 ANDERSON COMPANIES: Case Summary & 20 Largest Unsecured Creditors APPTECH PAYMENTS: Raises Revenue Participation Contribution to $2M ARAWAK HOLDING: Holly Miller Named Subchapter V Trustee ARBORICULTURAL SOLUTIONS: Hires David Nyle Chandler as Counsel ARCHBLOCK LLC: U.S. Trustee Appoints Creditors' Committee ARMADILLO PIZZA: Hires Kean Miller LLP as Legal Counsel ARMADILLO PIZZA: Seeks to Tap Kean Miller LLP as Bankruptcy Counsel ARTELLA SOLUTIONS: Gets Court OK to Use Cash Collateral AVALON GLOBOCARE: Gains Relief on $375,000 Note Repayments AVALON GLOBOCARE: Sells Avalon RT9 for $9MM, Relieved of Mortgage AVANTOR INC: Fitch Affirms 'BB+' IDR, Outlook Stable AXE CAPITAL: Seeks to Hire David J. Meares LLC as Auctioneer AXE CAPITAL: Seeks to Hire Ford & Semach PA as Bankruptcy Counsel B & C PARTNERS: Taps McNeil Legal Services as Bankruptcy Counsel BAUSCH HEALTH: Swings to $157MM FY25 Net Income, Debt Risks Remain BEAN BROTHERS: Gets Final OK to Use Cash Collateral BEELINE HOLDINGS: Issues 432,443 Shares via Conversions, Warrants BEELINE HOLDINGS: Welcomes Barry Levenson as Strategic Advisor BEINGWIZARD LLC: Hires Richard T. Baum, Esq. as Counsel BELLA FAMILY: Aleida Martinez Molina Named Subchapter V Trustee BERRY CAPITAL: Hires Iron Auction Group as Auctioneer BIG LEVEL: Florida Wrongful Death Lawsuit Settlement Okayed BLAKK SMOKE: Case Summary & 15 Unsecured Creditors BLUEWATER RESIDENTIAL: Unsecureds to Get Share of Income for 5 Yrs BRENT TIDWELL: Hires Lefkovitz & Lefkovitz PLLC as Legal Counsel BROOKDALE SENIOR: FY25 Net Loss Hits $263MM, Faces Liquidity Risks BURMAN'S TREE: Gets Interim OK to Use Cash Collateral CANYON CREEK: Amends Unsecured Claims Pay Details CAROLINA CLEANING: Gets Interim OK to Use Cash Collateral CAROLINA RENOVATION: Gets Interim OK to Use Cash Collateral CARPENTER HOMES: Seeks Approval to Hire Jean Dupler as Bookkeeper CHABAD OF GRAMERCY: Trustee Taps Ariel Property Advisors as Broker CHURCH INTERNATIONAL: Seeks to Tap Bryan K. Mickler as Attorney CLAY STREET: Hires Iannuzzi Manetta as Financial Advisor CNX RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable COHERENT CORP: Fitch Alters Outlook on BB Long-Term IDR to Positive COMMUNITY HEALTH: Swings to $676MM Net Income in FY2025 COMPASS MINERALS: Moody's Alters Outlook on 'B2' CFR to Stable CONSERVICE PARENT: S&P Withdraws 'B-' ICR on Debt Repayment COOL FREAKIN': Seeks to Hire Loeb & Loeb LLP as Bankruptcy Counsel COOPER-STANDARD HOLDINGS: Prices $1.1B 9.25% Senior Notes Due 2031 COSMED GROUP: Stay in Motley, et al. Case Still in Effect CREATIVE FOODS: Hires Allen Stovall Neuman as Legal Counsel CRELL INC: Hires Steidl and Steinberg PC as Legal Counsel CROWN BOILER: Voluntary Chapter 11 Case Summary CRYSTAL GROUP: Unsecureds Will Get 100% of Claims in Sale Plan DANIEL TRUCKING: Gets OK to Use Cash Collateral Until April 17 DAWG HOUSE: Seeks to Tap Law Offices of Douglas Jacobson as Counsel DAWKINS GARDENS: Hires Milton D. Jones Esq. as Counsel DAY TRANSLATIONS: Gets Interim OK to Use Cash Collateral DBJ US: Employs James B. Miller as General Bankruptcy Counsel DIACARTA INC: Creditor Seeks Chapter 11 Trustee Appointment DICK'S AUTOMOTIVE: Hires Lee Tang and Associates as Accountant DISCOUNT AUTO: Unsecureds Will Get 5% of Claims over 60 Months DIXIE GROUP: Robert Shaw Reports 15.8% Equity Stake DOLCHE TRUCKLOAD: Gets Extension to Access Cash Collateral DREAMS AND DESTINATIONS: Seeks to Tap Ivey Mcclellan as Counsel DWG ENTERPRISES: Hires Donald W. Reid as Bankruptcy Counsel EMERGE CAPITAL: Seeks to Hire James M. Joyce Esq. as Counsel EMORY INDUSTRIAL: Hires Lain Faulkner & Co. as Financial Advisor ESJ TOWERS: Court Narrows Claims in Wincig, et al., Adversary Case EXECUTIVE DEVELOPMENT: Seeks to Hire W M Law as Bankruptcy Counsel EXTENSIONS PLUS: Court OKs Deal to Use Cash Collateral FASHIONABLE INC: Gets OK to Use Cash Collateral Until March 13 FAT BRANDS: Orrick & Bradley Represent Franchisee Group FAT BRANDS: Taps Hunton Andrews Kurth LLP as Bankruptcy Co-Counsel FCG ACQUISITIONS: Moody's Rates New $1.7BB First Lien Loans 'B3' FENDER MUSICAL: S&P Alters Outlook to Stable, Affirms 'B-' ICR FIRST BRANDS: Court Okays NLRB Complaint Settlement Agreement FIRST BRANDS: Ex-Exec Brumbergs Detailed Fraud in His Guilty Plea FIRST BRANDS: Jefferies Hit with Investor Fraud Lawsuit FOOD52 INC: Committee Taps Dundon Advisers as Financial Advisor FRANCESCA'S ACQUISITION: Seeks to Tap Ordinary Course Professionals FREE SPEECH: Sandy Hook Lawyer Eyes Leaving Case as Appeals End FTX TRADING: Court Extends Victims' Global Settlement Docs Filing FUNKO INC: Fund 1 Investments Holds 9.96% Equity Stake G&D TRANSMISSION: Seeks to Hire Kantrow Law Group as Counsel GALWAY ENTERPRISES: Voluntary Chapter 11 Case Summary GENERATION HEALTHCARE: Hires Allen Stovall Neuman as Counsel GLENWOOD CAVERNS: Hires Brownstein Hyatt as Bankruptcy Counsel GLENWOOD CAVERNS: Hires Otteson Shapiro LLP as Special Counsel GLENWOOD CAVERNS: Hires Sullivan Nimeroff Brown as Local Counsel GMB TRANSPORT: Unsecureds to Get No Less Than 1% in Plan HANSEN AIR PROS: Loses Bid for Summary Judgment in Howell Case HARVEST REAL: Taps Law Offices of Krystina T. Tran as Counsel HAWAII MOLD: Gets Interim OK to Use Cash Collateral HIAWATHA MANOR: Seeks to Extend Plan Exclusivity to November 6 HILBERT GROUP: Case Summary & 16 Unsecured Creditors HILBERT GROUP: Seeks Chapter 11 Bankruptcy in California HOLLYMONT CAPITAL: Claims to be Paid from Property Sale Proceeds HUDBAY MINERALS: Moody's Ups CFR to Ba3 & Alters Outlook to Stable ICORECONNECT INC: Court Confirms Chapter 11 Plan of Liquidation IMPERIAL 1 LLC: Dwayne Murray Named Subchapter V Trustee INCREDIBLE ESCAPE: Hires Ted Leland Accounting as Bookkeeper ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until March 17 JACKSON HOSPITAL: PCO Reports No Staffing Shortages JB GROUP: U.S. Trustee Taps Pablo Bonjour as Chapter 11 Trustee JDM PROPERTIES: Property Sale Proceeds to Fund Plan Payments JERSEY AUTO: Seeks to Retain Vestcorp LLC as Accountant JOAN SAMUEL HANNA: Creditor Loses Bid for Chapter 7 Conversion JOBEE EXPRESS: Smith Debnam Advises Crossroads & Flagstar JUMP HARLINGEN: Gets Interim OK to Use Cash Collateral K & M AMUSEMENT: Case Summary & 10 Unsecured Creditors KAMY LV LLC: Case Summary & Five Unsecured Creditors KARYOPHARM THERAPEUTICS: Boosts Authorized Common Shares to 106MM KEYLINK ENTERPRISES: Taps Law Offices of Krystina T Tran as Counsel KOOL AIR: Hearing Today on Bid to Use Cash Collateral KUBERA HOTEL: Claims to be Paid from Asset Sale Proceeds KURTIS TECHNOLOGIES: Christopher Hayes Named Subchapter V Trustee LARRY CARSON HALE: Court Tosses Suit vs. Eighteen Ninety-Six LAUNDROMAT OF NEVADA: Hires Millennium Commercial as Broker LEGACY CARES: Court Rules on Shade Structure Lease Issues LG PARENT: S&P Downgrades ICR to 'CCC+', Outlook Negative LINEAS DE PUERTO: Hires BIO Counselors as Special Counsel LIZA HAZAN: Loses Bid to Strike Registration of Foreign Judgment LOVING KINDNESS: Updates Unsecureds & Priority Tax Claims Details LUCERO LLC: Case Summary & One Unsecured Creditor LUMEN TECHNOLOGIES: Moody's Ups CFR to 'B2', Outlook Stable MAGLEV ENERGY: Gets Extension to Access Cash Collateral MAIE JT AND KT: Voluntary Chapter 11 Case Summary MANNING LAND: Seeks to Tap Lewis R. Landau as Bankruptcy Counsel MARAGAL MEDICAL: U.S. Trustee Appoints Joseph Tomaino as PCO MARTINES PALMEIRO: Creditors to Get Proceeds From Liquidation MERCER INTERNATIONAL: S&P Downgrades ICR to 'CCC+', Outlook Neg. MILLER ROAD: Case Summary & Six Unsecured Creditors MISS AMERICA: Kluger Kaplan to Leave $500MM Ownership Dispute NAUTICAL IMPORTS: Unsecureds to Split $13,500 over 3 Years NEWPORT OVERLOOK: Taps Omni Agent Solutions as Administrative Agent NIGHTFOOD HOLDINGS: TechForce Acquires Beer Bot IP for 7MM Shares NIX GROUP: Leona Mogavero Named Subchapter V Trustee NORCOLD LLC: Court Confirms Third Amended Chapter 11 Plan NORTH COUNTRY: Seeks to Hire Fennemore as Special Counsel NORTH STAR: Taps Omni Agent Solutions as Claims and Noticing Agent OFFICE PROPERTIES: Disclosure Statement for Chapter 11 Plan Okayed OFFICE PROPERTIES: Files Liquidation Analysis and Projections OLD WORLD: Hires Ark Financial Inc. as Accountant OLE BISTRO: Seeks to Hire Petrocelli & Company as Accountant ONE 7 COMMUNICATIONS: Taps Leavitt Legal Services as Legal Counsel PALADIN CAPITAL: Seeks to Employ Sherrard Roe Voigt as Counsel PARAMOUNT SKYDANCE: S&P Places 'BB+' ICR on CreditWatch Negative PATHFINDER AUTO: Gets Extension to Access Cash Collateral PEAK NA US: Seeks to Hire Singerman LLP as Counsel PEEK LLC: Seeks to Hire McNamee Hosea PA as Bankruptcy Counsel PING & BEAN: Seeks Approval to Hire Gabriel Pedraza as Accountant PIZZAHQ NJ 1: Mark Politan Named Subchapter V Trustee PLANET GREEN: NYSE Accepts Compliance Plan Through June 8, 2027 PORKY'S LLC: Hires RHRS Ruzomberka Holland as Accountant POWER REIT: Bradley & Daytona Holds 5% Stake PREMIER ROOFING: Hearing Today on Bid to Use Cash Collateral PURE BIOSCIENCE: All Four Key Proposals Approved at Annual Meeting QVC GROUP: Delays Release of Q4 and Year-End 2025 Financial Results REINFRO LLC: Seeks to Hire Lane Law Firm PLLC as Counsel RIVULET ENTERTAINMENT: Reduces Cash Consideration in Asset Purchase RKST HOLDING: Joseph Schwartz Named Subchapter V Trustee ROBINSON GATEWAY: Case Summary & One Unsecured Creditor RUSSELL E. FORCHION: Taps Daniel Reinganum as General Counsel S.E.M. LLC: Monique Almy Named Subchapter V Trustee SCILEX HOLDING: Issues 100K Warrants to Oramed for Payment Deferral SCOTLAND DEVELOPMENT: Hires Northern Blue LLP as Counsel SHANNON LLC: Voluntary Chapter 11 Case Summary SIGNATURE YHM: Hires Force Ten Advisors as Financial Advisor SILVERLINE MECHANICAL: Unsecureds Will Get 57% over 5 Years SOUL OF MEMPHIS: U.S. Trustee Wins Bid to Dismiss Bankruptcy Case SOUND VISION: Claims to be Paid from Future Earnings & Contribution SOUTHLAND MANUFACTURING: Hires Paul Reece Marr PC as Attorney STANLEY UTILITY: Hires Ausley McMullen as Special Counsel STAY LLC: Edward Burr Named Subchapter V Trustee STG LOGISTICS: Gets Final OK to Obtain $293.75 Million Financing STG LOGISTICS: Hires Epiq Corporate as Administrative Advisor STG LOGISTICS: Hires Gordon Brothers as Real Estate Consultant STG LOGISTICS: Seeks to Hire AlixPartners LLP as Financial Advisor STG LOGISTICS: Seeks to Hire Cole Schotz P.C. as Co-Counsel STG LOGISTICS: Seeks to Hire KMPG LLC as Tax Service Provider STG LOGISTICS: Seeks to Hire PJT Partners LP as Investment Banker STG LOGISTICS: Seeks to Tap Kirkland & Ellis as Bankruptcy Counsel STG LOGISTICS: Taps White & Case LLP as Special Committee Counsel SYNCUBE CONTAINERS: Gets Court OK to Use Cash Collateral TALKING ROCK: Gets OK to Use Cash Collateral Until April 30 TBN MURRAY: Tom Howley Named Subchapter V Trustee TGI FRIDAY'S: Asset Sale Proceeds to Fund Plan Payments TIDEWATER INC: Wilson Sons Transaction No Impact on Moody's B2 CFR TRICOLOR AUTO: Noteholders Sue JPMorgan, Barclays and Fifth Third TRIPLETT FUNERAL: Business Operation & Sale Proceeds to Fund Plan U4RIC INVESTMENTS: Claims to be Paid from Property Sale Proceeds UNIVERSAL MISSIONARY: Gets Interim OK to Use Cash Collateral US MAGNESIUM: Hires Focus Management as Project Manager VASILIA INVESTMENTS: Case Summary & 19 Unsecured Creditors VERA HOLDINGS: U.S. Trustee Appoints Creditors' Committee VIA MIZNER: Hires Newmark & Company Real Estate as Broker VILLA CHARDONNAY: Trustee Hires Jeff Wiemann as Consultant VITAL DENTAL: Seeks to Hire Lorium Law as Counsel VOLITIONRX LTD: Issues Shares to Settle $7.5M Note with Lind Global VON ROHR: Seeks to Employ Kyle Chapman as Bookkeeper VSBROOKS INC: Gets Extension to Access Cash Collateral W&J SUBSHOPS: Unsecureds Will Get 10% of Claims over 60 Months WELLPATH HOLDINGS: Bid to Dismiss Foster Case Granted in Part WELLPATH HOLDINGS: Dismissed as Defendant in Kalchert Case WESTLAKE SENIOR: Hires Havkin & Shrago as Legal Counsel WHITE ROCK MEDICAL: U.S. Trustee Appoints Susan Goodman as PCO WHITE ROCK: Retains HMP Advisory Holdings as Financial Advisor WHITEHALL TRUST: Gets Extension to Access Cash Collateral WINGS LLC: Seeks to Hire Lane Law Firm PLLC as Bankruptcy Counsel WRH EQUITY: Taps Law Offices of Morris Fateha as Counsel XEROX CORP: S&P Lowers Secured Debt Ratings Rating to 'B-' YES HOLDINGS: Unsecured Creditors to be Paid in Full in Plan ZYNEX INC: Investors Drop Leadership Lawsuit After Ch. 11 Filing [] Fitch Affirms Ratings on Five Gaming Supplier Companies ********* 100 MCKNIGHT: Hires William J. Factor as Legal Counsel ------------------------------------------------------ 100 McKnight LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ The Law Office of William J. Factor, Ltd. d/b/a FactorLaw as its bankruptcy counsel. The firm's services include: a. advising and consulting with the Debtor with respect to its powers, rights, and duties as a debtor and debtor-in-possession; b. attending meetings and negotiating with creditors, other parties in interest, and their respective representatives; c. advising and consulting with the Debtor on the conduct of the case, including all the legal and administrative requirements of operating under chapter 11 of the Bankruptcy Code; d. taking all necessary action to protect and preserve the Estate, including but not limited to prosecuting or defending all motions and proceedings on behalf of the Debtor and the Estate; e. preparing and filing, or defending, adversary proceedings or other litigation involving the Debtor or its interests in property; f. preparing motions, applications, answers, orders, reports, and other papers necessary to the administration of the case; g. preparing and negotiating a plan and disclosure statement and all related agreements and/or documents, and taking any necessary action to obtain confirmation of a plan; h. performing other necessary legal services and providing other necessary legal advice required by the Debtor in connection with the case. The firm will be paid at these rates: William Factor, Partner $500 per hour Lars Peterson, Partner $425 per hour Alex Whitt, Associate $350 per hour Samuel Rodgers, Paralegal $150 per hour Danielle Mesikapp, Paralegal $150 per hour In addition, the firm will seek reimbursement for expenses incurred. On October 31, 2025, the Debtor paid the firm a $2,500 retainer for services to be rendered in connection with representing the Debtor. On November 12, 2025, the Debtor paid the firm a $45,000 retainer in connection with the representation of the Debtor in the bankruptcy case. Mr. Factor disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Factor, Esq. The Law Office of William J. Factor, Ltd. 105 W. Madison Street, Suite 2300 Chicago, IL 60602 Telephone: (312) 878-0969 Facsimile: (847) 574-8233 Email: wfactor@wfactorlaw.com About 100 McKnight LLC 100 Mcknight LLC is a single asset real estate company. It owns and manages The Park at Constitution Trail Centre, a student housing apartment community in Normal, Illinois. 100 Mcknight sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-19477) on December 22, 2025. In its petition, the Debtor listed between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge Jacqueline P. Cox is handling the case. The Debtor is represented by Jeffrey K. Paulsen, Esq., at Paulsen & Holtschlag, LLC. 10500 SUMMIT KP: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 10500 Summit KP Venture, LLC 10414 Detrick Ave. Suite 400 Kensington MD 20895 Business Description: 10500 Summit KP Venture, LLC is a single- asset real estate company, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: February 28, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-11981 Debtor's Counsel: Jeffrey Orenstein, Esq. WOLFF & ORENSTEIN LLC 15245 Shady Grove Road Suite 465 - North Rockville MD 20850-4231 Tel: 301-250-7232 E-mail: jorenstein@wolawgroup.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Brault as manager. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YNFZHZY/10500_Summit_KP_Venture_LLC__mdbke-26-11981__0001.0.pdf?mcid=tGE4TAMA 10509 SUMMIT: Case Summary & 17 Unsecured Creditors --------------------------------------------------- Debtor: 10509 Summit Venture, LLC 10509 Summit Avenue Kensington, MD 20895 Business Description: 10509 Summit Venture, LLC is a single-asset real estate company that owns one income- producing property. Chapter 11 Petition Date: February 26, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-11982 Debtor's Counsel: Jeffrey Orenstein, Esq. WOLFF & ORENSTEIN LLC 15245 Shady Grove Road Suite 465 - North Rockville MD 20850-4231 Tel: 301-250-7232 Email: jorenstein@wolawgroup.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Thomas Brault as manager. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YT2VFEQ/10509_Summit_Venture_LLC__mdbke-26-11982__0001.0.pdf?mcid=tGE4TAMA 1300 DESERT: Romspen’s Plan Moves Forward to Confirmation Hearing ------------------------------------------------------------------- The Hon. Philip Bentley of the U.S. Bankruptcy Court for the Southern District of New York concluded that it is appropriate to permit Romspen Investment LP to proceed to a hearing on confirmation of its plan, while holding 1300 Desert Willow Road, LLC's plan in abeyance. The Debtor is a New York limited liability company that is wholly owned by a holding company, Corniche Sry, LLC, which itself is wholly owned by Mr. David Ebrahimzadeh, a real estate investor. Romspen is the Debtor's sole secured creditor, and it may be the Debtor's only substantial creditor of any sort, secured or unsecured. As of the petition date, the Debtor owed Romspen approximately $26 million, consisting of about $20 million of principal and $6 million in interest, late fees and legal expenses. Only one other substantial claim against the Debtor has been filed: a claim in the approximate amount of $18 million filed by an entity known as Equity Funding LLCfor monies loaned at the time the Debtor acquired the Property. Romspen has objected to the claim, contending that it should be disallowed in its entirety or, alternatively, recharacterized as equity. Apart from the claims asserted by Romspen and Equity Funding, there are only two other claims against the Debtor, both for legal fees owed to the Debtor's prior law firms. The Debtor concedes that it owes one law firm, Meltzer, Lippe, Goldstein & Breitstone, about $50,000 for prepetition legal fees. In addition, a second law firm, Cadigan Law Firm PC, filed a proof of claim for almost $9,000. Before the Court are two plans of reorganization: an amended plan filed by the Debtor (the "Debtor's plan"), and a competing plan filed by Romspen Investment LP ("Romspen's plan") after the Debtor's exclusive period to obtain acceptances of its plan lapsed. The Debtor and Romspen have each filed a motion asking this Court to approve their disclosure statement and to set a schedule for their plan to proceed to confirmation. The Debtor's plan is a reorganization plan, which would cram down Romspen's mortgage by paying it over a ten-year period at a reduced interest rate. Specifically, the Debtor would pay Romspen's approximately $26 million loan balance over ten years, at an interest rate of 6.99% per year -- a substantial reduction from the 11.25% pre-default rate and 18% default rate provided by Romspen's loan agreement. Allowed non-principal charges would be paid without interest over the same ten-year period. Corniche Sry, the holding company through which Mr. Ebrahimzadeh owns the Debtor, would receive a 100% equity interest in the reorganized Debtor in exchange for making a $50,000 contribution. The Debtor's plan would create a single general unsecured creditor class, consisting of the $18 million Equity Funding claim and the two much smaller law firm claims, and would pay each of these claims, if allowed, in full and in cash. The timing of these payments would vary: The two law firm claims would be paid on the effective date, but Equity Funding's claim would not be paid until there is a sale, refinancing or other disposition of the Property, or of interests in the Debtor, which could take years. Equity Funding would be paid interest at 3% per year as compensation for this delay. Romspen's plan, in contrast, is a simple liquidating plan. It provides for the appointment of a plan administrator to oversee the marketing and sale of the Property, after which creditors will be paid in order of priority out of the cash reserve currently held by the Debtor, plus the net proceeds of the sale. If any monies remain after all creditors are paid in full, the remaining funds will be distributed to the Debtor's equity holder. Romspen's plan contemplates that all allowed claims, including Equity Funding's claim if allowed, will be paid in full on or before the effective date. At the same time, it is a waivable condition to the effective date of this plan that Equity Funding's claim be disallowed. The plan provides that every class is unimpaired and that, as a result, no solicitation will be needed. The Debtor does not object to the adequacy of Romspen's disclosure statement or to the Court allowing Romspen to proceed toward confirmation; the Debtor merely reserves its right to object to confirmation of Romspen's plan. Romspen, for its part, contended in its motion papers that the Debtor's plan was unconfirmable on its face and asked the Court to deny approval of the Debtor's disclosure statement on that and other grounds. At the hearing, Romspen conceded that the Debtor's plan is not facially unconfirmable, arguing instead that that plan is highly unlikely to be confirmed. The Court finds the prospects that Romspen's plan will be both confirmed and consummated appear to be strong. Moreover, Romspen's disclosure statement is comprehensive, informative and accurate; indeed, the Debtor has filed a letter indicating it does not object to the adequacy of Romspen's disclosure statement. The Court will therefore approve Romspen's disclosure statement, which contains adequate information as defined in section 1125(a)(1). See 11 U.S.C. Sec. 1125. According to the Court, in contrast to Romspen's plan, the Debtor's plan is problematic in multiple respects. One of the bedrock requirements for confirmation of a chapter 11 plan is that, if any creditor class is impaired, the plan must be accepted by at least one impaired creditor class, without counting the votes of insiders. Because the Debtor's plan impairs Class 2 -- the secured creditor class, which consists of Romspen alone -- and Romspen has said it will vote to reject the Debtor's plan, the plan cannot be confirmed without the acceptance of another impaired creditor class. Based on the record currently before the Court, it appears unlikely that the Debtor's plan will obtain such acceptance. The Debtor hopes to obtain the acceptance of Class 3, the plan's general unsecured creditor class, which consists of Equity Funding and the two law firms that claim to be owed legal fees. However, if Equity Funding's claim is disallowed, Class 3 will not be impaired. Without Equity Funding, that class would consist only of the two law firm claimants, whose claims would be paid in full and in cash by the effective date. Although Romspen's objection to Equity Funding's claim is not yet before the Court, the evidence now in the record suggests that Equity Funding's claim is likely to be disallowed in its entirety. The upshot is that, if Equity Funding's claim is disallowed -- which appears likely -- the Debtor's plan will be unconfirmable on its face. The Court will approve the disclosure statement for Romspen's plan and set a schedule to consider confirmation of that plan. However, the Court will not approve the Debtor's amended disclosure statement or permit the Debtor's plan to proceed toward confirmation at this time. A copy of the Court's decision dated February 24, 2026, is available at http://urlcurt.com/u?l=M2zZ4Dfrom PacerMonitor.com. Counsel for the Debtor: H. Bruce Bronson, Jr., Esq. BRONSON LAW OFFICES, P.C. 480 Mamaroneck Avenue Harrison, NY 10528-0023 E-mail: hbbronson@bronsonlaw.net Counsel for Romspen Investment LP: Jarret P. Hitchings, Esq. BRYAN CAVE LEIGHTON PAISNER LLP 301 S. College Street, Suite 2150 Charlotte, NC 28202 E-mail: jarret.hitchings@bclplaw.com Counsel for Pacific Fusion Corporation: Erin R. Fay, Esq. WILSON SONSINI GOODRICH & ROSATI 222 Delaware Ave., Suite 800 Wilmington, DE 19801 Email: efay@wsgr.com Counsel for the Office of the United States Trustee Shara C. Cornell, Esq. UNITED STATES DEPARTMENT OF JUSTICE One Bowling Green New York, NY 10104 About 1300 Desert Willow Road 1300 Desert Willow Road, LLC, owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by: Brigid K. Ndege, Esq. Bryan Cave Leighton Paisner, LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 Telephone: (312) 602-5000 Facsimile: (312) 602-5050 E-mail: brigid.ndege@bclplaw.com 1960 DALLAS: Taps Keller Williams Integrity as Real Estate Broker ----------------------------------------------------------------- 1960 Dallas Street LLC and 1592 Boston Street LLC seek approval from the U.S. Bankruptcy Court for the District of Colorado to hire Michelle R. Glass of Keller Williams Integrity Real Estate LLC to serve as real estate broker. The firm will provide these services: (a) act as real estate broker with an exclusive listing to list and sell real estate at 1960 Dallas Street, Aurora, CO 80010 and 1592 Boston Street, Aurora, CO 80010; (b) market and sell the Real Estate Properties; and (c) coordinate the sale process, including listing price, contract amendments, and commission arrangements. Keller Williams and Ms. Glass will receive a 3% commission of the gross purchase price per property, to be paid by the purchaser. Keller Williams Integrity Real Estate LLC and Michelle R. Glass are "disinterested persons" within the meaning of 11 U.S.C. Sec. 101(14), and have no connection with the Debtors, creditors, or other parties in interest. The firm can be reached at: Michelle R. Glass Keller Williams Integrity Real Estate LLC 4500 E. Cherry Creek Dr. South, #260 Denver, CO 80246 Email: michelledirect@kw.com tanerrashields@kw.com About 1960 Dallas Street LLC 1960 Dallas Street LLC is a single asset real estate company. 1960 Dallas Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10134) on January 09, 2026. In its petition, the Debtor reports estimated assets of up to $100,000 and estimated liabilities of up to $10 million. The case is assigned to Honorable Thomas B. McNamara. The Debtor is represented by Steven T. Mulligan, Esq., at Coan, Payton & Payne, LLC. 22ND CENTURY: Approves Nasdaq-Related Proposals at Special Meeting ------------------------------------------------------------------ 22nd Century Group, Inc. held its 2026 Special Meeting of Stockholders during which these matters voted upon, and the results of the vote were as follows: Proposal One: To approve an amendment to the Company's Articles of Incorporation, as amended, to effect a reverse stock split of the Company's outstanding common stock at a ratio between 1-for-2 and 1-for-200, to be determined at the discretion of the Board of Directors, for the purpose of complying with the Nasdaq Listing Rules, subject to the Board or Directors' discretion to abandon such amendment. In accordance with the voting results, the proposal was approved. For: 2,289,125 Against: 685,715 Abstain: 6,968 Broker non-votes: N/A Proposal Two: To approve sections of the Series A Convertible Preferred Stock that could cause shares of common stock to be issued below the Nasdaq Minimum Price in accordance with Nasdaq Listing Rules. In accordance with the voting results, the proposal was approved. For: 1,181,533 Against: 363,604 Abstain: 3,270 Broker non-votes: 1,433,401 Proposal Three To approve an amendment to 10,028,302 outstanding warrants issued in August 2025 to add anti-dilution provisions in accordance with Nasdaq Listing Rules. In accordance with the voting results, the proposal was approved. For: 1,323,470 Against: 212,580 Abstain: 12,357 Broker non-votes: 1,433,401 Proposal Four: To approve a potential future offering in accordance with Nasdaq Listing Rules. In accordance with the voting results, the proposal was approved. For: 1,200,623 Against: 333,302 Abstain: 14,482 Broker non-votes: 1,433,401 Proposal Five: The approval of an adjournment of the Special Meeting to a later date, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, Proposals 1, 2, 3 and 4. In accordance with the voting results, the proposal was approved. For: 2,354,898 Against: 594,878 Abstain: 32,032 Broker non-votes: N/A About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 4054 MYSTIC: Hires Waldron H. Rand & Company as Accountant ---------------------------------------------------------- 4054 Mystic Valley Parkway JV LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Waldron H. Rand & Company P.C. as accountant. The firm will provide these services: (a) give the Debtor advice on deductions and expenses available to reduce the Debtor's tax exposure; (b) prepare on behalf of the Debtor the necessary returns, forms, and filings; (c) represent the Debtor herein relative to all other matters incidental to the preparation of those returns; and (d) perform all such other accounting services for Debtor as Debtor which may be necessary herein. The firm will be paid at these rates: Associates $155 to $175 per hour Managers $250 per hour Partners $725 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Dlugash 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: Rick Dlugash Waldron H. Rand & Company P.C. 850 Washington Street, Suite 200 Dedham, MA 02026 Tel: (781) 449-5825 About 4054 Mystic Valley Parkway JV LLC 4054 Mystic Valley Parkway JV LLC is a single-asset real estate company that owns and manages property at 4054 Mystic Valley Parkway in Medford, Massachusetts, focusing on real estate investment and development. 4054 Mystic Valley Parkway JV LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11713) on August 19, 2025. In its petition, the Debtor reports $10,000,001 to $50 million in both assets and liabilities. The Debtor is represented by Jeffery Johnson, Esq. at LAW OFFICE OF JEFFERY JOHNSON, ESQUIRE. 4912 WISCONSIN: Seeks Court OK to Hire Stinson LLP as Counsel ------------------------------------------------------------- 4912 Wisconsin LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Stinson LLP as counsel. Stinson will provide these services: (a) advise the Debtor as to the requirements of the Bankruptcy Court, the Bankruptcy Code, FRBP, LBR, and the Office of the United States Trustee as they pertain to the Debtor; (b) advise the Debtor as to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors and/or other parties in interest; (c) advise and represent client with regard to the administration of the Chapter 11 bankruptcy estate and duties of a Debtor in Possession; (d) assist the Debtor with the negotiation, documentation, and any necessary Court approval of transactions disposing of property of the estate; (e) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the bankruptcy estate unless the Debtor is represented in such hearing or proceeding by special counsel; (f) conduct examinations of witnesses, claimants and/or adverse parties; (g) prepare and assist the Debtor in preparation of reports, applications, and pleadings; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan of reorganization/liquidation and the preparation and approval of a disclosure statement in connection with the Plan; (i) advise Debtor with respect to the assumption of any unexpired leases or executory contracts; (j) perform any other services, which may be necessary and appropriate in the representation of the Debtor during the Bankruptcy Case; (k) continue to pursue on behalf of the Debtor and the Debtor's estate the claims against Zachary Vella; and (l) represent the Debtor in such other matters as agreed to by the Debtor and Stinson in connection with the Bankruptcy Case. The firm will be paid at these rates: Bradley D. Jones $625 per hour Joshua W. Cox $575 per hour Ruiqiao Wen $550 per hour Shelby E. Kostolni $445 per hour The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Stinson 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: Robyn B. Sokol, Esq. STINSON LLP 1901 Avenue of the Stars, Suite 450 Los Angeles, CA 90067 Telephone: (310) 730-7020 Facsimile: (310) 730-7019 E-mail: robyn.sokol@stinson.com About 4912 Wisconsin LLC 4912 Wisconsin LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-00587) on December 16, 2025. In its petition, the Debtor reports unknown estimated assets and estimated liabilities in the range of $1 million to $10 million. The case is handled by Honorable Bankruptcy Judge Elizabeth L. Gunn. The Debtor is represented by William Payne, Esq., of Payne & Assoc. 6909 BURNET: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: 6909 Burnet Realty LLC 6909 Burnet Lane Austin, TX 78757 Business Description: 6909 Burnet Realty LLC owns and manages a real property located at 6909 Burnet Lane, Austin, TX 78757, with an estimated value of $10 million based on previous offers. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-10337 Judge: Hon. Shad M Robinson Debtor's Counsel: Daniel Zemel, Esq. ZEMEL LAW, LLC 660 Broadway Paterson, NJ 07514 Tel: (973) 525-2552 E-mail: dz@zemellawllc.com Total Assets: $10,412,500 Total Liabilities: $7,691,136 The petition was signed by Mordy Lahasky a/k/a Efram M. Lahasky as 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/5FTNCMA/6909_Burnet_Realty_LLC__txwbke-26-10337__0001.0.pdf?mcid=tGE4TAMA A.B. INTERNATIONAL: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York entered a final order authorizing A.B. International Market Inc. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral retroactively to the petition date in accordance with an approved operating budget, subject to a 10% variance. The court found that multiple lenders asserted liens on substantially all of the Debtor's assets, including the U.S. Small Business Administration, Preferred Bank, Northeast Bank, WebBank, and Kapitus Servicing Inc. Total secured claims were asserted at approximately $933,940.81, exceeding the Debtor's asset value of about $360,552.41. As adequate protection, secured creditors will receive replacement liens on post-petition assets to the same extent as valid pre-petition liens, automatically perfected without additional filings. The Debtor must file detailed monthly financial reports and make monthly adequate protection payments totaling $2,931, allocated as $731 to SBA, $2,000 to Preferred Bank, and $200 to Northeast Bank. Replacement liens are subordinate to certain administrative expenses, professional fees, and limited trustee costs. The order specifies that authorization to use cash collateral will terminate upon events such as case dismissal, conversion to Chapter 7, appointment of a trustee, or confirmation of a reorganization plan. Parties retain the right to challenge lien validity within 120 days, after which the liens and obligations become binding if unchallenged. About A.B. International Market Inc. A.B. International Market Inc., doing business as A B, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12533) on November 13, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John P. Mastando, III presides over the case. Kamini Fox, Esq., at Kamini Fox, PLLC represents the Debtor as legal counsel. ABC CHILDREN'S: Hires LeBaron & Carroll as Insurance Consultant --------------------------------------------------------------- ABC Children's Eye Specialists, P.C. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ LeBaron & Carroll as insurance consultant. The firm will provide the Debtor assistance with analyzing insurance coverage and, if necessary, obtaining new insurance policies. The firm will be paid 10 percent commission to be paid upon purchase of a policy. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cassandra Craig LeBaron & Carroll 1350 E. Southern Ave Mesa, AZ 85204 Tel: (480) 834-9315 About ABC Children's Eye Specialists, P.C. ABC Children's Eye Specialists, PC is a healthcare business and professional corporation formed in 2002 in Arizona. ABC Children's Eye Specialists sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08546) on September 10, 2025, listing up to $10 million in both assets and liabilities. Brendan Cassidy, owner of ABC Children's Eye Specialists, signed the petition. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May Potenza Baran & Gillespie, P.C., is the Debtor's legal counsel. Sunflower Bank, N.A., as secured creditor, is represented by: Wade M. Burgeson, Esq. Engelman Berger, P.C. 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Tel: (602) 222-4989 ACJK INC: Aetna, CVS Lose Bid to Dismiss Adversary Cases -------------------------------------------------------- Judge Mary P. Gorman of the U.S. Bankruptcy Court for the Southern District of Illinois will deny the motions to dismiss complaint and compel arbitration filed by the defendants in the following adversary cases: 1. ACJK, Inc., Plaintiff, v. AETNA HEALTH MANAGEMENT, LLC, Defendant, Adv. No. 25-03000; and 2. ACJK, Inc. Plaintiff, v. CVS HEALTH CORPORATION f/k/ ) CVS CAREMARK CORPORATION) f/k/a CAREMARK PCS, LLC,)), Defendant, Adv. No. 25-03008. ACJK, Inc., a corporation that operated a pharmacy in Granite City, Illinois, commenced its voluntary Chapter 11 case on January 30, 2023, by filing a bare-bones petition. The Debtor's schedules and other required documents were filed a month later. On Schedule D: Creditors Who Have Claims Secured by Property, the Debtor listed Aetna Health Management, LLC, Caremark PCS, LLC, and others as holders of claims in unknown amounts secured by the pharmacy's accounts receivable valued at $228,800. The debts were marked by the Debtor as being "disputed." Among the assets listed on Schedule A/B, the Debtor identified potential causes of action for breach of contract and misrepresentation against Aetna, Caremark, and others of unknown values. On its Statement of Financial Affairs, the Debtor identified Aetna and Caremark as recipients of prepetition transfers in unknown amounts described as "offset DIR fees from Debtor's accounts receivable." Aetna and Caremark were similarly identified as having set off debts owed to them by taking unknown amounts from the Debtor's financial account without permission. Neither entity filed a proof of claim in the case. The Debtor's Second Amended Chapter 11 Plan was confirmed on March 5, 2024. The plan defined "DIR Fees" as "pharmaceutical-related expenses deducted from Debtor's gross sale proceeds by Pharmacy Benefit Managers (PBM's), including" Aetna and Caremark. The plan was to be implemented in part through a litigation fund comprised of proceeds that might be obtained in pursuing causes of action for the benefit of creditors against the PBMs in relation to DIR fees collected. On January 29, 2025, the Debtor commenced an adversary proceeding against Aetna, CVS, and several other entities asserting causes of action against each for unauthorized postpetition transfers and constructively fraudulent prepetition transfers under federal and state law based on DIR fees deducted from the Debtor's accounts receivable in the months and years surrounding the petition date. The Defendants contend that the arbitrator rather than the Court must decide threshold arbitrability questions because the agreement incorporates American Arbitration Association rules which, in turn, provide for arbitrators having power to rule on their own jurisdiction, including questions of scope and validity of agreements. The Defendants contend that the causes of action asserted against them are simply contractual disputes dressed up as avoidance claims. The claims asserted against the Defendants in this case consist of: (1) a count against each relating to postpetition transfers seeking an accounting and turnover under Sec. 542(a) of amounts deducted from the Debtor's accounts receivable as well as the avoidance and recovery of such transfers under Secs. 549(a) and 550(a); (2) a count against each seeking avoidance of prepetition transfers as constructively fraudulent under Sec. 548(a)(1)(B) and their recovery under Sec. 550(a); and (3) a count against each seeking avoidance of prepetition transfers as constructively fraudulent under the Illinois Uniform Fraudulent Transfer Act and Sec. 541(a) and their recovery under Sec. 550(a). The Court says taken at face value, the causes of action asserted against the Defendants are "avoidance actions" which several courts have recognized as not being derived from the debtor's rights and obligations and therefore not subject to mandatory arbitration agreements executed by the debtor. According to the Court, the claims asserted against the Defendants are derived from the Bankruptcy Code and may only be brought by a trustee or debtor in possession on behalf of the Debtor's creditors. As neither the creditors nor the trustee in whose shoes the Debtor stands were parties to the Debtor's prepetition agreement to arbitrate disputes, they are not bound by the agreement and the Debtor therefore cannot be compelled to arbitrate the claims asserted on their behalf, the Court concludes. A copy of the Court's Opinion dated February 23, 2026, is available at http://urlcurt.com/u?l=yy7uetfrom 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. ADULT HOME: Hires Donald W. Reid as Bankruptcy Counsel ------------------------------------------------------ Adult Home Health Care, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Law Office of Donald W. Reid as bankruptcy counsel. The firm will provide these services: a. prepare pleadings, applications and conduct examinations incidental to administration; b. advise the Debtor with respect to its rights, powers, duties and obligations as a debtor in possession in the administration of this case, the management of its financial affairs and the management of their income and property; c. advise and assist the Debtor with respect to compliance with the requirements of the Office of the United States Trustee; d. advise the Debtor regarding matters of bankruptcy law, including rights and remedies of Debtor with respect to its assets and with respect to claims of creditors and to communicate and negotiate with such creditors; e. advise and represent the Debtor in connection with all applications, motions or complaints for adequate protection, sequestration, relief from stays, appointment of a trustee or examiner and all other similar matters; f. develop the relationship of the status of the Debtor to the claims of creditors in these proceedings; g. advise and assist the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; h. represent the Debtor in any necessary adversary proceedings; and i. perform any and all other legal services incident and necessary herein. The firm will be paid at these rates: Donald W. Reid, Esq. $500 per hour Anjanette Weiss, Paralegal $90 per hour The Debtor paid the firm a prepetition retainer in the amount of $21,738 on Jan. 7, 2026. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Reid disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Donald W. Reid, Esq. Law Office of Donald W. Reid 770 First Avenue, Suite 250 San Diego, CA 92101 Tel: (619) 880-6100 Fax: (619) 923-2051 Email: don@donreidlaw.com About Adult Home Health Care, LLC Adult Home Health Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 26-00188) on January 23, 2026, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Judge J. Barrett Marum presides over the case. Donald Reid, Esq., at the Law Office of Donald W. Reid represents the Debtor as bankruptcy counsel. ADVANTAGE SOLUTIONS: Moody's Puts 'B3' CFR on Review for Downgrade ------------------------------------------------------------------ Moody's Ratings has placed Advantage Solutions Inc.'s (Advantage) ratings under review for possible downgrade, including its B3 corporate family rating, B3-PD probability of default rating, and B3 senior secured first lien term loan and senior secured notes ratings at Advantage Sales & Marketing Inc. Advantage's speculative grade liquidity rating (SGL) was downgraded to SGL-3 from SGL-2. Previously, the outlooks were stable. Advantage is a provider of outsourced business solutions to consumer product manufacturers and retailers. The ratings under review for possible downgrade follows Advantage's announcement that the company has entered into a transaction support agreement (TSA) with a group of its creditors to exchange its outstanding $1.69 billion of debt maturing between 2027 and 2028. The exchange is offered to holders of the company's existing $595 million senior secured notes due 2028 and $1.1 billion senior secured term loan due 2027. Under the TSA, the existing term loan debt and notes can be exchanged at par with 92.6% towards a class of new super priority term loan debt due April 2030 and new super priority senior secured notes due November 2030, respectively, and 7.4% received in cash. Terms for the new debt include higher interest payments and increased covenant protections, among others. The company is separately pursuing a maturity extension of its unrated $500 million asset-based lending (ABL) facility. If the exchange offer is successfully completed as proposed by the expiration date of March 26, Moody's would likely classify the debt exchange as a distressed exchange and limited default. Any existing term loan and notes that are not exchanged would be downgraded from the current B3 ratings, given the subordination to the exchanged and newly issued term loan and notes. Moody's views the transaction as a limited default because it implies economic losses by way of effective subordination to non-participating lenders. Existing debt holders who do not participate will have substantially all restrictive covenants eliminated, have certain events of default removed, and have all collateral and guarantors released. The newly issued term loan and notes also imply a loss to creditors in the form of extended maturities, but the increased credit risk is partially mitigated by higher interest rates, tighter covenants, and increased mandatory debt amortization. The transaction will diminish liquidity in the form of higher annual interest expense, which Moody's expects would increase by around $25 million, based on current interest rates and excluding the impact of future debt amortization or cash sweeps, and presumed lower cash balances to accommodate the cash paydown up to $125 million and related fees and expenses. The rating review will focus on the final capital structure of the transaction including any changes to the proposed exchange agreement terms and conditions of the new and existing debt obligations, the priority of claims to the different debt tranches, the amount of residual stub debt, and the impact of changes to the company's borrowing costs and debt maturity schedule. The analysis will include Moody's assessments of the company's capital structure post-exchange, Moody's projected operating performance, liquidity position, and ability to reduce financial leverage. The company faces several headwinds, including threats to consumer spending amid macroeconomic uncertainty. ESG governance considerations, as reflected by the company's financial strategy & risk management, were a key rating driver. Advantage's governance issuer profile score was changed to G-5 from G-4 and credit impact score was changed to CIS-5 from CIS-4 to reflect the company's operational track record that has led to the proposed debt exchange. RATINGS RATIONALE On February 12, 2026, Advantage filed an 8-K outlining the transaction support agreement (TSA) the company had entered into with a group of creditors representing 59.2% of existing note holders and 54.3% of existing term loan holders. The debt would be exchanged into a new super priority first out term loan due April 2030 and 9% super priority first out secured notes due November 2030. As part of the transaction, the company intends to make a $125 million total prepayment to participating term loan lenders and note holders, assuming full participation. The new super priority first out term loan will be pari passu with the new super priority first out secured notes and will prime all non-participants in the exchange offer. The transaction is subject to a minimum participation level of 99% across all debt tranches, but this requirement may be reduced or waived by agreement between the company and the consenting participants. The ratings were placed on review for downgrade based on the uncertainty around final lender consent, which could alter Moody's views of the company's near-term debt maturities and liquidity needs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the review for possible downgrade, Moody's considers an upgrade unlikely in the near term. Over the long term, the ratings could be upgraded should Advantage demonstrate sustained revenue growth in the mid-single-digits percentage range, improving profitability rates, debt/EBITDA sustained below 6x, and good liquidity. The ratings could be downgraded if Advantage's revenue or earnings decline, debt/EBITDA is sustained around 7x, EBITA/interest expense at or below 1x, or Moody's expects negligible free cash flow. An aggressive financial policy including share buybacks, dividends or acquisitions that weaken credit metrics and/or liquidity would also pressure ratings. Advantage Solutions Inc. (NASDAQ:ADV), headquartered in St. Louis, MO, is a business solutions provider to consumer product manufacturers and retailers. It provides outsourced sales, marketing and merchandising services, primarily in the US and Canada, and also in select markets abroad. Advantage has large ownership concentration from institutional investors consisting of affiliates of CVC Capital Partners, Leonard Green & Partners, Centerview Capital, L.P., and Bain Capital. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AEMETIS INC: Stockholders OK Common Stock Increase to 140MM ----------------------------------------------------------- Aemetis, Inc. held a Special Meeting of Stockholders. The following proposals were voted on by the Company's stockholders, with the results set forth for each proposal: Proposal 1: Decrease of Authorized Preferred Stock * For: 26,150,519 * Against: 1,265,702 * Abstain: 76,173 * Broker Non-Votes: 13,444,173 The amendment to the Company's Certificate of Incorporation to decrease the number of authorized shares of preferred stock, par value $0.001, from 65,000,000 to 5,000,000 shares has not been approved by the requisite vote of the Company's stockholders. Proposal 2: Increase of Authorized Common Stock * For: 35,827,828 * Against: 4,952,652 * Abstain: 156,087 * Broker Non-Votes: 0 The amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of common stock, par value $0.001, from 80,000,000 to 140,000,000 has been approved by the requisite vote of the Company's stockholders. On February 18, 2026, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to increase the number of authorized shares of the Company's capital stock from 145,000,000 shares to 205,000,000 shares, which reflects the increase in the number of authorized shares of the Company's common stock, par value $0.001 per share, from 80,000,000 to 140,000,000 shares. A full text copy of the Certificate of Amendment is available at https://tinyurl.com/4sscdjwb Proposal 3: Adjourn the Special Meeting * For: 36,981,214 * Against: 3,536,067 * Abstain: 419,286 * Broker Non-Votes: 0 The proposal to provide the Company with discretion to adjourn the Special Meeting to a later date for further solicitation and voting of proxies if there are not sufficient votes to approve Proposal 1 or Proposal 2 has been approved by the requisite vote of the Company's stockholders. About Aemetis Inc. Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. -- www.aemetis.com -- is an international renewable natural gas, and renewable fuels company focused on the operation, acquisition, development and commercialization of innovative low and negative carbon intensity products and technologies that replace traditional fossil fuel products. The Company operates in three reportable segments consisting of "California Ethanol," "California Dairy Renewable Natural Gas," and "India Biodiesel." The Company's mission is to create sustainable and innovative renewable fuel solutions that benefit communities and restore the environment. The Company achieves this by establishing a local, circular bioeconomy that utilizes agricultural products and waste to produce low-carbon, advanced renewable fuels that reduce greenhouse gas (GHG) emissions and enhance air quality by replacing traditional fossil fuel products. The auditor's report dated March 14, 2025, issued by RSM US LLP in the Company's Annual Report for the year ended December 31, 2024, raised additional concerns, with the auditor issuing a "going concern" qualification. The report highlighted that the Company has suffered recurring losses from operations and has a net capital deficiency, casting substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, Aemetis reported $241.1 million in total assets, $343.4 million in total current liabilities, $202.6 million in total long-term liabilities, and a total stockholders' deficit of $304.9 million. ALEON METALS: Disclosure Statement Wins Conditional OK ------------------------------------------------------ Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas conditionally approved the adequacy of the Disclosure Statement for Aleon Metals LLC's Joint Plan of Liquidation. The Disclosure Statement is conditionally approved as containing adequate information within the meaning of section 1125(a)(1) of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The following Confirmation Schedule is approved: Plan Supplement Deadline - March 20, 2026 Plan and Disclosure Statement Objection Deadline - March 27, 2026 Rule 3018 Motion Deadline - March 27, 2026 Administrative Claims Bar Date - March 27, 2026 Voting and Opt-Out Deadline - March 27, 2026 Voting Report Deadline - March 31, 2026 Combined Hearing on Final Approval of Disclosure Statement and Confirmation of the Plan - April 3, 2026 at 10:00 a.m. (prevailing Central Time) The Solicitation and Voting Procedures are approved. As shared by the Troubled Company Reporter, Aleon Metals, LLC and affiliates' and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Joint Plan of Liquidation dated February 10, 2026. Aleon Metals is a Texas limited liability company which owns 100% of ARM and GMR. Other than Aleon Metals' ownership interest in ARM and GMR, Aleon Metals owns no other assets and has no employees. ARM is a Delaware limited liability company which, as of the Petition Date, owned, among other assets, the ARM Facility, and as of the Petition Date, had no employees. GMR is a Texas limited liability company which, as of the Petition Date, owned, among other assets, the GMR Facility. All of the Debtors' employees were employed by GMR. The Debtors purchased the GMR Facility in 2017, after its prior owner, Gulf Chemical & Metallurgical Corporation, filed for protection under chapter 11 of the Bankruptcy Code. As of the Petition Date, the Debtors had approximately $403.2 million in the aggregate of funded debt, as well as approximately $10.7 million of other unsecured debt. The Debtors' decision to commence these chapter 11 cases was the culmination of a series of operational, financial, and market driven challenges that emerged over the past several years. The Debtors' business, while strategically located and technologically advanced, has been subject to significant volatility in commodity prices, particularly for vanadium and molybdenum, which are the primary metals recovered from spent catalyst. After the Petition Date and pursuant to the Bidding Procedures Order, Jefferies assisted the Debtors in marketing their assets for a sale. Since June 2025, Jefferies contacted over 107 parties, including approximately 58 financial buyer and approximately 49 strategic buyers. This outreach included parties that were suggested to Jefferies by the Committee's professionals. The bid deadline was September 29, 2025, nearly three months since the Debtors and Jefferies initially began soliciting third party interest to determine the highest and best offer for the sale of all or substantially all of the Debtors' assets. Despite the Debtors' and Jefferies' best efforts to solicit qualified bids, the Debtors received no additional qualified bids prior to the bid deadline, other than the Stalking Horse Bid. On October 1, 2025, the Debtors cancelled the auction and declared the Purchaser, AM BidCo Operations LLC, as designee of the Stalking Horse Bidder, as the successful bidder. The Debtors sought approval of the Sale to the Purchaser at a hearing on October 8, 2025. The Bankruptcy Court entered the Sale Order that same day. Pursuant to the APA, the Purchaser acquired substantially all of the Debtors' assets, including, among other things, all of the Debtors' cash, accounts receivable, fixtures and equipment, inventory, and certain Avoidance Actions. The Purchaser also agreed to assume the Assumed Contracts and various liabilities of the Debtors, including certain Cure Costs (each as defined in the APA). Additionally, the APA and the Sale Order incorporated the terms of a global settlement reached by and among the Debtors, the Committee, the DIP Secured Parties, and the Purchaser, pursuant to which such parties agreed that the APA shall provide that Cash Consideration would include (i) agreed and allowed administrative expense claims under section 503(b) of the Bankruptcy Code incurred through the Closing Date; (ii) Allowed Professional Fees through the Closing Date; (iii) 2025 pro-rated property taxes; (iv) outstanding U.S. Trustee Fees; and (v) an amount equal to $1,100,000 (the "WindDown Amount"). The Wind-Down Amount consists of (a) $440,000 to be earmarked for distribution to general unsecured creditors, excluding Deficiency Claims; (b) $250,000 to fund the GUC Trust for the benefit of all Allowed general unsecured claims, including, but not limited to, the Deficiency Claims; (c) $67,500 for Allowed Professional Fees of Committee Professionals incurred after the Closing Date; and (d) $342,500 for Allowed Professional Fees for Debtor Professionals incurred after the Closing Date. Class 3 consists of the General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a different treatment, such Holder shall receive, in full and final satisfaction, settlement, release and discharge of, and in exchange for, such Allowed General Unsecured Claim, a GUC Trust Interest. Holders of Allowed General Unsecured Claims who receive a GUC Trust Interest shall be entitled to a pro rata distribution of the following, as set forth more fully in the GUC Trust Agreement: * Holders of All Allowed General Unsecured Claims. The GUC Trust Distributable Assets. * Holders of Allowed General Unsecured Claims Excluding Deficiency Claims. On the Effective Date, $440,000. For the avoidance of doubt, Holders of Allowed Deficiency Claims agree to not receive their pro rata share of the $440,000. Class 3 is Impaired. Holders of Class 3 General Unsecured Claims are entitled to vote on the Plan. The allowed unsecured claims total $280.7 million. This Class will receive a distribution of 0.22% of their allowed claims. Class 5 consists of the Intercompany Interests of the Debtors. On the Effective Date, all Intercompany Interests shall be extinguished without any Distribution on account of such Intercompany Interests and shall be of no further force or effect. Class 6 consists of the Allowed Interests in Aleon Metals. On the Effective Date, all Interests in Aleon Metals shall be automatically cancelled, released, extinguished, and of no further force or effect. Holders of Interests in Aleon Metals shall neither retain nor receive any property under the Plan on account of such Interests and shall receive no Distribution. The Plan will be funded by Cash held by the Debtors and the GUC Trust Assets. On the Effective Date, the GUC Trust shall be established pursuant to the GUC Trust Agreement for the purpose of maximizing the value of the GUC Trust Assets and effectuating distributions to the GUC Trust Beneficiaries consistent with the Plan. The GUC Trust is intended to qualify as a liquidating trust pursuant to Treasury Regulation Article 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the GUC Trust. A full-text copy of the Combined Disclosure Statement and Plan dated February 10, 2026 is available at https://urlcurt.com/u?l=TqEkRm from PacerMonitor.com at no charge. A copy of the Court's Order dated February 21, 2026, is available at https://urlcurt.com/u?l=35G46U from PacerMonitor.com. About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. ALL-CITY TOWING: Seeks to Hire Neal Group LLC as Accountant ----------------------------------------------------------- All-City Towing, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire The Neal Group, LLC as their accountant. The firm will assist the Debtors with preparing the monthly operating reports required of debtors-in-possession, prepare tax returns, and to provide projections, and other accounting and bookkeeping assistance. The Neal Group will charge these fees: a. a monthly fee of $850 for accounting and bookkeeping services; b. the fees for tax preparation services range from $700 to $6,500 depending on the complexity of the return; and c. a monthly fee of $375 for the preparation of monthly operating reports. As disclosed in the court filing, The Neal Group is a "disinterested person" within the meaning of Sec. 101(14) of the Code and as required by Sec. 327(a) of the Code, and does not hold or represent an interest adverse to the Debtors' estate. The firm can be reached through: Jon Neal, CPA The Neal Group LLC 3001 W Layton Ave Greenfield, WI 53221 Phone: (414) 325-2040 About All-City Towing LLC All-City Towing LLC operate auto repair, towing, and transportation businesses in Milwaukee and Sheboygan, Wisconsin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 26-20523) on February 1, 2026. In the petition signed by Jeff Piller, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Rachel M. Blise oversees the case. Evan P. Schmit, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. AMON FOODSERVICE: Mark Sharf Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Amon Foodservice Company, Inc. Mr. Sharf will charge $740 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Amon Foodservice Company Inc. Amon Foodservice Company, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-40311) on February 18, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Jackson A. Morris, III, Esq. at the Law Offices Of Jackson A Morris Iii represents the Debtor as legal counsel. ANCARLO BROTHERS: Hires Pedro Betancourt Diaz as Real Estate Agent ------------------------------------------------------------------ Ancarlo Brothers, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Pedro Betancourt Diaz as real estate broker. The broker will market and sell the Debtor's property located at Road 866 Km 3.4, Sabana Seca Ward, Toa Baja, Puerto Rico. The broker will receive a commission equal to 5 percent of the gross sales price. As disclosed in the court filings, Pedro Betancourt Diaz is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14). The broker can be reached at: Pedro Betancourt Diaz 971 Halcon St. Urb. Country Club Rio Peidras, PR 00924 Tel: (787) 547-6521 About Ancarlo Brothers, Inc. Ancarlo Brothers owns a 20,791.76-square-meter parcel of land located at Road 866, Km 3.4, Sabana Seca Ward, Toa Baja, PR, with a comparable sales value estimated at $1.43 million. Ancarlo Brothers Inc. in Toa Baja, PR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 26-00423) on Feb. 4, 2026, listing $1,433,490 in assets and $1,303,440 in liabilities. Javier Eladio Lopez Quinones, signed the petition. LANDRAU RIVERA & ASSOC. serve as the Debtor's legal counsel. ANCHORAGE CREDIT 4: Moody's Ups Rating on Class E-R Notes From Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Anchorage Credit Funding 4, Ltd.: US$90M Class B-R Senior Secured Fixed Rate Notes, Upgraded to Aaa (sf); previously on Jun 20, 2025 Upgraded to Aa1 (sf) US$48.75M Class C-R Mezzanine Secured Deferrable Fixed Rate Notes, Upgraded to Aa1 (sf); previously on Jun 20, 2025 Upgraded to Aa3 (sf) US$33.75M Class D-R Mezzanine Secured Deferrable Fixed Rate Notes, Upgraded to Aa3 (sf); previously on Jun 20, 2025 Upgraded to A3 (sf) US$52.5M Class E-R Junior Secured Deferrable Fixed Rate Notes, Upgraded to Baa2 (sf); previously on Jun 20, 2025 Upgraded to Ba1 (sf) Moody's have also affirmed the rating on the following notes: US$375M Class A-R Senior Secured Fixed Rate Notes, Affirmed Aaa (sf); previously on Feb 25, 2021 Definitive Rating Assigned Aaa (sf) Anchorage Credit Funding 4, Ltd., originally issued in December 2016 and refinanced in February 2021, is a managed cashflow CBO. The notes are collateralized primarily by a portfolio of corporate bonds and loans. The portfolio is managed by Anchorage Capital Group, L.L.C.. The transaction's reinvestment period will end in April 2026. RATINGS RATIONALE The rating upgrades on the Class B-R, Class C-R, Class D-R and Class E-R notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in April 2026, and the transaction's significant exposure to floating rate loans in the portfolio. The CBO currently benefits from high net interest income on floating rate portfolio assets which represent approximately 42.9% of the asset pool. These floating rate loans generate a weighted average spread (WAS) of 4.10% over their reference rates, contributing significantly to the net interest margin of the asset pool. The affirmation on the rating on the Class A-R notes is primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CBO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: USD732.9m Defaulted Securities: USD18.1m Diversity Score: 68 Weighted Average Rating Factor (WARF): 2883 Weighted Average Life (WAL): 5.42 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 4.10% Weighted Average Coupon (WAC): 6.13% Weighted Average Recovery Rate (WARR): 35.83% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CBO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: Once reaching the end of the reinvestment period in April 2026, the main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ANDERSON COMPANIES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Anderson Companies LLC Jersey Premier Landscape Jersey Premier Landscape Management 3015 South White Horse Pike Mullica, NJ 08037 Business Description: Anderson Companies LLC, doing business as Jersey Premier Landscape Management, provides landscaping, grounds maintenance, and full-service outdoor construction solutions for residential, commercial, and industrial properties in New Jersey, offering services that include irrigation, planting, mulching, tree care, hardscaping, masonry, pool installation, concrete work, and demolition, and serving homeowners associations, property managers, and apartment complexes. Chapter 11 Petition Date: February 26, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-12028 Debtor's Counsel: Jenny Kasen, Esq. KASEN LAW GROUP, P.C. 1236 Brace Road Suite B Cherry Hill NJ 08034 Tel: (302) 652-3300 E-mail: jkasen@kasenlawgroup.com Total Assets: $905,446 Total Liabilities: $2,563,520 The petition was signed by Shawn Anderson as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4LNZ5JA/Anderson_Companies_LLC__njbke-26-12028__0001.0.pdf?mcid=tGE4TAMA APPTECH PAYMENTS: Raises Revenue Participation Contribution to $2M ------------------------------------------------------------------ AppTech Payments Corp. disclosed in a regulatory filing that it entered into the First Amendment to Revenue Participation Agreement by and between the Company and Ascendancy Management, Inc. (the "Participant"), amending the Revenue Participation Agreement dated as of November 7, 2025. Pursuant to the Original Agreement, the Participant provided cash advances to the Company in exchange for participation rights in the revenue of the Company. Pursuant to the Amendment, the parties have agreed to increase the total revenue participation contribution of the Participant to $2,000,000, consisting of: (a) $1,500,000 paid in three successive monthly payments of $500,000 each commencing on November 15, 2025, and (b) an additional contribution of $500,000. The Participant shall receive a revenue participation percentage of 1.75% of the Company's gross contract revenue; subject to adjustment and minimum monthly payments to the Participant. The term of the Participant's revenue participation commenced on November 1, 2025 and shall continue in effect until December 31, 2029 (totaling 50 months), unless earlier terminated. Pursuant to the Agreement, the parties agreed that the Revenue Participation Contribution is not a loan and the Company shall repay the full amount of the Revenue Participation Contribution to the Participant without interest on a prorated basis over the final 18 months of the Revenue Participation Term. A full text copy of the Amendment is available at https://tinyurl.com/yv3vpjyn About AppTech Payments Corp. Headquartered in Carlsbad, Calif., AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, Calif.-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Mar. 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 limited revenues and has suffered recurring losses from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $6.2 million in total assets, $4.8 million in total liabilities, and $1.4 million in total stockholders' equity. ARAWAK HOLDING: Holly Miller Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Arawak Holding Corp. Ms. Miller will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Arawak Holding Corp. Arawak Holding Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10620) on February 17, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M. Mayer presides over the case. Devin Uqdah, Esq., at Legis Group, LLC represents the Debtor as legal counsel. ARBORICULTURAL SOLUTIONS: Hires David Nyle Chandler as Counsel -------------------------------------------------------------- Arboricultural Solutions, Inc. dba Signature Tree Solutions seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ David Nyle Chandler P.C. as counsel to handle its Chapter 11 case. The firm will be paid at these rates: David Chandler, Esq. $550 per hour Paralegal $135 per hour On January 23, 2026, the Debtor paid the firm a retainer for legal services in the amount of $55,000. Mr. Chandler disclosed in a court filing his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David N. Chandler, Esq. David Nyle Chandler PC 1747 4th Street Santa Rosa, CA 95404 Telephone: (707) 528-4331 About Arboricultural Solutions, Inc. Arboricultural Solutions, Inc. dba Signature Tree Solutions, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Cal. Case No. 26-10066) on Feb 04, 2026. The Debtor hires David Nyle Chandler P.C. as counsel. ARCHBLOCK LLC: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Archblock LLC and its affiliates. The committee members are: 1. Prime Trust LLC Plan Administrator & PCT Litigation Trust c/o Province Fiduciary Services, LLC Attn: David Dunn, 2360 Corporate Circle, Suite 340 Henderson, NV, 89074 Phone: (702) 840-1271 Email: ddunn@provincefirm.com 2. Celsius Network Limited c/o Blockchain Recovery Investment Consortium, LLC Attn: Jordan Pietzsch 7301 SW 57th Court, Suite 515 Miami, FL 33143 Phone: (305) 990-1713 Email: jordan@gxdlabs.io 3. Gadze Finance Special Purpose Holdings Attn: Cindy Huang, Esq. Leeward Management Limited P.O. Box 144 3119 9 Forum Lane Camana Bay, George Town Grand Cayman, KY1-9006 Phone: (345) 525-1371 Email: legal@ether.fi Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Archblock LLC Archblock, LLC is a financial technology company operating in the blockchain and digital asset space. It develops and manages blockchain-based financial products and infrastructure designed to support digital currency and related financial services. Archblock and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on February 6, 2026. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $100 million and $500 million. The Honorable Craig T. Goldblatt presides over the cases. The Debtors are represented by Chipman Brown Cicero & Cole, LLP and Wollmuth Maher & Deutsch, LLP. ARMADILLO PIZZA: Hires Kean Miller LLP as Legal Counsel ------------------------------------------------------- Armadillo Pizza LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Kean Miller LLP to serve as legal counsel. Kean Miller LLP will provide these services: (a) give the Debtors and Debtors-in-Possession legal advice with respect to their powers and duties in these proceedings; (b) prepare on behalf of the Debtors and Debtors-in-Possession the necessary schedules, statements, motions, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtors and Debtors-in-Possession which may be necessary in connection with the Bankruptcy Case; and (d) assist in preparing and filing a plan of reorganization or liquidation and represent the Debtors in any adversary proceedings or contested matters related to their franchise agreements. Kean Miller LLP attorneys' hourly rates range from $230 to $720, and paraprofessionals' hourly rates range from $140 to $310. Kean Miller 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: Ricky L. Hutchens, Esq. Lloyd A. Lim, Esq. Rachel T. Kubanda, Esq. KEAN MILLER LLP 711 Louisiana Street, Suite 1800 Houston, TX 77002-2832 Telephone: (713) 844-3000 E-mail: Ricky.Hutchens@KeanMiller.com Lloyd.Lim@KeanMiller.com Rachel.Kubanda@KeanMiller.com About Armadillo Pizza, LLC Armadillo Pizza, LLC, doing business as Crust Pizza Co., owns and operates a restaurant at 4625 Kingwood Drive in Kingwood, Texas, serving Chicago-style thin-crust pizzas, pasta, salads, and other Italian-inspired menu items. The restaurant is part of the Crust Pizza Co. franchise system and operates in the casual dining and fast-casual restaurant industry. Armadillo Pizza, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31060) on February 18, 2026. At the time of the filing, the Debtors had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Kean Miller LLP serves as the Debtors' legal counsel. ARMADILLO PIZZA: Seeks to Tap Kean Miller LLP as Bankruptcy Counsel ------------------------------------------------------------------- Armadillo Pizza, LLC d/b/a Crust Pizza Co. and Armadillo Pizza College Station LLC d/b/a Crust Pizza Co. seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Kean Miller LLP to serve as bankruptcy counsel. Kean Miller LLP will provide these services: (a) render legal advice with respect to the Debtors' powers and duties in the continued operation of the Debtors' businesses as debtors-in-possession; (b) take all necessary action to protect and preserve the Debtors' bankruptcy estate; (c) prepare all necessary schedules, statements, motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtors' bankruptcy estate; (d) assist in preparing and filing a plan of reorganization or liquidation; and (e) perform any and all other legal services reasonably necessary or otherwise requested by the Debtors in connection with the Bankruptcy Case. The firm will be paid at these hourly rates: Lloyd Lim $720 Rachel Kubanda $615 Ricky Hutchens $495 Kristina Tipton $360 paraprofessionals $140 to $310 The Debtors have agreed that Kean Miller will be reimbursed for all customary costs and expenses incurred in connection with the representation. Prior to the Petition Date, Debtors each paid Kean Miller $6,250, for a total of $12,500, representing one-half of Kean Miller's retainer fee. Charles M. Vieau individually paid $12,500 from his personal funds to satisfy the remainder of Kean Miller's retainer fee. The Initial Retainers were deposited into Kean Miller's trust account and applied to pre-petition fees and costs. Kean Miller LLP is a "disinterested person" within the meaning of Sections 101(14) and 327(a) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtors or their estates, according to court filings. The firm can be reached at: Ricky L. Hutchens, Esq. Lloyd A. Lim, Esq. Rachel T. Kubanda, Esq. KEAN MILLER LLP 711 Louisiana Street, Suite 1800 Houston, TX 77002-2832 Tel: (713) 844-3000 E-mail: Ricky.Hutchens@KeanMiller.com Lloyd.Lim@KeanMiller.com Rachel.Kubanda@KeanMiller.com About Armadillo Pizza, LLC d/b/a Crust Pizza Co. Armadillo Pizza, LLC d/b/a Crust Pizza Co. and Armadillo Pizza College Station LLC d/b/a Crust Pizza Co. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31060) on February 18, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Kean Miller LLP is Debtor's legal counsel. ARTELLA SOLUTIONS: Gets Court OK to Use Cash Collateral ------------------------------------------------------- Artella Solutions, Inc. received preliminary approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use cash collateral from February 26 through the date of the final hearing to pay the expenses set forth in its budget, subject to a 10% total variance. As adequate protection for the use of their cash collateral, the U.S. Small Business Administration and Corporation Service Company, as representative for an unknown creditor, will be granted replacement liens on cash collateral generated and property acquired by the Debtor after the petition date, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 avoidance actions. The SBA holds a 2020 EIDL loan for $150,000 at 3.75% interest, secured by a blanket lien and reflected in properly filed UCC-1 financing statements. With assets valued at approximately $1.3 million, including $724,973 in accounts receivable and $69,685 in cash, the SBA appears fully secured. A second UCC-1 filed in December 2025 by Corporation Service Company as representative lists no named lender, and despite inquiry, Artella has been unable to identify the actual secured party or determine the validity or extent of the asserted lien. Artella also entered into multiple merchant financing arrangements. Two agreements with PIRS Capital LLC, totaling $750,000 at effective interest rates of approximately 84.9%, allegedly leave balances of about $58,527 and $302,948, with significant daily withdrawals prior to filing. A separate $200,000 commercial loan from ByzfunderWash LLC, with an 80.77% APR and an alleged balance of approximately $147,030, required weekly withdrawals. Artella disputes the validity and secured status of these merchant lenders, noting that it has not identified any corresponding UCC-1 filings and therefore contends these obligations are unsecured. The order is available at https://is.gd/Td1vfC from PacerMonitor.com. The next hearing is set for March 23. Artella provides remote patient monitoring solutions focused on cardiac rhythm management. It entered bankruptcy due to severe liquidity pressures, largely caused by high-interest merchant cash advance agreements that required substantial daily and weekly withdrawals, along with operational cost overruns and increasing vendor obligations. Artella intends either to reorganize or pursue a sale of assets under 11 U.S.C. section 363. About Artella Solutions Inc. Artella Solutions, Inc provides remote patient monitoring solutions focused on cardiac rhythm management. It is a Texas corporation and a wholly owned subsidiary of CorMedica Group, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31092) on February 19, 2026). In the petition signed by Patrick Magill, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC, represents the Debtor as legal counsel. AVALON GLOBOCARE: Gains Relief on $375,000 Note Repayments ---------------------------------------------------------- Avalon GoboCare Corp. disclosed in a regulatory filing that the Company entered into Amendment #2 to unsecured bridge note dated December 11, 2025, in the original principal amount of $375,000. The Note Amendment extended the time periods under the Note for the first payment deadline, the second payment deadline and third payment deadline as follows: (i) the first payment deadline under this Note Amendment is extended to March 16, 2026 from February 15, 2026; (ii) the second payment deadline under the Note Amendment is extended to April 15, 2026 from March 15, 2026 and (iii) the third payment deadline under the Note Amendment is extended to May 15, 2026 from April 15, 2026. The foregoing description of the Note Amendment qualified in its entirety by reference to the full text of the Note Amendment, which are filed as Exhibits 4.1 hereto. About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $9.1 million in total assets, $13.6 million in total liabilities, and $4.5 million in total deficit. AVALON GLOBOCARE: Sells Avalon RT9 for $9MM, Relieved of Mortgage ----------------------------------------------------------------- Avalon GoboCare Corp. previously disclosed in a regulatory filing that on November 17, 2023, it entered into a Membership Interest Purchase Agreement with Wenzhao Lu, the Chairman of the Company's Board of Directors, pursuant to which: (i) the Purchaser acquired from the Company 30% of the total outstanding membership interests of Avalon RT 9 Properties, LLC, a wholly owned subsidiary of the Company for a cash purchase price of $3,000,000, and (ii) for a period of 12 months following the closing of the Acquisition, the Purchaser shall have the option to purchase from the Company up to an additional 70% of the outstanding membership interests of Avalon RT9 for a purchase price of up to $7,000,000. Avalon RT9 is the owner of real property located at 4400 Route 9 South, Freehold, New Jersey 07728, where the Company maintains its principal office space. To date, the Purchaser has advanced to the Company, in cash, the sum of $3,100,000 towards the purchase price under the MIPA. On February 18, 2026, the Company and the Purchaser entered into an Amended and Restated Membership Interest Purchase Agreement (the "Amended MIPA"), pursuant to which the Company sold to the Purchaser 100% of the membership interests of Avalon RT9 for: (i) the Cash Consideration and (ii) the satisfaction, in full, of an approximately $5,900,000 balance due on an existing mortgage financing. This represents a total amended aggregated purchase price of $9,000,000. As a result of the closing of this transaction, the Company has been relieved of all obligations as a guarantor on the mortgage that was associated with the property owned by Avalon RT9. The full text of the Amended MIPA is available at https://tinyurl.com/ythncnks About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $9.1 million in total assets, $13.6 million in total liabilities, and $4.5 million in total deficit. AVANTOR INC: Fitch Affirms 'BB+' IDR, Outlook Stable ---------------------------------------------------- Fitch Ratings has affirmed seven North American medical devices, diagnostics and products companies' ratings: 1. Agilent Technologies, Inc. 2. Avantor, Inc. 3. GE HealthCare Technologies, Inc. 4. Illumina, Inc. 5. Revvity, Inc. 6. STERIS plc 7. Zimmer Biomet 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 Rating Outlooks are unaffected by the criteria changes. 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): Agilent Technologies, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (a, Moderate), Financial Structure (aa, Lower), 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, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Weakest link considerations adjustment is applied based on Market & Competitive Positioning factor and results in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of '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+'. Avantor, Inc. - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of '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+'. GE HealthCare Technologies, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (a+, Lower), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bb+, Higher), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of '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'. Illumina, Inc. - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (a+, Moderate), Financial Structure (aa+, Lower), 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'. Revvity, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BBB'. STERIS plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (a-, Moderate), Financial Structure (aa+, Lower), and Financial Flexibility (aa-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of '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'. Zimmer Biomet Holdings, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (a, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is '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 ----------- ------ -------- ----- Revvity, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB STERIS plc LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB STERIS Limited LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Zimmer Biomet Holdings, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB GE HealthCare Technologies Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB STERIS Corporation LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Avantor Funding, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Agilent Technologies, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 STERIS Irish FinCo Unlimited Company senior unsecured LT BBB Affirmed BBB Illumina, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Avantor, Inc. LT IDR BB+ Affirmed BB+ AXE CAPITAL: Seeks to Hire David J. Meares LLC as Auctioneer ------------------------------------------------------------ Axe Capital Management, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire David J. Meares, LLC as an auctioneer. The firm will auction the Debtor's firearms & knife collection. The auctioneer will be paid as follows: 1) related to testifying as an expert at any deposition, hearing or trial a) to be billed at $125 per hour for David J. Meares with Meares, including preparation time related to the same, and b) mileage; and 2) related to the sales of the Firearms & Knife Collection: a) $275 per trip to Heaner's various storage locations to pick up the Firearms & Knife Collection in segments (up to 10 trips without further notice); b) a buyers fee not to exceed 15% per item (to be paid by each buyer and does not reduce the gross sales price to Heaner) to cover costs of sale including but not limited the on-line auction platform cost, credit card processing fees, and other costs related to the sale of each item; and c) 15% of the proceeds of an auction for services as auctioneer for the sale of the firearms and 20% of the proceeds of an auction for services as auctioneer for the sale of the knives, ammunition and any related accessories. As disclosed in a court filing, David J. Meares, LLC is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David J. Meares, CAI David J. Meares, LLC P.O. Box 32 Pelzer, SC 29669 Tel: (864) 444-1322 Email: davidjmearesllc@gmail.com About Axe Capital Management, LLC Axe Capital Management, LLC is a single-asset real estate entity that owns a commercial property at 10268 and 10256 Beach Blvd in Jacksonville, Florida, with the property estimated to have a value of $1.2 million. Axe Capital Management, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01054) on February 11, 2026, listing $1,200,000 in assets and $1,627,892 in liabilities. The petition was signed by Joseph William as member. Buddy D. Ford, Esq. at FORD & SEMACH, P.A. serves as the Debtor's counsel. AXE CAPITAL: Seeks to Hire Ford & Semach PA as Bankruptcy Counsel ----------------------------------------------------------------- Axe Capital Management, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. as bankruptcy counsel. The firm's services include: a. analyzing of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. representing the Debtor at the Sec. 341 Creditors' meeting; e. providing legal advice to the Debtor with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property; if appropriate; f. advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. preparing necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protecting the interest of the Debtor in all matters pending before the court; i. representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. providing all other legal services for Debtor as Debtor-in-Possession which may be necessary. The firm will be paid at these rates: Buddy D. Ford $550 per hour Jonathan A. Semach $500 per hour Heather M. Reel $450 per hour Paralegal $150 per The firm was paid an advance fee of $21,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy Ford, Esq., a partner at Ford & Semach, P.A., 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: Buddy D. Ford, Esq. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com About Axe Capital Management, LLC Axe Capital Management, LLC is a single-asset real estate entity that owns a commercial property at 10268 and 10256 Beach Blvd in Jacksonville, Florida, with the property estimated to have a value of $1.2 million. Axe Capital Management, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01054) on February 11, 2026, listing $1,200,000 in assets and $1,627,892 in liabilities. The petition was signed by Joseph William as member. Buddy D. Ford, Esq. at FORD & SEMACH, P.A. serves as the Debtor's counsel. B & C PARTNERS: Taps McNeil Legal Services as Bankruptcy Counsel ---------------------------------------------------------------- B & C Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire McNeil Legal Services as its legal counsel. The firm will advise the Debtor of its power and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. Ronald McNeil, Esq., principal of McNeil Legal Services and the firm's attorney who will be handling the case, charges an hourly fee of $350. His firm received a retainer in the sum of $10,000. Mr. McNeil disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald G. McNeil, Esq. McNeil Legal Services 1333 Race Street Philadelphia, PA 19107-1585 Tel: (215) 564-3999 Fax: (215) 564-3537 E-mail: r.mcneil1@verizon.net About B & C Partners LLC B & C Partners, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10413) on February 2, 2026, with $500,001 to $1 million in assets and liabilities. Judge Ashely M. Chan presides over the case. Ronald G. Mcneil, Esq., at Mcneil Legal Services represents the Debtor as legal counsel. BAUSCH HEALTH: Swings to $157MM FY25 Net Income, Debt Risks Remain ------------------------------------------------------------------ Bausch Health Companies Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Summary of 2025 Compared with 2024 Revenues for 2025 and 2024 were $10,266 million and $9,625 million, respectively, an increase of $641 million, or 7%. The increase is attributable to growth in Bausch + Lomb, Salix, Solta Medical and International segments driven by: (i) improved net realized pricing, (ii) higher volumes, (iii) the favorable impact of foreign currencies, (iv) the impact of divestitures and discontinuations and (v) incremental sales attributable to acquisitions. Operating income was $1,813 million and $1,546 million for 2025 and 2024, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $1,208 million and $1,267 million, Asset impairments of $8 million and $29 million, Goodwill impairments of $145 million and $0 and Share-based compensation of $216 million and $150 million, respectively. The increase in operating results of $267 million reflects, among other factors: * an increase in contribution (Product sales revenue less Cost of goods sold, excluding amortization and impairments of intangible assets) of $418 million, primarily driven by the increase in revenues as previously discussed; * an increase in Selling, general and administrative expenses of $142 million, primarily attributable to higher selling expenses and compensation costs, partially offset by a lower annual industry assessment fee; * an increase in Goodwill impairments of $145 million, due to impairments to goodwill in Generics reporting unit; * a decrease in Asset impairments of $21 million; and * a decrease in Other expense, net of $105 million, primarily attributable to: (i) lower provisions for certain legal matters during 2025 and (ii) lower Acquisition-related contingent consideration during 2025, partially offset by an increase in Acquired in-process research and development costs primarily related to the acquisition of DURECT. Income before income taxes for 2025 and 2024 was $367 million and $167 million, respectively, an increase in results of $200 million. The change is primarily attributable to the increase in operating results of $267 million, as previously discussed, and an increase in Gain on extinguishment of debt of $139 million, partially offset by an increase in interest expense of $216 million. Net income attributable to Bausch Health for 2025 was $157 million as compared to net loss attributable to Bausch Health for 2024 of $46 million, an increase in results of $203 million, and is primarily attributable to a favorable change in income before income taxes of $200 million, as previously discussed, and an unfavorable change in income taxes of $8 million. Indebtedness and Business Restrictions Bausch Health stated in its Report that it has incurred significant indebtedness, which restricts the manner in which the Company conducts business. The Company said, "We have incurred significant indebtedness, including in connection with our prior acquisitions. We may incur additional long-term debt and working capital lines of credit to meet future financing needs, subject to certain restrictions and prohibitions under the agreements governing our indebtedness, which would increase our total debt. This additional debt may be substantial, and some of this indebtedness may be secured." "The agreements governing our indebtedness contain restrictive covenants which impose certain limitations on the way we conduct our business, including limitations on the amount of additional debt we are able to incur, prohibitions on incurring additional debt if certain financial covenants are not met and restrictions on our ability to make certain investments and other restricted payments. Any additional debt, to the extent we are able to incur it, may further restrict the manner in which we conduct business. Such restrictions, prohibitions and limitations could impact our ability to implement elements of our strategy, including in the following ways: * our flexibility to plan for, or react to, competitive challenges in our business and the pharmaceutical and medical device industries may be compromised; * we may be put at a competitive disadvantage relative to competitors that do not have as much debt as we have, and competitors that may be in a more favorable position to access additional capital resources; * our ability to make acquisitions and execute business development activities through acquisitions will be limited and may, in future years, continue to be limited; and * our ability to resolve regulatory and litigation matters may be limited. "In the past, our credit ratings have been downgraded. Any further downgrade in our corporate or Bausch + Lomb's credit ratings or other credit ratings may, among other things, increase our cost of borrowing and may negatively impact our ability to raise additional debt capital." Credit Ratings As of February 18, 2026, the credit ratings and outlook from Moody's, Standard & Poor's and Fitch for certain outstanding obligations of the Company were as follows: Bausch Health Companies Inc. 1. Moody's: * Corporate Rating: Caa2 * Senior Secured Rating: Caa1 * Senior Unsecured Rating: Ca * Outlook: Stable 2. Standard & Poor's * Corporate Rating: B- * Senior Secured Rating: B- * Senior Unsecured Rating: CCC+ * Outlook: Negative 3. Fitch * Corporate Rating: n/a * Senior Secured Rating: n/a * Outlook: n/a Bausch + Lomb Corporation 1. Moody's * Corporate Rating: B1 * Outlook: Stable 2. Standard & Poor's * Corporate Rating: B * Senior Secured Rating: B * Outlook: Developing 3. Fitch * Corporate Rating: B * Senior Secured Rating: BB * Outlook: Rating Watch Evolving A full text copy of the Company's Form 10-K is available at https://tinyurl.com/39fc8pww About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of December 31, 2025, the Company had $26.37 billion in total assets, $25.99 billion in total liabilities, and $377 million in total equity. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. BEAN BROTHERS: Gets Final OK to Use Cash Collateral --------------------------------------------------- Bean Brothers Landscaping, LLC received final approval from the U.S. Bankruptcy Court for the Western District of North Carolina, Shelby Division, to use cash collateral. Under the order, the debtor is authorized to use cash collateral on a final basis to pay operating expenses in accordance with an updated budget attached to the order. The debtor may not use or expend cash collateral except as specifically authorized, and compliance with the budget is maintained so long as expenses do not exceed approved amounts by more than 10% per line item on a cumulative basis. The Debtor projects total monthly operational expenses of $105,055.38. As adequate protection, secured creditors with interest in the cash collateral will be granted replacement liens on property acquired by the Debtor after its bankruptcy filing, with the same priority and extent as their pre-bankruptcy liens. The order preserves all parties' rights to later challenge the validity, priority, or extent of asserted liens or property interests, and it does not prejudice any defenses or claims that may be raised in future proceedings. The Debtor must also comply with all reporting requirements, including providing weekly financial statements, bank records, and updates comparing actual performance to the budget as further protection to secured creditors. The final order is available at https://shorturl.at/emAg5 from PacerMonitor.com. Bean Brothers Landscaping has identified several creditors with UCC financing statements filed in North Carolina but has not yet fully reviewed the related loan documents. About Bean Brothers Landscaping LLC Bean Brothers Landscaping, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40201) on September 25, 2025, listing up to $100,001 to $500,000 in both assets and liabilities. Judge Ashley Austin Edwards handles the case. The Debtor is represented by: John C. Woodman, Esq. Essex Richards Tel: 704-377-4300 Email: jwoodman@essexrichards.com BEELINE HOLDINGS: Issues 432,443 Shares via Conversions, Warrants ----------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a regulatory filing that from January 28 through February 16, 2026, various shareholders converted certain shares of the Company's Series F Convertible Preferred Stock, Series F-1 Convertible Preferred Stock and Series G Convertible Preferred Stock into a total of 94,476 shares of the Company's common stock. On February 5 and February 12, 2026, four warrant holders exercised their Series G Warrants to purchase Common Stock and acquired an aggregate of 337,967 shares of the Company's common stock. The conversions and warrant exercises were exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) thereof and Rule 506(b) promulgated thereunder. 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. BEELINE HOLDINGS: Welcomes Barry Levenson as Strategic Advisor -------------------------------------------------------------- Beeline Holdings, Inc. announced the appointment of mortgage industry veteran Barry Levenson as Executive Strategic Advisor. Mr. Levenson brings more than three decades of experience across mortgage banking, funding strategy, product development, marketing and capital market execution. In this role, he will advise Beeline's leadership team on capital strategy, loan economics, product position and initiatives designed to improve funding efficiency and long-term profitability. Mr. Levenson is the Founding Principal and CEO of LK Secured Lending. He previously served as Managing Director at PennyMac Financial Services. Earlier in his career, he was a founding executive of Countrywide Bank, which became one of the fastest-growing depository institutions in U.S. banking history. By implementing an innovative deposit-gathering strategy that materially reduced the institution's cost of funds, he helped accelerate Countrywide's rise to become the nation's leading mortgage banker. Beeline has outlined a long-term objective of achieving a $100 million revenue run rate within 24 months. The Company believes that disciplined capital management, product expansion and improved cost of funds are important components of that plan. "Barry's experience in funding strategy and scaling mortgage platforms comes at an important time for Beeline," said Nick Liuzza, Chief Executive Officer of Beeline Holdings. "Organic growth remains a priority for the Company. As loan economics continue to improve, we are increasing marketing investment to support origination growth while maintaining a disciplined approach to expense management. Over the past several years, we moderated growth investments to reduce losses. We believe the operating environment is stabilizing and are positioning the business to accelerate." Mr. Levenson will serve in an independent advisory capacity and will continue in his role at LK Secured Lending. "I'm excited to support Beeline's next phase," said Levenson. "The Company combines strong technology with a forward-looking approach to serving the next generation of mortgage borrowers. It feels like a very strong match combining complimentary legacy pieces with a fresh perspective to an industry that is starting to recover. I am excited to get to work with Beeline's leadership team." 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. BEINGWIZARD LLC: Hires Richard T. Baum, Esq. as Counsel ------------------------------------------------------- Beingwizard LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Richard T. Baum, Esq. as counsel. The firm's services include: (a) advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Federal Rules of Bankruptcy Procedure and the Office of the United States Trustee as they pertain to the Debtor; (b) advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; ( c) assisting the Debtor in the negotiation, formulation, and preparation of documents necessary for the successful sale of the units, adjustment of any claims, and, if successful, dismissal of the case; (d) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; (e) conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of Counsel's expertise, is beyond Counsel's staffing abilities or is one in which the Debtor is represented by other special counsel; (f) preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; and (g) performing any other services which may be appropriate in connection with Counsel's representation of the Debtor during this bankruptcy case. The Debtor estimates that from the Petition Date she will have nominal gross income and only the accrual of unpaid real property taxes, mortgage payments and counsel fees as expenses. The firm will be paid at the rate of $600 per hour. The firm received from the Debtor a retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Baum 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: Richard T. Baum, Esq. 6627 Maryland Drive Los Angeles, CA 90048 Tel: (310) 277-2040 Fax: (310) 286-9525 About Beingwizard LLC BeingWizard LLC owns and leases residential real estate in Murrieta, California. BeingWizard LLC in Murrieta, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-10770) on Jan. 30, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Tracy Ray as CEO, signed the petition. Judge Scott H Yun oversees the case. LAW OFFICE OF DONALD W. REID serve as the Debtor's legal counsel. BELLA FAMILY: Aleida Martinez Molina Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Bella Family Dental, Inc. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Bella Family Dental Inc. Bella Family Dental, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11969) on February 18, 2026, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Laurel M. Isicoff presides over the case. Richard R. Robles, Esq., represents the Debtor as legal counsel. BERRY CAPITAL: Hires Iron Auction Group as Auctioneer ----------------------------------------------------- Berry Capital Management II, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Iron Auction Group as auctioneer. The firm will market and auction the equipment and machineries of the Debtor. The firm will be paid 10 percent seller's commission, and a buyer's premium of 10 percent on all items. Mr. Mears 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 Mears Iron Auction Group 669 Marina Drive, Suite B Charleston, SC 29492 Tel: (864) 546-1216 About Berry Capital Management II, 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. BIG LEVEL: Florida Wrongful Death Lawsuit Settlement Okayed ----------------------------------------------------------- Judge Katharine M. Samson of the U.S. Bankruptcy Court for the Southern District of Mississippi granted Big Level Trucking, Inc.'s Rule 9019 motion to settle and compromise disputed claims in a wrongful death lawsuit. The settlement is approved. Prior to the filing of the Petition, the Debtor was a party in a wrongful death lawsuit filed by the Plaintiff's estate against multiple defendants, including the Debtor. The lawsuit was filed in the Circuit Court of Second Judicial Circuit, in and for Gadsden County, Florida, and styled: Modou Secka, as Personal Representative of the Estate of Alhagie Secka v. Jade Ce'Mone Smith, et al., Case No. 2025 CAA 440. After the filing of the Petition, the Debtor and the other litigation parties entered into a series of extensive negotiations that produced a settlement and compromise of numerous issues along with related relief (the "Settlement"). The Debtor's portion of the Settlement will be paid by the Debtor's insurer, so there will be no impact on the Debtor's creditors. As a summary, the Debtor submits that the Settlement resolves difficult and unsettled issues with respect to the alleged wrongful death of the Plaintiff. In exchange for the payment to Plaintiff of $225,000.00, the Plaintiff agrees to dismiss the Florida lawsuit against all parties. The Settlement provides finality to the Debtor regarding this matter, avoids a lengthy, expensive, and time-consuming trial in this wrongful death dispute, ends any possibility of appeals and resolves difficult issues without the necessity of a trial. The Court finds the Settlement is reasonable, fair and equitable. The costs, expenses, and delay of litigation would not justify litigating any of the issues in this matter, and the Debtor is of the opinion that the Settlement is reasonable, justified and fair. A copy of the Court's Order dated February 19, 2026, is available at http://urlcurt.com/u?l=OiL0lPfrom PacerMonitor.com. About Big Level Trucking Big Level Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51204) on August 18, 2025, listing up to $50 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as counsel. BLAKK SMOKE: Case Summary & 15 Unsecured Creditors -------------------------------------------------- Debtor: Blakk Smoke, Inc. 14919 Fondren Road Missouri City, TX 77489 Business Description: Blakk Smoke operates an online retail platform that sells nicotine-free and tobacco-free hookah and vaping products, including hookah pens, fruit shisha, bundles and related accessories. The company markets flavored inhalation products directly to adult consumers through its e-commerce website, positioning itself within the alternative smoking products industry. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-31222 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Vicky M. Fealy, Esq. THE FEALY LAW FIRM, PC 1235 North Loop West Suite 1120 Houston TX 77008 Tel: (713) 526-5220 E-mail: vfealy@fealylawfirm.com Total Assets: $83,841 Total Liabilities: $3,299,132 The petition was signed by Cardell Bradley as CEO. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5QQFPOA/Blakk_Smoke_Inc__txsbke-26-31222__0001.0.pdf?mcid=tGE4TAMA BLUEWATER RESIDENTIAL: Unsecureds to Get Share of Income for 5 Yrs ------------------------------------------------------------------ Bluewater Residential Services, LLC, filed with the U.S. Bankruptcy Court for the District of Minnesota a Plan of Reorganization for Small Business dated February 17, 2026. The Debtor is a Minnesota limited liability company. The Debtor's sole member is Mr. David Nelson. The Debtor was organized in 2005 and has operated continuously since then. The Debtor operates four residential group homes and provides adult day care services to its clients. The Debtor holds a "245 D" license. Bluewater's clients suffer from various mental health or medical needs. The Debtor leases the real estate properties from Northern Lights of Duluth, LLC; a company also owned by Mr. Nelson. The filing of this case was, in large measure, the result of a dispute between Mr. Nelson and a former business partner, Mr. Dale Zubke. The dispute centered on the alleged breach of a buyout agreement. The litigation was protracted. Mr. Zubke obtained judgment against Mr. Nelson in the approximate amount of $1.3 million. With postjudgment interest the debt was approximately $1.7 million when the case was commenced. The Plan Proponent's financial projections show that the Debtor will have projected disposable income for the 5-year terms of the plan of $204,688.00 from cash flow. The final Plan payment is expected to be paid in November 2031. Following confirmation, the Debtor will continue to operate its business in the ordinary course. Its income from operations will be used to fund distributions under the Plan. All secured creditors will retain their pre-petition liens and lien rights. The Debtor has generally not paid on pre-petition mortgage during the pendency of the case, maintaining that they are all "oversecured". The Debtor intends to bring each of the pre petition mortgages current and to then resume making the regularly scheduled loan payments. Generally, the Plan provides for the reorganization of the Debtor's business and debt. All unsecured creditors will receive distributions out of the realized net disposable income of the Debtor over the five-year term of the Plan. Class 3 Unsecured Claims consisting of all allowed unsecured, non priority pre-petition claims, including the unsecured portions of any otherwise secured claims; shall receive quarterly distributions of the Debtor's net disposal income. Holders of Class 3 Unsecured Claims shall each receive quarterly distributions from the Debtor's net disposable income. These distributions shall be made quarterly, on the thirtieth day following the end of each calendar quarter over a period of five years, beginning on the thirtieth day following the first calendar quarter following the Effective Date. The Debtor shall make distributions equal to the aggregate amount of net disposable income accrued in the immediately preceding calendar quarter. All distributions to Holders of Class 3 Unsecured Claims shall be prorated based on the allowed amount of the Holder's claim compared to the aggregate amount of all allowed Class 3 Claims (allowed amount of claim/aggregate amount of all allowed Class 3 Claims). Quarterly distributions to holders of Class 3 Claims will vary based on the Debtor's actual net disposable The Debtor estimates that the total amount of distributions to holders of Class 3 Claims will be $204,688.00. Holders of interests in the Debtor shall retain their shares and all rights, privileges and emoluments thereof; provided however that the Debtor shall not make any distributions of profit until and unless the Debtor has completed making all required Plan distributions to the Holders of Class 3 Unsecured Claims. As of the Effective Date, all assets of the estate will be revested in the Debtor. The Debtor will implement the terms and conditions of the Plan and its business plan and continue to operate its business in the ordinary course. A full-text copy of the Plan of Reorganization dated February 17, 2026 is available at https://urlcurt.com/u?l=lO0QGz from PacerMonitor.com at no charge. About Bluewater Residential Services Bluewater Residential Services LLC specializes in residential support services tailored to individuals requiring structured and supervised living environments. Bluewater Residential Services LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-50824) on Nov. 18, 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 Judge William J. Fisher handles the case. The Debtor is represented by Joseph W. Dicker, Esq. of Joseph W. Dicker PA. BRENT TIDWELL: Hires Lefkovitz & Lefkovitz PLLC as Legal Counsel ---------------------------------------------------------------- Brent Tidwell Punch LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Lefkovitz & Lefkovitz, PLLC as counsel. The firm's services include: a. advising the Debtor as to its rights, duties, and powers as Debtor(s)-in Possession; b. preparing and filing statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this proceeding; c. representing the Debtor at all hearings, meetings of creditors, conferences, trials, and any other proceedings in this case; and d. performing such other legal services as may be necessary in connection with this case. The firm will be paid at these rates: Attorneys $550 per hour Paralegals $200 per hour The firm has received a total of $10,262 as a retainer, plus $1,738 in Court filing fees. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lefkovitz & Lefkovitz is a "disinterested person" as defined in Bankruptcy Code Secs 101(14) and 327, according to court filings. The firm can be reached through: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Tel: (615) 256-8300 Fax: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About Brent Tidwell Punch LLC Brent Tidwell Punch LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00638) on February 13, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Randal S Mashburn presides over the case. The Debtor is represented by Jay Lefkovitz, Esq. BROOKDALE SENIOR: FY25 Net Loss Hits $263MM, Faces Liquidity Risks ------------------------------------------------------------------ Brookdale Senior Living Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $262.75 million for the fiscal year ended December 31, 2025, compared to a net loss of $202 million for the fiscal year ended December 31, 2024. Total revenue and other operating income for fiscal year ended December 31, 2025 and 2024, were $3.19 billion and $3.13 billion, respectively. As of December 31, 2025, the Company had $5.95 billion in total assets, $6 billion in total liabilities, and $43.38 million in total stockholders' deficit. Liquidity and Capital Resources Brookdale's principal sources of liquidity have historically been from: * cash balances on hand, cash equivalents, and marketable securities; * cash flows from operations; * proceeds from our credit facilities; * funds generated through unconsolidated venture arrangements; * proceeds from mortgage financing or refinancing of various assets; * funds raised in the debt or equity markets; and * proceeds from the disposition of assets. Over the longer-term, Brookdale expects to continue to fund its business through these principal sources of liquidity. Additionally, over the near-term, the Company's expect that its liquidity requirements will primarily arise from: * working capital; * operating costs such as labor costs, severance costs, general and administrative expense, and supply costs; * debt, interest, and lease payments; * investment in healthcare and wellness initiatives; * transaction consideration and related expenses; * capital expenditures and improvements; * cash collateral required to be posted in connection with our financial instruments and insurance programs; and * other corporate initiatives (including information systems and other strategic projects). Brookdale said, "We are highly leveraged and have significant debt and lease obligations. As of December 31, 2025, we had $4.3 billion of debt outstanding at a weighted average interest rate of 5.06%. As of such date, 89.7%, or $3.9 billion, of our total debt obligations represented non-recourse property-level mortgage financings." "As of December 31, 2025, we had $1.2 billion of operating and financing lease obligations, and for the twelve months ending December 31, 2026, we will be required to make approximately $191.6 million of cash lease payments in connection with our existing operating and financing leases. "As of December 31, 2025, we had $1.4 million of letters of credit and no cash borrowings were outstanding under our $100.0 million secured credit facility. We also had separate letter of credit facilities providing for up to $68.0 million of letters of credit as of December 31, 2025, under which $59.2 million had been issued as of that date. "Total liquidity of $377.7 million as of December 31, 2025 included $279.1 million of unrestricted cash and cash equivalents (excluding restricted cash of $63.9 million) and $98.6 million of availability on our secured credit facility. "Total liquidity as of December 31, 2025 decreased $11.6 million from total liquidity of $389.3 million as of December 31, 2024. During 2026, we plan to sell 29 owned communities (2,364 units), which we believe will generate approximately $200.0 million of proceeds. "The closings of the expected sales of assets are subject (where applicable) to our successful marketing of such assets on terms acceptable to us. Further, the closings of the expected sales of assets are, or will be, subject to the satisfaction of various conditions, including (where applicable) the receipt of regulatory approvals. There can be no assurance that the transactions will close or, if they do, when the actual closings will occur. "As of December 31, 2025, our current liabilities exceeded current assets by $14.0 million. Included in our current liabilities is $75.7 million of the current portion of operating and financing lease obligations, for which the associated right-of-use assets are excluded from current assets on our consolidated balance sheets. "We currently estimate our historical principal sources of liquidity, primarily our cash flows from operations, together with cash balances on hand, and cash equivalents, availability on our secured credit facility, and proceeds from financings and refinancings of various assets will be sufficient to fund our liquidity needs for at least the next 12 months. We continue to focus on increasing our RevPAR, maintaining appropriate expense discipline, continuing to refinance or exercise available extension options for maturing debt, continuing to evaluate our capital structure and the state of debt and equity markets, and monetizing non-strategic or underperforming owned assets. "There is no assurance that financing will continue to be available on terms consistent with our expectations or at all, or that our efforts will be successful in monetizing certain assets or exercising extension options." "Our actual liquidity and capital funding requirements depend on numerous factors, including our operating results, our actual level of capital expenditures, general economic conditions, and the cost of capital, as well as other factors . . . Since the amount of mortgage financing available for our communities is generally dependent on their appraised values and performance, decreases in their appraised values, including due to adverse changes in real estate market conditions, or their performance, could result in available mortgage refinancing amounts that are less than the communities' maturing indebtedness. "In addition, our inability to satisfy underwriting criteria for individual communities may limit our access to our historical lending sources for such communities, including Fannie Mae and Freddie Mac. As of December 31, 2025, 11% of our owned communities were unencumbered by mortgage debt. "As of December 31, 2025, the current portion of long-term debt was $77.5 million, which includes $23.3 million of our 2.00% convertible senior notes due October 15, 2026 and $19.6 million of mortgage notes payable secured by assets held for sale. "We have completed the refinancing of all of our mortgage debt maturities due in 2026. Our inability to obtain refinancing proceeds sufficient to cover 2027 and later maturing indebtedness could adversely impact our liquidity and may cause us to seek additional alternative sources of financing, which may be less attractive or unavailable. Shortfalls in cash flows from estimated operating results or other principal sources of liquidity may have an adverse impact on our ability to fund our planned capital expenditures or to fund investments to support our strategy. "In order to continue some of these activities at historical or planned levels, we may incur additional indebtedness or lease financing to provide additional funding. There can be no assurance that any such additional financing will be available or on terms that are acceptable to us. "Funding our planned capital expenditures or investments to support our strategy may require additional capital. We expect to continue to assess our financing alternatives periodically and access the capital markets opportunistically. If our existing resources are insufficient to satisfy our liquidity requirements, we may need to sell additional equity or debt securities. "Any such sale of additional equity securities will dilute the percentage ownership of our existing stockholders, and we cannot be certain that additional public or private financing will be available in amounts or on terms acceptable to us, if at all. "Any newly issued equity securities may have rights, preferences, or privileges senior to those of our common stock. If we are unable to raise additional funds or obtain them on terms acceptable to us, we may have to delay or abandon our plans." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/y8p44tfj About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BURMAN'S TREE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Burman's Tree Services, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Michigan, Detroit, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for April 10. As of the filing date, the Debtor's accounts receivable totaled $488,627 and cash on hand was $29,419, creating a combined cash collateral pool of $518,046. Three creditors claim perfected security interests in the Debtor's receivables and cash proceeds. The Farmer's & Merchants State Bank holds a senior lien under a December 14, 2022 loan and security agreement and has filed a secured claim for $167,844. Two merchant cash advance companies -- Rowan Advance Group, LLC and Meged Funding Group -- assert interests under agreements characterized as sales of future receivables rather than loans. Rowan claims to have purchased $308,000 in receivables for $210,000 (after fees), with $180,666.64 allegedly remaining unpaid. Meged claims to have purchased $149,900 in receivables for $89,755 net funding, asserting approximately $142,092 outstanding. The bank's lien is asserted to be senior to both Rowan and Meged, and if the merchant advance claims are valid, their collateral appears fully secured by existing receivables. The Debtor said the secured creditors are entitled to adequate protection only to the extent of any decline in collateral value and offered to provide such protection through continued replacement liens on post-petition receivables and monthly payments. Specifically, the Debtor offered paying the bank $2,841 per month at 8.75% interest beginning this month; Rowan $3,011 per month over 60 months; and Meged $2,368 per month over 60 months. Burman's reports 2025 gross revenue of $3.5 million and projects stable or modest growth in 2026. To maintain operations, the Debtor said it needs to use $305,384 in cash collateral during the initial weeks of its Chapter 11 case, supported by a 15-week cash flow projection demonstrating sufficient income to sustain operations and creditor payments. About Burman's Tree Services LLC Burman's Tree Services, LLC provides tree care and related services, including tree removal, trimming, stump grinding, land clearing, arborist consultations, and emergency tree response, serving residential and commercial customers. Established in 2016, the Company operates a 24-hour emergency response team and focuses on storm-related and hazardous tree clearing. Burman's Tree Services operates primarily in Southeast Michigan, including Jackson, Vandercook Lake, Spring Arbor, and Michigan Center. Burman's Tree Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41101) on February 2, 2026. In its petition, the Debtor lists estimated assets and liabilities each in the range of $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Lisa S. Gretchko. The Debtor is represented by Donald C. Darnell, Esq. CANYON CREEK: Amends Unsecured Claims Pay Details ------------------------------------------------- Canyon Creek Villas, LLC submitted a First Amended Disclosure Statement describing Second Amended Plan of Reorganization dated February 18, 2026. The Debtor's primary asset is approximately real property located at 90-96 Arapahoe Avenue, Boulder, Colorado (the "Real Property"). Following Confirmation of the Plan, the Debtor intends to convey its Real Property, free and clear of all liens and encumbrances, to a newly-formed entity, Saddle Creek, LLC, which will continue the Debtor's development project. As part of this process, Saddle Creek has received a commitment for and will receive a loan sufficient to pay off all Allowed Claims, including Allowed Unsecured Claims, pay the claim of Philip Shull and First Pick Boulder, LLC, and to hold in a segregated account amounts sufficient to pay disputed Secured Claims if they are ultimately allowed by settlement or a Final Order. Saddle Creek shall pay these amounts to the Debtor in exchange for the Debtor's Real Property on or before the Effective Date, and they shall be held or paid in accordance with the Plan and as described herein. Saddle Creek will also receive from the Debtor intellectual property comprising the plans necessary to complete the project the Debtor started, but Saddle Creek will not receive other assets from the Debtor. Specifically, on or before the Effective Date, the Debtor shall receive from Saddle Creek no less than $24,518,000 in exchange for conveying the Real Property to Saddle Creek if a bond is obtained concerning the disputed, partially Secured Claim of Milo Construction Corporation. Alternatively, the Debtor shall receive from Saddle Creek approximately $25,462,000 if the Debtor elects to hold funds sufficient to pay Milo Construction Corporation's disputed secured claim in a segregated account pending allowance. The Debtor shall use these funds to pay Allowed Claims, and to hold in a segregated account for payment of disputed claims as described herein. Following such payment from Saddle Creek, Saddle Creek will continue developing the Real Property conveyed from the Debtor. The Class Twelve Claimholders are the holders of Allowed Unsecured Claims against the Debtor's Estate in the estimated total amount of $400,265.25, which number depends on the extent to which certain Claims are determined to be undersecured and the validity and security of other Disputed Claims. The Class Twelve Claimholders are depicted on Exhibit A to the Plan, provided that the Claimholders in Class Twelve may also include some partially or purportedly secured claimants in other classes depending on the results of litigation. The payment to satisfy the Class Twelve Claims shall be paid to the Debtor in full from the proceeds of the transaction with CLSII or its designee within two weeks of the Effective Date, provided, however, that payments to Class Twelve Claimants, if disputed in whole or in part, shall be paid only when such claims are determined to be allowed by Final Order. Class Twelve is impaired under the Plan. The Class Thirteen Claimholders, Philip Shull and 1st Pick Boulder, filed their Proof of Claim No. 16 on May 23, 2025, in the amount of $724,145.48. The Class Thirteen Claim arises from an executory contract with the Class Thirteen Claimholders, which the Debtor has moved to reject. At the time of filing its initial Plan, the Debtor was litigating the rejection of the Class Thirteen Claimholders' executory contract and the damages due to the Class Thirteen Claimholders. Since that time, the Debtor and the Class Thirteen Claimholder stipulated that the executory agreement shall be rejected by the Debtor, and that the Class 13 Claimholder shall receive $724,145.48 (inclusive of, not in addition to, the deposit paid by the Class 13 Claimholder in the amount of $183,750.00) under the Plan, to be paid by the end of April 2026. As of the filing of this Disclosure Statement, the stipulation between the parties is currently pending before the Court. Class Thirteen is impaired under the Plan. Construction Loan Services II, LLC (d/b/a Builder's Capital) has committed to loan (by itself or by its designee) to Saddle Creek amounts sufficient to pay Allowed Claims, Disputed Claims (which will be segregated and held pending allowance of such claims or bonded around), the Class 13 Claim, and approved administrative expenses against the Estate, which Saddle Creek shall pay to the Debtor in exchange for the Debtor's Real Property. Construction Loan Services II, LLC (or its designee) is the most appropriate lender in these circumstances because it is familiar with the Debtor's Real Property, being the original lender for the Debtor's Project, and is able to offer an interest rate reflecting that familiarity. A full-text copy of the First Amended Disclosure Statement dated February 18, 2026 is available at https://urlcurt.com/u?l=2XbuBi from PacerMonitor.com at no charge. Canyon Creek Villas, LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com About Canyon Creek Villas Canyon Creek Villas LLC is a Colorado-based single asset real estate company that owns and manages condominium units in Boulder. Canyon Creek Villas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11683) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. CAROLINA CLEANING: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Carolina Cleaning Services, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court entered an interim order authorizing the Debtor to use cash collateral for post-petition operating expenses as set forth in its budget. Silverline Services, Inc. and other merchant cash advance lenders will retain a continuing and replacement post-petition lien on and security interest in all assets and the proceeds thereof, whether acquired before or after the Debtor's Chapter 11 filing. The court clarified that the order does not determine the validity, extent, priority, or perfection of any lien or the characterization of any property as cash collateral, and the Debtor reserves all rights to challenge such matters. The order is available at https://is.gd/3c4zUM from PacerMonitor.com. A further hearing is set for March 12. Founded in 1994 by Aneliese Bard Andrades, Carolina Cleaning Services provides residential and commercial cleaning services throughout southeastern North Carolina and currently employs approximately 18 individuals. Originally operated as a sole proprietorship, the Debtor was formally organized as an LLC in June 2021, with Ms. Andrades serving as sole member and manager. The Debtor attributes its financial distress to pandemic-related revenue declines, rising labor and supply costs, and reliance in 2025 on multiple merchant cash advances, which it characterizes as predatory and the primary cause of its liquidity crisis and defaults. About Carolina Cleaning Services LLC Carolina Cleaning Services LLC provides residential and commercial cleaning services throughout southeastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00777-5-JNC on February 20, 2026. In the petition signed by Aneliese Bard Andrades, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. CAROLINA RENOVATION: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Carolina Renovation Warehouse, LLC got the green light from the U.S. Bankruptcy Court for the Western District of North Carolina, Shelby Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for March 10. The Debtor intends to use its cash collateral to pay operating expenses in accordance with its budget. The Debtor offers granting secured creditors replacement liens on post-petition assets as adequate protection, with the same priority and extent as their pre-bankruptcy liens. Based on UCC financing statements filed with the North Carolina Secretary of State, the creditors that may assert interest in the cash collateral include Pinnacle Bank, S&C Warehouse, LLC, Dover Capital, and Middesk, Inc. Pinnacle Bank also served as a pre-petition depository institution. About Carolina Renovation Warehouse LLC Carolina Renovation Warehouse, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 26-40048) on February 20, 2026. In the petition signed by Dustin C. Bealby, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Ashley Austin Edwards oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. CARPENTER HOMES: Seeks Approval to Hire Jean Dupler as Bookkeeper ----------------------------------------------------------------- Carpenter Homes LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Jean Dupler as bookkeeper. Ms. Dupler will provide general bookkeeping and administrative support services, specifically to assist the Debtor with the preparation of the monthly operating reports required by the Office of the United States Trustee. Ms. Dupler has agreed to provide bookkeeping services at an hourly rate of $75. Ms. Dupler does not expect her invoices will exceed $1,500 in the aggregate on a monthly basis. Ms. Dupler assured the court that she does not hold or represent any interest adverse to the Debtor or the estate and is a disinterested person within the meaning of section 101(14) of the Bankruptcy Code. Ms. Dupler can be reached at: Jean Dupler Greater Tampa Bay Area Tampa, FL About Carpenter Homes LLC Carpenter Homes LLC, based in Tampa, Florida, develops and constructs residential homes, building Green-certified properties under Florida Green Building Coalition standards with native landscaping, energy-efficient systems, and sustainable power. The Company operates in the real estate development and homebuilding sector, providing residential housing solutions across Florida. Carpenter Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09757) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor is represented by Amy Denton Mayer, Esq. of Berger Singerman LLP. CHABAD OF GRAMERCY: Trustee Taps Ariel Property Advisors as Broker ------------------------------------------------------------------ Yann Geron, the Chapter 11 Trustee of the estate of Chabad of Gramercy Park, seeks approval from the United States Bankruptcy Court for the Eastern District of New York to retain Ariel Property Advisors LLC to market and sell the estate's properties. Ariel will be entitled to this sliding scale commission: a. 12 East 13th Street Property: -- 3% of the first $1.4 million of gross proceeds -- 4% of gross proceeds in excess of $1.4 million up to $1.7 million -- 5% of gross proceeds in excess of $1.7 million b. 116 West 14th Street Property: -- 3% of the first $2.25 million of gross proceeds -- 4% of gross proceeds in excess of $2.25 million up to $2.55 million -- 5% of gross proceeds in excess of $2.55 million c. 40 West 22nd Street Property: -- 3% of the first $2.2 million of gross proceeds -- 4% of gross proceeds in excess of $2.2 million up to $2.5 million -- 5% of gross proceeds in excess of $2.5 million d. 121 West 19th Street Property: -- 3% of the first $4 million of gross proceeds -- 4% of gross proceeds in excess of $4 million up to $4.3 million -- 5% of gross proceeds in excess of $4.3 million e. 107 East 16th Street Property: -- 3% of the first $1.8 million of gross proceeds -- 4% of gross proceeds in excess of $1.8 million up to $2.1 million -- 5% of gross proceeds in excess of $2.1 million Ariel is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Victor Sozio Ariel Property Advisors LLC 122 East 42nd Street, Suite 2405 New York, NY 10168 Tel: (212) 544-9500 ext. 12 Email: vsozio@arielpa.com About Chabad of Gramercy Park Chabad of Gramercy Park owns a portfolio of five properties situated across various locations in New York, with a combined estimated value of $13.77 million. Chabad of Gramercy Park sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40105) on January 8, 2025. In its petition, the Debtor reports total assets of $13,770,000 and total liabilities of 24,715,943. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. CHURCH INTERNATIONAL: Seeks to Tap Bryan K. Mickler as Attorney --------------------------------------------------------------- The Church International, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida Jacksonville Division to employ Bryan K. Mickler, a professional practicing law in Jacksonville, FLorida, as its attorney. Bryan K. Mickler will provide these services: (a) general representation of the applicant in this proceeding; and (b) performance of all legal services for the applicant which may be necessary herein. The professional will be paid an hourly rate of $300-$400. To the best of the applicant's knowledge, Bryan K. Mickler has no interest adverse to the applicant or the estate in any of the matters upon which the attorney is to be engaged and his employment would be in the best interest of this estate, according to court filings. The firm can be reached at: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLD 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 E-mail: bkmickler@planlaw.com About The Church International Inc. The Church International Inc. sought protection under Chapter 11 ofthe U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00622) onFebruary 16, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. CLAY STREET: Hires Iannuzzi Manetta as Financial Advisor -------------------------------------------------------- Clay Street Commons, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Iannuzzi Manetta & Company, P.C. as financial advisor. The firm's services include: (a) assisting with the implementation of this Court's orders; (b) 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 Middle District of Tennessee (the "U.S. Trustee") and any party in interest, as well as any professionals of the foregoing; (d) identify the Company's executory contracts and unexpired leases and perform analyses of the financial impact of the assumption or rejection of each, as necessary; (e) participate in the Debtor's claims analysis and reporting, including plan classification modeling and claim estimation; (f) advise the Debtor, 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 Iannuzzi Manetta's expertise; and (k) provide such other restructuring or financial advisory services to the Debtor as are consistent the above-described services, requested by the Debtor and its counsel, not duplicative of services provided by other professionals, and agreed to by Iannuzzi Manetta. The firm will be paid at these rates: Mark Manetta $400 per hour Eric Mardeusz $275 per hour Eric Scholtes $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Manetta disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark Manetta Iannuzzi Manetta & Company, P.C. 1175 W. Long Lake Road, Suite 201 Troy, MI 48098 Tel: (248) 641-0005 About Clay Street Commons, L Clay Street Commons, LLC owns and manages a residential property at 1919 Ninth Avenue North in Nashville, Tennessee. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00026) on January 6, 2026. In the petition signed by Scott Woosley as the authorized individual, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. Austin McMullen, Esq., at Bradley Arant Boult Cummings, LLP, represents the Debtor as legal counsel. CNX RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed CNX Resources Corp.'s (CNX) 'BB+' Long-Term Issuer Default Rating (IDR). The Rating Outlook is Stable. Fitch has assigned the proposed senior notes an issue rating of 'BB+' with a Recovery Rating of 'RR4'. Fitch has also affirmed the 'BBB-'/'RR1' rating on the secured revolver and the 'BB+'/'RR4' rating on the senior notes. CNX's rating reflects its material FCF generation. The rating also considers the company's robust hedging program, a lack of near-term maturities, and material liquidity. These factors are offset by CNX's relatively small scale for the rating. Key Rating Drivers Material FCF Generation: CNX's ability to consistently generate positive FCF is supportive to its credit quality. The company's FCF is driven by its low-cost operating structure, reduced finding and development costs, strong hedging program that locks in future revenues, and a modest production growth. CNX's strong hedging program increases certainty in projected cash flow despite the volatility of natural gas prices. Fitch anticipates continued positive FCF, which will primarily be applied to stock buybacks over the forecast horizon. Robust Hedging Program: Fitch views CNX's hedging and physical fixed price sales strategy as a credit positive. The company has one of the strongest hedging positions in the industry. CNX has about 81%, 66%, and 23% of its expected 2026, 2027, and 2028 gas production hedged at an average of $3.36 per thousand cubic feet (mcf), $3.84/mcf, and $3.77/mcf, respectively. CNX will attempt to match New York Mercantile Exchange (NYMEX) hedges and basis hedges for the next 12 months of production. Fitch believes CNX has a thoughtful hedging program that locks in expected returns and reduces cash flow volatility, while extensive basis hedging protects from potential disruptions in the Appalachian Basin. CNX's hedge program, combined with a low-cost structure, allows for capital allocation flexibility for its future development program. Production Scale and Inventory: Fitch believes scale is important as it can reduce operating and capital costs per unit and provides ability to enhance liquidity. CNX is significantly smaller in terms of production than other 'BB'-rated issuers, such as Ascent Resources Utica Holdings, LLC (Ascent; BB-/Positive). CNX's low-cost position and focus on in-basin sales of gas are offset by a robust basis hedging strategy. This allows the company to avoid costly long-term transportation and gathering costs. Single Basin Risk: CNX's operations are primarily in Appalachia, which exposes the company to significant basis risk due to takeaway constraints, although differentials have improved with the installation of new pipeline capacity. CNX has resisted signing long-term, takeaway contracts to avoid entering firm transportation commitments that could result in expensive long-term obligations. Instead, the company uses hedges to mitigate pricing risk. Peer Analysis CNX's production profile of 1.8 billion cubic feet equivalent per day (bcfed) in 3Q25 is below that of Appalachian peers such as Antero Resources Corporation (Antero; BBB-/Stable) at 3.4 bcfed, Ascent at 2.2 bcfed, Expand Energy Corporation (Expand; BBB-/Stable) at 7.3 bcfed, and EQT Corporation (EQT; BBB-/Stable) at 6.9 bcfed. CNX's Fitch-calculated are $0.97 per thousand cubic feet of natural gas equivalent (mcfe) for 3Q25, which is below peers' except for EQT at $0.88/mcfe. The remaining peers' unit production expenses range from $1.23/mcfe at Expand to $2.58/mcfe for Antero. Midcycle leverage in the 1.5x area is in line with 'BB'-rated peers. Fitch-calculated unhedged cash netback margin of 36%, as of YE 2024, was towards the high end of the range, with Antero at 20%, Ascent 28%, Expand at 29% and EQT at 42%. CNX has a more comprehensive and consistent hedging policy than most peers. CNX attempts to match its NYMEX hedge with basis hedges, which provide significantly more price protection than peers. Fitch believes a strong hedge program is important given the volatility of natural gas prices. CNX's low-cost position and consistent hedging allows for strong stress case performance relative to peers. Fitch's Key Rating-Case Assumptions - Floating rate debt using the three-month secured overnight financing rate (SOFR) forward curve; - Henry Hub natural gas prices of $3.50/mcf in 2025, $3.50/mcf in 2026, $3.00 in 2027 and $2.75/mcf thereafter; - West Texas Intermediate oil prices of $64 per barrel (bbl) in 2025, $58/bbl in 2026 and 2027, and $57/bbl thereafter; - Production increasing by around 15% in 2025, down low single digits in 2026 and flat thereafter; - Capex of $500 million - $580 million annually throughout the forecast period; - Convertible notes repaid in 2026; - FCF used for share repurchases. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (a-, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bb-, 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 assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to replace reserves or a material reduction in net production; - Mid-cycle EBITDA leverage above 2.5x; - Material reduction in FCF or reduced credit metrics from weakening of unit cost profile or allocation of FCF to shareholder-friendly actions; - Deviation from stated financial policy, including a material reduction in hedging. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Production scale approaching 2.5 bcfed or proved reserves approaching 20 trillion cubic feet (tcfe); - An increase in diversification of upstream operations; - Mid-cycle EBITDA leverage approaching 1.5x. Liquidity and Debt Structure CNX has $0.8 million of consolidated cash on hand and $1.172 billion of borrowing capacity on its revolver as of Dec. 31, 2025, after consideration for letters of credit (LoC). Borrowing base and revolver commitments were $2.4 billion and $1.4 billion, respectively, as of YE 2025, and maturity is in May 2029. The RCF includes a springing maturity at any point after Jan. 30, 2026, if available, minus the aggregate principal amount of any and all such outstanding convertible notes is less than 20% of the aggregate commitments under the RCF. There is also a maximum net leverage ratio of no greater than 3.5 to 1.0, which is based on net debt. CNX must also maintain a minimum current ratio of no less than 1.0 to 1.0. CNX Midstream Partners LP has its own RCF not guaranteed by CNX. The facility has $600 million in commitments and had $32.8 million of borrowings outstanding, leaving availability at $567.3 million after consideration for LoC as of Dec. 31, 2025. Fitch considers CNX's maturity schedule manageable, with the next maturity being the senior unsecured convertible notes in 2026. Fitch believes near-term liquidity should be sufficient, given the ability to generate material FCF, which benefits from a high degree of certainty through the hedge program and low-cost structure. Issuer Profile CNX is an independent oil and gas company focused on the exploration, development, production, gathering, processing and acquisition of natural gas properties primarily in the Appalachian Basin. It focuses on unconventional shale formations, primarily in the Marcellus and Utica shales. 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 revenue-weighted Climate.VS for CNX for 2035 is 52 out of 100, toward the lower end of the range for North American oil and gas producers. This is primarily because natural gas accounts for 93% of CNX's production. Natural gas production is considered less vulnerable than oil production due to its lower carbon intensity and its role as a transition fuel. This score reflects potential risks related to policies requiring lower carbon emissions over time and promoting the shift from fossil fuels to renewable energy sources. This poses near-term risks due to higher costs stemming from the increased focus on emission reduction. Additionally, there are longer-term risks related to decreasing demand for fossil fuels as the world transitions toward renewable fuels. Fitch believes meaningful energy transition will play out over several decades. Key transition risks arise from potential reductions in demand driven by policies aimed at decreasing oil and gas usage in the global economy. In the shorter term, risks arise from policies designed to limit greenhouse gas emissions from oil and gas production. Currently, these risks do not have a material influence on the rating given the very long-term nature of the transition, uncertainty regarding the extent and nature of changes and the potential reaction of markets and companies to them. CNX has implemented plans and targets to mitigate its exposure. The company has decreased Scope 1 and Scope 2 carbon dioxide emissions by 90% since 2011. CNX is investing in technologies to reduce methane emissions and is shifting toward the use of electric frack fleets. For further information on how Fitch perceives climate-related risks in the oil and gas sector see its Oil & Gas and Chemicals - Climate Vulnerability Signals Update. 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 ----------- ------ -------- ----- CNX Resources Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ New Rating RR4 senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ COHERENT CORP: Fitch Alters Outlook on BB Long-Term IDR to Positive ------------------------------------------------------------------- Fitch Ratings has affirmed Coherent Corp.'s Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed the senior secured revolving credit facility and term loan B at 'BBB-' with a Recovery Rating of 'RR1', as well as the senior unsecured notes at 'BB'/'RR4'. The Rating Outlook has been revised to Positive from Stable. The Positive Outlook reflects recent gross debt reduction actions and the late-2025 conversion of preferred shares to equity, which have reduced EBITDA leverage from above Fitch's negative rating sensitivity to below its positive rating sensitivity. The Outlook also considers the company's relatively short track record at its current leverage levels, following the deleveraging trajectory that began in 2022. A sustained track record of leverage headroom while the strength of its balance sheet provides capital use flexibility would support resolution of the Positive Outlook during Fitch's typical two-year Outlook period. Key Rating Drivers Preferred Conversion Decreases Leverage: Coherent's series B preferred shares were fully converted to common equity in 4Q25. Fitch had previously treated the preferred as debt (0% equity credit) in its analysis; therefore, the conversion reduced Fitch-adjusted debt by about $2.5 billion. As a result, Fitch forecasts FY26 EBITDA leverage to decline to about 2.1x from 3.9x, shifting leverage from above Fitch's 3.5x downgrade sensitivity to below its 3.0x upgrade sensitivity. Coherent's leverage had exceeded Fitch's downgrade sensitivity since II-VI Incorporated's acquisition of the legacy Coherent business in July 2022. The Outlook remained Stable during this period because Fitch viewed the elevated leverage as temporary and non-structural. Coherent has indicated it will continue to prioritize debt reduction. Positioned for AI Investment Growth: Coherent's data center revenue rose 61% yoy in fiscal 2025 and most recently 34% yoy in fiscal 2Q26, driven by AI data center capacity investments. Fitch anticipates a pullback in AI infrastructure spending at some point as investors pause to realize returns. However, rapid growth and potential future AI-related demand benefit its assessment of Coherent's sector characteristics, which Fitch considers a higher-importance factor in its credit profile. Discretionary Debt Repayments: Excluding the preferred share conversion to equity, Coherent reduced gross debt predominantly through discretionary debt repayments, including applying about $400 million in proceeds from the Aerospace and Defense divestiture to debt. Furthermore, proceeds from the sale of the German tools-for-materials processing that closed in early 2026 are earmarked to be applied to debt reduction. Margin Expansion Upside: Coherent targets long-term gross margin above 42% through scale, mix, pricing and cost efficiencies, and exiting lower-return projects. EBITDA margins, historically volatile but in the low 20% range, are a strength within the 'BB' category and support forecast FCF margins of around 2%-5%. The lack of a common dividend, historically low share repurchases, and prior debt reduction actions provide flexibility to allocate FCF to financial priorities. Potential Cash Inflows from Divestments: In June 2024, Coherent began a portfolio review to identify assets misaligned with its strategic and financial criteria. Recently, Coherent divested its aerospace and defense business and agreed to sell its German tools-for-materials processing business as these did not align with Coherent's long-term strategic focus and financial targets. Proceeds (and planned proceeds) are for debt reduction. Coherent's capital allocation priorities are funding organic investments, maintaining leverage below 2x, and pursuing strategic M&A. Fitch does not assume any large divestments in its forecast. Significant Silicon Carbide Restricted Cash: The fiscal 2024 sale of a 25% interest in Coherent's silicon carbide business to DENSO and Mitsubishi Electric for a total of $1 billion effectively reduced Coherent's capex burden. The proceeds from the sales are held as restricted cash at the Silicon Carbide subsidiary for use in that business. At fiscal 2Q26, the Silicon Carbide subsidiary held $661 million in restricted cash, which is separate from the approximately $864 million of readily available cash held on Coherent's balance sheet. Peer Analysis Coherent compares with MKS Inc. (MKS; BB/Stable), which is smaller by revenue at about $4 billion versus about $6 billion for Coherent. MKS operates with higher EBITDA margins in the mid-20% range, compared to Coherent's low-20% range, and is forecast to generate roughly twice the total FCF as Coherent. Both are in post-M&A deleveraging phases. Coherent has reduced its leverage to a level below its upgrade EBITDA leverage sensitivity and MKS remains above their downgrade sensitivity, with Fitch forecasting MKS to move below it in 2027. Within the 'BB' category, Coherent compares with Viavi Solutions Inc. (Viavi; BB-/Stable) which produces optical filters for 3D sensing. Viavi has historically had lower EBITDA margins in the high teens and is about a quarter of Coherent's scale measured by revenue. Compared with Qnity Electronics, Inc (BB+; Stable), Qnity has better EBITDA and FCF margins of around 30% and 10%, respectively, and has initial approximately 3.0x EBITDA leverage in its capital structure. Broadcom Inc. (Broadcom; BBB+/F2/Positive) competes directly with Coherent in semiconductor diodes for industrial and consumer markets. Broadcom has substantially greater revenue scale, market position, higher EBITDA margins, and lower EBITDA leverage consistent with its higher rating. Broadcom has an M&A history and periods of heightened leverage at transaction close. Fitch’s Key Rating-Case Assumptions - The Data Center and Communications segment maintains strong performance through fiscal 2026, supported by growth in transceiver demand from rising AI data center needs and related capital investment. Growth decelerates over the forecast as AI spending supports expansion at a more normal rate; - EBITDA margins in lower 20%s through the forecast, with some improvement benefiting from divestitures of lower margin projects, better sales mix, site rationalization and operating leverage; - Restricted cash in the JV is adequate to meet Silicon Carbide's funding needs during the forecast; - No common dividends or share repurchases. Coherent continues to make discretionary debt repayments. Partially debt-funded strategic acquisitions totaling $1.5 billion are made in fiscal 2028/2029; - Base rates on the revolving credit facility follow the current SOFR forward curve of 3.7%, 3.3%, 3.45%, 3.65%, and 3.8% for fiscal 2026-2030, respectively. The 1Q26 revolver draw is repaid in the short term with no further facility usage during the forecast. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (bb, Moderate), Profitability (bbb, Lower), Financial Structure (bbb-, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'a+' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -1 notch. - The calibration adjustment applies and results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.5x; - Shift to a more aggressive financial policy; - Cash flow from operations (CFO) minus capital expenditures (capex) to total debt ratio sustained below 7.5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The Positive Outlook could be resolved during Fitch's two-year Outlook time frame if Coherent maintains its leverage profile. - EBITDA leverage sustained below 3.0x; - More balanced sales mix with overall EBITDA margin growth; - (CFO-capex)/debt sustained above 12.5%. Liquidity and Debt Structure Coherent had $1.5 billion of liquidity as of Dec. 31, 2025, comprising $640 million available on its $700 million revolving credit facility and $864 million of unrestricted cash. Fitch's forecast of growing FCF, together with no common dividends and infrequent share repurchases, supports increasing liquidity available for discretionary debt repayments and internal investment. Coherent has no meaningful maturities before 2029, when its $990 million senior unsecured notes and the term loan B mature. The revolver and term loan A mature in 2030. These facilities include a springing maturity that accelerates their maturities ahead of the unsecured notes and term loan B if liquidity is less than the term loan B balance plus $250 million 91 days before the term loan B maturity. Issuer Profile Coherent is a vertically integrated manufacturing company that develops, manufactures and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation and electronics markets. 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 Coherent. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Coherent Corp. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- COMMUNITY HEALTH: Swings to $676MM Net Income in FY2025 ------------------------------------------------------- Community Health Systems, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net income of $676 million for the fiscal year ended December 31, 2025, compared to a net loss of $362 million for the fiscal year ended December 31, 2024. Net operating revenues decreased from approximately $12.6 billion for the year ended December 31, 2024 to approximately $12.5 billion for the year ended December 31, 2025. On a same-store basis, net operating revenues for the year ended December 31, 2025 increased $541 million, compared to the same period in 2024. As of December 31, 2025, the Company had $13.2 billion in total assets, $14 billion in total liabilities, $322 million in redeemable noncontrolling interests in equity of consolidated subsidiaries and $1.2 billion in total stockholders' deficit. Liquidity and Capital Resources -- 2025 Compared to 2024 Net cash provided by operating activities was approximately $543 million for the year ended December 31, 2025, compared to $480 million for the year ended December 31, 2024. The increase in cash provided by operating activities is primarily due to lower professional liability claim payments and increased non-patient revenues, partially offset by increased cash paid for interest and taxes. Total cash paid for interest increased to approximately $804 million for the year ended December 31, 2025, from approximately $741 million for the year ended December 31, 2024. Cash paid for income taxes, net of refunds received, resulted in a net payment of $249 million and $171 million during the years ended December 31, 2025 and 2024, respectively. During the years ended December 31, 2025 and 2024, approximately $169 million and $17 million, respectively, of cash paid for income taxes related to the gains on hospitals divested during the periods. The Company's net cash provided by investing activities was approximately $847 million for the year ended December 31, 2025, compared to cash used in investing activities of approximately $275 million for the year ended December 31, 2024, a change of approximately $1.122 billion. The change during the year ended December 31, 2025, compared to the prior year, was impacted by an increase of $1.080 billion in cash proceeds from dispositions of hospitals and other ancillary operations, partially offset by a decrease of $15 million in cash from the net impact of the purchases and sales of available-for-sale debt and equity securities. The Company's net cash used in financing activities was $1.167 billion for the year ended December 31, 2025, compared to $206 million for the year ended December 31, 2024, an increase of $961 million. This was primarily due to the net impact of our debt borrowings and repayments during the year ended December 31, 2025, compared to the same period in 2024. Liquidity Net working capital was approximately $1.0 billion and $956 million at December 31, 2025 and December 31, 2024, respectively. Net working capital increased by approximately $70 million between December 31, 2024 and December 31, 2025. The increase is primarily due to increases in cash and other current assets and decreases in accounts payable, accrued liabilities for employee compensation and other during the year ended December 31, 2025, partially offset by decreases in patient accounts receivable, prepaid expenses and prepaid income taxes. In addition to cash flows from operations, available sources of capital include amounts available under the asset-based loan (ABL) credit agreement, or the ABL Credit Agreement, as amended and restated on June 5, 2024, and anticipated access to public and private debt markets as well as proceeds from the disposition of hospitals or other investments such as our minority equity interests in various businesses, as applicable. Pursuant to the ABL Credit Agreement, the lenders have extended to CHS/Community Health Systems, Inc., or CHS, a revolving asset-based loan facility. The maximum aggregate amount under the ABL Facility is $1.0 billion, subject to borrowing base capacity. -- At December 31, 2025, the Company had no outstanding borrowings and approximately $786 million of additional borrowing capacity (after taking into consideration $34 million of outstanding letters of credit) under the ABL Facility. Letters of credit were reduced during the year ended December 31, 2025 by $32 million, primarily due to a reduction in collateral for an insurance-related bond. Principal amounts outstanding under the ABL Facility, if any, will be due and payable in full on June 5, 2029. 2025 Financing Activity -- On May 9, 2025, CHS completed the offering of $700 million aggregate principal amount of 10.750% Senior Secured Notes due June 15, 2033, or the 10 3/4 % Senior Secured Notes due 2033, to a multi-asset investment manager through a privately negotiated agreement. The 10 3/4 % Senior Secured Notes due 2033 bear interest at a rate of 10.750% per year payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025. Proceeds from issuance of the 10 3/4 % Senior Secured Notes due 2033, together with cash on hand, were used to redeem all of our outstanding 8% Senior Secured Notes due 2027 and to pay related fees and expenses. In addition, approximately $584 million principal amount of the 6 7/8 % Senior Unsecured Notes due 2028 were redeemed in May 2025 via a tender offer using cash on-hand of approximately $438 million. Upon completion of the tender offer, approximately $42 million principal amount of the 6 7/8 % Senior Unsecured Notes due 2028 remained outstanding. -- On August 12, 2025, CHS completed an offering of $1.790 billion principal amount of 9.750% Senior Secured Notes due 2034, or the 9 3/4 % Senior Secured Notes due 2034. The proceeds from the issuance of the 9 3/4 % Senior Secured Notes due 2034 were used to redeem $1.743 billion principal amount of our 5.625% Senior Secured Notes due 2027, or approximately 99% of the total outstanding principal amount, that were validly tendered and accepted for purchase pursuant to a tender offer that launched on July 28, 2025, and was completed on August 25, 2025, and to pay related fees and expenses. Upon completion of the tender offer, approximately $14 million principal amount of the 5.625% Senior Secured Notes due 2027 remained outstanding. The 9 3/4 % Senior Secured Notes due 2034 bear interest at a rate of 9.750% per year payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2026. The 9 3/4 % Senior Secured Notes due 2034 are unconditionally guaranteed on a senior-priority secured basis by the Company and each of the current and future domestic subsidiaries that provide guarantees under the ABL Facility. -- During the three months ended December 31, 2025, the Company exercised a special call provision to redeem 10% or approximately $223 million in principal amount of our 10.875% Senior Secured Notes due 2032 at a redemption price of 103% of the principal amount, plus accrued and unpaid interest. In addition, on February 2, 2026, the Company exercised the same special call provision to redeem an additional 10% or approximately $223 million in principal amount of the 10.875% Senior Secured Notes due 2032, at a redemption price of 103% of the principal amount, plus accrued and unpaid interest. Moreover, during the three months ended December 31, 2025, we redeemed all $14 million in outstanding principal amount of the remaining 5.625% Senior Secured Notes due 2027. -- During the year ended December 31, 2025, a pre-tax gain from early extinguishment of debt of approximately $97 million was recognized associated with these 2025 financing activities. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/khddz65c About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COMPASS MINERALS: Moody's Alters Outlook on 'B2' CFR to Stable -------------------------------------------------------------- Moody's Ratings affirmed Compass Minerals International, Inc's ("Compass") B2 corporate family rating, its B2-PD probability of default rating, and the B3 rating of its existing senior unsecured notes. The speculative grade liquidity rating (SGL) is upgraded to SGL-2 from SGL-3. The outlook is revised to stable from negative. Governance considerations under the Moody's ESG framework, including financial strategy and risk management, were a key driver of the rating action. RATINGS RATIONALE Compass Minerals performed better than Moody's expectations in FY2025 due to favorable winter conditions. The company generated Moody's Adjusted EBITDA of $191 million during FY2025, or approximately 8% increase over the prior fiscal year; as a result, Moody's adjusted leverage improved to 4.7x for the same period. The business simplification strategy (focusing on salt and plant nutrition) and dividend suspension, along with more disciplined capital spending and inventory management, allowed the business to generate meaningful free cash flow for debt repayment. Management's efforts to resolve outstanding legal matters, including the resolution on the Canadian tax dispute, have removed some uncertainties and the outcome was more favorable than Moody's previous expectations. Based on the favorable winter conditions experienced so far and the company's strong performance in the first fiscal quarter of 2026, Moody's expects Compass Minerals to generate incrementally higher earnings while sustaining positive free cash flow generation. Moody's forecasts Compass Minerals' Moody's Adjusted leverage to be below 4.0x and expect the company to generate positive free cash flow in the next 12-18 months. The recently announced sale of its SOP assets in Wynyard, Canada is expected to generate approximately $30 million in proceeds. Moody's expects management to prioritize utilizing free cash flow and asset sale proceeds to paying down the remaining $150 million unsecured notes due 2027. Compass Minerals' rating is supported by the company's strong competitive position in the North American salt industry. The company owns high-quality and low-cost salt deposits in addition to an efficient distribution network that utilizes cost-efficient water transportation. The company is also a low-cost producer of sulfate of potash (SOP) fertilizer from naturally occurring brines in the Great Salt Lake. The credit profile reflects the company's limited scale, elevated leverage, and concentrated exposure to the salt segment. The credit profile is also constrained by the relatively unpredictable weather-related nature of the de-icing salt and plant nutrition businesses, resulting in higher earnings and leverage volatility. Compass Minerals has good liquidity. The company has approximately $47 million of cash on balance sheet and $295 million of availability (including $10 million drawn and $20 million of letters of credit) under its $325 million revolver as of 12/31/2025. The company also has access to a $100 million AR securitization facility, of which approximately $87 million was utilized as of 12/31/2025. Given the seasonality of the business, Moody's expects the company to continue relying on the revolver and its AR securitization facility for seasonal working capital swings. The stable outlook reflects the expectation that the company will generate improved earnings and free cash flow over the next 12 to 18 months. The outlook also contemplates the company's improved liquidity and removal of certain legal overhangs such as the Canadian tax dispute. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider upgrading the ratings if the company reduces its gross debt such that Moodys-adjusted leverage sustains below 4.75x during mild winters, generates positive free cash flow on a sustained basis, and lowers its earnings dependence on the de-icing salt business. Moody's would consider a downgrade of the ratings if the company is unable to consistently generate positive free cash flow, adjusted leverage remains above 6.5x on a sustained basis, or if the company is unable to maintain adequate liquidity. A downgrade could also be considered if tariffs on Canadian goods sold in the US were implemented on a prolonged basis. Profile Headquartered in Overland Park, Kansas, Compass Minerals International, Inc is the second largest North American salt producer and a significant specialty fertilizer (sulfate of potash) manufacturer. For the LTM period ending December 31, 2025, Compass generated sales of approximately $1.3 billion. The principal methodology used in these ratings was Chemicals published in February 2026. CONSERVICE PARENT: S&P Withdraws 'B-' ICR on Debt Repayment ----------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Conservice Parent LLC following the company's repayment of its term loan. This transaction coincided with the close of TPG Capital's acquisition of a majority stake in Conservice, under which it repaid the company's outstanding debt facilities. Therefore, S&P also discontinued its 'B-' issue-level rating and '3' recovery rating on Conservice's first-lien debt. At the time of the withdrawal, S&P's outlook on Conservice was stable. COOL FREAKIN': Seeks to Hire Loeb & Loeb LLP as Bankruptcy Counsel ------------------------------------------------------------------ Cool Freakin' Genius LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Loeb & Loeb LLP as bankruptcy counsel. The firm will render these services: a. advise the Debtor of its rights, powers, and duties as debtor and debtor in possession while operating and managing its business under Chapter 11, Subchapter V of the Bankruptcy Code; b. prepare and assist the Debtor in the preparation of reports, applications, pleadings, and orders including, but not limited to, interim statements and operating reports, amending initial filing requirements, schedules and statements of financial affairs, lease pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale, or lease of property outside the ordinary course of business; c. advise the Debtor concerning, and prepare responses to, applications, motions, other pleadings, notices, and other papers that may be filed by other parties in this bankruptcy case; d. advise the Debtor with respect to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors; e. advise the Debtor regarding actions to collect and recover property for the benefit of its estate; f. advise the Debtor concerning executory contract and unexpired lease assumptions and assignments, and rejections; g. assist the Debtor in reviewing, estimating, and resolving claims asserted against the Debtor's estate; h. assist the Debtor in complying with applicable laws and governmental regulations; i. represent and advise the Debtor at the 341(a) meeting of creditors; j. represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate unless the Debtor is represented in such proceeding by other or special counsel; k. commence and conduct litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's bankruptcy estate, or otherwise further the goals of the Debtor in this bankruptcy case; l. prepare and prosecute on behalf of the Debtor a chapter 11 plan; and m. provide any other services to the extent requested by the Debtor. The firm will be paid at these hourly rates: Bernard R. Given, II Partner $1,100 Bethany D. Simmons Partner $1,100 Fiona McKeown Paralegal $465 In the ninety days prior to the Petition Date, the Debtor paid Loeb $164,781.45. Loeb also holds a retainer in the amount of $25,000. Loeb & Loeb is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm may be reached through: Bernard R. Given, II, Esq. Loeb & Loeb LLP 10100 Santa Monica Boulevard, Suite 2200 Los Angeles, CA 90067 Telephone: (310) 282-2000 Facsimile: (310) 282-2200 About Cool Freakin' Genius LLC Cool Freakin' Genius LLC, based in Los Angeles, California, develops, markets, and sells hair-care products including shampoos, conditioners, styling treatments, and related personal care items through its direct-to-consumer website and professional salon channels, operating within the cosmetics and hair-care industry. Cool Freakin' Genius LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11023) on February 3, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Kyara Mascolo as manager. Bernard R. Given, II, Esq. at LOEB & LOEB LLP represents the Debtor as counsel. COOPER-STANDARD HOLDINGS: Prices $1.1B 9.25% Senior Notes Due 2031 ------------------------------------------------------------------ Cooper-Standard Holdings Inc. announced the pricing of the private offering by its wholly-owned subsidiary, Cooper-Standard Automotive Inc., of $1,100.0 million in aggregate principal amount of 9.250% Senior Secured First Lien Notes due 2031. The Notes will be the senior secured obligations of and will be guaranteed on a senior secured basis by, CS Intermediate HoldCo 1 LLC and certain of the Issuer's domestic subsidiaries that guarantee certain other indebtedness. The Notes will also be guaranteed on a senior unsecured basis by Cooper-Standard Latin America B.V., which also guarantees the Issuer's senior asset-based revolving credit facility. The Notes offering is expected to close on March 4, 2026, subject to customary closing conditions. The Issuer intends to use the net proceeds from the Notes offering, together with cash on hand, to: (i) redeem all of its existing and outstanding 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027, 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 and 5.625% Senior Notes due 2026 at the applicable redemption prices including premiums, if any; and (ii) pay fees and expenses related to the Notes offering and the Redemptions. The Notes are being offered and issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, only to "qualified institutional buyers" in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. About Cooper-Standard Cooper-Standard Holdings Inc. -- https://www.cooperstandard.com/ -- headquartered in Northville, Mich., with locations in 21 countries, is a global supplier of sealing and fluid handling systems and components. Utilizing the Company's materials science and manufacturing expertise, the Company creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. * * * As reported by the Troubled Company Reporter on Nov. 24, 2025, S&P Global Ratings revised its outlook on Cooper-Standard Holdings Inc. to developing from positive and affirmed the 'CCC+' Company credit rating. COSMED GROUP: Stay in Motley, et al. Case Still in Effect --------------------------------------------------------- The Hon. Brian R. Martinotti of the U.S. District Court for the District of New Jersey stayed the case captioned as BRENDA MOTLEY; TERESA LIRIANO; DIANA VALDES; AND ANGELA SANTIAGO, individually and on behalf of all others similarly situated, Plaintiffs, v. COSMED GROUP, INC., f/k/a COSMED MEDICAL STERILIZATION, INC., f/k/a ETO STERILIZATION, INC., f/k/a HAZEL ENTERPRISES, INC.; C.H.S. PROPERTY DEVELOPMENT LLC, f/k/a J.S. PROPERTY RENEWAL CO. L.P.; JS URBAN RENEWAL CORP.; BALCHEM CORPORATION; AND JOHN DOE DEFENDANTS 1-25, fictitious names describing presently unidentified entities, Defendants, Case No. 2:24-cv-09063-BRM-MAH (D.N.J.). Before the Court is a Joint Status Report on the status of Defendant Cosmed Group Inc.'s bankruptcy action filed by Plaintiffs Brenda Motley, Teresa Liriano, Diana Valdes, and Angela Santiago, individually and on behalf of all others similarly situated ("Plaintiffs"); Defendants CHS Property Development, LLC ("CHS") and JS Urban Renewal Corp. ("JS") (together, "CHS & JS"); and Defendant Balchem Corporation ("Balchem") (together with CHS & JS, "Non-Debtor Defendants"). On May 5, 2025, CHS & JS filed a motion seeking dismissal of Plaintiffs' Amended Complaint, or, in the alternative, a stay of the matter. On December 10, 2025, the District Court issued an Opinion and Order granting the Non-Debtor Defendants' Motions to Stay and administratively terminating their Motions to Dismiss. Specifically, the Court held due to Cosmed's indemnification obligations to Non-Debtor Defendants, an extension of Cosmed's automatic stay to Non-Debtor Defendants is appropriate. The Court ordered the parties to jointly notify this Court regarding the status of Defendant Cosmed Group Inc.'s bankruptcy action within sixty days of the Court's December 10, 2025, Opinion and Order. In the Joint Status Report, Plaintiffs argue there is no longer any basis to maintain the extension of the automatic stay as to the Non-Debtor Defendants. Plaintiffs point out the Cosmed bankruptcy has converted from Chapter 11 to Chapter 7, and therefore the foundational rationale underlying the Court's December 10, 2025 Opinion -- protecting the Debtors' reorganization -- thus no longer supports the extension of the stay to the Non-Debtor Defendants. The Court agrees with Non-Debtor Defendants -- the stay should not be lifted at this time. Plaintiffs rely on the Cosmed bankruptcy's conversion from Chapter 11 to Chapter 7, but the Joint Status Report explains this conversion became effective in August 2025 -- months before the Court issued its Opinion and Order in December 2025. The parties do not point to any developments after the Court's December 10, 2025 Opinion and Order that would require the Court to lift the stay. Indeed, Cosmed's automatic stay, which the Court extended to the Non-Debtor Defendants, is still in effect. A copy of the Court's Memorandum Opinion and Order dated February 19, 2026, is available at http://urlcurt.com/u?l=rDSz2Ffrom PacerMonitor.com. About Cosmed Group Inc. Cosmed Group Inc. -- https://www.cosmedgroup.com/ -- is a sterilization company. It provides pasteurization and sterilization services and technologies to food producers and manufacturers through a network of contract processing facilities. Cosmed Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90572) on November 14, 2024. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the case. The Debtor is represented by David Robert Eastlake of Greenberg Traurig, LLP. CREATIVE FOODS: Hires Allen Stovall Neuman as Legal Counsel ----------------------------------------------------------- Creative Foods LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Allen Stovall Neuman & Ashton LLP to serve as legal counsel. ASNA will provide these services: (a) advise the Debtor of its rights, powers, and duties as debtor in possession in the Case; (b) advise and consult on the conduct of the Case, including all legal and administrative requirements of a debtor in such a case; (c) attend meetings and negotiate with the United States Trustee, representatives of the Debtor's creditors, and other parties in interest; (d) take all necessary actions to protect and preserve the bankruptcy estate; (e) prepare official forms, pleadings, and other documents in connection with the Case, including motions, applications, answers, orders, reports, plans, disclosure statements, and papers necessary or otherwise beneficial to the administration of the bankruptcy estate; (f) appear before the Court and any appellate courts to represent the interests of the bankruptcy estate; and (g) perform all other necessary legal services for the Debtor in connection with the prosecution of the Case. ASNA will charge these hourly rates: Thomas R. Allen, Partner $525 Richard K. Stovall, Partner $490 Jim Coutinho, Partner $410 David Whittaker, Of Counsel $400 Andrew D. Rebholz, Associate $275 Other Attorneys Up to $275 Lindsey Corl, Legal Assistant $100 Hannah Kittle, Legal Assistant $100 Allen Stovall Neuman & Ashton 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: David M. Whittaker, Esq. Andrew D. Rebholz, Esq. ALLEN STOVALL NEUMAN & ASHTON LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 Telephone: (614) 221-8500 Facsimile: (614) 221-5988 E-mail: whittaker@asnalaw.com rebholz@asnalaw.com About Creative Foods LLC Creative Foods, LLC is a privately held food company operating in Ohio. The company specializes in food production and distribution, serving retailers, restaurants, and other clients in the region. Creative Foods sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Bankr. Case No. 26-50186) on January 14, 2025. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by Andrew Dennis Rebholz, Esq., at Allen Stovall Neuman & Ashton, LLP. CRELL INC: Hires Steidl and Steinberg PC as Legal Counsel --------------------------------------------------------- Crell, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Steidl and Steinberg, PC to handle its Chapter 11 case. Christopher Frye, Esq., the primary attorney in this representation, will be paid at his hourly rate of $400, plus reimbursement. The firm received a retainer totaling of $7,500, inclusive of filing fee, from the Debtor. Mr. Frye disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Frye, Esq. Steidl & Steinberg, PC Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Crell, Inc. Crell, Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 26-20407) on Feb. 13, 2026. The Debtor hires Steidl and Steinberg, PC as counsel. CROWN BOILER: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Crown Boiler Co., LLC Corporation Service Company 5235 North Front St. Harrisburg PA 17110 Business Description: Crown Boiler Co., incorporated in 1958 and based in Pennsylvania, manufactures and distributes residential and commercial hydronic heating products, including cast iron boilers, oil burners, and operating controls, serving customers across the United States through a network of regional wholesalers. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-20515 Debtor's Counsel: Salene Kraemer, Esq. MAZURKRAEMER LAW GROUP 314 Old Farm Rd. Pittsburgh PA 15228 Tel: 412-427-7075 E-mail: salene@mazurkraemer.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Nick Ribich as vice president and chief financial officer. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HDMDELI/Crown_Boiler_Co_LLC__pawbke-26-20515__0001.0.pdf?mcid=tGE4TAMA CRYSTAL GROUP: Unsecureds Will Get 100% of Claims in Sale Plan -------------------------------------------------------------- Crystal Group, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan dated February 17, 2026. The Debtor is an entity originally formed to invest in the restaurant business. The Debtor acquired the commercial property located at 8082 Adams Road, Huntington Beach, with the intention of developing and operating a restaurant. The property is estimated to be worth around $ 4.0 million and was secured by the 1st deed of trust, Wilshire Quinn Income Fund, LLC in the approximate amount of $ 1.8 million. Debtor fell behind on its loan payments which resulted in a notice of default being recorded. The Debtor also leases an office space at 18558 Gale Ave, #338, Industry, CA 91748 from Cooper Investors Properties, LLC (scheduled as Golden West Property Management) with an expiration date of December 31, 2025, with options to renew. It is Debtor's position that Debtor timely exercised its option to renew the lease. There were rent arrears which Debtor scheduled to be around $411,738.52. Debtor intends to dispute the amount once the proof of claim is filed. The Debtor is currently in collaboration with a social media digital marketing company "DZ Digital Media LLC" that derives revenue from online product promotion of products. Debtor gets a percent of the revenue from DZ Digital Media LLC, which serves as Debtor's source of income and this serves as the LLC's source of income. The LLC has no employees and no other overhead expenses aside from rental obligations. The Debtor has since engaged a real estate broker, eXp Commercial California, Inc., to market the property and an Application to Employ Real Estate Broker is on file with the Court. The Adams Road property is going to be listed at $4.0 million. Class 3 consists of General Unsecured Claims. This Class will receive, over time, the following estimated percentage of their claims (or fixed percentage, if the Plan so provides): 100%. Class 3 Non Priority Unsecured Creditors include MVE & Partners, Inc., ($20,000.00) and Cooper Investors Properties, Inc. ($411,738.52). Both unsecured creditors will be paid upon sale of property. Amount to be paid is subject to proof. The Debtor's plan is to sell the Adams Road property. Debtor estimates that all proven claims including that of the unsecured creditors would be paid in full once the Adams Road property sells. A full-text copy of the Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=y0qiWi from PacerMonitor.com at no charge. Counsel to the Debtor: Robert S. Altagen, Esq. Law Offices of Robert S. Altagen, Inc. A Professional Corporation 1111 Corporate Center Drive, Suite 201 Monterey Park, CA 91754 Telephone: (323) 268-9588 Facsimile: (323) 268-8742 E-mail: robertaltagen@altagenlaw.com About Crystal Group LLC Crystal Group LLC is an entity originally formed to invest in the restaurant business. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20361) on November 19, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Yali Xie as CEO. Robert Altagen serves as the Debtor's counsel. DANIEL TRUCKING: Gets OK to Use Cash Collateral Until April 17 -------------------------------------------------------------- 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 17, 2026. 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 15, 2026. 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. DAWG HOUSE: Seeks to Tap Law Offices of Douglas Jacobson as Counsel ------------------------------------------------------------------- The Dawg House Burgers and More, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Douglas Jacobson of Law Offices of Douglas Jacobson, LLC to serve as its legal counsel. Mr. Jacobson will provide these services: (a) advise and consult with the Debtor in Possession concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred, and unsecured creditors and other parties in interest; (b) appear for, prosecute, defend and represent the Debtor's interest in suits arising in or related to this case; (c) investigate and prosecute preference and other actions arising under the Debtor in Possession's avoidance powers; (d) assist in the preparation of pleadings, motions, notices and orders as are required for the orderly administration of this estate; and consult with and advise the Debtor in connection with the operation of or the termination of the operation of the business of the Debtor. Mr. Jacobson will receive normal hourly rates ranging from $400 per hour for partners to $75 per hour for paraprofessionals. Law Offices of Douglas Jacobson, 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: Douglas Jacobson, Esq. LAW OFFICES OF DOUGLAS JACOBSON, LLC 11539 Park Woods Circle, Suite 304 Alpharetta, GA 30005 Telephone: (678) 341-9114 E-mail: douglas@douglasjacobsonlaw.com About The Dawg House Burgers and More The Dawg House Burgers and More, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-52202) on February 18, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Lisa Ritchey Craig presides over the case. W. Douglas Jacobson, Esq. at the Law Offices of Douglas Jacobson, LLC represents the Debtor as bankruptcy counsel. DAWKINS GARDENS: Hires Milton D. Jones Esq. as Counsel ------------------------------------------------------ Dawkins Gardens LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Milton D. Jones, Esq. as counsel. The firm's services include: (a) prepare pleading and applications; (b) conduct examination; (c) advise Applicant of their rights, duties and obligations as Debtorin-possession; (d) consult Applicant and representing Applicant with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-today operation of Applicant's business; and (f) take any and all other action incident to the proper preservation and administration of Applicant's estate and business. The firm will be paid at these rates: Attorneys $450 per hour Legal Assistants $150 per hour The firm will be paid a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Jones 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: Milton D. Jones, Esq. 12252 Styron Drive Hampton, GA 30228 Tel: (770) 899-8486 Email: miltondjonesatty@gmail.com About Dawkins Gardens LLC Dawkins Gardens LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 26-51480) on Feb. 26, 2026. The Debtor hires Milton D. Jones, Esq. as counsel. DAY TRANSLATIONS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Day Translations, Inc.'s emergency motion to use cash collateral on an interim basis. The interim order, signed by Judge Roberta Colton, authorized the Debtor to use cash collateral to pay amounts authorized by the court, including any required monthly payments to the Subchapter V Trustee; the current and necessary expenses set forth in the budget, plus an amount not to exceed ten (10) percent for each line item; and additional amounts approved in writing by the funders. As adequate protection, each secured creditor will be granted a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the pre-petition lien. A continued hearing is scheduled for March 12. A copy of the order is available at https://urlcurt.com/u?l=V5pTs3 from PacerMonitor.com. About Day Translations Inc. Day Translations, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00386) on January 19, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Matthew B. Hale, Esq., at Stichter, Riedel, Blain & Postler, represents the Debtor as legal counsel. DBJ US: Employs James B. Miller as General Bankruptcy Counsel ------------------------------------------------------------- DBJ US CORP., d/b/a Denny's, d/b/a Denny's America's Diner seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to hire James B. Miller of James B. Miller, P.A. to serve as general bankruptcy counsel. Mr. Miller will provide these services: (a) advise the Debtor with respect to its powers and duties as debtor-in-possession and the continued management of its affairs; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interests of the Debtor and the estate in all matters pending before the Court; and (e) represent the Debtor in negotiations with its creditors in the preparation of a plan. Mr. Miller will receive an hourly rate of $600, and an hourly rate of $165 is for paralegals. James B. Miller, 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: James B. Miller, Esq. JAMES B. MILLER, P.A. 19 West Flagler St., Suite 416 Miami, FL 33130 Telephone: (305) 374-0200 Facsimile: (305) 374-0250 E-mail: BKCMIAMI@GMAIL.COM About DBJ US Corp. DB USA Corporation operates as a bank holding company. The company, through its subsidiaries, offers commercial banking services including checking accounts, commercial loans, equipment financing, investment services, foreign exchange services, and other financial services to customers in the United States. DBJ US Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11015) on January 27, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Robert A. Mark. The debtor is represented by James B. Miller, Esq. DIACARTA INC: Creditor Seeks Chapter 11 Trustee Appointment ----------------------------------------------------------- Hopyard Road Portfolio, LLC, an unsecured creditor, asked the U.S. Bankruptcy Court for the Northern District of California to authorize the appointment of a trustee, or in the alternative, an examiner to take over DiaCarta, Inc.'s Chapter 11 case. In its motion, the unsecured creditor cited the failure of the Debtor to include several required disclosures in its bankruptcy schedules, including: (1) IP assets held by the Debtor; (2) pending litigation that occurred within one year of the petition date; and (3) insider transfers on the eve of filing this bankruptcy action. Hopyard noted that the Debtor has informed the court that it intends to sell its assets, including intellectual property to fund a plan of reorganization, however, the current schedules identify that the Debtor does not hold any intellectual property. The examination of the Debtor's officers showed that the Debtor owns intellectual property and has also transferred numerous patents to related entities prior to the Petition Date. Hopyard claimed that the Debtor also appears to have other potential assets that should be included in the bankruptcy estate. The entire extent of the Debtor's alleged fraud and concealment is presently unknown, but what is known warrants the immediate appointment of a Chapter 11 trustee, according to Hopyard. The unsecured creditor asserted that a Chapter 11 trustee can (1) investigate and recover monies and assets transferred prior to the bankruptcy filing; (2) investigate whether additional assets should be included in Debtor's estate; and (3) investigate the Debtor's fraud and dishonesty. A Chapter 11 trustee will be in the position to determine whether adversary proceedings should be initiated to claw back assets and proceeds for the estate that can be used to pay creditors, Hopyard said. Alternatively, the court should appoint an examiner to investigate Debtor's fraud, dishonesty, misconduct and irregularities in Debtor's business affairs because it is in the best interest of creditors. An examiner can determine the nature and extent of Debtor's fraud and nondisclosure and then report back to the court for further proceedings and action, the creditor further said. A court hearing is set for March 18. Attorneys for Creditor Hopyard Road Portfolio, LLC: Jay M. Ross, Esq. LATHROP GPM LLP 70 S First Street San Jose, CA 95113-2406 Erika Mortensen, Esq. 80 South 8th Street, 3100 IDS Center Minneapolis, Minneapolis 55402 P.O. Box 1469 San Jose, CA 95109-1469 Telephone: (408) 286-9800 Facsimile: (408) 998-4790 About DiaCarta Inc. DiaCarta Inc. is a precision diagnostics company that develops and provides molecular testing solutions for cancer and infectious diseases. It offers products such as RadTox, ColoScape, and Oncuria, leveraging proprietary XNA and isobDNA technologies to enable sensitive detection of genetic alterations. DiaCarta serves healthcare providers and patients globally through its suite of clinical diagnostic tests and services. DiaCarta sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-41215) on July 10, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge William J. Lafferty oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. DICK'S AUTOMOTIVE: Hires Lee Tang and Associates as Accountant -------------------------------------------------------------- Dick's Automotive Transport, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Lee, Tang and Associates CPAs as accountant. The accountant will prepare federal and state income tax returns, to perform necessary bookkeeping required for preparing tax returns, and to consult with the Debtor’s counsel as to those matters. The firm will charge $600 per hour for its services. As disclosed in the court filings, Lee, Tang and Associates is a disinterested party and neither represents nor holds any interest adverse to the Debtor, its estate, or the creditors. The accountant can be reached through: Wing On Lee Lee, Tang and Associates CPAs 1570 The Alameda #315 San Jose, CA 95126 About Dick's Automotive Transport Dick's Automotive Transport, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-51752) on Nov. 18, 2024, with $1 million to $10 million in both assets and liabilities. Judge M. Elaine Hammond oversees the case. The Debtor tapped Robert G. Harris, Esq., at the Law Offices of Binder and Malter as counsel and Barry Drake at Drake Business Services Inc. as accountant. DISCOUNT AUTO: Unsecureds Will Get 5% of Claims over 60 Months -------------------------------------------------------------- Discount Auto Glass Inc. filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement to accompany Small Business Plan of Reorganization dated February 18, 2026. The Debtor's Chapter 11 Plan will be funded through the ongoing revenue auto glass and vehicle repair business. No outside funding sources are necessary to fund the Chapter 11 Plan. Due to a decrease in revenue and poor financial management, the Debtor fell significantly behind on sales taxes and took on various other unsecured debt. The Debtor has now corrected the sales tax issue and has become profitable to the point that it can file the proposed Chapter 11 Plan. Class 4 consists of General Unsecured Claims. Class 4 claims will receive approximately five percent of their allowed claims pursuant to the Plan via monthly payments. Class 4 is impaired by the Plan. The allowed general unsecured non-tax claims total $55,822.47. The allowed general unsecured tax claims total $34,273.07. Estimated date of first payment shall be three months after the effective date of the Plan with the last payment of 60 months after the first monthly payment. Class 5 consists of Equity Security Holders. Class 5 equity security holder Timothy R. Miller shall retain 100% of the outstanding shares of the Debtor. Class 5 is not impaired by the Plan. All Plan payments will be made from the ongoing revenue of the Debtor's business from normal business operations. The average profit of the Debtor on a monthly basis is projected to be $3,020.00 per month based on the changes to operations cited. The Debtor's Plan payment will be $2,673.25 per month. Consequently, the financial projections show feasibility with a small surplus per month that can be set aside and used by the Debtor for unforeseen expenses. A full-text copy of the Disclosure Statement dated February 18, 2026 is available at https://urlcurt.com/u?l=rpeIMn from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher M. Frye, Esq. Steidl & Steinberg Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Tel: (412) 391-8000 E-mail: chris.frye@steidl-steinberg.com About Discount Auto Glass Inc. Discount Auto Glass Inc., operates under the names Discount Auto Glass and Discount Auto Glass and Service, is an automotive glass repair and replacement services provider operating in North Versailles, Pennsylvania. Discount Auto Glass sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22204) on Aug. 1, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. The Debtor is represented by Christopher M. Frye, Esq., at Steidl & Steinberg, P.C. DIXIE GROUP: Robert Shaw Reports 15.8% Equity Stake --------------------------------------------------- Robert Evans Shaw, disclosed in a Schedule 13G (Amendment No. 16) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, he beneficially owns 2,199,444 shares of The Dixie Group, Inc.'s common stock, representing 15.8% of the shares outstanding. These shares are held by the Anna Sue and Robert Shaw Foundation but are still voted by Robert Shaw. Robert Evans Shaw may be reached through: Robert E. Shaw 114 N. Pentz Street Dalton, GA 30720 A full-text copy of Robert Evans Shaw's SEC report is available at: https://tinyurl.com/mr37bwbs About Dixie Group The Dixie Group, Inc. manufactures, markets, and sells floorcovering products to residential customers in North America and internationally. The Company offers residential carpets, custom rugs, and engineered wood products under the Fabrica brand for interior decorators and designers, selected retailers and furniture stores, luxury home builders, and manufacturers of luxury motor coaches and yachts; and specialty carpets and rugs for the high-end residential marketplace, as well as luxury vinyl flooring products and broadloom carpet products under the Masland Residential brand name through the interior design community and specialty floorcovering retailers. It provides residential tufted broadloom carpets and rugs to selected retailers and home centers under the DH floors and private label brands, as well as luxury vinyl flooring products to the marketplace it serves. The Company was founded in 1920 and is based in Dalton, Georgia. As of September 27, 2025, the Company had $183.9 million in total assets, $172.2 million in total liabilities, and $11.8 million in total stockholders' equity. The Company has $53.1 million of outstanding indebtedness under its senior credit facility that is classified as current as of September 27, 2025. Additionally, the Company's existing cash and cash equivalents would not be sufficient to satisfy this debt in whole and meet the Company's operating needs for at least the next 12 months. In the current period, the Company was in compliance with or has received waivers for all the applicable financial covenants. The Company's current forecast projects the Company may not be able to maintain compliance with certain of its financial covenants under its credit agreements in the next 12 months. Management's plans to stay in compliance with the defined covenants include implementing cost reductions and increasing prices to improve gross margins and the results of operations, pursuing potentially additional financing for certain assets, and obtaining waivers from lenders. While the Company has been able to obtain waivers in the past for such violations, it cannot be assured that such waivers will be obtained in the future. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. 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 17, 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 15. 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 DREAMS AND DESTINATIONS: Seeks to Tap Ivey Mcclellan as Counsel --------------------------------------------------------------- Dreams and Destinations, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP as counsel. The firm's services include: (a) assist in investigating and examining financing statements and other related documents to determine the validity of such; (b) determine the rights and priorities of lienholders, if any; (c) advise in preserving the Debtor's properties and assets; and (d) generally assist the Debtor in administering this estate. The hourly rates of the firm's counsel and staff are as follows: Samantha Brumbaugh, Attorney $475 Dirk Siegmund, Attorney $475 Charles Ivey, III, Attorney $500 Darren McDonough, Attorney $475 Melissa Murrell, Paralegal $150 Tabitha Harper, Paralegal $150 Janice Childers, Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $6,171.50 from the Debtor. Ms. Brumbaugh disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samantha K. Brumbaugh, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP P.O. Box 3324 Greensboro, NC 27402 Telephone: (336) 274-4658 Email: skb@iveymcclellan.com About Dreams and Destinations Inc. Dreams and Destinations, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10095) on February 13, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. DWG ENTERPRISES: Hires Donald W. Reid as Bankruptcy Counsel ----------------------------------------------------------- DWG Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Law Office of Donald W. Reid as bankruptcy counsel. The firm will provide these services: a. prepare pleadings, applications and conduct examinations incidental to administration; b. advise the Debtor with respect to its rights, powers, duties and obligations as a debtor in possession in the administration of this case, the management of its financial affairs and the management of their income and property; c. advise and assist the Debtor with respect to compliance with the requirements of the Office of the United States Trustee; d. advise the Debtor regarding matters of bankruptcy law, including rights and remedies of Debtor with respect to its assets and with respect to claims of creditors and to communicate and negotiate with such creditors; e. advise and represent the Debtor in connection with all applications, motions or complaints for adequate protection, sequestration, relief from stays, appointment of a trustee or examiner and all other similar matters; f. develop the relationship of the status of the Debtor to the claims of creditors in these proceedings; g. advise and assist the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; h. represent the Debtor in any necessary adversary proceedings; and i. perform any and all other legal services incident and necessary herein. The firm will be paid at these rates: Donald W. Reid, Esq. $500 per hour Anjanette Weiss, Paralegal $90 per hour The Debtor paid the firm a prepetition retainer in the amount of $17,500 on Dec. 18, 2025. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Reid disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Donald W. Reid, Esq. Law Office of Donald W. Reid 770 First Avenue, Suite 250 San Diego, CA 92101 Tel: (619) 880-6100 Fax: (619) 923-2051 Email: don@donreidlaw.com About DWG Enterprises, LLC DWG Enterprises LLC, doing business as The Viking Men's Salon, operates a men's grooming salon offering hair and facial hair services, shaves and facials, color services, and waxing. The Company provides barbering and grooming services focused on traditional techniques alongside modern styling practices. DWG Enterprises LLC in Carlsbad, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 26-00187) on Jan. 23, 2026, listing $49,062 in assets and $1,269,976 in liabilities. David Graves III as managing member, signed the petition. LAW OFFICE OF DONALD W. REID serve as the Debtor's legal counsel. EMERGE CAPITAL: Seeks to Hire James M. Joyce Esq. as Counsel ------------------------------------------------------------ Emerge Capital Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire James M. Joyce, Esq. as counsel. The counsel will render these services: a. advise the Debtor as to its right, duties and powers as a debtor in possession; b. prepare and file any statements, schedules, plans or other documents or pleadings to be filed by the Debtor in the bankruptcy case; c. represent the Debtor in all hearings, meetings of creditors, conferences, trials and other proceedings in the bankruptcy case; and d. perform such other legal services as may be necessary in connection with the bankruptcy case. James M. Joyce will be paid at the hourly rate of $350. James M. Joyce will also be reimbursed for reasonable out-of-pocket expenses incurred. James M. Joyce, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. James M. Joyce can be reached at: James M. Joyce, Esq. 4733 transit Road Lancaster, NY 14043 Tel: (716) 656-0600 Fax: (716) 656-0607 E-mail: jmjoyce@lawyer.com About Emerge Capital Management, Inc. Emerge Capital Management, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-11198) on October 10, 2026. Judge Carl L Bucki presides over the case. Arthur G Baumeister, Jr., Esq. at Baumeister Denz LLP serves as the Debtor's counsel. EMORY INDUSTRIAL: Hires Lain Faulkner & Co. as Financial Advisor ---------------------------------------------------------------- Emory Industrial Services 1, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Lain, Faulkner & Co., P.C. as financial advisor. The firm will render these services: a. assess the payment computed and related financial material for the "First Earnout Year" as defined in the Earnout Consideration Agreement between Emory D.I. LLC, a Delaware limited liability company and Emory Dry Ice 1, Inc., a Delaware corporation; b. assist with an analysis of transfers and potential causes of action; a. assist with an analysis of claims filed against the Debtor; a. assist in cash management and cash flow forecasting processes, including the monitoring of actual cash flow versus projections along with oversight and control of a 13-week cash flow forecast; a. provide assistance with feasibility assessment, liquidation analysis and claim waterfall payment analysis; a. potentially serving as the post-confirmation liquidation and/or litigation trustee; and a. such other services as the parties agree. The firm's current hourly billing rates are: Directors $440 - $540 Accounting Professionals $210 - $350 IT Professionals $325 Staff Accountants $270 - $295 Clerical and Bookkeepers $95 - $145 In addition, the firm will seek reimbursement for expenses incurred. Jason Rae, managing director at Lain, Faulkner & Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Rae Lain, Faulkner & Co., P.C. 400 N. Saint Paul St., Ste. 600 Dallas, TX 75201 Telephone: (214) 720-7206 About Emory Industrial Services 1, Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. ESJ TOWERS: Court Narrows Claims in Wincig, et al., Adversary Case ------------------------------------------------------------------ Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico ruled on the motions to dismiss filed by the motions to dismiss filed by Fortaleza Equity Partners 2, LLC, Fortaleza Hospitality L.L.C., Fortaleza ESJ, L.L.C., and ESJ Towers Vacation Club LLC, Black Briar Puerto Rico LLC and Black Briar Advisors LLC, and ESJ Towers, Inc. in the adversary proceeding captioned as OWEN WINCIG; REGINA WINCIG; KYLE WINCIG; RYAN WINCIG; TYLER WINCIG, Plaintiffs vs. FORTALEZA EQUITY PARTNERS 2, LLC; FORTALEZA HOSPITALITY L.L.C.; FORTALEZA ESJ, L.L.C.; ESJ TOWERS VACATION CLUB LLC; BLACK BRIAR PUERTO RICO LIMITED LIABILITY COMPANY; BLACK BRIAR ADVISORS LLC; and ESJ TOWERS, INC., Defendants, ADVERSARY NO. 25-00006 (Bankr. D.P.R.). Plaintiffs Owen Wincig, Regina Wincig, Kyle Wincig, Ryan Wincig, and Tyler Wincig are vacation club members pursuant to certain ESJ Towers Vacation Club Owner Agreements for Interval 1171-25. On November 28, 2023, Debtor and Fortaleza Equity filed a Joint Motion For Entry Of Sale Order: (A) Approving Asset Purchase Agreement And Sale Of Substantially All Of Debtor's Assets to the Purchaser, Pursuant To Sections 363 and 365 of the Bankruptcy Code and Bankruptcy Rules 2002, 6004 And 6006, Free And Clear of All Liens, Claims, Interests and Encumbrances, (B) Approving the Bidding Procedures to Solicit Higher and Better Offers and Select the Successful Bidder, and (C) Approving the Form of Asset Purchase Agreement and Sale Order (the "Sale Motion"). On June 11, 2024, Debtor filed a Motion Submitting List of Assumed Vacation Club Membership Agreements (the "Assumed Contracts List"), submitting Schedule 1.2(a) and reflecting the Vacation Club Members assigned by Debtor to ESJ Tower Vacation Club, LLC and assumed thereby, as to which there was no default to be cured by Debtor. On January 30, 2025, Plaintiffs filed an adversary proceeding against the Defendants. On April 29, 2025, Plaintiffs filed an Amended Complaint alleging, inter alia, that Fortaleza and Black Briar have obstructed payments from Plaintiffs and the use of valid and enforceable vacation club membership rights following the sale; that the sale was premised on the understanding that timeshare memberships would not be disturbed by the sale which was made clear by the Amended Bidding Procedures Order; that assuming, in arguendo, that the Court had not specifically provided for the preservation and continuation of vacation club memberships upon the sale, which is denied, the Assumed Agreements List is still irrelevant and has no bearing or effect over the membership rights of Plaintiffs" for it does not comply with the statutory or procedural requirements of Section 365 for contract rejection or with rejection of timeshare rights under 11 USCS 365(h)(2); and lack of notice. The Amended Complaint pleads four (4) counts: a. First, judgment declaring that (a) the Agreement was not rejected; (b) the Assumed Agreements List is irrelevant and of no consequence to the rights of Plaintiffs; (c) the Agreement was not terminated; (d) the Agreement remains valid and enforceable at the time of the sale and to the filing of the Amended Complaint; (e) Defendants failed to comply with the Bidding Procedures Order and Sale Order by failing to preserve and respect Plaintiffs' rights under the Agreement, when the sale of assets was subject to the rights of vacation club members like Plaintiffs; (f) Defendants' attempts at cancellation or termination of Plaintiffs' rights are inconsistent with the Bidding Procedures Order and Sale Order's mandate to protect vacation club members' rights. b. Second, Defendants be held in civil contempt for willful violation of the Bidding Procedures Order, the Sale Order, and the Confirmation Order, and sanctions imposed, including daily fines, until compliance is restored; Fortaleza and the Black Briar be ordered to reinstate Plaintiffs' membership rights immediately, prohibited from obstructing payments from Plaintiffs, canceling or otherwise interfering with Plaintiffs' vacation club membership rights, and/or denying Plaintiffs access to their vacation club privileges in violation of the Agreement and orders. c. Third, Defendants acknowledge, respect, and/or reinstate Plaintiffs' vacation club membership rights, be permanently enjoined from obstructing payments from Plaintiffs, canceling or otherwise interfering with Plaintiffs' vacation club membership rights denying Plaintiffs access to their vacation club privileges in violation of the Agreement and orders d. Fourth, attorneys' fees and costs. On June 13, 2025, the ESJ Towers Vacation Club, Fortaleza ESJ, and Fortaleza Equity Partners, and Fortaleza Hospitality filed a Motion to Dismiss Amended Complaint pursuant to Fed. R. Civ. P. 12(b)(6) averring that Club Membership Agreements not included in the Assumed Contracts List were not assumed by Fortaleza ESJ as part of the Sale, and, thus, were deemed expressly rejected pursuant to the language of the Plan. On July 16, 2025, Black Briar filed a Motion to Dismiss pursuant to Fed. R. Civ. P. 12(b)(6) whereby Black Briar Advisors argues that pursuant to a Management Agreement by and between it and Debtor, Black Briar Advisors' role was strictly administrative and operational; that the decisions concerning termination of timeshare memberships did not fall within the scope of "routine management" and solely Debtor's responsibility; and that any actions taken after May 2024, including the termination of timeshare memberships in or around June 2024, had absolutely nothing to do with Black Briar Advisors and cannot be attributed to them because they had been terminated previously thereto. The Court ruled as follows: 1. Counts I, II, III, and IV are dismissed against the Debtor under Fed. R. Civ. P. 12(b)(6); 2. Count I is dismissed with respect to (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club under Fed. R. Civ. P. 12(b)(6); 3. The Court abstains from hearing Count I asserted by and against non-debtor third parties under 28 U.S.C. Sec. 1334(c)(1), that is, (i) Fortaleza Hospitality, (ii) Black Briar PR, and (iii) Black Briar Advisors; and 4. The Court abstains from hearing Counts II, III and IV asserted by and against non-debtor third parties under 28 U.S.C. Sec. 1334(c)(1), that is, (i) Fortaleza Equity, (ii) Fortaleza ESJ, (iii) ESJ Tower Vacation Club, (iv) Fortaleza Hospitality, (v) Black Briar PR, and (vi) Black Briar Advisors. A copy of the Court's Opinion and Order dated February 24, 2026, is available at http://urlcurt.com/u?l=TC8zxDfrom PacerMonitor.com. About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as 50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. EXECUTIVE DEVELOPMENT: Seeks to Hire W M Law as Bankruptcy Counsel ------------------------------------------------------------------ Executive Development Associates, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Wagoner Bankruptcy Group, P.C., doing business as W M Law, as its legal counsel. The firm's services include preparing bankruptcy forms and schedules; attending meetings and court hearings; preparing a disclosure statement and Chapter 11 plan; filing monthly operating reports; dealing with creditors; and resolving issues related to confirmation of the Debtor's plan. The hourly rates of the firm's attorneys and staff are as follows: Attorney, Ryan A. Blay $400 Attorney, Jeffrey L. Wagoner $300 Attorney, Errin P. Stowell $300 Attorney, Ryan M. Graham $300 Attorney, Chelsea Williamson $300 Attorney, Megan M. Tiede $275 Attorney, Bryan P. Cardwell $275 Attorney, Luke Trusdale $250 Paralegal, Douglas Sisson $175 Paralegal, Ana Van Noy $175 Paralegal, Betsy Hayman $175 Paralegal, Rosana Tovalin $175 Paralegal, Sylvia Camacho $175 Paralegal, Michael Sandri $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor. Ryan Blay, Esq., president of W M Law, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey L. Wagoner, Esq. Ryan A. Blay, Esq. Wagoner Bankruptcy Group, P.C. dba W M Law 15095 W. 116th St. Olathe, KS 66062 Telephone: (913) 422-0909 Facsimile: (913) 428-8549 Email: bankruptcy@wagonergroup.com blay@wagonergroup.com About Executive Development Associates Inc. Executive Development Associates, Inc. provides leadership advisory and executive coaching services to senior executives, boards, and leadership teams in the United States, offering CEO and executive coaching, board and governance advisory, enterprise strategy alignment, and executive team development. The firm operates in the management consulting and executive coaching industry, serving organizational leaders seeking to improve decision-making, alignment, and sustained leadership effectiveness. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40233) on February 11, 2026, with $276,922 in assets and $2,664,232 in liabilities. Bonnie Timms, owner, signed the petition. Judge Cynthia A. Norton presides over the case. Ryan A. Blay, Esq. at WM Law, PC represents the Debtor as bankruptcy counsel. EXTENSIONS PLUS: Court OKs Deal to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, approved a third stipulation allowing Extensions Plus, Inc. to use the cash collateral of JP Morgan Chase Bank. Under the order, the Debtor is authorized to use cash collateral in accordance with the terms outlined in the stipulation, while providing adequate protection to JP Morgan Chase Bank for its secured interests. This authorization allows the Debtor to continue operating its business and managing expenses during the Chapter 11 restructuring process. The approval remains effective through March 23. The order also allows the Debtor and the bank to file additional motions in the future seeking continued authorization for the use of cash collateral and adequate protection arrangements beyond that date if necessary. About Extensions Plus Inc. Extensions Plus, Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. It serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11102) on June 23, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by: Peter T. Steinberg, Esq. Steinberg Nutter And Brent Tel: 818-876-8535 Email: mr.aloha@sbcglobal.net FASHIONABLE INC: Gets OK to Use Cash Collateral Until March 13 -------------------------------------------------------------- Fashionable, Inc. received seventh interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral through March 13. The Debtor is authorized to use cash collateral during the seventh interim cash use period for ordinary and necessary operating expenses. Clear Finance Technology Corp. and other lienholders will be granted replacement liens on all property acquired by the Debtor after the petition date, with the same priority as their pre-bankruptcy liens. As additional protection, CFT will receive biweekly payments of $7,500. The final hearing is scheduled for March 10. The Debtor's cash collateral comprises cash accounts and inventory proceeds. UCC-1 filings indicate several creditors -- Clear Finance Technology, Onward Group, MCA Servicing Solutions, ALO Capital Group, CFG Merchant Solutions, and Brian Waller as collateral agent -- may claim an interest in this cash. Clear Finance Technology is represented by: Justin Sveadas, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 633 Chestnut Street, Suite 1900 Chattanooga, TN 37450 Phone: 423.209.4184 Fax: 423.752.9589 jsveadas@bakerdonelson.com About Fashionable Inc. Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear. Fashionable sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01501) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Misti Blasko, chief executive officer of fashionable, signed the petition. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC is the Debtor's legal counsel. FAT BRANDS: Orrick & Bradley Represent Franchisee Group ------------------------------------------------------- In the Chapter 11 bankruptcy cases of Fat Brands, Inc. and its debtor-affiliates, Orrick, Herrington & Sutcliffe LLP and Bradley Arant Boult Cummings LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent the Ad Hoc Group of Twin Peaks Franchisees. According to the Verified Statement: 1. The Ad Hoc Group was formed for its members to coordinate their participation in these Chapter 11 cases and to retain counsel to represent their common interests. The Ad Hoc Group acts solely on behalf of its identified members. 2. On February 25, 2026, the members of the Ad Hoc Group retained Bradley and Orrick to represent them in connection with the Chapter 11 cases. 3. Neither the Ad Hoc Group nor its members represent or purport to represent any other entity and undertake no duties or obligations to any other entity in connection with these Chapter 11 cases. Each member of the Ad Hoc Group does not represent the interests of, nor act as a fiduciary for, any person or entity other than itself in connection with these Chapter 11 cases. Counsel does not represent or purport to represent any of the members of the Ad Hoc Group in their individual capacities or any other entities in these Chapter 11 cases that have not signed engagement letters with Counsel. 4. The members of the Ad Hoc Group may hold claims, contractual rights, or other disclosable economic interests (as defined in Bankruptcy Rule 2019(a)(1)) arising under franchise agreements and related transactions with certain of the Debtors. 5. No written instrument other than the engagement letters between the Ad Hoc Group members and Counsel authorizes the Ad Hoc Group to act on behalf of its members. 6. The information set forth is based on information provided to Counsel by the members of the Ad Hoc Group as of the date hereof and is intended only to comply with Bankruptcy Rule 2019 and not for any other purpose. 7. Upon information and belief formed after due inquiry, Counsel does not hold any disclosable economic interests (as that term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. 8. Nothing should be construed as an admission that the requirements of Bankruptcy Rule 2019 apply to Counsel's representation of the Ad Hoc Group. 9. Nothing contained in this Verified Statement is intended to or should be construed to constitute: (i) a waiver or release of any claims or interests against the Debtors by any member of the Ad Hoc Group; (ii) an admission with respect to any fact or legal theory; or (iii) an amendment to, or restatement of, any proof of claim or interest in the Debtors. Nothing herein should be construed as a limitation upon, or waiver of, any rights of any member of the Ad Hoc Group, including, without limitation, to assert, file, and/or amend any claim or proof of claim filed in accordance with applicable law and any orders entered in these cases. 10. The Ad Hoc Group reserves the right to amend or supplement this Verified Statement in accordance with the requirements of Bankruptcy Rule 2019 at any time in the future. The names, addresses, and disclosable economic interests of each present member of the Ad Hoc Group in relation to the Debtors, are: 1. Avalanche Food Group 110 Venice Street Sugarland, TX 77478 Executory rights arising under a certain franchise agreements with certain Debtors, and potential pre and post-petition claims arising in relation thereto or connection therewith 2. AZ Peaks Restaurant Group 2850 E. Camelback Rd., Suite 180 Phoenix, AZ 85016 Executory rights arising under a certain franchise agreements with certain Debtors, and potential pre and post-petition claims arising in relation thereto or connection therewith. 3. La Cima Restaurants LLC 3365 Piedmont Road, N.E., Ste. 1050 Atlanta, GA 30305 Executory rights arising under a certain franchise agreements with certain Debtors, and potential pre and post-petition claims arising in relation thereto or connection therewith 4. Motor City Peaks LLC 23925 Industrial Park Dr. Farmington Hills, MI 48335 Executory rights arising under a certain franchise agreements with certain Debtors, and potential pre and post-petition claims arising in relation thereto or connection therewith. 5. Stove Top Restaurant Group LLC 207 Village Lane Southampton, NJ 08088 Executory rights arising under a certain franchise agreements with certain Debtors, and potential pre and post-petition claims arising in relation thereto or connection therewith. About Fat Brands, Inc. FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/ --is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The company currently owns restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's 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 affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed more than $1 billion in both assets and liabilities. Judge Alfredo R. Perez handles the cases. The Debtors tapped Latham & Watkins, LLP as legal counsel, GLC Advisors & Co., LLC as investment banker and Huron Consulting Services, LLC as financial advisor. Omni Agent Solutions, Inc. serves as claims, noticing and solicitation agent. White & Case, LLP, represents the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as trustee to a certain series of notes. Co-Counsel to the Ad Hoc Group of Twin Peaks Franchisees: Jarrod B. Martin, Esq. Joshua A. Lesser, Esq. BRADLEY ARANT BOULT CUMMINGS LLP 600 Travis, Suite 5600 Houston, TX 77002 Tel: 713-576-0300 E-mail: jbmartin@bradley.com jlesser@bradley.com - and - Mark Franke, Esq. Brandon Batzel, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 51 West 52nd Street New York, NY 10019-6142 Tel: 212 506 5000 E-mail: mfranke@orrick.com bbatzel@orrick.com FAT BRANDS: Taps Hunton Andrews Kurth LLP as Bankruptcy Co-Counsel ------------------------------------------------------------------ FAT Brands, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Hunton Andrews Kurth LLP as bankruptcy co-counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their business; (b) advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with the Chapter 11 Cases; (f) represent the Debtors in connection with obtaining authority to use cash collateral and post-petition financing; (g) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (h) take any necessary actions on behalf of the Debtors to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a chapter 11 plan of reorganization and all documents related thereto; (i) advise the Debtors in connection with any sale of assets; (j) provide non-bankruptcy services to the Debtors to the extent requested by the Debtors; and (k) perform all other necessary legal services for the Debtors in connection with the Chapter 11 Cases, which may include (i) the analysis of the Debtors' leases and executory contracts and the assumption, rejection or assignment thereof, (ii) the analysis of the validity of liens against the Debtors, and (iii) advice on corporate and litigation matters. The firm's current hourly rates are: Timothy A. ("Tad") Davidson II, Partner $1,695 Ashley Harper, Partner $1,320 Philip M. Guffy, Associate $1,080 Brandon Bell, Associate $850 Chazz C. Coleman, Associate $850 Before the Petition Date, the Debtors paid Hunton an aggregate amount of $461,102, which amount was comprised of an advance payment retainer in the amount of $144,786.00; and a prepayment for estimated court-filing fees, including court-filing fees attributable to the filing of voluntary petitions for each of the Debtors, in the amount of $316,316. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Davidson 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: Timothy A. Davidson II, Esq. Hunton Andrews Kurth LLP 951 East Byrd Street Richmond, VA 23219 Tel: (804) 788-8200 About FAT Brands, Inc. FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The company currently owns restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Café & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed more than $1 billion in both assets and liabilities. Judge Alfredo R. Perez handles the cases. The Debtors tapped Latham & Watkins, LLP as legal counsel, GLC Advisors & Co., LLC as investment banker and Huron Consulting Services, LLC as financial advisor. Omni Agent Solutions, Inc. serves as claims, noticing and solicitation agent. White & Case, LLP represents the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as trustee to certain series of notes. FCG ACQUISITIONS: Moody's Rates New $1.7BB First Lien Loans 'B3' ---------------------------------------------------------------- Moody's Ratings assigned a B3 rating to FCG Acquisitions, Inc.'s (Flow Control Group or FCG) new $1.7 billion senior secured first lien term loan and upsized senior secured first lien revolving credit facility. The company will use the net proceeds to retire its approximately $1.7 billion first lien term loan. Additionally, net proceeds along with a minor draw on its receivables facility and cash on the balance sheet, will be used to execute various bolt-on acquisitions. The existing B3 corporate family rating, B3-PD probability of default rating, and stable outlook are all unaffected by this rating action. RATINGS RATIONALE The B3 CFR reflects FCG's aggressive debt funded growth strategy and modest free cash flow. FCG has completed over 70 tuck-in acquisitions since it was acquired by KKR in April 2021. Moody's expects the company to continue executing on multiple bolt-on acquisitions on an annual basis to drive scale. This strategy has resulted in high leverage with debt/EBITDA that will likely remain around 7.0 times over the next 12-18 months. FCG benefits from its long history as a value-added distributor of highly engineered technically specifiable products to leading industrial customers in North America. Moody's recognizes the company's track record of having successfully integrated prior acquisitions which are driving improvements in operating margin and free cash flow. The company reached an inflection point in FY 2025 (year ending June 30, 2025) having generated modestly positive free cash flow since being acquired in 2021. The company has good diversification across customers as well as a diverse range of end markets that it serves. FCG's backlog provides short-term revenue visibility and good profitability with an EBITA margin that will be in the low double digits. The stable outlook reflects Moody's expectations that FCG will continue to effectively manage its growth while maintaining good liquidity and adjusted debt/EBITDA of around 7.0 times over the next 12-18 months. Moody's expects FCG to maintain good liquidity over the next 12-18 months. Moody's expects the company's upsized revolving credit facility, expiring in 2031, to remain undrawn upon the closing of its refinancing. The revolver will be used for general corporate purposes. The company also has a $125 million receivables facility that has a $113 million borrowing base as of December 2025. Moody's expects the facility will be used to support funding future acquisitions. Cash on hand will remain modest, around $20-50 million, as Moody's expects any excess cash to be used for future acquisitions. Moody's expects FCG will generate $50-70 million of annual free cash flow over the next couple of years, impacted by cash costs related to acquisition and integration expenses. Cash flow benefits from interest rate swaps covering slightly less than half of FCG's notional debt. These swaps reduce annual interest expense by approximately $7 million in the current interest rate environment and expire in April 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to effectively manage its growth while sustaining debt/EBITDA below 5.5 times, generate an EBITA margin in excess of 10%, improve liquidity with sustained positive free cash flow or execute more conservative financial policies. The ratings could be downgraded if the company experiences significant integration challenges or embarks on an accelerated pace of debt-financed acquisitions or distributions to owners. A significantly higher debt burden or erosion of liquidity could also exert downward pressure on the ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. Flow Control Group, headquartered in Charlotte, North Carolina, is a wholesale distributor of flow control and industrial automation products and aftermarket services, benefiting from well-established relationships concentrated in North American markets. The company generated $1.9 billion in revenue over the twelve months ending September 30, 2025. FENDER MUSICAL: S&P Alters Outlook to Stable, Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings affirmed our 'B-' issuer credit rating on U.S.-based Fender Musical Instrument's Corp. modestly outperformed its EBITDA expectations in the second half of 2025 and beat its budget. Nonetheless, performance was weak as S&P estimates revenue declined 3.5% and S&P Global Ratings-adjusted EBITDA declined 17% in 2025 due to weaker consumer discretionary spending on guitars and music equipment and higher costs of goods sold (COGS) from tariffs. S&P said, "We also affirmed our 'B-' issue-level rating on the company's $400 million senior secured first-lien term loan. The recovery rating on this debt is '3', indicating our expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. "We revised our outlook to stable from negative because we believe macroeconomic uncertainty has eased compared with 12 months ago, which we expect will support credit metric improvement and cash flow growth in 2026. We also expect Fender to prioritize cash flow generation through tightly managing its operating expenses, capital expenditure (capex), and working capital, leading to increased liquidity at year-end 2026. "The stable outlook reflects our expectation Fender will reduce its S&P Global Ratings-adjusted leverage to 6.9x from 7.4x and maintain EBITDA interest coverage of at least 2x and generate around $22 million of FOCF in 2026. We expect further credit metric improvement and FOCF growth thereafter as the macroeconomic environment improves." Fender modestly outperformed our EBITDA expectations in the second half of 2025 and beat its budget. Nonetheless, performance was weak as S&P estimates revenue declined 3.5% and S&P Global Ratings-adjusted EBITDA declined 17% in 2025 due to weaker consumer discretionary spending on guitars and music equipment and higher costs of goods sold (COGS) from tariffs. S&P said, "The outlook revision reflects our expectation that Fender's credit metrics will improve as it grows EBITDA in 2026. Fender's S&P Global Ratings-adjusted EBITDA declined about 17% in 2025 due to rising tariff rates and weaker demand. We estimate overall revenue declined 3.5% in 2025 and volumes declined around 5% as customers reduced orders in response to higher prices coupled with weaker overall demand for discretionary products. It achieved 2025 (estimated) S&P Global Ratings-adjusted leverage of about 7.4x, EBITDA interest coverage of 2x, with a free operating cash flow (FOCF) use of $2 million. In 2026, however, we expect revenue pressures to ease as customer ordering patterns normalize throughout the year as macroeconomic uncertainty moderates and tariff pass-through pricing becomes more predictable. However, we still anticipate Fender's customers, especially its smaller, local dealers, to cautiously manage inventory levels as consumers (especially lower- to middle-income) continue to limit discretionary spending given higher costs of essentials like food and housing. As a result, we forecast flat revenue in 2026, with higher prices offsetting modest volume declines. We expect Fender's gross margin will expand in 2026 due to a lower effective tariff rate on its imported goods. Combined with continued disciplined operating cost management, these improvements should lead to about 4% EBITDA growth in 2026 with leverage improving to 6.9x and EBITDA interest coverage above 2x. "FOCF improves to at least $20 million in 2026, compared with the deficit in 2025. In 2025, we believe FOCF was a use of $2 million cash due to weaker operating performance stemming from weaker demand, higher costs because of tariffs on Chinese imports, working capital outflows from building inventory that it did not fully sell through, and approximately $18 million of capex. In 2026, we project FOCF of $22 million supported by improved operating performance, working capital inflows as it reduces inventory and funds capex of about $16 million. We view Fender's capex as primarily maintenance related as it defers growth capex to focus on improving FOCF. While not in our base case, we believe Fender could reduce incentive compensation, marketing and advertising spending, or engage in other cost-cutting measures like it did in 2025 to preserve cash flow if volumes are weaker than expected. Therefore, we think there is lower risk of significant EBITDA underperformance that could pressure liquidity over the next 12 months. "We continue to assess Fender's liquidity as adequate. As of 2025 year-end, we believe Fender had total liquidity of around $100 million (including asset-based lending {ABL} and first in, last out {FILO} facilities' availability after netting the $20.5 million liquidity requirement it must adhere to) and cash on hand. Since we expect Fender to generate positive FOCF in 2026, with no M&A or shareholder returns, we expect liquidity will improve at year-end 2026 after repaying revolver borrowings with cash. As such, we expect revolver borrowings will decline to around $30 million in 2026 from $53 million in 2025. Since Fender generated negative FOCF in 2025, we do not expect an excess cash flow sweep for debt repayment in 2026. In 2027, however, we expect Fender to repay about $11 million of term loan debt given its credit agreement's excess cash flow sweep provision, and our assumption it will generate about $22 million of FOCF in 2026. We do not expect Fender to borrow under its FILO facility given our expected cash flow generation and the high cost of borrowing under that facility. "The rating ultimately reflects our view that Fender is susceptible to high profit volatility during economic downturns. Our rating on Fender already incorporates the potential for a 1x or more increase in leverage during an economic downturn due to the discretionary nature of its products. This was evidenced in 2025 when Fender's S&P Global Ratings-adjusted leverage weakened to about 7.4x from 5.9x in 2024 in response to escalating tariff rates. Despite our forecast for leverage improvement in 2026, another economic or geopolitical shock would likely cause profitability to deteriorate. Additionally, Fender maintains a globally outsourced manufacturing model, including operations in China and Mexico, which increases its exposure to tariffs and other geopolitical risks, input cost inflation, and supply chain disruptions, which could hurt profitability. While the company's products are sold at multiple price points spanning entry-level to premium products, its sales tend to be cyclical and vulnerable to economic downturns because its customers generally defer spending or trade down to the used guitar market during periods of economic stress, leading to a negative shift in its product mix. "The stable outlook reflects our expectation Fender will reduce its S&P Global Ratings-adjusted leverage to just below 7x, maintain EBITDA interest coverage of at least 2x and generate around $22 million of FOCF in 2026. We expect further credit metric improvement and FOCF growth thereafter as the macroeconomic environment improves." S&P could lower its rating if Fender's capital structure becomes unsustainable, including EBITDA interest coverage declining below 1.5x and company does not generate FOCF. This could occur if: -- The macroeconomic environment worsens, leading to greater-than-expected volume declines due to lower consumer spending on discretionary products; -- Fender is unable to offset the impact of higher costs through pricing, potentially because of rising inflation, tariffs, or supply chain disruptions given its globally outsourced manufacturing model; and -- Borrowings on its ABL revolving credit facility or FILO facility increase. S&P could raise its rating on Fender if it sustains S&P Global Ratings-adjusted leverage comfortably below 6.5x. This could occur if: -- Demand for guitars improves, reflecting a more favorable macroeconomic environment with greater discretionary spending; -- The company mitigates cost pressures through operating efficiencies and cost-savings initiatives; and -- The company generates sufficient FOCF to repay debt. FIRST BRANDS: Court Okays NLRB Complaint Settlement Agreement ------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas approved the settlement agreement entered into by and among: (i) Brake Parts Inc LLC and its debtor affiliates, as debtors and debtors in possession in the Chapter 11 cases; (ii) Region 25 of the National Labor Relations Board; (iii) Chemical & Production Workers Union Local No. 30, AFL-CIO A/W International Union of Allied, Novelty and Production Workers (the "Charging Party"); and (iv) Deima Bastardo and Wladimir Rodriguez (the "Former Employees". On August 19, 2024, the Charging Party filed a charge with the NLRB against BPI, initiating NLRB case number 25-CA-348630. On August 29, 2024, the Charging Party filed a second charge with the NLRB against BPI, initiating NLRB case number 25-CA349515. On June 10, 2025, these cases were consolidated pursuant to the NLRB’s Order Consolidating Cases, Consolidated Complaint and Notice of Hearing. The Complaint alleges that, on August 15, 2024, BPI discharged Deima Bastardo and Wladimir Rodriguez in violation of the National Labor Relations Act. BPI disputes the allegations in the Complaint and makes no admission that it has violated the National Labor Relations Act. On February 17, 2026, the Parties entered into a settlement agreement (the "Settlement Agreement") to resolve the Complaint. The Settlement Agreement is approved. Upon the Approval Date, pursuant to 11 U.S.C. Sec. 507(a)(4), the NLRB shall have an allowed priority wage claim of Sec. 16,099 against BPI on account of back pay owed to Deima Bastardo under the Settlement Agreement. Upon the Approval Date, pursuant to 11 U.S.C. Sec. 503(b)(1)(A)(ii), the NLRB shall have an allowed administrative expense of $1,562 against BPI on account of back pay owed to Deima Bastardo under the Settlement Agreement. Upon the Approval Date, the NLRB shall have an allowed non-priority general unsecured claim in the amount of $28,688.00 against BPI on account of back pay and other amounts owed to Deima Bastardo under the Settlement Agreement. Upon the Approval Date, pursuant to 11 U.S.C. Sec. 507(a)(4), the NLRB shall have an allowed priority wage claim of $17,150 against BPI on account of back pay owed to Wladimir Rodriguez under the Settlement Agreement. Upon the Approval Date, pursuant to 11 U.S.C. Sec. 503(b)(1)(A)(ii), the NLRB shall have an allowed administrative expense of $7,084 against BPI on account of back pay owed to Wladimir Rodriguez under the Settlement Agreement. Upon the Approval Date, the NLRB shall have an allowed non-priority general unsecured claim in the amount of $24,136.00 against BPI on account of back pay and other amounts owed to Wladimir Rodriguez under the Settlement Agreement. A copy of the Stipulation and Agreed Order is available at http://urlcurt.com/u?l=ritLzsfrom PacerMonitor.com. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Ex-Exec Brumbergs Detailed Fraud in His Guilty Plea ----------------------------------------------------------------- David Voreacos and Jonathan Randles of Bloomberg Law report that Peter Andrew Brumbergs, a former executive at First Brands Group, admitted last January 2026 that he helped falsify financial statements and inflate invoices to secure billions in loans prior to the company's collapse. The admissions came as part of his January 27, 2026 guilty plea to fraud charges, with the transcript of the hearing made public Wednesday. Brumbergs described efforts to mislead lenders about the value of the company's assets, according to report. According to his statements, the company double-pledged collateral and overstated accounts receivable to increase borrowing capacity. The actions allowed First Brands to access financing it might not otherwise have received. Meanwhile, founder Patrick James and his brother Edward James have pleaded not guilty and contest the charges. Prosecutors may rely on Brumbergs' cooperation as they pursue their case, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Jefferies Hit with Investor Fraud Lawsuit ------------------------------------------------------- Lauren Berg of Law360 reports that a group of investors has accused Jefferies Financial Group Inc. of mischaracterizing the risk profile of a fund tied to First Brands Group LLC, according to a New York lawsuit unsealed Wednesday, February 25, 2026. The plaintiffs say they invested $25 million based on assurances about built-in safeguards. The complaint contends Jefferies represented that the fund's structure offered meaningful protections in the event of financial trouble at First Brands Group. After the company filed for bankruptcy, however, the investors claim their exposure was far greater than anticipated, the report states. The lawsuit seeks monetary damages and alleges that Jefferies' statements were materially misleading. The case is now pending in New York, where the firm is expected to respond to the allegations in court filings, according to Law360. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FOOD52 INC: Committee Taps Dundon Advisers as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors of Food52, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon advisers LLC as its financial advisor. The firm will render these services: (a) assist in the analysis, review, and monitoring of the restructuring and/or sale process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; (b) develop a complete understanding of the Debtor's businesses and their valuations; (c) determine whether there are viable alternative paths for the disposition of the Debtor's assets from any currently or in the future proposed by any Debtor; (d) monitor and, to the extent appropriate, assist the Debtor in efforts to develop and solicit transactions that would support unsecured creditor recovery; (e) assist the Committee to analyze, classify and address claims against the Debtor and to participate effectively in any effort in this chapter 11 case to estimate (in any formal or informal sense) contingent, unliquidated, and disputed claims; (f) assist the Committee to identify, preserve, value, and monetize tax assets of the Debtor, if any; (g) advise the Committee in negotiations with the Debtor, certain of the Debtor's lenders, and third parties; (h) assist the Committee in reviewing the Debtor's current financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, cash budgets, and monthly operating reports; (i) assist the Committee in reviewing the Debtor's cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (j) review and provide analysis of the present and any subsequent proposed debtor-in-possession financing or use of cash collateral; (k) assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; (l) assist the Committee in identifying, valuing, and pursuing estate causes of action arising out of historical acts and omissions, including, but not limited to, relating to prepetition transactions, control person liability, and lender liability; (m) review and provide analysis of any proposed disclosure statement and chapter 11 (n) plan and, if appropriate, assist the Committee in developing an alternative chapter11 plan; (o) attend meetings and assist in discussions with the Committee, the Debtor, the secured lenders, the U.S. Trustee and other parties in interest and professionals; (p) present at meetings of the Committee, as well as meetings with other key stakeholders and parties; (q) perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and (r) provide testimony on behalf of the Committee as and when may be deemed appropriate. The firm's current rates are: Principal $1,090 Managing Director or Senior Advisor $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 In addition, the firm will seek reimbursement for expenses incurred. Eric Reubel, a managing director at Dundon Advisers, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Reubel Dundon Advisers, LLC 10 Bank Street, Suite 1100 White Plains, NY 10606 Email: er@dundon.com Phone: (917) 626-4051 About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Laurie Selber Silverstein handles the case. The Debtor tapped Young Conaway Stargatt & Taylor as bankruptcy counsel; Meru, LLC as financial advisor; and Core Advisors, LLC asinvestment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the administrative advisor and claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Robinson & Cole LLP as counsel. FRANCESCA'S ACQUISITION: Seeks to Tap Ordinary Course Professionals ------------------------------------------------------------------- Francesca's Acquisition, LLC, et al., seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ various Ordinary Course Professionals to provide services in the ordinary course of business. The Ordinary Course Professionals along with their services and monthly fee cap are: (a) Sattar & Associates Inc -- Sales Tax, monthly fee cap if services are utilized $15,000; (b) Ryan LLC -- Property Tax, monthly fee cap $15,000; (c) Schreiber Pulvirenti LLC -- Legal, monthly fee cap $15,000; (d) Littler Mendelson PC -- Legal, monthly fee cap $15,000; (e) Collaborative Solutions LLC -- HR Systems Support, monthly fee cap $5,000; and (f) Hire Right LLC -- Background Checks, monthly fee cap $5,000. The Ordinary Course Professionals will be compensated for services post-petition, subject to a monthly cap of $20,000 on average over a rolling three-month period and an overall cap of $150,000 per professional (excluding costs and disbursements) during the Chapter 11 Cases. I The Ordinary Course Professionals are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. About Francesca's Acquisition, LLC Francesca's Acquisition, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. New Jersey Case No. 26-11312) on February 5, 2026. At the time of the filing, the Debtors had estimated assets of between $10,000,001 and $50 million and liabilities of between $50,000,001 and $100 million. Judge Mark Edward Hall oversees the case. Mandelbaum Barrett PC is Debtor's legal counsel. FREE SPEECH: Sandy Hook Lawyer Eyes Leaving Case as Appeals End --------------------------------------------------------------- Aaron Keller of Law360 reports that the lawyer representing conspiracy theorist Alex Jones has petitioned a Connecticut state court to withdraw from the $1.44 billion Sandy Hook defamation litigation. The request comes after the majority of the case proceedings have concluded. Jones was sued for making false claims on Infowars that the Sandy Hook Elementary School shooting was fabricated. The case included record-setting damages and drew attention nationwide, according to report. The attorney said that, with litigation largely complete, remaining involvement is no longer needed. The court will decide whether to grant permission to withdraw, officially ending the lawyer's participation in the case. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FTX TRADING: Court Extends Victims' Global Settlement Docs Filing ----------------------------------------------------------------- Martina Barash of Bloomberg Law reports that a federal court has given attorneys for victims of the FTX exchange collapse approximately two additional months to wrap up a global settlement with promoters, insiders and other alleged participants in the failed crypto platform. In an order issued Wednesday, February 25, 2026, Judge K. Michael Moore of the U.S. District Court for the Southern District of Florida set April 24, 2026 as the new deadline to request preliminary approval, citing an arbitration dispute that must be resolved first, according to report. The arbitrator's role, according to the docket entry, will be to decide how settlement proceeds should be divided between distributions made in the FTX bankruptcy case and recoveries pursued in the consolidated civil litigation. Plaintiffs further informed the court that continued negotiations, coordination with bankruptcy estate representatives, and the drafting of comprehensive settlement papers necessitated the requested extension, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUNKO INC: Fund 1 Investments Holds 9.96% Equity Stake ------------------------------------------------------ Fund 1 Investments, LLC, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of February 19, 2026, it beneficially owns 5,450,251 shares of Class A Common Stock of Funko, Inc., representing 9.96% of the 54,742,995 shares outstanding as of November 4, 2025, per the Issuer's Form 10-Q filed November 6, 2025. The Shares beneficially owned by Fund 1 Investments were purchased with working capital of the Funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 5,450,251 Shares beneficially owned by Fund 1 Investments is approximately $45,601,321, including brokerage commissions. Fund 1 Investments, LLC may be reached through: Benjamin C. Cable, Chief Operating Officer 100 Carr 115, Unit 1900 Rincon, Puerto Rico 00677 Tel: 804-363-4458 A full-text copy of Fund 1 Investments, LLC's SEC report is available at: https://tinyurl.com/yv58dbwb About Funko, Inc. Funko, Inc. is a global pop culture lifestyle brand, with a diverse collection of brands, including Funko, Loungefly, and Mondo, and an industry-leading portfolio of licenses. Funko delivers industry-defining products that span vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art, and music collectibles, many of which are at the forefront of the growing Kidult economy. Through these products, which include the iconic original Pop! line, Bitty Pop!, and Pop! Yourself, Funko inspires fans across the globe to express their passions, build community, and have fun. Founded in 1998 and headquartered in Washington state, Funko has offices, retail locations, operations, and licensed partnerships in major consumer geographies across the globe. As of September 30, 2025, the Company had $699.3 million in total assets, $515.7 million in total liabilities, and $183.6 million in total stockholders' equity. In the quarterly report, Management evaluated the Company's future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the Financial Covenants under its Credit Agreement for the 12 months from the date of issuance of the financial statements and determined that, the Company is forecasting that it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants as of the end of the fiscal quarter ending December 31, 2025 and future fiscal quarters and potentially will not be in compliance with the covenants with respect to a Refinancing Transaction or a Sale Transaction. In addition, based on the forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next 12 months and, relatedly, it may not be in compliance with its minimum Qualified Cash covenant in future periods. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. G&D TRANSMISSION: Seeks to Hire Kantrow Law Group as Counsel ------------------------------------------------------------ G&D Transmission & Fleet Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain and employ The Kantrow Law Group, PLLC as its counsel. The firm will provide these services: (a) advise the Debtor of the rights and duties of a Debtor-in-possession; (b) oversee preparation of necessary reports to the Court and creditors; (c) conduct all appropriate investigation or litigation; and (d) perform all other necessary duties in aid of the administration of the estate. The Kantrow Law Group, PLLC will be compensated at these hourly rates: Partners $655 Associates $300-$365 Paralegals $110 Prior to the Petition Date, the firm received a retainer in the amount of $10,000. The Court found that The Kantrow Law Group, PLLC neither represents nor holds any interest adverse to the Debtor or the estate and is a disinterested person within the meaning of the Bankruptcy Code. The firm can be reached at: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 Telephone: (516) 703-3672 E-mail: fkantrow@thekantrowlawgroup.com About G&D Transmission & Fleet Service, Inc. G&D Transmission & Fleet Service Inc. is a specialized automotive repair and fleet maintenance company based in Deer Park, New York. The firm provides transmission repair, preventive maintenance, and comprehensive servicing for commercial and private vehicles. G&D Transmission & Fleet Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70352) on January 26, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000, and estimated liabilities in the same range. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Fred S. Kantrow, Esq. of The Kantrow Law Group, PLLC. GALWAY ENTERPRISES: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Galway Enterprises, LLC 44 Manson Libby Road Scarborough, ME 04074 Business Description: Galway Enterprises, LLC is a single-asset real estate company, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: February 26, 2026 Court: United States Bankruptcy Court District of Maine Case No.: 26-20042 Judge: Hon. Peter G Cary Debtor's Counsel: Tanya Sambatakos, Esq. MOLLEUR LAW FIRM 190 Main St., 3rd Fl Saco ME 04072 Email: tanya@molleurlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million John V. Cloutier signed the petition as member. The Debtor submitted a list of its 20 largest unsecured creditors, but no names were included in the filing. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ENAUFI/Galway_Enterprises_LLC__mebke-26-20042__0001.0.pdf?mcid=tGE4TAMA GENERATION HEALTHCARE: Hires Allen Stovall Neuman as Counsel ------------------------------------------------------------ Generation Healthcare, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Allen Stovall Neuman & Ashton LLP as bankruptcy counsel. The firm will provide these services: (a) advising the Debtor of its rights, powers, and duties as a debtor in possession in the continued operation of its business; (b) advising and consulting on the conduct of the Case, including all legal and administrative requirements of a debtor in such a case; (c) attending meetings and negotiating with the United States Trustee, representatives of the Debtor's creditors, and other parties in interest; (d) taking all necessary actions to protect and preserve the bankruptcy estate; (e) preparing official forms, pleadings, and other documents in connection with the case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the bankruptcy estate; (f) appearing before the Court and any appellate courts to represent the interests of the bankruptcy estate; and (g) performing all other necessary legal services for the Debtor in connection with the prosecution of this Case. The firm will be paid at these rates: Thomas R. Allen, Partner $400 Richard K. Stovall, Partner $400 Jim Coutinho, Partner $400 David Whittaker, Of Counsel $400 Andrew D. Rebholz, Associate $275 Other Attorneys Up to $275 Lindsey Corl (Legal Assistant) $100 Hannah Kittle (Legal Assistant) $100 The Debtors has paid a retainer of $12,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Whittaker 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 M. Whittaker, Esq. Andrew D. Rebholz, Esq. Allen Stovall Neuman & Ashton LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 Telephone: (614) 221-8500 Facsimile: (614) 221-5988 Email: whittaker@asnalaw.com rebholz@asnalaw.com About Generation Healthcare, Inc. Generation Healthcare Inc., based in Westerville, Ohio, provides home health and hospice services, including skilled nursing, therapy, and medical support for patients in their homes. The Company operates primarily in Ohio and offers care for individuals requiring medical and supportive services outside of hospital settings, with hospice services encompassing palliative and end-of-life care. Generation Healthcare sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55396) on December 8, 2025. In its petition, the Debtor reports estimated assets between $0-$100,000 and estimated liabilities between $1 million-$10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by David M. Whittaker, Esq. of Allen Stovall Neuman & Ashton LLP. GLENWOOD CAVERNS: Hires Brownstein Hyatt as Bankruptcy Counsel -------------------------------------------------------------- Glenwood Caverns Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Brownstein Hyatt Farber Schreck, LLP as bankruptcy counsel. a. assisting in the production of the Debtor's schedules and statement of financial affairs and other pleadings necessary to comply with the Bankruptcy Code; b. attending meetings and negotiating with representatives of creditors and other parties-in-interest; c. assisting in the preparation of the Debtor's plan of reorganization and disclosure statement; d. preparing on behalf of the Debtor all necessary applications, complaints, answers, motions, orders, reports, and other legal papers; e. representing the Debtor in adversary proceedings and contested matters related to the Debtor's bankruptcy case; f. providing legal advice with respect to the Debtor's rights, powers, obligations, and duties as a chapter 11 debtor in possession in the continuing operation of the Debtor's business and administration of the estate; and g. providing other legal services for the Debtor as necessary and appropriate for the administration of the Debtor's estate. The firm will be paid at these rates: Michael J. Pankow, Shareholder $970 per hour Amalia Y. Sax-Bolder, Shareholder $675 per hour Micah G. Hardy, Associate $510 per hour AJ Ciabattoni, Paralegal/LPA $280 per hour The firm received from the Debtor a retainer of $125,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Pankow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael J. Pankow, Esq. Amalia Y. Sax-Bolder, Esq. Micah G. Hardy, Esq. Brownstein Hyatt Farber Schreck, LLP 675 15th Street, Suite 2900 Denver, CO 80202 Tel: (303) 223-1100 Email: mpankow@bhfs.com asax-bolder@bhfs.com mhardy@bhfs.com About Glenwood Caverns Holdings LLC Glenwood Caverns Holdings, LLC owns and operates the Glenwood Caverns Adventure Park, the only mountaintop theme park in the U.S., located atop Iron Mountain near Glenwood Springs, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10166) on February 9, 2026. In the petition signed by Paul Maniscalco, chief restructuring officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the case. William A. Hazeltine, Esq., at Sullivan Nimeroff Brown Hill, LLC, represents the Debtor as legal counsel. GLENWOOD CAVERNS: Hires Otteson Shapiro LLP as Special Counsel -------------------------------------------------------------- Glenwood Caverns Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Otteson Shapiro LLP as special counsel. The firm's services include: a. counseling and assisting on matters relating to the insurance policies that concern the Debtor and its estate; b. representing the Debtor as "personal counsel," i.e., counsel not retained by the insurance carrier, in connection with the Estifanos litigation; and c. advising the Debtor regarding matters impacting potential settlement or other resolution of the litigation. The firm will be paid at these rates: Sr. Counsel/Partner $575 per hour Associate $450 per hour Otteson Shapiro received $50,000 prepetition as a retainer from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Shapiro 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: Stephen B. Shapiro, Esq. Otteson Shapiro LLP 7979 E. Tufts Avenue Suite 1600 Denver, CO 80237 Tel: (720) 488-0220 Fax: (720) 488-7711 About Glenwood Caverns Holdings LLC Glenwood Caverns Holdings, LLC owns and operates the Glenwood Caverns Adventure Park, the only mountaintop theme park in the U.S., located atop Iron Mountain near Glenwood Springs, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10166) on February 9, 2026. In the petition signed by Paul Maniscalco, chief restructuring officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the case. William A. Hazeltine, Esq., at Sullivan Nimeroff Brown Hill, LLC, represents the Debtor as legal counsel. GLENWOOD CAVERNS: Hires Sullivan Nimeroff Brown as Local Counsel ---------------------------------------------------------------- Glenwood Caverns Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Sullivan Nimeroff Brown Hill LLC as local counsel. The firm will provide these services: (a) provide legal advice regarding the rules and practices of this Court applicable to the Debtor's powers and duties under the Bankruptcy Code; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced by or against the Debtor, negotiations concerning all litigation in which the Debtor is or may become involved, and objections to claims filed against the Debtor's estate; (c) prepare and review on behalf of the Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (d) appear before this Court and any appellate courts, and protect the interests of the Debtor and the Debtor's estate before such Courts; and (e) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this chapter 11 case. The firm will be paid at these rates: William D. Sullivan, Member $550 per hour William A. Hazeltine, Member $485 per hour Elihu E. Allinson, III, Member $425 per hour Heidi M. Coleman, Paralegal $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Hazeltine 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: William A. Hazeltine, Esq. Sullivan Nimeroff Brown Hill LLC 919 North Market Street, Suite 420 Wilmingon DE 19801 Tel: (302) 428-8191 Email: whazeltine@snbhlaw.com About Glenwood Caverns Holdings LLC Glenwood Caverns Holdings, LLC owns and operates the Glenwood Caverns Adventure Park, the only mountaintop theme park in the U.S., located atop Iron Mountain near Glenwood Springs, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10166) on February 9, 2026. In the petition signed by Paul Maniscalco, chief restructuring officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the case. William A. Hazeltine, Esq., at Sullivan Nimeroff Brown Hill, LLC, represents the Debtor as legal counsel. GMB TRANSPORT: Unsecureds to Get No Less Than 1% in Plan -------------------------------------------------------- GMB Transport LLC filed with the U.S. Bankruptcy Court for the Northern District of New York a Second Amended Small Business Plan of Reorganization under Subchapter V dated February 18, 2026. The Debtor is a Limited Liability Company duly formed under the laws of the State of New York. The Debtor is operated and managed by its Managing Member, Mr. Scott Bornt. The Debtor is a trucking company with its principal place of business located at 192 S Kingsboro Ave, Gloversville, NY 12078. The Debtor also operates a second, leased location at 1282A Pangburn Road, Schenectady, NY 12306, which serves as the Debtor's garage and storage facility for its fleet of trucks. The Debtor was formed on June 23, 2020, and provides trucking services to a variety of industries, including agricultural, fuel, and stone. The Debtor previously filed for Chapter 11 Bankruptcy Protection on October 27, 2024, electing to proceed under Subchapter V. That case was dismissed on August 13, 2025. Debtor attributes the failure of the last case due to the termination of its largest contract with ADM shortly after the petition was filed. The ADM contract accounted for approximately 50% of Debtor's ongoing revenues. The Debtor's current bankruptcy was filed on September 21, 2025. Debtor believes the second filing has a likelihood of success due to its surrender of superfluous collateral and the shrinking of its operations. Debtor has also identified new commercial space that will reduce its monthly overhead compared to its prior leasehold. The Debtor continues to operate its business pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. The Debtor's goal in this reorganization is to: (a) maintain necessary collateral and repay the secured creditors associated with its necessary equipment the present value of said equipment, with interest, over the life of the plan of reorganization; and (c) provide a reasonable dividend back to its general unsecured creditors. The Plan shall be funded from ongoing revenues derived by the Debtor's ongoing business operations. The final Plan payment is expected to be paid 60-months from date of Confirmation. Non-priority unsecured creditors holding allowed claims will receive distributions of no less than 1%. This Plan provides for full payment of administrative expenses and priority claims upon confirmation of the Plan, unless otherwise noted in the plan, or by such other terms as stipulated by and between the Debtor and the respective administrative or priority Creditor. Class 4 consists of All General Unsecured Creditors. If allowed, shall receive their pro rata share of $500.00/month with a distribution of no less than 1%. Disputed Claims that have failed to file a claim will receive no distribution. This Class is impaired. Equity Interest holders shall retain 100% of the membership interest in the reorganized Debtor. Mr. Scott Bornt shall waive any claim held by himself personally against the Debtor. The Plan will be implemented by the Debtor remitting payment to creditors as provided for herein from the Debtor's cash flow as well as ongoing capital contributions (as necessary) from the Debtor's membership. A full-text copy of the Amended Plan dated February 18, 2026 is available at https://urlcurt.com/u?l=wFRaf1 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy, NY 12180 Telephone: (518) 407-3121 E-mail: mike@boylebankruptcy.com About GMB Transport GMB Transport, LLC, is a trucking company with its principal place of business located at 192 S Kingsboro Ave, Gloversville, NY 12078. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-60850) on September 23, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Wendy A. Kinsella oversees the case. Boyle Legal LLC represents the Debtor as bankruptcy counsel. HANSEN AIR PROS: Loses Bid for Summary Judgment in Howell Case -------------------------------------------------------------- Judge Wiliam H. Steele of the U.S. District Court for the Southern District of Alabama denied Hansen Air Pros, LLC's motion for summary judgment in the case captioned as NADINE HOWELL, Plaintiff, v. HANSEN AIR PROS, LLC, Defendant, Case No. 24-cv-00293-WS-C (S.D. Ala.). In March 2025, the defendant filed a suggestion of bankruptcy. The District Court promptly stayed this action in recognition of the automatic stay imposed by 11 U.S.C. Sec. 362(a). In October 2025, the defendant notified the Court that the Bankruptcy Court had entered an order confirming a Chapter 11 plan of liquidation and that the automatic stay had recently expired. Because the defendant did not assert that it had received a discharge, the District Court lifted its stay but did not dismiss the action. The defendant has now filed a motion for summary judgment. The defendant argues that the injunction, approved by the Bankruptcy Court, precludes the plaintiff from pursuing her claims against the defendant. According to the plaintiff, the defendant has maintained liability insurance that may provide coverage for the plaintiff's claims. The plaintiff argues the motion for summary judgment should be denied because it may receive permission to proceed against the defendant in this manner. The defendant raises two objections to the plaintiff's argument: (1) that it is "pure conjecture and speculation" whether the Bankruptcy Court will grant the plaintiff her requested relief; and (2) that the plaintiff "unreasonably and inexcusably delayed in seeking such relief." The defendant identifies nothing suggesting the plaintiff has little chance of success in its quest to continue this action, and it identifies no authority for the proposition that even a low chance of such success must, should, or even could furnish grounds to dismiss an action pending such a ruling. As the party seeking summary judgment, the District Court says the defendant's failure to carry its initial burden is fatal to its position. The defendant posits that it has been prejudiced because its business is no longer in operation and no longer employs any witnesses with knowledge of Plaintiff's claims. Because laches is an affirmative defense, Fed. R. Civ. P. 8(c), the defendant must affirmatively demonstrate, with record evidence, the circumstances causing it undue prejudice. According to the District Court, the defendant presents no evidence with which to make this demonstration, and that failure is again fatal. Because the plaintiff does not deny that the injunction imposed by the Plan is in effect, this action is stayed pending further order of the District Court. The plaintiff is ordered to file and serve, on or before March 10, 2026, and on or before the tenth day of each succeeding month, a status report detailing the status of its motion for relief from discharge injunction. A copy of the Court's Order dated February 23, 2026, is available at http://urlcurt.com/u?l=9yDlCifrom PacerMonitor.com. About AFH Air Pros LLC Founded in 2017 in Fort Lauderdale, Florida, Air Pros is a professional home services provider specializing in HVAC installation, repair, maintenance, and air quality solutions for residential and commercial clients. Air Pros also offer plumbing, electrical services, and home warranties at certain locations. Air Pros, which began with one vehicle and two employees, now operates over 600 vehicles, employs more than 700 people, and serves customers in eight states: Florida, Georgia, Alabama, Mississippi, Louisiana, Texas, Colorado, and Washington. AFH Air Pros, LLC, and 19 of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. 25-10356) on March 16, 2025, listing estimated assets of $100 million to $500 million, and estimated liabilities of $100 million to $500 million. The petitions were signed by Andrew D.J. Hede as chief restructuring officer. Judge Paul Baisier presides over the case. David B. Kurzweil, Esq. and Matthew A. Petrie, Esq., at Greenberg Traurig LLP, represent the Debtor as counsel. ACCORDION PARTNERS, LLC serves as the Debtor's financial advisor. JEFFERIES LLC services as the Debtor's investment banker. KURTZMAN CARSON CONSULTANTS, LLC and DBA VERITA GLOBAL serve as the Debtor's notice, claims & balloting agent and administrative advisor. HARVEST REAL: Taps Law Offices of Krystina T. Tran as Counsel ------------------------------------------------------------- Harvest Real Estate Management LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Krystina T. Tran of the Law Offices of Krystina T. Tran to serve as its general bankruptcy counsel. Ms. Tran will provide these services: (a) assist and advise Debtor relative to the administration of this proceeding; (b) advise Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its business and property; (c) rRepresent the Debtor before the Bankruptcy Court and advise the Debtor on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; (d) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; (e) attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent Debtor at all examinations; (f) communicate with creditors and other parties in interest; (g) assist Debtor in preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (h) confer with other professionals retained by Debtor and other parties in interest; (i) negotiate and prepare Debtor's Chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on Debtor's behalf to obtain confirmation of the plan; and (j) perform all other necessary legal services and provide all other necessary legal advice to Debtor in connection with this Chapter 11 case. Ms. Tran will receive an hourly rate of $600 while paralegals will be compensated $175 per hour. Law Offices of Krystina T Tran does not hold or represent an interest adverse to Debtor's estate 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: Krystina T. Tran, Esq. LAW OFFICES OF KRYSTINA T TRAN 17011 Beach Blvd, Suite 900 Huntington Beach, CA 92647 Telephone: (949) 797-9090 Facsimile: (949) 393-4999 About Harvest Real Estate Management LLC Harvest Real Estate Management LLC, a single-asset real estate entity, owns and manages the property at 16491 Scientific Way in Irvine, California, which is appraised at about $2.5 million. Harvest Real Estate Management LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:25-bk-13464-MH) on December 9, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Mark D. Houle oversees the case. Law Offices of Krystina T Tran is Debtor's legal counsel. HAWAII MOLD: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Hawaii Mold and Flood, LLC got the green light from the U.S. Bankruptcy Court for the District of Hawaii to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for March 30. As of the petition date, the Debtor holds approximately $166,884 in cash at Central Pacific Bank, its sole pre-petition secured creditor, which holds a senior blanket lien on substantially all of its assets from a term loan originally issued in May 2022. The current loan balance is about $70,783, and the Debtor intends to maintain monthly payments of $2,045. The Debtor intends to use cash collateral to cover ordinary operating expenses within a budget spanning February to May, with a maximum of 120% of projected expenses to allow flexibility. To protect Central Pacific Bank's interests, the Debtor offers adequate protection through continued full principal and interest payments and replacement liens on post-petition assets to the same extent and priority as its pre-petition liens, ensuring its secured position is maintained. About Hawaii Mold and Flood LLC Hawaii Mold and Flood, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 26-00144) on February 20, 2026. In the petition signed by Glen Kelsey, sole member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Robert J. Faris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. HIAWATHA MANOR: Seeks to Extend Plan Exclusivity to November 6 -------------------------------------------------------------- Hiawatha Manor Association, Inc. of the U.S. Bankruptcy Court for the Middle District of Tennessee seeks to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 6, 2026 and January 6, 2027, respectively. The Debtor explains that cause exists to grant the relief requested exists for a number of compelling reasons. First, the Debtor continues to work toward a successful sale of Hiawatha East and Hiawatha West, so the Debtor may propose and confirm a plan and conclude this case. Unfortunately, due to a variety of factors, the Sale Process contemplated for this type of chapter 11 case necessarily takes time because of unique factors relating to the ownership structures and obtaining adequate notice to all parties in interest. Nevertheless, the Sale Process is foundational to the proposal of any successful plan in this chapter 11 case. Second, the Debtor's purpose in seeking extension of the Exclusivity Periods is a good-faith effort to avoid unnecessarily kicking off a plan process prematurely and unnecessarily incurring the added administrative costs that would coincide with such plan process. Further, commencing the plan process ahead of the Sale Process would put the proverbial cart before the horse, serving only to distract from the successful pursuit of the Sale Process. Third, given consideration to each of the foregoing, the Debtor submits that the Extension of the Exclusivity Periods will ultimately serve as a benefit for stakeholders as a whole. Finally, because the Debtor is generally paying its debts as they come due postpetition (and anticipates continuing to do so going forward), the relief requested does not result in prejudice to any creditor or party in interest. Hiawatha Manor Association, Inc. is represented by: Blake D. Roth, Esq. C. Scott Kunde, Esq. Holland & Knight LLP 511 Union Street, Suite 270 Nashville, TN 37219 Telephone: (615) 244-6380 Facsimile: (615) 244-6804 Email: Blake.Roth@hklaw.com About Hiawatha Manor Association Hiawatha Manor Association, Inc., oversees the management of the timeshare condominiums known as Hiawatha Manor and Hiawatha Manor I. Hiawatha Manor Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01916) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Randal S. Mashburn handles the case. The Debtor is represented by Blake D. Roth, Esq., at Holland & Knight, LLP. HILBERT GROUP: Case Summary & 16 Unsecured Creditors ---------------------------------------------------- Debtor: Hilbert Group LLC Hilbert Group Manager LLC 520 Newport Center Drive, Suite 480 Newport Beach, CA 92660 Business Description: Hilbert Group LLC is a single-asset real estate company with multiple properties along Jefferson Avenue, Temecula, California, at 27415, 27445, 27481, 27515, and 27535, collectively valued at an estimated $24.46 million. Chapter 11 Petition Date: February 24, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10578 Judge: Hon. Mark D Houle Debtor's Counsel: William J Wall, Esq. WALL LAW OFFICE 26895 Aliso Creek Rd # B-110 Aliso Viejo CA 92656-5301 Tel: (949) 387-4300 x105 Email: wwall@wall-law.com Total Assets: $24,460,000 Total Liabilities: $12,820,451 The petition was signed by loannls Xilikakis as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4UPKQPQ/Hilbert_Group_LLC__cacbke-26-10578__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 16 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Joses Nuevo Landscaping LLC Services $63,000 3857 Birch Street Suite 209 Newport Beach, CA 92660 2. Vierergruppe Management Inc. Services $44,803 1932 East Deere Avenue Suite 150 Santa Ana, CA 92705 Tel: (714) 442-0625 3. WestMar Commercial Brokerage, Inc. $11,835 41623 Margarita Road Suite 100 Temecula, CA 92591 Tel: (951) 491-6300 4. Southern California Edison Utility Service $5,026 P.O. Box 300 Rosemead, CA 91772-0001 Tel: (800) 655-4555 5. Prime Investors Corporation $4,257 P.O.Box 3697 Vista, CA 92085 6. Sain Builders $4,125 147 Hart Bench Rd Darby, MT 59829 7. Rancho California Water District $3,791 PO Box 512687 Los Angeles, CA 90051-0687 Tel: (951) 296-6930 8. 4 Seasons Air, Inc. $3,473 8585 Katella Avenue Stanton, CA 90680 Tel: (800) 850-5553 9. CR&R, Inc. $2,251 PO Box 7096 Pasadena, CA 91109-9952 Tel: (800) 755-8112 10. Kuri Services LLC $1,680 14817 Janine Dr. Whittier, CA 90605 11. American Jetting Services $990 P.O Box 1699 Ontario, CA 91762 Tel: (800) 538-8426 12. ABC Supply Co. Inc. $677 PO Box BOX 748242 Los Angeles, CA 90074-8242 Tel: (608) 368-2562 13. Ramsey Backflow & Plumbing $480 11626 Sterling Ave Suite D Riverside, CA 92503 Tel: (951) 689-4116 14. Alz Electrical and Lighting Service $362 23905 Clinton Keith Rd 114-395 Wildomar, CA 92595 15. Knight Security & Fire Systems $342 2418 Auto Park Way Escondido, CA 92029 Tel: (760) 745-3604 16. Pestgon, Inc. $264 3612 Ocean Ranch Rd Oceanside, CA 92056 Tel: (877) 724-8100 HILBERT GROUP: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- On February 24, 2026, Hilbert Group LLC filed for Chapter 11 protection in the Central District of California Bankruptcy Court. According to the court filing, the debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About Hilbert Group LLC Hilbert Group LLC is a company operating in [industry or sector, if known]. Hilbert Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10578) on February 24, 2026. In its petition, the debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The debtor is represented by William J. Wall, Esq. of Wall & Son. HOLLYMONT CAPITAL: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------------- Hollymont Capital, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated February 17, 2026. The Debtor is a California limited liability company, formed in December 2020, with its principal place of business in Glendale, California. The Debtor is a real estate development entity that owns and is in the process of completing a two-lot residential project in Silverlake, California consisting of eight total units, including two attached duplexes with one-bedroom and three-bedroom units on each lot, and four detached two-bedroom ADUs built in a condo style configuration. The lots are commonly known as 3317 London Street (APN # 5401-013 021) and 3321 London Street (APN # 5401-013-024), in Los Angeles, California (collectively referred to as the "Property"). Based on appraisals dated in December 2024, the properties were valued at $3,250,000 each for a total of $6,500,000. The Debtor was near completion of the development project when it ran out of money and was unable to pay the secured loans when they came due. The senior lenders had refused to grant a forbearance and a trustee's sale for each property was set for December 3, 2025. A bankruptcy filing was necessary to stop foreclosure and allow time for the Debtor to obtain DIP funding, complete construction, stabilize and lease the units, and maximize value and recovery for creditors through a final project sale. The Project is 90% complete. The Debtor needs additional funds to finish the construction and remaining items and to preserve the Property pending a sale. The remaining items include finishing carpentry, interior work, ADU completion, exterior items, utility/meter tie-ins, punch lists, landscaping, inspections, city final inspections. The Debtor intends to pay creditors from the proceeds of the sale and then wind down its business operations. Class 3 consists of General (Non-priority) Unsecured Claims. The allowed unsecured claims total $1,222,553.09. The Debtor proposed to pay Class 3 claimants their prorate share on the Effective Date of remaining funds after payment of DIP Lender, Administrative Claims, professional fee claims of Portillo Ronk Legal Team and the Broker, the US Trustee Quarterly Fees, unsecured priority tax claims, the claims in Classes 1, 1A and 2, and the lien of the lender. Class 4 consists of Shareholder Interests. After the sale of the two properties and the Effective Date, the Debtor will cease operations and dissolve. The Debtor proposes to fund the Plan by completing construction and selling two lots with a total of eight units (four duplex units and four ADUs. The Debtor filed the chapter 11 for the purpose of preventing foreclosure so that the Debtor could obtain DIP financing to complete the project and sell the two lots. The Debtor proposes to pay the in creditors full on their pro rata share on the Effective Date of the Plan. The Debtor will dissolve after the Plan has been fully consummated and payment of all of the allowed claims and administrative expenses has occurred. A full-text copy of the Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=R9OIAH from PacerMonitor.com at no charge. Counsel to the Debtor: Laura Portillo, Esq. Kevin C. Ronk, Esq. Portillo Ronk Legal Team 5716 Corsa Ave, Suite 207 Westlake Village, CA 91362 Tel: (805) 203-6123 Fax: (805) 830-1717 E-mail: Attorneys@portilloronk.com About Hollymont Capital Hollymont Capital, LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Hollymont Capital, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20319) on Nov. 19, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Luis Carmon as manager of Hillhurst Real Estate Network LLC, the Debtor's manager. Judge Deborah J Saltzman presides over the case. Laura J. Portillo, at PORTILLO RONK LEGAL TEAM, serves as the Debtor's counsel. HUDBAY MINERALS: Moody's Ups CFR to Ba3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded Hudbay Minerals Inc.'s (Hudbay) corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and senior unsecured notes ratings to B1 from B2. At the same time Moody's upgraded the company's speculative grade liquidity rating (SGL) to SGL-1 from SGL-2 and the rating outlook has changed to stable from positive. "The upgrade reflects Hudbay having reduced debt meaningfully on the back of higher copper and gold prices and solid operating results. Furthermore, the optimization of Copper Mountain reduces concentration and costs, while the joint venture at Copper World mitigates risks associated with future capital expenditures," stated Jamie Koutsoukis, Moody's Ratings analyst. RATINGS RATIONALE Hudbay's CFR benefits from its: 1) mine locations in favorable jurisdictions (Canada and Peru); 2) product diversity beyond copper (gold, silver, zinc and molybdenum) which allows for competitive costs, net of by-product credits; 3) adjusted debt to EBITDA expected to remain well below 2x; and 4) long reserve lives at its operations (Constancia mine (17 years), Lalor/Snow Lake operations (13 years) and Copper Mountain (19 years)). Hudbay's rating is constrained by its: 1) modest scale (2025 consolidated copper production of 118,188 tonnes and 267,934 ounces of gold); 2) current concentration of operating cash flows to two producing mines; and 3) exposure to commodity price risk. Consolidated copper production will remain relatively flat through 2026, followed by an increase in 2027 due to optimization activities at the Copper Mountain mine. Conversely, consolidated gold production is projected to decline in 2026 and 2027 compared to 2025, primarily due to the completion of mining at the higher-grade Pampacancha deposit at the Constancia mine in Peru. The reduction in gold volumes will increase cash costs at Constancia, however profitability will not change because throughput will increase at the mine. The Copper World joint venture effectively reduces Hudbay Minerals' capital spending risk by significantly lowering initial funding requirements for what would otherwise be a large, greenfield development. The $600 million strategic investment from Mitsubishi introduces third-party capital at the project level, minimizing Hudbay's equity commitment and reducing reliance on additional corporate debt to finance construction. Combined with updated streaming terms, this structure substantially mitigates execution and financing risks by limiting Hudbay's balance sheet exposure while retaining long-term production potential. Consequently, Hudbay is positioned to uphold prudent leverage, robust liquidity, and financial flexibility throughout the build phase, thereby supporting more stable credit metrics even amid a capital-intensive project pipeline. The B1 ratings on the company's senior unsecured notes is one notch below the Ba3 CFR, reflecting the structural subordination of the notes to the secured revolving credit facility. Hudbay has very good liquidity (SGL-1). The company's liquidity sources include $569 million of cash at December 31, 2025, (pro-forma cash balance including the closing of the Mitsubishi transaction is $922 million) and about $425 million of availability under its $450 million secured credit facility expiring Nov. 13, 2028. Uses are Moody's expectations of negative free cash flow of $250 million (using a $4.30/lb copper price and a $3400/oz gold price) in 2026 and $473 million in notes due April 2026. Hudbay's credit facility includes three financial maintenance covenants that Moody's expects the company to remain in compliance with. Hudbay could also access alternative liquidity through its assets such as sales of forward sales agreements or minority interests. The stable outlook reflects Moody's expectations that Hudbay will have steady operating performance at its mines and will maintain financial discipline and financial leverage will be sustained below 2.5x. It also reflects Moody's expectations that the company will have sufficient funding and liquidity in place to complete the development of its Copper World project if sanctioned. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Hudbay increases its mine diversity, particularly with respect to operating cash flow by mine, likely through the successful development of additional mine projects while maintaining its current cost position. An upgrade would also require that adjusted debt to EBITDA be maintained below 2.5x, RCF/Debt is maintained in the high 20% range and the company maintains good liquidity. The ratings could be downgraded if operational issues at its mines resulted in lower sustained production and higher costs. A downgrade would also be considered if adjusted debt to EBITDA is sustained above 3.5x, RCF/Debt declines below 20% or liquidity weakens. Headquartered in Toronto, Ontario, Canada, Hudbay Minerals Inc. is a mining company with its operations being the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Hudbay's project pipeline includes the Copper World project in Arizona and the Mason project in Nevada (both in the United States). The principal methodology used in these ratings was Mining published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ICORECONNECT INC: Court Confirms Chapter 11 Plan of Liquidation --------------------------------------------------------------- Judge Grace E. Robson of the U.S. Bankruptcy Court for the Middle District of Florida confirmed the Chapter 11 Plan of Liquidation filed by Debtors CoreConnect Inc. and iCore Midco Inc. As shared by the Troubled Company Reporter, iCoreConnect Inc. and iCore Midco Inc. submitted an Amended Disclosure Statement describing Plan of Liquidation dated December 17, 2025. In the opinion of the Debtors, the treatment of Claims and Interests under the Plan contemplates a substantially greater recovery than that which is likely to be achieved under other alternatives. The Debtors anticipate that the Plan will pay all Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims in full, and provide a distribution of between 70% and 100% to Class 5 Unsecured Creditors depending upon the claims reconciliation process and Cause of Action recoveries. Accordingly, the Debtors believe that confirmation of the Plan is clearly in the best interests of Creditors and Holders of Equity Interests and strongly recommends that Creditors holding Allowed Claims in the Voting Classes vote to accept the Plan. On October 1, 2025, the Court entered an order granting the Sale Motion (the "Sale Order"), authorizing the Debtors to sell substantially all their assets to Standard Dental, LLC free and clear of liens, claims and encumbrances, and granting related relief. On that same date, the Court entered an order granting the Assignment Motion (the "Assignment Order"). On October 7, 2025, the Debtors filed a Notice of Closing Under Amended and Restated Asset Purchase Agreement with Standard Dental Inc. (f/k/a Standard Dental, LLC) providing notice that the transactions approved by the Court in the Sale Order and the Assignment Order closed on October 1, 2025. The Debtors ceased operations after closing and are winding down. On October 16, 2025, the Debtors filed the Debtor's Motion for Authorization to Pay Semi-Monthly Prepetition Payroll Owed to Debtor's Employees From Net Sale Proceeds seeking to pay the executive management team for the prepetition period of May 16, 2025, through May 31, 2025. The executive management team deferred payment of their prepetition priority claims to preserve the Debtors' cash flow pending the closing of the sale. The Court granted the motion by order dated December 11, 2025. The Debtors ceased business operations on October 1, 2025 (the "Closing Date") upon the closing of the sale of substantially all their assets. Class 5 consists of all Allowed General Unsecured Claims not otherwise classified in the Plan. Within thirty days of the Effective Date, the Postconfirmation Trustee shall distribute to each Holder of an Allowed Class 5 Claim such Holder's Pro Rata share of an amount equal to the Remaining Sale Proceeds less (i) funds required to pay senior claims including Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, Allowed Priority Claims, and Wind Down Expenses, and (ii) the Holdback. Subsequent distributions to the Holders of Class 5 Claims shall be made at the discretion of the Postconfirmation Trustee from the Holdback, Cause of Action recoveries, and/or other Trust Assets in accordance with the Bankruptcy Code, the Plan, the Trust Agreement, and orders of the Bankruptcy Court. Class 5 is Impaired and, therefore, is entitled to vote to accept or reject the Plan. Class 6A consists of the Connect Preferred Equity. Class 6B consists of the Connect Common Equity. Class 6C consists of the Midco Equity. The Class 6A, 6B, and 6C Equity Interests shall be extinguished on the Effective Date. Classes 6A, 6B, and 6C are Impaired and, therefore, are entitled to vote to accept or reject the Plan. The Plan provides for the liquidation of substantially all the Debtors' Assets pursuant to the Sale Order. The Closing of the Sale occurred on October 1, 2025, in accordance with the Purchase Agreement, Sale Order, and Contracts Order. The Allowed Secured Claims of ESF and PIGI were paid in accordance with Articles 5.05 and 5.06 of the Plan. Except as otherwise expressly provided in the Plan: (a) all Allowed Secured Tax Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims shall be paid on the Effective Date from the Remaining Sale Proceeds; and (b) the Holders of Allowed Class 5 Claims shall be paid in accordance with Article 5.07 of the Plan from the Remaining Sale Proceeds and any other Trust Assets. The Disclosure Statement is approved. A full-text copy of the Amended Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=91XcJ3 from PacerMonitor.com at no charge. The Plan is confirmed pursuant to 11 U.S.C. Sec. 1129. The Court will conduct a post-confirmation status conference on March 12, 2026. A copy of the Court's Order dated February 24, 2026, is available at http://urlcurt.com/u?l=WTfo8dfrom PacerMonitor.com. About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect and iCore Midco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-03390) on June 2, 2025. In its petition, iCoreConnect reported between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the cases. The Debtors tapped Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA as bankruptcy counsel and Bhavsar Law Group, PA as special immigration counsel. IMPERIAL 1 LLC: Dwayne Murray Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq., at Murray & Murray, LLC, as Subchapter V trustee for Imperial 1, LLC. Mr. Murray will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dwayne Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd., Suite B Baton Rouge, LA 70809 Tel: (225) 925-1110 Fax: (225) 925-1116 Email: dmm@murraylaw.net About Imperial 1 LLC Imperial 1, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. La. Case No. 10102) on February 6, 2026. Mark Ladd, Esq., represents the Debtor as legal counsel. INCREDIBLE ESCAPE: Hires Ted Leland Accounting as Bookkeeper ------------------------------------------------------------ Incredible Escape Rooms, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Ted Leland Accounting and Business Services, LLC as bookkeeper. The firm will provide monthly and yearly bookkeeping services. The firm will be paid at the rate of $55 per hour. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ted Leland Accounting and Business Services, LLC 1902 East Lamar Road Phoenix, AZ 85016 About Incredible Escape Rooms, LLC Incredible Escape Rooms, LLC is an experiential entertainment company that operates escape room venues featuring themed, puzzle-driven attractions. It caters to groups, private parties, and corporate events within the interactive leisure sector. Incredible Escape Rooms filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-00038) on January 5, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case. The Debtor is represented by Patrick F. Keery, Esq., at Keery McCue, PLLC. ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until March 17 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued a fifth interim order allowing ISAVA Enterprise, Inc. to use cash collateral through March 17. The fifth interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. As adequate protection, secured creditors were granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured as further protection to secured creditors. The next hearing is scheduled for March 17. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/R94dO from PacerMonitor.com. As of the petition date, the Debtor held $5,418.45 in its operating account. These funds, together with future operating income such as room revenues, constitute cash collateral. Prior to its Chapter 11 filing, the Debtor obtained a $586,100 loan from Locality Bank, a Florida banking corporation. This loan is purportedly secured by a lien on the Debtor's cash and cash equivalents. Locality Bank may assert a first priority security interest in the Debtor's cash and cash equivalents by virtue of a UCC-1 financing statement filed with the State of Florida. Locality Bank is represented by: J. Ellsworth Summers, Jr., Esq. Burr & Forman LLP 50 North Laura Street, Suite 3000 Jacksonville, FL 32202 Phone: (904) 232-7200 Fax: (904) 232-7201 ESummers@burr.com About ISAVA Enterprise Inc. ISAVA Enterprise, Inc., doing business as Ideal Spine and Wellness, provides chiropractic and spine-related healthcare services at their Kissimmee, Florida location. Based on their business name and industry, the company likely offers spinal adjustments, therapeutic treatments, and wellness services focused on spinal health and overall wellbeing. ISAVA Enterprise sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04399) on July 16, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. JACKSON HOSPITAL: PCO Reports No Staffing Shortages --------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Alabama her sixth report regarding the quality of patient care provided by Jackson Hospital & Clinic, Inc. and affiliates. In the report which covers the period December 18, 2025 to February 16, 2026, the ombudsman representatives met with the chief operating officer and the chief nursing officer during the two unannounced visit to Jackson Hospital. The PCO representative found the kitchen clean and organized, with staff preparing meals for approximately 165 patients. Both the interim and new directors of Food and Nutrition were present and reported timely deliveries and positive vendor performance. The PCO representative reported that the 4 West medical-surgical telemetry adult/pediatric unit had 18 patients, with no pediatric patients present at the time of the visit. Staffing included four RNs and two techs. A patient interviewed praised the staff for effectively managing her post-surgical pain and providing supportive care during a significant personal decision. During the visit, the 3 East medical-surgical telemetry unit had 16 patients. The medication room was orderly, oxygen tanks were properly secured, and the clean utility room was fully stocked with no expired items. The code cart was available for emergencies, and the daily log sheet was complete. Meanwhile, the ombudsman reported that the 6 East/Emergency Department supply room was clean, organized, and well-stocked, with no expired items. The patient nourishment area was orderly, all food items were labeled, and refrigerator and freezer temperature logs were complete and within acceptable ranges. Ms. Koenig did not observe any significant concerns during this report period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=P2vJyg from PacerMonitor.com. The PCO can be reached at: Suzanne Koenig SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Fax: 847-446-8432 skoenig@sakhealthcare.com About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. Suzanne Koenig serves as patient care ombudsman. JB GROUP: U.S. Trustee Taps Pablo Bonjour as Chapter 11 Trustee --------------------------------------------------------------- David W. Asbach, the Acting U.S. Trustee for Region 5, seeks approval from the United States Bankruptcy Court Middle District of Louisiana to appoint Pablo Bonjour as Chapter 11 Trustee of JB Group of LA, LLC d/b/a ISG Infrastructure Group. The Chapter 11 Trustee bond is initially set in the total amount of $839,846.88. The bond may require adjustment as the Chapter 11 Trustee collects and liquidates assets of the estate, and the Chapter 11 Trustee is directed to inform the Office of the United States Trustee when changes to the bond amount are required or made. Mr. Bonjour asserts that he has no connections with the Debtor, creditors any other parties in interest, their respective attorneys and accountants, the United States Trustee, or any person employed in the Office of the United States Trustee. Pablo Bonjour can be reached at: Pablo Bonjour 717 Texas Ave.,12th Floor Houston, TX 77002 Telephone: (713) 363-0296 Email: pablo@vrg.co About JB Group of LA, LLC d/b/a Infrastructure Solutions Group JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Paul Douglas Stewart, Jr., Esq. at Stewart Robbins Brown & Altazan, LLC. JDM PROPERTIES: Property Sale Proceeds to Fund Plan Payments ------------------------------------------------------------ JDM Properties, LLC filed with the U.S. Bankruptcy Court for the Northern District of West Virginia a Plan of Reorganization dated February 17, 2026. The Debtor was created October 7, 2008. Its shareholder officers are Joe Mayle and Diane Mayle. It proceeded to purchase rental properties in Marion and Monongalia Counties, WV, some of which after doing some remodeling and repairs were sold. At the time of filing the Debtor had 13 separate parcels 1 of which was being sold under a Land Contract. The remaining 12 parcels include 26 separate rental units of which 1 is single family and 11 having multiple units. If fully rented, they would generate a gross of $21,429.31 monthly and after paying utilities and taxes, which are included in some units, the estimated net monthly income would be $12,413.00 at 100% occupancy. At the time of filing, only about 40% of the units were rented, 1 being charged no rents. The Debtor's goal was to achieve 70% occupancy of paying tenants or about 18 units but has historically been as high as 80%. Also, interest rate increases went up on Gaston Avenue which under the original payment was $446.96 and went up to $610.46. East Park was at $212.56 and then up to $245.51. The Debtor has been making repairs, all but 213 Watson Avenue which hopefully would be rentable or sale-able by the end of February 2026. 1 st Exchange Bank and WesBanco filed a Motion to Lift Stay and adequate protection and on cash collateral. A hearing is set for March 25, 2026 on 1st Exchange Bank's Motion. Debtor believes that WesBanco payment will be made before the end of February 2026. The Debtor has a net equity position of $491,450.00 according to their Bankruptcy Petition and anticipate a 100% payment through the sale of property on Watson Avenue, re-amortizing Dunkard Avenue property with 1st Exchange Bank and continuing to make their scheduled payments on the other properties. The Debtor acknowledges the cash/secured claim of 1st Exchange Bank as Class I but believes the fees to be excessive. They propose to re-amortize at the interest rate to be the till rate of 8.25% on the Dunkard Avenue property with 1st Exchange Bank and they do accept the claims and security interest of WesBanco and Clear Mountain Bank. United Bank, Freedom Bank and Frank Mrazeck would be Class II and the Watson Avenue properties will be sold as Class III. There are no unsecured creditors in the Bankruptcy. The Plan provides for three classes of secured claims (1 re-amortized, 1 paid off and the others continue under the original terms) and one equity class providing for the interest of the Debtor in the property of the estate. The Plan also provides for the payment of administrative claims. The Debtor believes this Plan will return 100% to all creditors and allow the Debtor to continue to run its business. Payments will be made as alluded to in this Plan. All property sold (Watson Avenue properties) will be sold free and clear of all liens and the assumed debt including 1st Exchange Bank's lien on Dunkard Avenue will remain in force and effect as modified. Upon closing of each sale of the Watson Avenue properties, the Debtor proposes to pay the net after sale expenses to 1st Exchange Bank. Upon satisfaction of 1st Exchange Bank's lien, the Debtor will then pay the Chapter V Trustee Administrative fee and any fees over the $1,000.00 in their attorney's Trust account and then their remaining attorney fees, which would then terminate the Chapter V's Trustee and Plan. This Plan is based upon the Debtor's belief that payments to creditors as provided herein will return more to the creditor body than they would receive under a liquidation by a Chapter 7 Trustee. Payments shall be in cash unless otherwise specified. Interest will accrue on claims in the amount specified in the Plan. The Debtor will use the sales proceeds to fund the Plan. A full-text copy of the Plan of Reorganization dated February 17, 2026 is available at https://urlcurt.com/u?l=imr83r from PacerMonitor.com at no charge. Counsel to the Debtor: D. Conrad Gall, Esq. D Conrad Gall Law Offices 3497 Fairmont Ave #2 Fairmont, WV 26554 Phone: (304) 363-5632 About JDM Properties LLC JDM Properties, LLC owns and manages residential and rental real estate in Marion and Monongalia Counties, West Virginia, including multiple properties in Fairmont, Morgantown, and Rivesville, with a combined value of $1 million. JDM Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. W. Va. Case No. 25-00656) on November 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by D. Conrad Gall, Esq. JERSEY AUTO: Seeks to Retain Vestcorp LLC as Accountant ------------------------------------------------------- Jersey Auto Trans LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to retain Vestcorp, LLC to serve as Accountant to the Chapter 11 Debtor. Vestcorp, LLC will provide these services: (a) prepare monthly operating reports; (b) prepare financial aspects of a Ch. 11 plan and disclosure statement; (c) assist the Debtor and their Counsel with the above; and (d) provide related accounting services required for the administration of the cases. Vestcorp, LLC proposes these hourly rates: Managing Director $400 Principal $350 Accountant $250 Associate $195 According to the application, the professional: (a) does not hold an adverse interest to the estate; (b) does not represent an adverse interest to the estate; (c) is a disinterested person under 11 U.S.C. Sec. 101(14); and (d) does not represent or hold any interest adverse to the debtor or the estate with respect to the matter for which he/she will be retained under 11 U.S.C. Sec. 327(e). The firm can be reached at: Irv Schwarzbaum VestCorp, LLC 623 Eagle Rock Ave, Ste 364 West Orange, NJ 07052 About Jersey Auto Trans LLC Jersey Auto Trans, LLC provides freight and logistics services across the continental United States, operating a fleet of dry van and temperature-controlled trucks for transportation of general and perishable cargo. Based in Clifton, New Jersey, the company offers drayage, refrigerated, and long-haul trucking services, focusing on compliance, safety, and fleet maintenance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11557) on February 11, 2026, with $1,386,158 in assets and $2,699,384 in liabilities. Ali Tatarkulov, member, signed the petition. Brian G. Hannon, Esq., at Norgaard O'Boyle Hannon represents the Debtor as legal counsel. JOAN SAMUEL HANNA: Creditor Loses Bid for Chapter 7 Conversion -------------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts denied the request of creditor John Hanna to reconsider the order that denied his motion to convert Joan Samuel Hanna's Chapter 11 bankruptcy case to Chapter 7. As shared by the Troubled Company Reporter, the Bankruptcy Court on Dec. 10 issued a proceeding memorandum and order denying the motions filed by John Hanna to convert the Debtor's chapter 11 petition to chapter 7 pursuant to 11 U.S.C. Sec. 1112 and Sec. 1112(b). Mr. Hanna's demand that the escrow that is held by Debtor's counsel be immediately surrendered and held escrow by the court is also denied. The court declined the demand of Mr. Hanna that the U.S. Trustee's Office intervene due to the Debtor's habitual delinquency and failure to file monthly operating reports. Joan Samuel Hanna filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 23-10429) on March 24, 2023, listing under $1 million in both assets and liabilities. The Debtor is represented by Joseph Butler, Esq. JOBEE EXPRESS: Smith Debnam Advises Crossroads & Flagstar --------------------------------------------------------- In the Chapter 11 bankruptcy cases of Jobee Express, LLC and its debtor-affiliates, Smith Debnam Narron Drake Saintsing & Myers, LLP filed with the United States Bankruptcy Court for the Western District of North Carolina, Charlotte Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that it serves as attorneys for Crossroads Equipment Lease and Finance, LLC and Flagstar Financial & Leasing, LLC, creditors of Jobee Express, According to the Verified Statement, Smith Debnam, a limited liability partnership located in Raleigh, North Carolina, is counsel for the creditors whose names, addresses the nature and amounts of whose claims and the time of acquisitions, except as to claims alleged to have been acquired more than (1) year before the filing of said petition, are: A. Flagstar Financial & Leasing, LLC c/o Byron L. Saintsing Smith Debnam Narron Drake Saintsing & Myers, LLP PO Box 176010 Raleigh, NC 27619-6010 Nature of Claim Breach of a Master Equipment Finance Agreement Principal Amount $173,877.85 Time of Acquisition July 24, 2024 B. Crossroads Equipment Lease and Finance, LLC c/o Byron L. Saintsing Smith Debnam Narron Drake Saintsing & Myers, LLP PO Box 176010 Raleigh, NC 27619-6010 Nature of Claim Breach of a Master Equipment Finance Agreement Principal Amount $278,545.48 Time of Acquisition December 27, 2022 The firm was retained by Flagstar Financial & Leasing, LLC to represent its interests in the case related to the Master Equipment Finance dated September 13, 2022, and contract 7225, which was entered into by the Debtor and subsequently assigned to Flagstar Financial & Leasing, LLC, on which there remains a balance to be paid. The firm was retained by Crossroads Equipment Lease and Finance, LLC to represent its interest in the case related to the Master Equipment Finance Agreement dated September 13, 2022, and contracts 0305, 1080, 2689, on which there remains a balance to be paid. The firm does not own, nor has it ever owned, any claim whatsoever against the Debtors in this case, nor any equity securities to the Debtor. Each entity or person listed has consented to this joint representation. About Jobee Express, LLC Jobee Express, LLC is an interstate freight trucking company based in Pineville, North Carolina, that provides general freight transportation services across state lines, operating a fleet of trucks and drivers under federal authority. Jobee Express sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.C. Case No. 25-31361) on Dec. 17, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Jorge Nunez Silveira, president of Jobee Express, signed the petition. Judge Laura T. Beyer oversees the case. Rashad Blossom, Esq., at Blossom Law, PLLC, represents the Debtor as legal counsel. Counsel for Crossroads Equipment Lease and Finance, LLC and Flagstar Financial & Leasing, LLC: Byron L. Saintsing, Esq. SMITH DEBNAM NARRON DRAKE SAINTSING & MYERS, LLP P.O. Box 176010 Raleigh, NC 27619-6010 Tel: (919) 250-2000 Fax: (919)250-2100 E-mail: bsaintsing@smithdebnamlaw.com JUMP HARLINGEN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Jump Harlingen Inc. and affiliates got the green light from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral. The court entered an interim order authorizing the Debtors to use the cash collateral of Cross River Bank, a secured lender, to pay the expenses set forth in their budget. Cross River Bank will receive replacement liens on all existing and after-acquired property of the Debtors, with the same priority, validity and extent as its pre-bankruptcy liens. The replacement liens do not apply to avoidance claims. In addition, the lender will receive monthly payments of $15,000 and superpriority administrative claims to protect against any decline in the value of its cash collateral. Termination events under the interim order include violation of the order, failure to file a Chapter 11 plan and disclosure statement during their exclusivity period; conversion or dismissal of the Debtors' bankruptcy cases; and appointment of a Chapter 11 trustee. The order is available at https://is.gd/MnFgLq from PacerMonitor.com. A further hearing is set for March 18. As of the Chapter 11 filing, the Debtors estimate total cash collateral of $15,000, comprised solely of $5,000 in cash per entity and no accounts receivable. Cross River Bank, serviced by ApplePie Capital, holds three separate $2 million loan agreements -- one for each Debtor -- executed between July 2021 and July 2022. As of the petition date, outstanding balances total approximately $3.7 million. The loans are secured by broad security agreements granting Cross River Bank a lien on substantially all tangible and intangible personal property at each franchise location. The agreements also contain cross-collateralization provisions tying all loans together. The Debtors operate Urban Air Adventure Park franchises -- indoor amusement centers offering trampoline attractions, climbing walls, obstacle courses, ropes courses, birthday parties, and special events. About Jump Harlingen Inc Jump Harlingen Inc, Jump Colorado SpringsInc., and Jump Huntsville LLC are Texas-based companies operating as franchisees under separate agreements with a common franchisor, UATP Management, LLC, and managing indoor adventure and trampoline park locations. The three companies function within the leisure and recreation industry, focusing on family entertainment and indoor activity centers. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90334) on February 16, 2026. In the petition signed by Aubrey Hall, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Leonard H. Simon, Esq., at Pendergraft & Simon, LLP, represents the Debtors as general bankruptcy counsel. K & M AMUSEMENT: Case Summary & 10 Unsecured Creditors ------------------------------------------------------ Debtor: K & M Amusement Center, LLC MVP Family Fun Center Merrimack Valley Pavilion Family Fun Center 2087 Main Street Tewksbury MA 01876 Business Description: K & M Amusement Center, LLC, based in Tewksbury, Massachusetts, operates family entertainment facilities including arcades, laser tag, and mini-golf under the Merrimack Valley Pavilion and MVP Family Fun Center names, serving the local and regional market in the amusement and recreation industry. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-40200 Debtor's Counsel: Douglas Beaton, Esq. BEATON LAW FIRM 800 Turnpike Street 300 North Andover MA 01845 Tel: 978-975-2608 E-mail: bankruptcy@douglasbeaton.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Angelica Morales as manager. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HK524DY/K__M_Amusement_Center_LLC__mabke-26-40200__0001.0.pdf?mcid=tGE4TAMA KAMY LV LLC: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: Kamy LV, LLC 17725 Revello Dr Pacific Palisades, CA 90272-4166 Business Description: Kamy LV, LLC owns a single-family home located at 17725 Revello Dr, Pacific Palisades, CA 90272-4166, with an estimated value of $3.2 million. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11742 Judge: Hon. Barry Russell Debtor's Counsel: Michael. R. Totaro, Esq. TOTARO & SHANAHAN, LLP PO Box 789 Pacific Palidades CA 90272 Tel: (310) 804-2157 E-mail: Ocbkatty@aol.com Total Assets: $8,177,209 Total Liabilities: $3,160,331 The petition was signed by Kamran Benjamin as managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2H2S6GI/Kamy_LV_LLC__cacbke-26-11742__0001.0.pdf?mcid=tGE4TAMA KARYOPHARM THERAPEUTICS: Boosts Authorized Common Shares to 106MM ----------------------------------------------------------------- Karyopharm Therapeutics Inc. held a Special Meeting of Stockholders. The following is a summary of the matters voted on at the Special Meeting. 1. The Company's stockholders adopted and approved an amendment to the Company's Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of the Company's capital stock from 58,333,333 to 111,000,000 and the number of authorized shares of the Company's common stock from 53,333,333 to 106,000,000. The results of the stockholders' vote with respect to such adoption and approval were as follows: Votes For: 9,436,123 Votes Against: 3,213,329 Votes Abstaining: 25,465 The Company filed a Certificate of Amendment of Restated Certificate of Incorporation with the Secretary of State of the State of Delaware on February 18, 2026 to effect the Share Increase Amendment. 2. The Company's stockholders approved a proposal to adjourn the Special Meeting to a later date or dates, if necessary to permit further solicitation of proxies in the event that there are insufficient votes for the adoption and approval of the Authorized Shares Proposal. The results of the stockholders' vote with respect to such approval were as follows: Votes For: 10,041,437 Votes Against: 2,594,322 Votes Abstaining: 39,158 Adjournment of the Special Meeting was deemed unnecessary because there was a quorum present and there were sufficient votes to adopt and approve the Authorized Shares Proposal at the Special Meeting. About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $96.23 million in total assets, $365.49 million in total liabilities, and $269.26 million in total equity. KEYLINK ENTERPRISES: Taps Law Offices of Krystina T Tran as Counsel ------------------------------------------------------------------- Keylink Enterprises seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Krystina T. Tran of Law Offices of Krystina T Tran to serve as bankruptcy counsel. Ms. Tran will provide these services: (a) assist and advise Debtor relative to the administration of this proceeding; (b) advise Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its business and property; (c) represent the Debtor before the Bankruptcy Court and advise the Debtor on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; (d) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; (e) attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent Debtor at all examinations; (f) communicate with creditors and other parties in interest; (g) assist Debtor in preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (h) confer with other professionals retained by Debtor and other parties in interest; (i) negotiate and prepare Debtor's chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on Debtor's behalf to obtain confirmation of the plan; and (j) perform all other necessary legal services and provide all other necessary legal advice to Debtor in connection with this chapter 11 case. Ms. Tran will receive an hourly rate of $600, and an hourly rate of $175 is for paralegals. The Debtor paid a $20,000 retainer, of which $3,000 was applied to pre-petition legal fees, with the remaining $17,000 held in trust for post-petition services subject to Court approval. The Debtor also paid $2,738 prepetition to cover the filing fee and recording fees and costs. Law Offices of Krystina T Tran 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: Krystina T. Tran, Esq. LAW OFFICES OF KRYSTINA T TRAN 17011 Beach Blvd, Suite 900 Huntington Beach, CA 92647 Telephone: (949) 797-9090 Facsimile: (949) 393-4999 About Keylink Enterprises Keylink Enterprises, a single-asset real estate entity, owns and manages the property at 38261 Shoal Creek Drive in Murrieta, California, valued at $1.56 million. Keylink Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:25-bk-13463-MH) on December 9, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Mark Houle oversees the case. Law Offices of Krystina T Tran is Debtor's legal counsel. KOOL AIR: Hearing Today on Bid to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, is set to hold a hearing today to consider extending Kool Air, LLC's authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's February 5 interim order. The interim order authorized the payment of the Debtor's operating expenses from the cash collateral in accordance with its budget; quarterly fees owed to the Office of the U.S. Trustee; and additional expenditures, with written consent from secured creditor Olympus Lending, LLC. The interim order granted Olympus Lending and other secured creditors replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. About Kool Air LLC Kool Air, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00175) on January 16, 2026, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. KUBERA HOTEL: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------------- Kubera Hotel Properties, LP, filed with the U.S. Bankruptcy Court for the Northern District of California an Amended Combined Plan of Reorganization and Disclosure Statement dated February 16, 2026. The Debtor owns a hotel located at 900-920 University Avenue, Berkeley, California ("Hotel"). The Debtor's Hotel and cash collateral are unencumbered by the Wilmington Trust, N.A. loan and assignment of rents, securing their indebtedness totaling approximately $9,676,690.15. Prior to this filing, Wilmington began nonjudicial foreclosure proceedings by recording its Notice of Default and Election To Sell Under Deed of Trust with the clerk of Alameda County to foreclose on the Debtor's Hotel. The Debtor filed this Chapter 11 Case to stop the foreclosure of the Debtor's Hotel and sell the Hotel to pay creditors in full. The Hotel is worth approximately $17,000,000.00 million and exceeds the total owed to Wilmington and all creditor claims as of the petition fling date. Class 2 consists of any creditors whose allowed claims are disputed and subject to ongoing litigation. Each creditor will receive upon the sale of the Debtor's Hotel a single payment equal to their total allowed claim. The creditor in this class includes LaQuinta Inn Franchising, LLD with a claim amount of $932,000.00. Class 3 consists of Unsecured Claims. This class includes any creditors whose allowed claims are not disputed or subject to ongoing litigation. Each creditor will receive upon the sale of the Debtor's Hotel a single payment equal to their total allowed filed proof of claim unless there is a pending objection to claim. Class 3 includes the unsecured claims of ABC/Omega ($16,936); Duka Alloh (Compromised); East Bay Municipal Utility District ($31,506.74); Expedia, Inc. ($44,705.81); Miller Law Group, P.C. ($93,902.80); and Pacific Gas & Electric ($69,379.99). The Debtor's Hotel is generally operating at a loss and monthly disposable income is generally negative. The Debtor will fund the Plan from the sale of the Hotel. A full-text copy of the Amended Combined Plan and Disclosure Statement dated February 16, 2026 is available at https://urlcurt.com/u?l=XEoZ1U from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. 611 Veterans Blvd., Ste. 218 Redwood City, CA 94063 Telephone: (650) 366-4858 Facsimile: (650) 366-4875 About Kubera Hotel Properties LP Kubera Hotel Properties LP operates a 113-room hotel located at 920 University Avenue, Berkeley, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40996) on June 6, 2025. In the petition signed by Pradeep Kantilai T. Khatri, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Charles Novack oversees the case. The Law Offices of Ryan C. Wood, Inc., represents the Debtor as counsel. KURTIS TECHNOLOGIES: Christopher Hayes Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for Kurtis Technologies Co, LLC. Mr. Hayes will be paid an hourly fee of $510 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About Kurtis Technologies Co LLC Kurtis Technologies Co, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-30131) on February 12, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hannah L. Blumenstiel presides over the case. Chris D. Kuhner, Esq., at Kornfield Nyberg Bendes Kuhner & Little represents the Debtor as legal counsel. LARRY CARSON HALE: Court Tosses Suit vs. Eighteen Ninety-Six ------------------------------------------------------------ Judge Barbara Ellis-Monro of the U.S. Bankruptcy Court for the Northern District of Georgia will grant Eighteen Ninety-Six, LLC's motion to dismiss the amended complaint in the adversary proceeding case captioned as LARRY CARSON HALE, JR, Plaintiff, v. EIGHTEEN NINETY-SIX, LLC, Defendant, ADVERSARY PROCEEDING NO. 25-4012-BEM (Bankr. N.D. Ga.). All claims in the amended complaint are dismissed. Debtor-Plaintiff Larry Carson Hale, Jr. initiated this proceeding by filing a complaint on November 6, 2025, and an amended complaint on December 15, 2025. In the amended complaint, Hale asserts claims against Eighteen Ninety-Six, LLC ("ENS") for: (1) avoidance of transfers under 11 U.S.C. Sec. 544(b), O.C.G.A. Sec. 18-2-75(a), and Tenn. Code Sec. 66-3-306(a); (2) alternatively, avoidance of transfers under 11 U.S.C. Sec. 548(a)(1)(B); (3) recovery of avoided transfers under Sec. 550; (4) preservation of avoided transfers under Sec. 551; (5) unjust enrichment; (6) alternatively, quantum meruit; and (7) attorney fees. ENS filed a Motion to Dismiss or, in the Alternate, Abstain, in which it seeks to dismiss this proceeding as barred by the doctrines of claim splitting and prior pending action and for failure to state a claim for relief. Alternatively, ENS asks the Court to abstain from hearing counts 5, 6, and 7. On February 24, 2020, Hale entered into a Land Sale Contract to purchase 101 S. Court Square, Livingston, Tennessee. The purchase price was listed as $350,000, with a down payment required at the time of closing of $35,000, leaving a balance of $315,000. The balance of the purchase price was to be paid in 180 monthly installments of $2,573.82, with a balloon payment to be paid by February 28, 2025. Upon completion of the payment, title to the Property would vest in Hale. Hale filed this proceeding to recover money he invested into the Property, which substantially improved its value to ENS's benefit. ENS seeks to dismiss all counts in the complaint for failure to state a claim pursuant to Federal Rule of Civil Procedure 12(b)(6), made applicable by Federal Rule of Bankruptcy Procedure 7012(b). In Counts 1 and 2 of the amended complaint, Hale seeks to avoid as constructively fraudulent transfers the money he spent improving the Property. The primary dispute between the parties is whether Hale has sufficiently alleged that transfers took place. ENS argues that Hale's improvements to the Property do not constitute transfers because whatever rights Hale had in the Property expired by operation of the Contract when Hale defaulted under the terms of the Contract. The Court finds the transfers identified by Hale are not transfers of funds from Hale to ENS. Instead, they are transfers of funds from Hale to unspecified third parties, whose goods and/or services were used by Hale to improve the Property. According to the Court, Hale has not identified a transfer to ENS that can be avoided. Therefore, Counts 1 and 2 of the amended complaint will be dismissed. In Counts 3 and 4, Hale asserts claims for preservation of an avoided transfer under Sec. 551 and for recovery of an avoided transfer under Sec. 550(a). Because Hale has failed to state a claim for avoidance of a transfer under Sec. 544 or Sec. 548, he likewise fails to state a claim under Sec. 550(a) and Sec. 551, and Counts 3 and 4 of the amended complaint will be dismissed. In Counts 5 and 6, Hale asserts claims for unjust enrichment and quantum meruit, both of which are quasi contract claims. The Court agrees with ENS that Hale has failed to state a claim for unjust enrichment or quantum meruit because, in this case, there is a contract between the parties that covers the subject matter of the claims -- the ownership of the Property. The fact that the Contract does not expressly address improvements made by Hale does not mean that said improvements are somehow beyond the scope of the Contract. The Contract provides for the conveyance of the Property to Hale upon full payment. Therefore, Counts 5 and 6 will be dismissed. In Count 7, Hale seeks attorney fees under O.C.G.A. Sec. 13-6-11, which allows a plaintiff to recover expenses of litigation if the defendant has acted in bad faith, has been stubbornly litigious, or has caused the plaintiff unnecessary trouble and expense. Because Hale has otherwise failed to state a claim, he is not entitled to recover attorney fees. Therefore, Count 7 will be dismissed. A copy of the Court's Order dated February 23, 2026, is available at http://urlcurt.com/u?l=yPHT5l Larry Carson Hale, Jr. filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 25-40120) on January 30, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by William A. Rountree, Esq., at ROUNTREE LEITMAN KLEIN & GEER, LLC. LAUNDROMAT OF NEVADA: Hires Millennium Commercial as Broker ----------------------------------------------------------- Laundromat of Nevada, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Millennium Commercial Properties as broker. The broker will market and sell the Debtor's two laundromats: (i) 24 Hour Laundromat Lavanderia (Arville) located at 3380 Arville Street, Suites E, F, G, Las Vegas, Nevada 89102; and (ii) Laundromat Lavanderia (Valley View) located at 2560 S. Valley View Boulevard, Unit B, Las Vegas, Nevada 89102. The Debtor seeks to employ Millennium on a commission basis of $25,000 or six percent of the "Total Price," whichever amount is greater. Jeff Chain, broker from Millennium, assured the court that his firm is a "disinterested person," as defined by 11 U.S.C. Sec. 101(14) and modified by 11 U.S.C. Sec. 1107(b). The broker can be reached through: Jeff Chain Millennium Commercial Properties 3380 Arville St., Suite G Las VEgas, NV 89102 Office Phone: (702) 688-6400 Mobile Phone: (702) 688-6402 Fax: (702) 688-6402 Email: jeff@mpdnv.com About Laundromat of Nevada LLC Laundromat of Nevada LLC, doing business as 24 Hour Laundromat Lavanderia and Laundromat Lavanderia, operates a self-service retail laundromat providing washing and drying services. The Las Vegas, Nevada-based company serves local residential customers and operates in the dry cleaning and laundry services industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-17794) on December 23, 2025, with $1 million to $10 million in assets and liabilities. Tim Madsen, managing member, signed the petition. Judge August B. Landis presides over the case. Brett A. Axelrod, Esq. at Fox Rothschild, LLP represents the Debtor as legal counsel, LLC. LEGACY CARES: Court Rules on Shade Structure Lease Issues --------------------------------------------------------- Judge Daniel P. Collins of the U.S. Bankruptcy Court for the District of Arizona ruled on the cross motions for summary judgment filed by the parties in the adversary proceeding captioned as AZ ATHLETIC ASSOCIATES LLC, a Delaware Limited Liability Company, Plaintiff, v. NATIONAL SPORTS OPPORTUNITY PARTNERS, LLC, a North Dakota Limited Liability Company, Defendant, Counterclaimant, and Third-Party Plaintiff, v. AZ ATHLETIC ASSOCIATES LLC, a Delaware Limited Liability Company; MICHAEL BURKE; and J. DOE BURKE, Counter-Defendants and Third-Party Defendants, Adversary No. 2:24-ap-00062-DPC (Bankr. D. Ariz.). AZ Athletic Associates LLC's ("AAA") and Michael Burke's Motion for Summary Judgment requests that the Court find the facts to show the Pickleball Championship Court Shade Structure located at the sports facility AAA purchased in this bankruptcy case is part of the realty leased by AAA from its landlord Pacific Proving, LLC. AAA also argues the Shade Structure is subject to an unperfected financing agreement disguised as a lease. National Sports Opportunity Partners, LLC's ("NSOP") Motion for Partial Summary Judgment requests the Court find that the Shade Structure is personal property and NSOP retains its ownership interest. NSOP also contends the Shade Structure is subject to a true lease, not a disguised financing agreement. NSOP has told the Court this Shade Structure is worth about $772,000. AAA tells the Court it should not have to pay NSOP anything for AAA to maintain possession of the Shade Structure. The Court denies AAA's Motion for Summary Judgment on the disguised financing issue but grants AAA's Motion for Summary Judgment finding the Shade Structure is a fixture. The Court finds the Shade Structure is permanently affixed to the real property, just as the contracting parties intended. The Court finds there are genuine issues of material fact as to whether Shade Structure Lease is a true lease rather than an unperfected financing agreement. Finally, the Court also finds AAA is not estopped from claiming the Shade Structure is a fixture or that the Shade Structure Lease is actually a disguised financing agreement. A copy of the Court's Order dated February 12, 2026, is available at http://urlcurt.com/u?l=GXTneCfrom PacerMonitor.com. About Legacy Cares Legacy Cares, Inc., is a 501c3 non-profit organization dedicated to providing athletes and non-athletes of all ages, economic backgrounds and levels of athletic proficiency the opportunity to participate in sports and e-sports while fostering the enjoyment and camaraderie of teamwork and perseverance, key components in athletic competition and lifetime success. The organization is based in Mesa, Ariz. Legacy Cares sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02832) on May 1, 2023, with $242,329,104 in assets and $366,719,676 in liabilities. Douglas Moss, president of Legacy Cares, signed the petition. Judge Daniel P. Collins oversees the case. The Debtor tapped Henk Taylor, Esq., at Warner Angle Hallam Jackson Formanek, PLC as bankruptcy counsel; Papetti Samuels Weiss McKirgan, LLP and Slania Law, PLLC as special counsels; and Miller Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus & Co., Inc., as investment banker. Epiq Corporate Restructuring, LLC is the noticing, claims and balloting agent. The U.S. Trustee for Region 14 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and AlixPartners, LLP serve as the committee's legal counsel and financial advisor, respectively. LG PARENT: S&P Downgrades ICR to 'CCC+', Outlook Negative --------------------------------------------------------- S&P Global Ratings removed its ratings on U.S.-based LG Parent Holdco Inc. from CreditWatch with negative implications and downgraded its issuer credit rating to 'CCC+' from 'B-'. S&P said, "Concurrently, we lowered our issue-level rating on the company's first-lien term loan B to 'CCC+' from 'B-'. The recovery rating on this debt remains '3', reflecting our expectation for meaningful (50%-70%; rounded: 50%) recovery in the event of a payment default." The negative outlook reflects the potential for a lower rating if demand and cost pressures continue to weigh on the company's credit metrics and liquidity, increasing the risk of a default. LG Parent Holdco Inc.'s (the parent of operating entity Libbey Glass LLC) labor unions ratified new labor contracts, ending a prolonged strike. The company is now ramping its U.S. operations back to full capacity. Nonetheless, S&P expects Libbey will face demand and cost pressure that will keep profits and credit measures weak. S&P said, "The downgrade reflects our expectation Libbey will face demand and cost pressure, resulting in weak credit metrics in 2026. While Libbey resolved its protracted labor strike, we expect it will face continued top- and bottom-line pressure over the next year. The company reported a 4.4% year-over-year revenue decline during fiscal 2025 (ended Dec. 31, 2025). It has reported five consecutive quarters of revenue declines. "We believe Libbey will continue to experience demand pressure over the near term given ongoing affordability headwinds for U.S. consumers and slowing disposable income growth that could pressure sales across its foodservice, retail, and business-to-business channels. Consumer discretionary spending could decrease if the labor market continues to weaken and inflation picks up. We forecast revenues will be about flat in 2026 compared with last year, with increased pricing offsetting higher U.S. import tariffs and input costs offset by lower volumes." In February, Libbey reached an agreement for new labor contracts with certain labor unions from its Toledo, Ohio manufacturing and distribution facilities that had been on strike since August 22, 2025. S&P believes the renewed labor contracts include terms that will increase labor costs over the next few years. The company is implementing various cost saving initiatives to offset these costs but may not be able to fully offset them. Moreover, it incurred strike-related, one-time costs through early 2026, including fixed-cost overhead, temporary labor, restructuring, and security costs. S&P said, "We believe it will also experience added costs and inefficiency as it ramps up its furnaces to full capacity. We estimate lower demand and higher costs could prevent a material improvement in profitability and result in weak S&P Global Ratings-adjusted EBITDA to cash interest coverage of about 1.4x this year." Libbey imports a significant amount of its production from Mexico for its U.S. business, which are currently exempt from tariffs under the U.S.-Mexico-Canada Agreement (USMCA). The USMCA is up for review in July 2026. A revised agreement could result in significantly higher costs that could be difficult to pass on in a weak demand environment. Higher U.S. import tariffs from the renegotiation of the USCMA agreement are a risk to S&P's forecast. S&P said, "We project free operating cash flow (FOCF) deficits will persist in 2026, and Libbey faces refinancing risk. We believe Libbey's working capital needs may increase this year to restore inventory levels in certain products following the prolonged labor strike. Moreover, the company may need to increase safety stock ahead of furnace rebuilds. Libbey is implementing various initiatives to improve working capital efficiency, but these could take longer than expected or not fully generate expected benefits. We forecast profitability pressure, working capital buildup, and capital expenditure (capex) requirements will drive an FOCF deficit this year, which would represent Libbey's third consecutive year of negative FOCF generation. "We believe Libbey has sufficient liquidity to cover its near-term needs, including domestic cash on hand and asset-based lending (ABL) availability totaling about $64 million as of Dec. 31, 2025. Nonetheless, its $285 million senior secured term loan B matures on Nov. 22, 2027, and becomes current before the end of this year. While we believe the company will seek to extend the maturity on its term loan before it becomes current, persistent FOCF deficits could make it more difficult to refinance on current terms and conditions. "The negative outlook reflects the possibility we may lower our ratings if demand and cost pressures continue to weigh on Libbey's credit metrics and liquidity deteriorates." S&P could lower its ratings on Libbey if it foresees a default scenario over the subsequent 12 months. This could occur if: -- Its term loan B becomes current; -- It restructures its debt terms; or -- Its FOCF continues to weaken and liquidity becomes constrained such that it is unable to meet its debt service requirements. S&P could take a positive rating action if the company restores revenue and earnings growth, leading to EBITDA cash interest coverage approaching 1.5x and sustained positive FOCF generation. S&P believes this could happen if Libbey: -- Can offset higher labor costs through pricing or cost savings actions; -- Expands organic sales in its key channels; and -- Manages its working capital efficiently. LINEAS DE PUERTO: Hires BIO Counselors as Special Counsel --------------------------------------------------------- Lineas De Puerto Rico, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ BIO Counselors at Law, LLC as special counsel. The Debtor needs the firm's legal assistance in connection with the tax issues with the Puerto Rico Treasury Department, including the Administrative Revision of Notices of Deficiency issued by the Puerto Rico Treasury Department, and a litigation in Puerto Rico State Court captioned as Lineas de Puerto Rico, inc. v. Departamento de Hacienda, et. Al., Civil Case No. SJ2026CV00766). The firm will be paid at these rates: Tax Partner $300 per hour Tax Associates $185 per hour The firm will be paid a retainer in the amount of $2,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Santos 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: Antonio Bauza Santos BIO Counselors at Law, LLC Plaza 273, Suite 900 San Juan, PR 00917-1934 Tel: (787) 710-8262 About Lineas De Puerto Rico, Inc. Lineas de Puerto Rico, Inc. provides highway, street, and bridge construction services in Puerto Rico, operating as a construction contractor focused on public infrastructure projects. The Company undertakes roadway-related construction and related contracting activities and serves government and other clients across the island. Lineas de Puerto Rico Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-00298) on January 29, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. NELSON ROBLES-DIAZ LAW OFFICES, P.S.C. is the Debtor's legal counsel. LIZA HAZAN: Loses Bid to Strike Registration of Foreign Judgment ---------------------------------------------------------------- Magistrate Judge Marty Fulgueira Elfenbein of the U.S. District Court for the Southern District of Florida denied without prejudice Liza Hazan's Emergency Motion to Strike Registration of Foreign Judgment in the case captioned as JMB URBAN 900 DEVELOPMENT PARTNERS, LTD, Plaintiff, v. LIZA HAZAN, Defendant, Case No. 26-cv-20112-JAL (S.D. Fla.). Hazan's Supplemental Emergency Motion to Strike Additional Motions for Writs of Garnishment, Writs of Garnishment, and Motion for Writ of Execution, is denied without prejudice. This action arises out of a protracted debt collection dispute rooted in a Chapter 11 bankruptcy proceeding pending in the United States Bankruptcy Court for the Southern District of Florida, In re Liza Hazan a/k/a Elizabeth Hazan, Case No. 16-10389-RAM (S.D. Fla. Jan. 11, 2016). On January 11, 2016, Hazan filed a petition for relief under Chapter 11 of the Bankruptcy Code wherein she owed obligations to multiple creditors. Among them was JMB Urban 900 Development Partners, LTD, which held a final judgment from the Circuit Court of Cook County, Illinois, in the amount of $664,380.47. On April 18, 2016, JMB filed an adversary proceeding in the Bankruptcy Court, Adv. Proc. No. 16-01188, seeking a determination that the debt underlying the Illinois Judgment was nondischargeable pursuant to 11 U.S.C. Secs. 523(a)(2) and (6), on the grounds that Hazan had obtained money through fraud. The Adversary Proceeding was resolved by an Agreed Final Judgment entered on July 20, 2016. Under that judgment, the parties agreed that: (1) Hazan owed JMB $275,000 as a nondischargeable debt to be paid by July 20, 2018; and (2) the Adversary Proceeding Judgment shall be the surviving judgment against Hazan and shall be deemed to replace the Illinois Judgment, which shall no longer be valid or enforceable. The Bankruptcy Court confirmed Hazan's Chapter 11 plan in June 2018. The confirmed plan incorporated and provided for the payment of JMB's $275,000 nondischargeable claim on or before July 20, 2018. The confirmed plan incorporated and provided for the payment of JMB's $275,000 nondischargeable claim on or before July 20, 2018. On January 8, 2026, Kosachuk commenced this action by registering the Adversary Proceeding Judgment -- a judgment entered by the Bankruptcy Court -- and immediately sought writs of garnishment and execution against Hazan's bank accounts. The enforceability of that judgment, and whether it survives the confirmed Chapter 11 plan as an independently executable instrument, turns entirely on events and rulings in the Bankruptcy Court. A ruling by this Court permitting or barring collection on that judgment could alter Hazan's liabilities and freedom of action, and would directly impact the Bankruptcy Court's ongoing administration of the overlapping enforcement and plan-effect disputes it is already actively managing. Although this action is "related to" In re Hazan and the Adversary Proceeding, the District Court declines to transfer or refer it to the Bankruptcy Court. The referral mechanism under 28 U.S.C. Sec. 157(a) and Local Rule 87.2 exists to channel bankruptcy-related disputes to the court best positioned to resolve them. Hazan contends that the Adversary Proceeding Judgment is unenforceable, that collection cannot proceed in the bankruptcy forum, and that Kosachuk must start over with a new breach-of-contract action in state court; yet, before the District Court, she simultaneously argues that the Bankruptcy Court is the proper forum. According to the District Court, a transfer under these circumstances to the Bankruptcy Court would not channel this dispute to a single coherent forum -- it would effectively ensure that no court has authority to adjudicate Kosachuk's collection efforts. Although Hazan's request for a transfer to the Bankruptcy Court is denied, the Court concludes that a stay of these proceedings is appropriate under the Court's inherent authority. The action is stayed pending the resolution of the motions currently pending before the United States Bankruptcy Court for the Southern District of Florida in Adv. Proc. No. 16-01188-RAM. A copy of the Court's Order dated February 23, 2026, is available at http://urlcurt.com/u?l=fx48ULfrom PacerMonitor.com. Liza Hazan filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 16-10389) on Jan. 11, 2016, and is represented by Joel M. Aresty, Esq., in North Miami, Florida. LOVING KINDNESS: Updates Unsecureds & Priority Tax Claims Details ----------------------------------------------------------------- Loving Kindness Healthcare Systems, LLC, submitted a Third Amended Disclosure Statement to accompany Plan of Reorganization dated February 17, 2026. The Debtor's revenue generated in the ordinary course of business, in addition to certain other new business lines, shall provide sufficient funds to pay all required expenses and distribution under the plan. As part of the adversary proceeding against Scott Taylor, the Debtor subpoenaed bank statements, check transfers, and ACH records from PNC Bank from 2019 through the date of filing. With the records provided by PNC, as well as the 2024 payroll summaries prepared by Gloria Besley and the 2023 quarterly 941 returns, the Debtor determined no appropriate cause of action existed against any insiders of the Debtor pursuant to Section 547 and Section 548 of the Bankruptcy Code. As highlighted in the adversary proceeding, the Debtors record-keeping prior to petition date is inconsistent. The Debtor has reviewed the records available and has determined the cost and expense associated with pursuing any preference actions is not in the best interest of the estate. The Debtor shall maintain and continue to operate Loving Kindness Healthcare Systems, LLC. The Debtor's base annual net profit is expected to increase from $124,511 to $172,973 by 2030. The Debtor is also entering new business lines as a means to further increase revenue and profit and generate additional funds plan payments. Presently, the Debtor plans to operate these homes in the East Side of Pittsburgh, a location selected due to proximity to local hospitals, public transportation, and demonstrated demand for personal home healthcare. Bijani Davis is a licensed realtor and is evaluating both leasing and purchasing options. The Debtor will begin operating the first house as soon as regulatory approval is received and anticipates. compliance to be complete by March 31, 2026. Thus, the Debtor believes the first day of operations to be no later than April 15, 2026. The Debtor will ramp up the service to operate three houses by the end of year one of the Plan. Two insiders of the Debtor, Copa Davis and Bijani Davis, will offer their personal residence for usage as the first house, should the Debtor determine leasing and/or purchasing the first house is not feasible. Copa Davis and Bijani Davis will not charge the Debtor rent until all payments required under the Plan have been made, saving the Debtor approximately $4,500.00 in monthly expenses. The Debtor is implementing a behavioral health program, pursuant to existing licenses. The Debtor anticipates ramping up this service, beginning in January 2026, with two Behavioral Health Technicians ("BHT") and one clinical psychologist. For every two BHT's employed and clinical psychologist/advanced degree, the Debtor will see a revenue increase of $16,002.00 a month. The Debtor anticipates expenses at this rate to be approximately $11,160.00. Thus, the Debtor can expect a monthly profit increase of $4,842.00. The Debtor will ramp up offering this service through 2026. Priority Tax Claims: In accordance with section 1123(a)(1), Priority Tax Claims are not classified and will be treated in accordance with Article III of the Plan. Each Holder of a Priority Tax Claim shall be paid one hundred percent of its Allowed Priority Tax Claim through monthly plan payments over a five-year period beginning with the end of the month following the Effective Date. For the first one-hundred and eighty days, the Debtor will pay Priority Tax Claimants a reduced percentage of the total monthly plan payment, but will satisfy one hundred percent of the Allowed Priority Tax Claim by the end of the five-year term. After the first year of payments, the Debtor will have an approximate deficit of $160,000.00, should the Debtor have made equal payments over course of the full term. Accordingly, the Debtor will stretch the remaining $160,000.00 across the final four years, to ensure 100% treatment. Class 2 consists of General Unsecured Creditors. Holders of Allowed Claims in this Class will receive a pro rata distribution of their Claim upon the distribution of payments to this Class. Payments to this Class will be made in quarterly installments totaling 10% of the total Claims in the Class. Payments will begin in the first month of year two. Class 2 claims are impaired, and the Holder of a Class 2 Claim is entitled to vote to accept or reject the Plan. A full-text copy of the Third Amended Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=lTEf6Q from PacerMonitor.com at no charge. Loving Kindness Healthcare Systems, LLC, is represented by: Robert S. Bernstein, Esq. Gwenyth A. Ortman, Esq. Bernstein-Burkley P.C. 601 Grant Street, 9th Floor Pittsburg, PA 15219 Telephone: (412) 456-8100 Facsimile: (412) 456-8135 Email: rbernstein@bernsteinlaw.com About Loving Kindness Healthcare Systems Loving Kindness Healthcare Systems LLC is a state-licensed Home Health Care Agency. Loving Kindness Healthcare Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-22610) on Oct. 25, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Copa Davis, member, signed the petition. The Debtor tapped Robert S. Bernstein, Esq., at Bernstein-Burkley PC as counsel and Gloria J. Besley as accountant. LUCERO LLC: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: Lucero LLC 21 Lakewood Circle San Mateo, CA 94402 Business Description: Lucero LLC provides services related to real estate, including property management, real estate appraisal, and other support services. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-30160 Judge: Hon. Dennis Montali Debtor's Counsel: Matthew D. Metzger, Esq. BELVEDERE LEGAL, P.C. 1777 Borel Place, Suite 314 San Mateo, CA 94402 Tel: 415-513-5980 Fax: 415-513-5985 E-mail: info@belvederelegal.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Henry Richard Lucero as co-managing member. The Debtor listed Economic Concepts, Inc., with Michael Verdone as registered agent, located at 149 Wellesley Crescent, Redwood City, California 94062, as its only unsecured creditor related to promissory notes. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WSQGJ4Q/Lucero_LLC__canbke-26-30160__0001.0.pdf?mcid=tGE4TAMA LUMEN TECHNOLOGIES: Moody's Ups CFR to 'B2', Outlook Stable ----------------------------------------------------------- Moody's Ratings upgraded Lumen Technologies, Inc.'s (Lumen) corporate family rating to B2 from B3, and probability of default rating to B2-PD from B3-PD. Moody's upgraded Level 3 Financing, Inc.'s (Level 3) senior secured bank credit facility and backed senior secured first lien notes ratings to Ba3 from B1, and Level 3's backed senior unsecured notes ratings to B3 from Caa1. Moody's also upgraded Lumen's senior unsecured notes ratings to Caa1 from Caa2, and Qwest Corporation's (Qwest) senior unsecured notes ratings to Caa1 from Caa2. Moody's confirmed Lumen's B3 rating on the senior secured super priority first out revolving credit facility and Caa1 rating on the senior secured super priority second out revolving credit facility. The outlooks for Lumen, Level 3 and Qwest were changed to stable. These rating actions conclude the review for possible upgrade initiated on May 29, 2025. Lumen's speculative grade liquidity rating (SGL) remains unchanged at SGL-1 reflecting very good liquidity. The upgrades reflects a material improvement in the company's credit profile after the repayment of $4.8 billion in debt, improved performance in certain operating segments, solid demand for fiber capacity from large enterprises, and increased financial flexibility. The stable outlook reflects Moody's expectations that Lumen will maintain very good liquidity despite elevated levels of capital expenditures over the next twelve to eighteen months, and revenue and EBITDA declines will steadily moderate such that total-debt-to-EBITDA will approach 4.0x by year end 2026. RATINGS RATIONALE Lumen's B2 CFR reflects the company's materially improved credit profile and continued operating progress. On February 02, 2026, Lumen completed the previously announced sale of its Mass Markets fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for cash consideration of $5.75 billion, subject to post-closing adjustments and indemnities set forth in the purchase agreement. Concurrent with the closing, Lumen used all net proceeds from the transaction, together with a portion of cash on hand, to retire approximately $4.8 billion of outstanding debt, resulting in a meaningful improvement in its credit profile. The sale and debt repayment will lead to around $300 million of annual interest expense savings and an estimated $1 billion reduction in annual capital expenditures as the company shifts away from FTTH network expansion. Pro forma for the asset sale and debt reduction, Moody's expects Lumen's free cash to flow to improve materially and leverage to decline by more than one full turn of EBITDA, with total debt-to-EBITDA (inclusive of Moody's adjustments) projected at approximately 4.0x by year end 2026. Lumen has very good liquidity and has been successful in selling fiber connectivity and network management services to hyperscale customers. Pro forma for the asset sale and debt reduction, Moody's estimates Lumen's current cash position to be more than $1 billion. As of December 31, 2025, Lumen had secured approximately $13 billion in new long term contracts to provide fiber capacity and related services to large customers, including AWS, Google, Meta and Microsoft. These 20 year agreements include upfront cash payments to be received between 2024 and 2031, which materially strengthen the company's free cash flow generation and liquidity profile. At the same time, Moody's opinion continues to reflect the company's moderate, though improving leverage, sizable capital expenditure requirements, and execution risks associated with its ongoing efforts to modernize and expand its fiber rich network. Furthermore, Lumen has continued to report revenue declines, primarily driven by legacy mass market operations. For 2026 and 2027, Moody's projects revenue will decline by 11% (mostly driven by the sale of the FTTH business to AT&T Inc.) and 4%, respectively. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will maintain very good liquidity. This is supported by (i) around $1 billion in cash as of December 31, 2025, (ii) about $722 million in availability (net of $232 million in letter of credits) under the company's approximately $954 million senior secured revolving credit facility expiring in June 2028, (iii) Moody's expectations for material free cash flow generation in 2026 and 2027 , and (iv) a long dated debt maturity schedule with no significant maturities due prior to 2028. Lumen's corporate structure includes two layers of debt (secured/unsecured) at the holding company and two main operating company credit pools Qwest and Level 3 Parent, LLC with multiple classes of debt within each. At Lumen, Moody's rates the company's super priority first out revolving credit facility B3, one notch below the B2 CFR, reflecting its junior position relative to the Level 3 secured debt which has a first lien on the Level 3 assets, partially offset by the benefit of an unsecured guarantee it receives from Qwest. The B3 rating is also one notch above the Caa1 rating assigned to the super priority second out revolving credit facility, reflecting its higher payment priority in a default scenario. The Caa1 ratings on Lumen's senior unsecured notes reflect their structural subordination within the capital structure and lack of collateral support. At Level 3, Moody's rates the senior secured credit facility and senior secured notes (first lien) Ba3, two notches above the CFR, reflecting their structural seniority to all Level 3's senior unsecured notes (rated B3), and all debt at the Lumen holding company with respect to the Level 3 assets. At Qwest Corporation, Moody's rates Qwest's senior unsecured notes Caa1, two notches below the CFR and one notch below Lumen's super priority first out revolving credit facility. This rating reflects the unsecured guarantee that Qwest provides to Lumen's secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Lumen materially narrows the rate of revenue decline, and demonstrates the ability to grow EBITDA, maintains very good liquidity and achieves predictable and sustained free cash flow generation, and total debt-to-EBITDA (inclusive of Moody's adjustments) is sustained below 4.0x. The ratings could be downgraded if the company's liquidity position deteriorates, operating performance weakens, total debt-to-EBITDA (inclusive of Moody's adjustments) is sustained above 5.0x, or free cash flow (Moody's adjusted) weakens materially. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MAGLEV ENERGY: Gets Extension to Access Cash Collateral ------------------------------------------------------- Maglev Energy, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued its ninth interim order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments, the budgeted expenses plus up to a 10% variance per line item, and additional amounts with approval from the U.S. Small Business Administration, effective until further court order. The Debtor projects total operational expenses of $9,240 for March. As adequate protection for the Debtor's use of their cash collateral, the SBA and other creditors with a security interest in the cash collateral will be granted post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep the secured creditors' collateral insured. The next hearing is scheduled for March 17. About Maglev Energy Maglev Energy, Inc., a company in Seminole, Fla., engineers motor and generator technology including permanent magnet alternator, vertical wind turbine, and auxiliary power unit. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06552) on Nov. 5, 2024, with $241,312 in assets and $2,384,522 in liabilities. Jon Harms, executive vice president, signed the petition. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C. Blanchard, Esq. Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com MAIE JT AND KT: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Maie JT and KT Development LLC 8122 Maie Avenue LA, CA 90001 Business Description: Maie JT and KT Development LLC is a single- asset real estate company that owns one income-producing property. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11730 Debtor's Counsel: Marc Steven Applbaum, Esq. MIDWAY LAW FIRM APC 4275 Executive Square Suite 200 La Jolla CA 92037 Tel: 760-484-1203 Email: bobby@midwaylawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Utomo Tani as officer. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZZMJURY/Utomo_Tani_Maie_JT_abd_KT_Development__cacbke-26-11730__0001.0.pdf?mcid=tGE4TAMA MANNING LAND: Seeks to Tap Lewis R. Landau as Bankruptcy Counsel ---------------------------------------------------------------- Manning Land Company, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Lewis R. Landau, Attorney-at-Law as general bankruptcy counsel. Mr. Landau's services will assist the Debtor in fulfilling its duties under 11 U.S.C. Secs. 1106 and 1107 including all contested matters but excluding corporate, tax, employment/labor, real estate and securities related services. Mr. Landau will be paid at his hourly rate of $845 plus reimbursement for out-of-pocket expenses incurred. The attorney also received a total pre-petition retainer of $50,000 from the Debtor. ` Mr. Landau disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Lewis R. Landau, Esq. 22287 Mulholland Hwy., #318 Calabasas, CA 91302 Telephone: (888) 822-4340 Facsimile: (888) 822-4340 Email: Lew@Landaunet.com About Manning Land Company, LLC Manning Land Company, LLC is a single asset real estate company. Manning Land Company, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10731) on January 27, 2026. In its petition, the Debtor reports estimated assets ranging from $10MM to $50MM and estimated liabilities in the same range. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Lewis R. Landau, Esq. MARAGAL MEDICAL: U.S. Trustee Appoints Joseph Tomaino as PCO ------------------------------------------------------------ William Harrington, the U.S. Trustee for Region 1, appointed Joseph Tomaino at Grassi Healthcare Advisors, LLC as patient care ombudsman for Maragal Medical, P.C. To the best of the U.S. Trustee's knowledge and based on the PCO's verified statement, Mr. Tomaino has no connections with Maragal, creditors and other parties-in-interest in the bankruptcy case. The ombudsman may be reached at: Joseph Tomaino Chief Executive Officer Grassi Healthcare Advisors, LLC Phone: 212-223-5020 Fax: 212-755-6748 Email: jtomaino@grassihealthcareadvisors.com About Maragal Medical P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. MARTINES PALMEIRO: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------- Martines Palmeiro Construction, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement to accompany Chapter 11 Plan dated February 17, 2026. The Debtor was formed in March 2011 by Michael Martines and Corey Palmeiro as a general contractor. Since its formation, the Debtor was engaged in large scale construction projects throughout the Denver Metro Area. In 2022, the Debtor elected to begin a gradual winddown of its operations to allow the owners of the company to move onto different projects. The Debtor stopped taking on new projects in 2022 and began a gradual winddown project that included finishing projects that were already underway. In late 2024, a number of disputes that had remained unresolved during the course of the projects came to a head, resulting in significant claims begin asserted against the Debtor the course of several months. In addition to claims being asserted against the Debtor, the owners of large projects also ceased payments to the Debtor, resulting in an inability for the Debtor to pay its material suppliers and subcontractors. Without the funds to pay its subs and material suppliers, these parties began to file lawsuits against the Debtor and the owners of the various projects. As a result of the mounting lawsuits, the Debtor filed its voluntary petition pursuant to Chapter 11 to complete a controlled winddown of operations and liquidation of its claims and assets. During the pendency of the Debtor's Bankruptcy Case, the primary focus of the Debtor has been reaching a resolution with creditors and the owners of the various projects to reduce and eliminate claims against the estate while also resolving any claims the Debtor may have against the owners of various projects. The Debtor's efforts have been very successful, resulting in a resolution of over 95 subcontractor claims through payments by project owners and a reduction of claims against the estate by approximately $16 million. Class 6 is generally comprised of the unsecured claims against the Debtor's estate. The amount of unsecured claims will further be increased to the extent trust funds for the Fox Ironworks, CPS, and Plaza Projects are exhausted or released without paying such claims in full. The amount of unsecured claims are anticipated to decrease based on contractual defenses the Debtor has to such claims. As the Debtors proceeds with litigation or settlement on its pending turnover actions, it will be better situated to determine the actual amount and extent of unsecured claims against the estate. On the Effective Date of the Plan, the Equity Interests in the Debtor were owned by MPC Holding Company, LLC. Messrs. Michael Martines, Tony Lajimodiere, and Bin Liu hold interests in MPC Holding Company, but do not have a direct interest in the Debtor. The Plan provides for the liquidation of the Debtor through a pursuit of remaining claims and a final distribution to creditors. The Plan provides for the specification and treatment of all creditors and Interest holders of the Debtors. Class 6 is comprised of the Allowed General Unsecured Claims against the Debtor. Class 6 claims will receive a pro rata distribution from the Debtor from any funds received from Avoidance Actions or Causes of Action after payment of litigation expenses and after payment of prior claims. The Debtor anticipates that it will have at least $229,822.53 to distribute to unsecured creditors, which amount is comprised of the anticipated funds from the Bridgeford Litigation after payment of the Class 1 Claim. If the Debtor prevails on its claims against Plaza, it anticipates at least another $1 million for unsecured creditors depending on the final determination of the amount of Class 4 Claims. The Debtor is still evaluating the likelihood of additional funds that may be distributed to unsecured creditors. Class 7 includes the Interests in Martines Palmeiro Construction, LLC. Class 7 is impaired by the Plan. On the Effective Date of the Plan, all interests in the Debtor will be cancelled. The Debtor believes that even to the extent that the Class 6 creditors vote to reject the Plan, the Plan still complies with the absolute priority rule and is confirmable over the rejection of unsecured creditors pursuant to Section 1129 of the Bankruptcy Code, as Interest Holders will not receive anything on account of their equity interests until Class 6 creditors are paid in full, and equity interests will be canceled on the Effective Date of the Plan. Pursuant to the Plan, the Debtor shall be empowered to take all actions necessary to effectuate the Plan, make any distributions under the Plan, and make decisions regarding the litigation undertaken by the Debtor prior to confirmation that may be ongoing following confirmation of the Plan. Messrs. Martines, Lajimodiere, and Liu shall be empowered to take any and all actions necessary on behalf of the Debtor to complete its obligations under the Plan. No compensation shall be paid to the insiders with respect to the work necessary to effectuate the Plan. The Debtor's Plan is feasible based upon the Debtor's ability to effectuate a liquidation of the Plan. The distributions to creditors are largely based on the Debtor's ability to recover on its claims, both for turnover and other Causes of Action. While these claims are speculative in that litigation always carries a risk, the Debtor believes that it is in the best position to pursue these claims given that it is familiar with the claims and has all of the facts necessary to adjudicate the claims for the benefit of creditors. Because this is a liquidation, and not a reorganization, there are no other factors affecting feasibility at this time. A full-text copy of the Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=a9U3Rk from PacerMonitor.com at no charge. Martines Palmeiro Construction LLC is represented by: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: 303-832-2400 E-mail: klr@kutnerlaw.com About Martines Palmeiro Construction Martines Palmeiro Construction LLC is a Denver-based general contractor specializing in high-density residential, senior living, and retail commercial projects across Colorado and Texas. Founded in 2011, the firm offers services including general contracting, construction management, and design-build solutions. Martines Palmeiro Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-12313) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey A. Weinman, at Allen Vellone Wolf Helfrich & Factor, PC. MERCER INTERNATIONAL: S&P Downgrades ICR to 'CCC+', Outlook Neg. ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Mercer International Inc. to 'CCC+' from 'B-'. At the same time, S&P lowered its issue-level rating on the company's unsecured debt to 'CCC+' from 'B-'. S&P's '4' recovery rating on the notes is unchanged. The negative outlook reflects S&P's expectation for Mercer to generate negative FOCF and significant debt maturity over the next couple of years that it believes increases the possibility of another downgrade. S&P said, "Mercer's input costs are trending higher than we had expected, contributing to weaker prospective earnings and free operating cash flow (FOCF) that we think are likely insufficient to support its existing capital structure. "We now forecast Mercer International Inc.'s S&P Global Ratings-adjusted debt to EBITDA to be above 10x and EBITDA interest coverage near 1x in 2026 as the company also faces increased refinancing risks. "Our downgrade primarily reflects our view that Mercer's capital structure is unsustainable and unit costs will remain high. Mercer had a very challenging 2025 as input cost inflation (particularly with respect to fiber) and lower average realized pulp prices contributed to near-zero adjusted EBITDA, compared with our previous expectation of about $100 million, and a significant cash flow deficit. The company's pulp mills faced higher fiber costs from lower sawmill activities in Canada and less availability of beetle infested pulp fiber in Europe. In addition, the company's realized pulp prices declined 7%-8% as regional prices, particularly in China (which represents majority of the company pulp shipments), declined on weaker demand from tariff-induced uncertainty. "We now expect the company's pulp unit costs to remain elevated with only a modest increase in northern bleached softwood kraft (NBSK) pulp prices through 2027 as demand improves from easing trade tensions, customers replenish inventory levels, and the aggregate supply of NBSK globally remains stable. This combined with the company's cost-cutting initiatives should result in a more gradual improvement in the company's pulp segment earnings. In addition, we expect adjusted EBITDA contribution from the company's wood products segment, which has been negative over the last few years, to turn modestly positive in 2026 as growth in its mass timber business offsets weakness in its lumber and pallet businesses. "On a consolidated basis, we expect relatively low annual adjusted EBITDA generation of about US$100 million in 2026, contributing to adjusted debt to EBITDA of about 15x, adjusted EBITDA interest coverage just below 1x, and a FOCF deficit of about $90 million. Beyond this year, we expect higher pulp prices to drive modest adjusted EBITDA growth, albeit with cash flow generation remaining negative despite our expectation for Mercer's capital expenditures (capex) to approach maintenance levels. If operating conditions remain challenged or deteriorate, we expect the Mercer's cash flow deficits could increase and further weaken its liquidity position and prospects for refinancing." Mercer faces elevated refinancing risk associated with its upcoming debt maturities. As of Dec. 31, 2025, the company had about 20% of total gross debt due in 2027 including about $95 million drawn on its Canadian revolving credit facility due January 2027, and $200 million drawn on its German revolving credit facilities due September 2027. Mercer also has $400 million of senior unsecured notes due October 2028 and US$875 million of 5.13% notes due in February 2029. S&P said, "In our view, the company's near-term maturity profile makes it more dependent on favorable business conditions to improve earnings that support its ability to refinance and has less time to manage potential business or financial market-related setbacks. We believe Mercer's refinancing risk could increase over the next few quarters as it approaches the maturity of its German revolver and cash flow deficits continue to reduce the company's available liquidity." S&P said, "The negative outlook reflects our expectation for Mercer to generate negative FOCF and significant debt maturity over the next couple of years that we believe increases the possibility of another downgrade. "We could lower our ratings on Mercer over the next 12 months if we believe Mercer is likely to consider a distressed exchange offer or sub-par debt repurchase in the near term. This could occur if the company continued to generate cash flow deficit such that its liquidity position further deteriorates with poor prospects of returning and sustaining adjusted EBITDA above $200 million. "We could revise our outlook to stable or upgrade Mercer within the next 12 months if the company's earnings and operating cash flows trend well above our forecast. In this scenario, we could consider the company to be more likely able to address its upcoming debt maturities without entering into a transaction we would consider tantamount to a default." MILLER ROAD: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: Miller Road Holdings Limited Liability Company 81 Miller Road Morristown NJ 07960 Business Description: Miller Road Holdings Limited Liability Company holds a residential property at 81 Miller Road in Morristown, New Jersey, with an estimated valuation of $3.5 million. Chapter 11 Petition Date: February 26, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-12046 Debtor's Counsel: Lawrence S. Berger, Esq. BERGER & BORNSTEIN, LLC 237 South Street Morristown NJ 07960 Tel: (973) 993-8600 Email: lberger@uslandresources.com Total Assets: $4,000,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lawrence S. Berger as agent. 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/4LCZLNY/Miller_Road_Holdings_Limited_Liability__njbke-26-12046__0001.0.pdf?mcid=tGE4TAMA MISS AMERICA: Kluger Kaplan to Leave $500MM Ownership Dispute ------------------------------------------------------------- Carolina Bolado of Law360 reports that on Friday, February 27, 2026, Kluger Kaplan filed notice that it is withdrawing as counsel for a businessman in the $500 million Miss America pageant ownership case. The move came after a Florida federal court questioned the attorneys about documents that the court found to be fraudulent, putting the firm in conflict with its client. The documents in question were integral to the case, and the firm indicated that continued representation could create ethical violations. The withdrawal ensures Kluger Kaplan avoids professional jeopardy while adhering to legal ethics, the report cites. With the firm stepping aside, the businessman will need to engage new counsel to pursue his ownership claims in the ongoing litigation, which remains a high-profile, closely watched federal case, according to Law360. About Miss America Competition LLC Miss America Competition LLC is an annual competition open to women from the United States between the ages of 18 and 28. The competition's inception as a "bathing beauty review" was an act of rebellion during a time when women weren't permitted to wear swimsuits in public. In 1945, the organization started awarding scholarships to the winner instead of prize money, making Miss America one of the first organizations in the United States to offer college scholarships to women. Miss America Competition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on November 22, 2024. In the petition filed by Glenn Straub, as sole member and manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at KELLEY KAPLAN & ELLER, PLLC, in West Palm Beach, Florida. NAUTICAL IMPORTS: Unsecureds to Split $13,500 over 3 Years ---------------------------------------------------------- Nautical Imports, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated February 18, 2026. The Debtor is a Florida profit company organized by Articles of Organization filed with the Florida Secretary of State on June 26, 2018. The Debtor is an importer and wholesale distributor of seashells and home décor products made from shells. The Debtor has scheduled and claims filed for (i) secured claims in the amount of $683,533.22; and (ii) nonpriority unsecured claims in the amount of $419,966.07. The Debtor has sought use of chapter 11 to restructure its debts, streamline its financial structure, and attempt to resolve ongoing disputes with several creditors. This Plan provides for: 3 classes of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. Class 4 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $13,500.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $1,125.00 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $13,346, its projected Disposable Income. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the fifteenth day of the month, on the first month that is ninety days after the Effective Date and shall continue quarterly for a total of twelve quarterly payments. The estimated quarterly payments are as follows: Year 1 - $1,128.35 per quarter; Year 2 - $991.21 per quarter; and Year 3 - $1,216.91 per quarter. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated February 18, 2026 is available at https://urlcurt.com/u?l=vcRRlK from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey Ainsworth, Esq. Jennifer Morando, Esq. Branson Ainsworth, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Email: jeff@bransonlaw.com E-mail: jennifer@bransonlaw.com About Nautical Imports Nautical Imports, LLC is a Florida-based company that imports seashells, sea-life products, and coastal-themed home decor and distributes them through multiple channels. It sells individual items through its e-commerce websites, The Seashell Company, HS Seashells and Coastal Decor Store, offering craft shells and coastal home furnishings. Nautical Imports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24369) on December 4, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. NEWPORT OVERLOOK: Taps Omni Agent Solutions as Administrative Agent ------------------------------------------------------------------- Newport Overlook Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to hire Omni Agent Solutions, Inc. to serve as administrative agent. Omni will provide these services: (a) assist with, among other things, the preparation of Debtor's schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; (b) assist with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (c) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Chapter 11 Case; (d) generate stipulated orders soliciting Interest Owners' consent to a sale of the Property under section 363(h) of the Bankruptcy Code, collect and tabulate the same, and, if necessary, testify in support of the results; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan and accompanying confirmation order; (f) comply with applicable federal, state, municipal, and local statutes, ordinances, rules, regulations, orders, and other requirements; and (g) provide such other administrative services as may be requested from time to time by Debtor. Omni Agent's standard and custom services will be compensated at these hourly rates: Office Services $50-$75 Case Administration Services $80-$275 Claims Management $80-$275 Noticing Services $80-$275 Schedules and SOFA Services $80-$275 Solicitation Services $80-$295 Disbursement/Treasury Services $150-$295 Communications Services - Call Center $75-$175 Quality Control/Oversight Management $150-$275 Senior Management/Consulting Services $225-$275 Programming and IT Customization $95-$175 Prior to the Petition Date, Omni received a retainer of $17,500 to be applied to prepetition invoices and replenished as required. Omni 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: Paul H. Deutch, Executive Vice President Omni Agent Solutions, Inc. 5955 De Soto Avenue, Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 E-mail: Bosborne@omniagnt.com About Newport Overlook Association, Inc. Newport Overlook Association provides real estate brokerage services, assisting clients in buying, selling, and leasing residential and commercial properties. Newport Overlook Association, Inc. in Jamestown, RI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.R.I. Case No. 25-11000) on Dec. 17, 2025, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Amy Houle Caruso as president, signed the petition. Judge John A Dorsey Jr. oversees the case. CHASE RUTTENBERG & FREEDMAN, LLP serve as the Debtor's legal counsel. NIGHTFOOD HOLDINGS: TechForce Acquires Beer Bot IP for 7MM Shares ----------------------------------------------------------------- Nightfood Holdings, Inc. disclosed in a regulatory filing that its wholly owned subsidiary, TechForce Robotics, Inc., entered into and closed an Asset Purchase and IP Assignment Agreement with Christopher Erpelding as the Seller. Pursuant to the Agreement, TechForce purchased all pre-existing intellectual property, including but not limited to patents, software and trade secrets related to Beer Bot and its evolved platform "BIM-E,", an autonomous beverage robotics platform for the purchase price of 7,000,000 restricted shares of the Company's common stock. Additionally, TechForce and the Seller entered into an Intellectual Property Assignment Confirmation, whereby all of the intellectual property related to the Purchased Assets (as defined in the Agreement) were transferred to TechForce. In connection with the Agreement, TechForce entered into an employment agreement with the Seller. The Seller will serve as TechForce's Chief Mechatronics Architect and will be paid an annual salary of $100,000. Pursuant to the Employment Agreement, the Seller is eligible to receive performance-based equity or equity-linked awards. The performance-based awards are triggered by the achievement of incremental trailing 12-month revenue milestones. Each $5,000,000 TTM revenue milestone unlocks an award of warrants to purchase 10,000,000 shares of the Company's common stock at an exercise price of $0.04 per share. At the $10,000,000 TTM revenue milestone, the Seller will be entitled to 20,000,000 TTM Warrants. The total TTM revenue milestone will not exceed $50,000,000 in cumulative TTM revenue and 100,000,000 TTM Warrants. The Seller is also eligible to participate in a discretionary bonus, incentive, or commission programs. In Addition, the Seller is subject to a "work made for hire" provision, whereby, any Work Product (as defined in the Employment Agreement) is owned by the Company and the Seller irrevocably assigns to the Company all right, title and interest in any such Work Product. Management Commentary "The success at CES validated both our technology and our commercialization strategy," said Ried Floco, President of TechForce Robotics. "With full intellectual property ownership secured and a performance-based incentive structure in place, we believe we are well-positioned to execute on production expansion and long-term value creation." Full text copies of the Asset Purchase and IP Assignment Agreement, Intellectual Property Assignment Confirmation and Employment Agreement are available at https://tinyurl.com/285vtt4j, https://tinyurl.com/3t55c8t3, and https://tinyurl.com/mr37v345, respectively. About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of September 30, 2025, the Company had $128,793,702 in total assets, $40,350,129 in total liabilities, $106,324,241 in total temporary equity, and $17,880,668 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NIX GROUP: Leona Mogavero Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for Nix Group Enterprise, Inc. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About Nix Group Enterprise Inc. Nix Group Enterprise, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10617) on February 17, 2026, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Derek J. Baker presides over the case. Devin Uqdah, Esq., at Legis Group LLC represents the Debtor as legal counsel. NORCOLD LLC: Court Confirms Third Amended Chapter 11 Plan --------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware confirmed the third amended Chapter 11 Plan of Liquidation for Norcold LLC. As shared by the Troubled Company Reporter, Norcold LLC submitted an Amended Disclosure Statement for the Amended Chapter 11 Plan of Liquidation dated January 8, 2026. On December 12, 2025, the Bankruptcy Court entered an order (the "Bid Procedures Order") approving the Bid Procedures Motion. Among other things, the Bid Procedures Order set (i) a deadline of January 15, 2026 as the deadline by which interested parties were required to submit bids and (ii) a hearing to consider approval of the Sale for January 28, 2026 at 2:00 p.m. On January 7, 2026, the Debtor filed a proposed form of order (the "Sale Order") approving the Sale to the Stalking Horse Purchaser. If the Debtor receives other bids, conducts an auction, and determines that another bid or bids are higher or otherwise better, the Debtor will revise the proposed form of order accordingly. The Debtor commenced this chapter 11 case to implement a sale of all or substantially all of its Assets. Accordingly, the Debtor engaged in extensive negotiations with its primary stakeholders and reached an agreement for Dave Carter & Associates, Inc. ("DCA") to serve as the "Stalking Horse Bidder," subject to higher or otherwise better bids received during the auction process. The Debtor has entered into a stalking horse asset purchase agreement with DCA pursuant to which DCA will purchase substantially all of the Debtor's assets, subject to higher and better offers. The Debtor will distribute the proceeds from the Sale and liquidate any assets excluded from the Sale in accordance with the priority scheme set forth in the Bankruptcy Code. The Plan also provides for, among other things: (a) the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Class 1 Other Priority Claims, and Allowed Class 2 Other Secured Claims in full, or otherwise renders such Claims Unimpaired, (b) the appointment of the Liquidating Trustee pursuant to the mechanics set forth in the Plan, and (c) the establishment of a Liquidating Trust to (i) administer claims and liquidate and distribute the Liquidating Trust Assets to the Holders of Allowed Class 4 General Unsecured Claims and Class 5 Litigation Claims, and (ii) wind down the Debtor. As set forth in the Plan, the Liquidating Trust Assets will vest in and be transferred to the Liquidating Trust on the Effective Date and include all property of the Debtor's Estate not transferred pursuant to the Sale or distributed to holders of Allowed Claims on the Effective Date, including, without limitation, the Sale Proceeds and the Retained Causes of Action; provided, however, that the following shall not constitute Liquidating Trust Assets: (i) the Debtor's Cash reserved for payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Claims, and Allowed Other Priority Claims and (ii) the Professional Fee Reserve. The Holders of Allowed Class 4 General Unsecured Claims and Allowed Class 5 Litigation Claims will be the beneficiaries of the Liquidating Trust and will receive their pro rata share of the Class 4 Liquidating Trust Interests and Class 5 Liquidating Trust Interests, as applicable, which Class 4 Liquidating Trust Interests and Class 5 Liquidating Trust Interests will entitle the holders thereof to receive their pro rata share of the distributable proceeds from the Liquidating Trust Assets. In connection with the wind-down of manufacturing operations, the Debtor sold the manufacturing facility located in Sidney, Ohio to a third-party for approximately $6.5 million. Additionally, a separate, smaller building located in Sidney, Ohio was sold to a third-party for approximately $500,000. The Debtor transferred certain of its remaining equipment and tooling components to its affiliate, Thetford B.V., at book value of $330,500. The Debtor also sold approximately $1.6 million of inventory to Thetford B.V. in 2023, the price of which was based on the lower of cost or market. When the changes in market conditions decreased the anticipated demand for Norcold products, in 2024, Thetford B.V. wrote off approximately $1.5 million associated with inventory acquired from the Debtor. The proceeds from the real estate and inventory/equipment sales were swept by Yosemite and primarily used to pay down intercompany payables owed by Norcold to its non-Debtor affiliates. The Debtor has and continues to maintain records of intercompany transfers and transactions, the Debtor's records as of the Petition Date reflect an approximate $2.8 million receivable due from Yosemite. Class 4 consists of all General Unsecured Claims. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor or the Liquidating Trustee, as applicable, agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed General Unsecured Claim, each Holder thereof will receive its pro rata share of the Class 4 Liquidating Trust Interests, which Class 4 Liquidating Trust Interests shall entitle the holders thereof to receive their pro rata share of the distributable proceeds from the Liquidating Trust Assets. Class 4 is Impaired. The allowed unsecured claims total $4,000,000. To the extent a General Unsecured Claim is not assumed in connection with the Sale, the Debtor estimates such General Unsecured Claim will receive less than 2%. Class 5 consists of Litigation Claims. The Debtor believes that under certain circumstances Litigation Claims may receive a full distribution from proceeds available under applicable Insurance Policies. If a Litigation Claim does not satisfy the applicable retention amounts under an Insurance Policy, the Debtor estimates that such Litigation Claim will receive less than 2%. Subject in all respects to the provisions of the Plan concerning the Professional Fee Reserve, and except as otherwise provided for herein, the Debtor or the Liquidating Trustee (as applicable) shall fund distributions under the Plan from the Sale Proceeds, Cash on hand as of the Effective Date, and all other Liquidating Trust Assets. For the avoidance of doubt, if the Purchaser under the Sale is the Stalking Horse Purchaser, prior to Closing of the Sale, the Debtor shall fully draw the debtor-in-possession financing facility, and such Cash proceeds shall be used to fund distributions in accordance with the terms of this Plan. A full-text copy of the Amended Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=pRpv7i from PacerMonitor.com at no charge. Counsel to the Debtor: YOUNG CONAWAY STARGATT & TAYLOR, LLP Sean M. Beach, Esq. Matthew B. Lunn, Esq. Jared W. Kochenash, Esq. Daniel Trager, Esq. Roger L. Sharp, Esq. Rodney Square 1000 N. King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 E-mail: sbeach@ycst.com mlunn@ycst.com jkochenash@ycst.com dtrager@ycst.com rsharp@ycst.com The Plan, as and to the extent modified by this Confirmation Order, is approved and confirmed in its entirety pursuant to section 1129 of the Bankruptcy Code. All objections (including any reservations of rights contained therein) to the Confirmation of the Plan that have not been withdrawn, waived, or settled prior to entry of this Confirmation Order, are not cured by the relief granted herein, or are not otherwise resolved as stated by the Debtor on the record of the Confirmation Hearing, are overruled on the merits and in their entirety, and all withdrawn objections are deemed withdrawn with prejudice. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated February 20, 2026, is available at https://urlcurt.com/u?l=w7gIPl from PacerMonitor.com. About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on Nov. 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORTH COUNTRY: Seeks to Hire Fennemore as Special Counsel --------------------------------------------------------- North Country Healthcare, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Fennemore and its attorney, Ryan C. Curtis, Esq., as special counsel. Fennemore will provide these services: (a) assist the Debtor in addressing and responding to the U.S. Department of Labor's investigation as to the Debtor's self-funded health plan; (b) serve as counsel in that certain litigation pending before the U.S. District Court for the District of Arizona, case no. 3:25-cv-08235-MTL; and (c) assist the Debtor with securing coverage from Debtor' insurance carrier to help cover the legal fees incurred in connection with the ERISA Litigation. The firm will be paid at these hourly rates: Ryan C. Curtis Partner $670 Andrea L. Marconi Partner $640 David Sieck Associate $495 paraprofessionals $275–$390 Fennemore requires a $10,000 retainer to secure its services. Fennemore does not represent any interest adverse to the Debtor or to its bankruptcy estate with respect to the matters on which Fennemore is to be employed; however, Fennemore represents Ascend Healthcare, Inc., a creditor in this bankruptcy case, and proper conflict waivers have been obtained from both Ascend and the Debtor. The firm can be reached at: Ryan C. Curtis, Esq. FENNEMORE 2394 E. Camelback Road, Suite 600 Phoenix, AZ 85016 Telephone: (602) 916-3426 E-mail: rcurtis@fennemorelaw.com About North Country Health Care Inc. North Country HealthCare, Inc. is a federally qualified community health center in Flagstaff, Ariz., which provides comprehensive primary and preventive healthcare services, including medical, dental, behavioral health, and specialty care, to patients across Northern Arizona. The organization operates clinics in 11 communities along the I-40 corridor and surrounding rural and underserved areas, offering services such as family medicine, pediatrics, obstetrics and gynecology, telemedicine, and health screenings. Founded in 1991 as the Flagstaff Community Free Clinic, it has since expanded into the region's primary community health center. North Country HealthCare also supports education and clinical training for healthcare students. North Country Health Care sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-12293) on December 19, 2025, listing between $10 million and $50 million in both assets and liabilities. Judge Daniel P. Collins oversees the case. The Debtor is represented by Philip J. Giles, Esq., at Allen, Jones & Giles, PLC. NORTH STAR: Taps Omni Agent Solutions as Claims and Noticing Agent ------------------------------------------------------------------ The North Star Health Alliance, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Omni Agent Solutions, Inc. as notice, claims, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Paul Deutch, an executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About North Star Health Alliance The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq. and Jeffrey A. Dove, Esq. of Barclay Damon LLP. OFFICE PROPERTIES: Disclosure Statement for Chapter 11 Plan Okayed ------------------------------------------------------------------ Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas approved the Disclosure Statement for the Amended Joint Chapter 11 Plan of Reorganization of Office Properties Income Trust and its debtor affiliates. The Disclosure Statement is approved as containing adequate information within the meaning of section 1125 of the Bankruptcy Code, and the Debtors are authorized to distribute the Disclosure Statement and the Solicitation Packages in order to solicit votes on, and pursue confirmation of, the Plan. The following Confirmation Schedule is approved: Plan Supplement filing deadline - April 6, 2026 Voting deadline and deadline to return Release Opt-Out Forms and Release Opt-In Forms - April 13, 2026 at 4:00 p.m. (prevailing Central Time) Objection Deadline - April 13, 2026 at 4:00 p.m. (prevailing Central Time) Deadline to file Confirmation Materials, including Voting Declaration - April 17, 2026 Confirmation Hearing - April 20, 2026 As shared by the Troubled Company Reporter, Office Properties Income Trust and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement describing Joint Plan of Reorganization dated January 9, 2026. OPI is a real estate investment trust, or REIT, formed in 2009 under Maryland law. The Company owns and leases high-quality office and mixed-use properties in select, growth-oriented U.S. markets. OPI was initially a wholly owned subsidiary of HRPT Properties Trust (subsequently known as CommonWealth REIT) ("HRPT"). With 29 majority-government-leased properties at its inception, OPI, initially a subsidiary of HRPT, completed its initial public offering in June 2009, becoming a separate, publicly owned company. HRPT (then known as CommonWealth REIT) was the Company's largest shareholder until March 2013, when CommonWealth REIT sold all of the OPI common shares it held in a public offering. After evaluating various competing restructuring and financing proposals, these negotiations culminated in the Debtors and the Consenting Creditors, together with RMR, entering into a restructuring support agreement, dated as of October 30, 2025 (including any amendments, modifications and joinders thereto, the "Restructuring Support Agreement"). Under the terms of the Restructuring Support Agreement, the Consenting Creditors have agreed, subject to the terms and conditions of the Restructuring Support Agreement, to support a restructuring of the Debtors' existing capital structure and operations in chapter 11 and to vote to accept the Plan. Following the commencement of the Chapter 11 Cases, the Debtors and the Ad Hoc Groups reengaged in negotiations pursuant to a Bankruptcy Court-ordered mediation (the "First Mediation"), presided over by the Honorable Marvin Isgur, as mediator, to reach a comprehensive global restructuring settlement. Despite good faith negotiations over the course of several weeks, the parties to the First Mediation were unable to reach agreement and, accordingly, the First Mediation terminated on December 22, 2025. Despite the termination of the First Mediation, the Debtors, the September 2029 Ad Hoc Group, the Unsecured Notes Ad Hoc Group, and the Official Committee of Unsecured Creditors (the "Committee") agreed that a further, separate mediation (the "Second Mediation") would be beneficial to aid discussions on remaining issues among them and facilitate consensus with respect to the Debtors' proposed Restructuring. The Second Mediation commenced on January 5, 2026, and the Honorable Marvin Isgur again agreed to serve as mediator. The Second Mediation is ongoing and the parties thereto continue to engage in good-faith negotiations. However, as a settlement may not materialize, the Debtors seek to implement the transactions contemplated by the Plan, as they believe the Restructuring contemplated by the Plan and the Restructuring Support Agreement provides the Debtors with a viable path forward and a framework to successfully exit chapter 11 in a timely fashion. The proposed Restructuring will leave the Debtors' business intact and significantly deleverage the Debtors' capital structure, as its total funded indebtedness will be reduced from approximately $2.4 billion to approximately $1.3 billion, an approximately 46% debt reduction relative to the debt balance as of the Petition Date. This deleveraging will enhance the Debtors' position in a challenging real estate financing market and allow the Debtors to emerge from chapter 11 with a healthier balance sheet and the ability to continue owning and leasing office properties to high-credit quality tenants in markets throughout the United States. The Plan contemplates certain transactions, including, without limitation, the following transactions: * The Chapter 11 Cases are being financed by a $125 million non-priming, secured debtor-in-possession term loan facility funded by certain holders of the September 2029 Senior Secured Notes (the "DIP Facility"). * To fund certain recoveries under the Plan, OPI will issue secured notes (the "Secured Exit Notes") on the effective date of the Plan (the "Effective Date"), in the aggregate principal amount of up to $420 million. The Secured Exit Notes will generally be guaranteed by the same entities that guaranteed the September 2029 Senior Secured Notes and secured by the same collateral that secures the September 2029 Senior Secured Notes, subject to a customary intercreditor agreement, and the DIP Facility, subject to certain limitations. The Secured Exit Notes will bear interest at 10% annually, payable in cash, with a maturity date of five years from the Effective Date. * The Debtors will conduct certain equity rights offerings (the "Equity Rights Offerings"), which all Eligible Holders of Allowed Unsecured Notes Claims, Allowed 2027 Unsecured Claims, and Allowed September 2029 Unsecured Claims will be entitled to participate in. The Equity Rights Offerings comprise two offerings "ERO A," open to Allowed Unsecured Notes Claims, Allowed 2027 Unsecured Claims, and Allowed September 2029 Unsecured Claims, with proceeds being used to pay exit costs, and "ERO B," open to Allowed Unsecured Notes Claims, with proceeds to be used to pay down DIP Facility claims in cash. Class 10 consists of Unsecured Notes Claims. On or as soon as reasonably practicable after the Effective Date, except to the extent that a Holder of an Unsecured Notes Claim agrees to less favorable treatment of its Allowed Unsecured Notes Claim, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed Unsecured Notes Claim, each Holder of an Allowed Unsecured Notes Claim shall receive, at the option of the Debtors or Reorganized Debtors (as applicable) with the consent of the Required September 2029 Senior Secured Noteholders: * its Pro Rata Share of the Parent Equity Pool in a manner consistent with the provisions of section 1129(a)(7) of the Bankruptcy Code; and * to the extent such Holder is an Eligible Offeree as of the Applicable Times and Equity Rights Offerings are solicited, ERO A Subscription Rights and ERO B Subscription Rights in accordance with the Equity Rights Offering Documents and the Plan and subject to the Equity Rights Offering Procedures. Class 11 consists of Parent General Unsecured Claims. On or as soon as reasonably practicable after the Effective Date, except to the extent that a Holder of a Parent General Unsecured Claim agrees to less favorable treatment of its Allowed Parent General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed Parent General Unsecured Claim, each Holder of such Allowed Parent General Unsecured Claim shall receive treatment in a manner consistent with the provisions of section 1129(a)(7) of the Bankruptcy Code. Class 12 consists of Subsidiary General Unsecured Claims. On or as soon as reasonably practicable after the Effective Date, except to the extent that a Holder of a Subsidiary General Unsecured Claim agrees to less favorable treatment of its Allowed Subsidiary General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed Subsidiary General Unsecured Claim, each Holder of such Allowed Subsidiary General Unsecured Claim shall receive its Pro Rata Share of the Priority Guarantee Equity Pool up to its Pro Rata Share of the Subsidiary General Unsecured Claim Distributable Value at the applicable Subsidiary Debtor. The Disclosure Statement still has blanks as to the estimated allowed amount and percentage recovery for holders of unsecured claims. Pursuant to sections 363 and 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under this Plan, upon the Effective Date, the provisions of this Plan shall constitute a good faith compromise and settlement of all Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a Claim or an Interest Holder may have with respect to any Allowed Claim or Allowed Interest or any distribution to be made on account of such Allowed Claim or Allowed Interest, including pursuant to the transactions set forth in the Transaction Steps Exhibit, if any. Based upon such Financial Projections, the Debtors conclude they will have sufficient resources to make all payments required pursuant to the Plan and that confirmation of the Plan is not likely to be followed by liquidation or the need for further reorganization. The Financial Projections assume that the Plan will be consummated in accordance with its terms and that all transactions contemplated by the Plan will be consummated on or prior to an Effective Date of May 3, 2026. A full-text copy of the Disclosure Statement dated January 9, 2026 is available at https://urlcurt.com/u?l=68ODsx from PacerMonitor.com at no charge. A copy of the Court's Order dated February 24, 2026, is available at http://urlcurt.com/u?l=7SlYo5from PacerMonitor.com. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OFFICE PROPERTIES: Files Liquidation Analysis and Projections ------------------------------------------------------------- Office Properties Income (OPI) Trust disclosed in a regulatory filing that the Debtors filed a liquidation analysis, financial projections from May 1, 2026 through December 31, 2030, and a valuation analysis as Exhibits C, D, and E, respectively, to the Disclosure Statement. The Analyses and Projections have not been compiled, audited, or examined by independent accountants, and neither the Debtors nor their advisors make any representations or warranties regarding the accuracy of the Analyses and Projections or the ability to achieve forecasted results. The information contained in the Analyses and Projections is not a prediction or guarantee of the actual market value that may be realized through the sale of any securities to be issued pursuant to the Plan. The information in the Analyses and Projections is presented solely for the purpose of providing adequate information as required by Section 1125 of the Bankruptcy Code to enable the holders of claims entitled to vote to accept or reject the plan to make an informed judgment about the plan and should not be used or relied upon for any other purpose. The Debtors may further amend or supplement the Disclosure Statement. If the Disclosure Statement is approved by the Bankruptcy Court, the Debtors intend to promptly commence solicitation of votes on the Plan in accordance with the Bankruptcy Code, the applicable bankruptcy rules, and the applicable orders of the Bankruptcy Court. Copies of the Plan, the Disclosure Statement, and other filings with the Bankruptcy Court related to the Chapter 11 Cases are available for review and download, free of charge, on the website of the Debtors' claims, noticing, and solicitation agent at https://restructuring.ra.kroll.com/OPI or through the Bankruptcy Court's website, for a fee, at https://ecf.txsb.uscourts.gov. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. OLD WORLD: Hires Ark Financial Inc. as Accountant ------------------------------------------------- Old World Homes, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to Ark Financial Inc. as accountant. The firm will assist the Debtor in preparing tax-related documents and schedules, as well as providing payroll and other accounting-related services as may be needed. The firm will charge hourly rates of $150 for the accounting-related services. QuickBooks software subscriptions are billed at $500 per download. Mr. Fitch 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: Ben Fitch Ark Financial Inc. 155 Boardwalk Dr. Fort Collins, CO 80525 Tel: (970) 214-9688 About Old World Homes, LLC Old World Homes, LLC is a single asset real estate company. The company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10213) on January 14, 2026. Its petition reflects assets estimated between $1 million and $10 million and liabilities in the same range. The case is overseen by Judge Michael E. Romero. Legal counsel for the Debtor is Aaron A. Garber, Esq. OLE BISTRO: Seeks to Hire Petrocelli & Company as Accountant ------------------------------------------------------------ Ole Bistro, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Petrocelli & Company as accountant. The firm will prepare tax returns and related documents, assist in providing financial information to the Debtor in the preparation of its schedules, monthly operating reports and other filings and file monthly and quarterly returns for the Debtor as required. The firm charge these services fees: a. for 2025, the fourth quarter invoice is $1,950, which includes the quarterly accounting update; b. for 2025, the fee for pre-bankruptcy services should not exceed $1,250; c. for 2025, the annual invoice for corporate tax preparation, form 11205 and PA S, should total $ 1,650; and d. for 2026, in addition to our regular services, the firm will charge a fee of $900 per month for monthly operating report. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Anthony J Petrocelli, EA, a partner of Petrocelli & Company, 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: Anthony J Petrocelli, EA Petrocelli & Company 3961 Monroeville Blvd Monroeville, PA 15146 Tel: (412) 373-3373 About Ole Bistro, LLC Ole Bistro, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 26-20383) on Feb. 10, 2026. At the time of filing, the Debtor estimates up to $50,000 in assets and $500,001 to $1 million in liabilities. The Debtor hires Fuchs Law Office, LLC as counsel. ONE 7 COMMUNICATIONS: Taps Leavitt Legal Services as Legal Counsel ------------------------------------------------------------------ One 7 Communications, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Leavitt Legal Services, PC as counsel. The firm's services include: (a) aid the Debtor in filing the necessary documents required in a Chapter 1 Bankruptcy proceeding; (b) aid the Debtor in determining what is best for the estate; (c) institute, prosecute or defend any lawsuits arising from this matter in which the Movant, a Debtor may be a party; and (d) perform all other legal services for the Debtor which may be necessary and necessary for it to employ an attorney for these professional services. James Leavitt, Esq., the main attorney in this representation, will be paid at his hourly rate of $500. The firm received a retainer of $25,000, which came from the Debtor's corporate funds, and $1,738 for the filing fee. Mr. Leavitt disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James T. Leavitt, Esq. Leavitt Legal Services, PC 601 South 6th Street Las Vegas, NV 89101 Telephone: (702) 385-7444 Facsimile: (702) 385-1178 Mail: Jamestleavitt@gmail.com About One 7 Communications, LLC One 7 Communications, LLC operates as a limited liability company engaged in communications services. One 7 Communications, LLC sought protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10873) on February 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. James T. Leavitt, Esq. at Leavitt Legal Services, P.C. represents the Debtor as legal counsel. PALADIN CAPITAL: Seeks to Employ Sherrard Roe Voigt as Counsel -------------------------------------------------------------- Paladin Capital, Inc. and affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Sherrard Roe Voigt & Harbison, PLC to serve as their counsel. The firm will render these services: a. render legal advice with respect to the rights, powers, and duties of Debtors in the management of their property; b. prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other legal services as may be necessary or proper; c. assist and counsel Debtors in the preparation, presentation, and confirmation of their Plans of Reorganization; d. perform all other legal services that may be necessary and appropriate in the general administration of these estates; and e. assist and counsel Debtors through conversion to Chapter 7, including preparation of statements and schedules and representation at the meetings of creditors. The firm's hourly rates range from $410 for new associates to $1,060 for senior partners. Paralegal rates range from $300 to $390. Michael G. Abelow, the partner expected to perform the majority of the legal services, has an hourly rate of $720. Associate Brettson J. Bauer has an hourly rate of $460. Pre-petition, Sherrard Roe charged $119,089 ($75,639 in fees and $43,450 in filing fees) to Debtors, which was paid pre-Petition. According to court filings, Sherrard Roe Voigt & Harbison, PLC is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, subject to the disclosures set forth in the application. The firm can be reached at: Michael G. Abelow, Esq. Brettson J. Bauer, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue, Suite 1750 Nashville, TN 37203 Telephone: (615) 742-4532 E-mail: mabelow@srvhlaw.com bbauer@srvhlaw.com About Paladin Capital, Inc. Paladin Capital, Inc., based in Brentwood, Tennessee, is a holding company that owns and manages a group of operating subsidiaries primarily engaged in general freight trucking and related transportation services. Its operating companies, including Quickway Logistics, Quickway Carriers, Magnum Express, Volunteer Express, Dolphin Line, provide for-hire truckload transportation, logistics coordination, fleet leasing, maintenance, warehousing, and other support services across the United States. Paladin Capital, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00316) on January 26, 2026. In its petition, the debtor reported estimated assets of$10 million to $50 million and estimated liabilities of $100 million to $500 million. The case is handled by Honorable Bankruptcy Judge Charles M. Walker. The Debtor is represented by Michael G. Abelow, Esq., of Sherrard Roe Voigt & Harbison, PLC. Twenty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Paladin Capital, Inc. (Lead Case) 26-00316 Quickway Logistics, Inc. 26-00317 Quickway Carriers, Inc. 26-00318 Quickway Services, Inc. 26-00319 Quickway Transportation, Inc. 26-00320 CCL Permitting, LLC 26-00321 Capital City Leasing, Inc. 26-00322 Freight Contracting Services, LLC 26-00323 Volunteer Express, Inc. 26-00324 Robert Bearden, Inc. 26-00325 Dolphin Line, Inc. 26-00326 K&L, LLC 26-00327 RC Trailer Sales & Service Company, Inc. 26-00328 RC Enterprises, LLC 26-00329 SNL Distributing Services Corp. 26-00330 Central Logistics, Inc. 26-00331 L Street Ventures Inc. 26-00332 Magnum Express. Inc. 26-00333 Magnum Logistics, Inc. 26-00334 Magnum Warehouse Services, LLC 26-00335 SG Express, Inc. 26-00336 Wildhorse Fleet Services, LLC 26-00337 Sutherland National Insurance Company, LLC 26-00338 QW Leasing 26-00339 Nacarato Truck Leasing, WE#2, Inc. 26-00340 PARAMOUNT SKYDANCE: S&P Places 'BB+' ICR on CreditWatch Negative ---------------------------------------------------------------- S&P Global Ratings placed all its ratings on global diversified media company Paramount Skydance Corp. (PSKY), including the 'BB+' issuer credit rating and its issue-level ratings on its debt, on CreditWatch with negative implications. The CreditWatch placement reflects S&P's view that the potential merger with WBD will increase PSKY's leverage well above its 4.25x downgrade threshold for the current rating. On Feb. 26, 2026, Warner Bros. Discovery Inc. (WBD) announced it had determined that Paramount Skydance Corp.'s (PSKY) offer of $31 per share was superior to Netflix Inc.'s bid for the company's studio and streaming businesses. Following this, Netflix announced it had declined to raise its offer. S&P said, "PSKY's leverage will likely increase. While the company has yet to provide complete details around how it will finance the transaction, which we estimate will cost $111 billion (including the assumption of WBD's debt and a one-time $2.8 billion termination payment to Netflix), we believe the purchase will increase its leverage well above our 4.25x downgrade threshold for the current rating. We note that S&P Global adjusted leverage, which includes our adjustments for operating leases and restructuring charges and is net of cash, as of Dec 31, 2025 was 4.8x. PSKY has offered WBD's shareholders a daily ticking fee starting after Sept. 30, 2026, until the transaction closes, which could add $650 million each quarter in additional costs to the transaction. "Our view of PSKY's business could improve over the long term. We believe the acquisition of WBD will materially improve the company's business profile by significantly expanding the breadth and depth of its content and IP; however, it will also increase its exposure to linear TV. If PSKY successfully completes the merger and integration, we would likely view the pro forma company more positively because it would have an enviable collection of marquee IP and the largest library of film and television content in the world. This would provide the company with the content and library to compete in the global streaming space and potentially help offset the declines in its linear TV business. WBD's linear TV business remains important, despite the industry's ongoing secular decline, because it will provide PSKY with cash flow to invest in both its content and technology and expand its streaming service globally. "We would need to see evidence of operational and financial improvements before providing any ratings credit. The combination of PSKY and WBD could create a materially stronger business than either individual entity if PSC successfully integrates the acquisition and increases its revenue and EBITDA. However, this transaction presents unique challenges because it would involve the combination of three companies, with the smallest, Skydance, being the controlling entity. Given the history of large mergers and acquisitions, we would look for evidence of success before providing any ratings credit. As per our criteria, this would require the realization, rather than recognition on a pro forma basis, of potential cost synergies. "The CreditWatch negative placement reflects our view that the merger will increase PSKY's leverage well above our 4.25x downgrade threshold for the 'BB+' rating. Depending on the entity's final capital structure and management's deleveraging plans, we could lower our issuer credit rating by at least one notch. "In addressing the CreditWatch, we will evaluate PSKY's combined business and final capital structure and its plans to reduce its leverage (we note management has publicly commented that it desires to return to an investment-grade rating at all three ratings agencies). The company's plans to integrate the two businesses and achieve its $6 billion of projects synergies will be key to our assessment. That said, we will not incorporate these synergies in our analysis until they are achieved and will also incorporate the costs to achieve them. Finally, we will consider PSC's strategy to compete against its larger, better-capitalized peers and sustainably increase its revenue and cash flow over the long term." PATHFINDER AUTO: Gets Extension to Access Cash Collateral --------------------------------------------------------- Pathfinder Auto Recovery, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Virginia, Norfolk Division, to use cash collateral to fund its operations. The court approved the Debtor's continued use of cash collateral pending a further hearing on March 24. Under the interim order, the Debtor may use cash collateral in accordance with an approved operating budget, subject to a 20% variance per line item without exceeding total projected expenses. The Debtor projects 30-day total operational expenses of $134,257.21. Pathfinder operates repossession services across several Virginia locations and reported revenues exceeding $3.1 million in 2025. At filing, the Debtor held limited cash, accounts receivable of approximately $145,833, and heavily encumbered assets including tow trucks and vehicles. Its assets are primarily secured by a large Economic Injury Disaster Loan owed to the U.S. Small Business Administration, with an outstanding balance near $1.99 million. As adequate protection, the court required monthly payments of $9,930 to the SBA and granted the SBA replacement liens on post-petition assets to the same extent and priority as its prepetition liens. The Debtor must also provide monthly accounts-receivable reports and deposit account statements to the SBA. Several merchant cash advance creditors asserting security interests were not granted adequate protection at this interim stage. The order preserves the rights of all parties to challenge lien validity or priority at later proceedings. About Pathfinder Auto Recovery, LLC Pathfinder Auto Recovery, LLC, a Purple Heart Veteran-Owned business based in Portsmouth, Virginia, provides vehicle repossession and asset recovery services, including skip tracing, involuntary repossession, and asset location. It serves lenders nationwide and operates 24 hours a day, focusing on locating and recovering collateral. Pathfinder Auto Recovery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70131) on January 19, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Paul A. Driscoll, Esq., at Zemanian Law Group. PEAK NA US: Seeks to Hire Singerman LLP as Counsel -------------------------------------------------- Peak NA US RPM Acquisition Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Singerman LLP as counsel. The firm's services include: (a) give advice to the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare legal documents necessary for the efficient administration of this case; (d) protect the interests of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with its creditors and in the preparation of a plan. The firm will be paid at these rates: Attorneys $600 to $700 per hour Of Counsel and Associate Attorneys $450 per hour Legal Assistants and Paralegals $125 to $300 per hour In addition, the firm will seek reimbursement for expenses incurred. On November 7, 2025, Berger Singerman received an initial retainer in the amount of $15,000 from non-Debtor affiliate, Peak NA Construction US LLC, which was deposited into a Berger Singerman trust account. On December 3, 2025, Berger Singerman received a second retainer from the Debtor and the Affiliates in the amount of $250,000 from non-Debtor, Peak North America Holdings, Ltd. Mr. Peterson disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Edward J. Peterson, Esq. Berger Singerman LLP 1450 Brickell Avenue, Suite 1900 Miami, FL 33131 Tel: (305) 714-4375 Fax: (305) 714-4340 Email: jguso@bergersingerman.com About Peak NA US RPM Acquisition Inc. Peak NA US RPM Acquisition Inc., based in Irvington, Alabama, operates as a corporate acquisition vehicle focusing on industrial machinery and equipment for the wood-processing industry. Peak NA US RPM Acquisition Inc. sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Ala. Case No. 26-10280) on Jan. 30, 2026, listing as much as $10 million to $50 million in both assets and liabilities. Brian Fehr as director, signed the petition. Judge Henry A Callaway oversees the case. BERGER SINGERMAN LLP serve as the Debtor's legal counsel. PEEK LLC: Seeks to Hire McNamee Hosea PA as Bankruptcy Counsel -------------------------------------------------------------- Peek, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ McNamee Hosea, P.A. as its general bankruptcy counsel. The firm's services include: a. providing the Debtor legal advice with respect to its powers and duties as a debtor in possession and in the operation and management of the business; b. preparing any necessary applications, answers, orders, reports and other legal papers, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; c. assisting the Debtor in the confirmation of a plan; d. assisting the Debtor with other legal matters related to the Debtor's reorganization; e. performing all of the legal services for the Debtor that may be necessary or desirable. The firm received a retainer in the amount of $6,000. Justin Fasano, Esq., an attorney at McNamee Hosea, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Justin Fasano, Esq. McNamee Hosea, PA 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Facsimile: (301) 982-9450 Email: jfasano@mhlawyers.com About Peek, LLC Peek, LLC is an accounting and financial services firm wholly owned and managed by Christopher Peek, CPA. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00415) on Dec. 4, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Elizabeth L. Gunn presides over the case. Charles Earl Walton, Esq., at Law Office Of Charles E. Walton represents the Debtor as counsel. PING & BEAN: Seeks Approval to Hire Gabriel Pedraza as Accountant ----------------------------------------------------------------- Ping & Bean Cafe & Taproom, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Gabriel Pedraza to provide accounting and tax preparation services. The accountant will be paid $500 per month for her services. Ms. Pedraza assured the court that she is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The accountant can be reached at: Gabriel Pedraza 64523 Blanco Road San Antonio, TX 78216 About Ping & Bean Cafe & Taproom LLC Ping & Bean Cafe & Taproom, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52976-cag) on December 9, 2025. In the petition signed by Joseph O'Hare, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Craig A. Gargotta oversees the case. Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC, represents the Debtor as legal counsel. PIZZAHQ NJ 1: Mark Politan Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq., at Politan Law, LLC, as Subchapter V trustee for PizzaHQ NJ 1 LLC. Mr. Politan will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Politan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Politan, Esq. Politan Law, LLC 88 East Main Street #502 Mendham, NJ 07945 Cell: (973) 768-6072 mpolitan@politanlaw.com About PizzaHQ NJ 1 LLC PizzaHQ NJ 1 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-11822) on February 19, 2026, with $500,001 to $1 million in assets and liabilities. Brian Gregory Hannon, Esq. at the Law Office Of Norgaard O'Boyle represents the Debtor as legal counsel. PLANET GREEN: NYSE Accepts Compliance Plan Through June 8, 2027 --------------------------------------------------------------- Planet Green Holdings Corp. disclosed in a regulatory filing that it received a notice from The New York Stock Exchange that its regulatory department had accepted the Company's plan to regain compliance with the NYSE American LLC's continued listing criteria set forth in Section 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide and granted a plan period through June 8, 2027. As previously reported, on December 8, 2025, the Company received a notice from NYSE stating that the Company is not in compliance with the continued listing criteria of Section 1003(a)(i), (ii) and (iii) of the Company Guide. The Company submitted the Plan to NYSE Regulation addressing how the Company intends to regain compliance with these requirements. During the plan period, the Company must provide quarterly updates to NYSE Regulation concurrent with its periodic filings. If the Company does not regain compliance with the NYSE American continued listing standards by the Plan Period Deadline, or if the Company does not make progress consistent with its Plan during the plan period, then NYSE Regulation may initiate delisting proceedings. The Company may appeal a staff delisting determination in accordance with the NYSE American rules. The Company can provide no assurances that it will be able to make progress with respect to its Plan that NYSE Regulation will determine to be satisfactory, that it will regain compliance with Section 1003(a)(i), (ii) or (iii) of the Company Guide on or before the Plan Period Deadline, or that developments and events occurring subsequent to the Company's formulation of the Plan or its acceptance by NYSE Regulation, will not adversely affect the Company's ability to make sufficient progress and/or regain compliance with the aforementioned sections of the Company Guide on or before the Plan Period Deadline or result in the Company's failure to be in compliance with other NYSE American continued listing standards. About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.3 million in total assets, $12.9 million in total liabilities, and $573,528 in total stockholders' deficit. PORKY'S LLC: Hires RHRS Ruzomberka Holland as Accountant -------------------------------------------------------- Porky's, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ RHRS Ruzomberka Holland Smith Inc. as accountant. The firm will provide these services: -- prepare its income tax returns; -- provide quarterly payroll processing assisting for federal, state, and local taxes; -- assist with the preparation of the monthly operating reports required of a debtor-in-possession; and -- provide projections and other accounting assistance as needed by the Debtor. The firm will be paid $175 per hour for accounting assistance, an annual fee of $3,500 for tax preparation services, and a quarterly fee of $400 for payroll processing assistance. Mr. Firster 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: Shawn M. Firster, CPA RHRS Ruzomberka Holland Smith Inc. 1606 Carmody Ct #305 Sewickley, PA 15143 Tel: (724) 934-4600 About Porky's, LLC Porky's, LLC is a Pennsylvania limited liability company operating a single-location restaurant and bar. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20222) on January 26, 2026. In the petition signed by Nicholas Weiss, financial manager, the Debtor disclosed up to $500,000 in both assets and liabilities. Joanna D. Studeny, Esq., at Tucker Arensberg, P.C., represents the Debtor as legal counsel. POWER REIT: Bradley & Daytona Holds 5% Stake -------------------------------------------- Bradley & Daytona Railway and Land Co. LLC, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 18, 2026, it beneficially owns 16,860 shares of Series A Cumulative Redeemable Perpetual Preferred Stock with liquidation preference $25 per share of Power REIT, representing 5% of the shares outstanding. Bradley and Daytona Railway and Land Co. LLC may be reached through: Alexander Kachmar, Managing Member 5753 Highway 85 N PMB 5974 Crestview, FL 32536 Tel: 973-979-1329 A full-text copy of Bradley & Daytona Railway and Land Co. LLC's SEC report is available at: https://tinyurl.com/2s3mrfwx About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $28 million in total assets, $21.7 million in total liabilities, and $6.2 million in total equity. PREMIER ROOFING: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------ The Bankruptcy Court for the Middle District of Florida, Jacksonville Division, is set to hold a hearing today to consider extending Premier Roofing of Jacksonville, LLC's authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's February 5 interim order. The interim order authorized the payment of the Debtor's operating expenses from the cash collateral in accordance with its budget; quarterly fees owed to the Office of the U.S. Trustee; and any additional expenses approved by secured creditor, the U.S. Small Business Administration. The interim order granted the SBA replacement liens on post-petition cash collateral, with the same validity, priority, and extent as its pre-petition liens. Additional protection includes Premier's compliance with all debtor-in-possession obligations; insurance coverage; and access to business records and premises for inspection. 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. Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor as legal counsel. PURE BIOSCIENCE: All Four Key Proposals Approved at Annual Meeting ------------------------------------------------------------------ Pure Bioscience, Inc. held its Annual Meeting of Stockholders. Of the 111,886,485 shares of the Company's common stock outstanding as of the record date, 73,820,863 shares, or 65.97%, were represented at the Annual Meeting either in person or by proxy. The number of votes cast "For" and "Withheld" and "Against" and the number of "Abstentions" and "Broker Non-Votes" with respect to each matter voted upon are set forth below. Proposal 1: Election of Directors. The Company's stockholders elected each of Tom Y. Lee, CPA, Ivan Chen, Tom Myers, David M. Rendall, Robert Bartlett, Bernard Blotner and Darin Zehr with the approval of 97.82%, 98.07%, 96.52%, 96.83%, 96.55%, 96.85% and 96.86%, of the votes cast, respectively, to hold office until next year's Annual Meeting of Stockholders and until their respective successors are elected and qualified. The following shows the tabulation of the votes cast For and Withheld with respect to the election of each of the director nominees as well as the Broker Non-Votes submitted for each director nominee: 1. Tom Y. Lee, CPA For: 59,860,307 Withheld: 1,332,527 Broker non-votes: 12,628,029 2. Ivan Chen For: 60,011,852 Withheld: 1,180,982 Broker non-votes: 12,628,029 3. Tom Myers For: 59,061,293 Withheld: 2,131,541 Broker non-votes: 12,628,029 4. David M. Rendall For: 59,253,062 Withheld: 1,939,772 Broker non-votes: 12,628,029 5. Robert Bartlett For: 59,080,819 Withheld: 2,112,015 Broker non-votes: 12,628,029 6. Bernard Blotner For: 59,262,655 Withheld: 1,930,179 Broker non-votes: 12,628,029 7. Darin Zehr For: 59,273,777 Withheld: 1,919,057 Broker non-votes: 12,628,029 Proposal 2: Ratification of Auditors. The Company's stockholders ratified the appointment of Weinberg & Company, P.A., with the approval of 99.81% of the votes cast, as the Company's independent registered public accounting firm for the fiscal year ending July 31, 2026. For: 73,008,365 Against: 137,649 Abstentions: 674,849 Proposal 3: Executive Compensation. The Company's stockholders, on a non-binding, advisory basis, approved the compensation of the Company's named executive officers, with the approval of 96.68% of the votes cast, as disclosed in the Proxy Statement. For: 58,428,196 Against: 2,000,989 Abstentions: 763,649 Broker non-votes: 12,628,029 Proposal 4: Amendment to Certificate of Incorporation. The Company's stockholders approved an amendment to our Certificate of Incorporation to increase the authorized number of shares of Common Stock from 200,000,000 to 250,000,000 shares, with the approval of 63.87% of the outstanding shares of common stock, as disclosed in the Proxy Statement. For: 71,472,843 Against: 2,298,269 Abstentions: 49,751 No other items were presented for stockholder approval at the Annual Meeting. About PURE Bioscience Headquartered in El Cajon, California, PURE Bioscience, Inc. -- http://www.purebio.com/-- is dedicated to developing and commercializing proprietary antimicrobial products that address health and environmental challenges related to pathogen and hygienic control. The Company's technology platform is based on patented stabilized ionic silver, and its initial products contain Silver Dihydrogen Citrate, or SDC. This broad-spectrum, non-toxic antimicrobial agent is available in liquid form and various concentrations, distinguished by its superior efficacy, reduced toxicity, non-causticity, and the inability of bacteria to develop resistance. As of September 30, 2025, the Company had $1,186,000 in total assets, $6,732,000 in total liabilities, and $5,546,000 in total stockholders' deficit. Los Angeles, California-based Weinberg & Company, P.A., the Company's auditor since 2019, issued a "going concern" qualification in its report dated October 29, 2025, attached to the Company's Annual Report on Form 10-K for the year ended July 31, 2025, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities, and has a stockholders' deficiency at July 31, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. QVC GROUP: Delays Release of Q4 and Year-End 2025 Financial Results ------------------------------------------------------------------- QVC Group, Inc. has revised the expected timing of the release of its fourth quarter and year-end 2025 financial results, which had been scheduled for February 26, 2026. The Company now anticipates that it will report these financial results and file its Annual Report on Form 10-K within the timeframe specified as a non-accelerated filer under SEC guidelines. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Company Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its Company credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." REINFRO LLC: Seeks to Hire Lane Law Firm PLLC as Counsel -------------------------------------------------------- Reinfro, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Lane Law Firm, PLLC as counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigate the extent and validity of lien and claims, and participate in and review any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the appellate courts, and other courts in which matters may be heard and to protect the interests of the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm will be paid at these rates: Robert Lane, Partner $650 per hour Joshua Gordon, Partner $625 per hour Zach Casas, Associate $575 per hour Kyle Garza, Associate $550 per hour Paralegals $250 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments from the Debtor totaling $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Reinfro, LLC Reinfro, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-10023) on February 18, 2026, with $1 million to $10 million in assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm PLLC represents the Debtor as bankruptcy counsel. RIVULET ENTERTAINMENT: Reduces Cash Consideration in Asset Purchase ------------------------------------------------------------------- Rivulet Entertainment, Inc., (f/k/a Advanced Voice Recognition Systems, Inc.) disclosed in a regulatory filing that the Company and Rivulet Media, Inc., a Delaware corporation (Rivulet), collectively the Parties, entered into an addendum that amended the Asset Purchase Agreement, dated March 1, 2024 to reduce the cash portion of the purchase price from $3,500,000 to 12,900,000 restricted shares of common stock and 1,000,000 shares of Series C Preferred shares of the Buyer in lieu of the above stated cash amount of $3,500,000. All other terms and conditions of the Purchase Agreement shall remain in full force and effect. About Rivulet Entertainment Rivulet Entertainment, Inc. is an independent studio engaged in the production, distribution and marketing of star driven commercial feature-length films, television series and mini-series, and television movies, from initial creative development through principal photography, postproduction, distribution and ancillary sales. The Company also provides music production. Tampa, Fla.-based Victor Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred net losses and negative cash flow from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $18,338,415 in total assets, $25,805,778 in total liabilities, and $7,467,363 in total shareholders' deficit. RKST HOLDING: Joseph Schwartz Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for RSKT Holding LLC. Mr. Schwartz will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About RSKT Holding LLC RSKT Holding LLC is a Syracuse, New York-based real estate property management company operating under NAICS code 531312, managing nonresidential real estate assets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11661) on February 13, 2026, with $1 million to $10 million in assets and liabilities. Saurabh Tripathi, managing member, signed the petition. Donald F. Campbell, Jr., Esq., at GIORDANO, HALLERAN & CIESLA, P.C. represents the Debtor as legal counsel. ROBINSON GATEWAY: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: Robinson Gateway LLC 13281 Bigelow Ln Frisco, TX 75035-0783 Business Description: Robinson Gateway LLC is a single-asset real estate company that owns one income- producing property. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-40619 Debtor's Counsel: Manolo Santiago, Esq. HERRIN LAW, PLLC 12001 N Central Expressway Suite 920 Dallas TX 75243 Tel: (469) 607-8551 E-mail: Msantiago@herrinlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Govardhan Paka as managing member. The Debtor listed Mark Firmin, represented by Beard Kultgen Brophy Bostwick & Dickson PLLC in Waco, Texas, as its only unsecured creditor, with a business debt claim of $6.57 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FAUEMQA/Robinson_Gateway_LLC__txebke-26-40619__0001.0.pdf?mcid=tGE4TAMA RUSSELL E. FORCHION: Taps Daniel Reinganum as General Counsel ------------------------------------------------------------- Russell E. Forchion & Sons, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Daniel Reinganum of Law Offices of Daniel Reinganum, PC to serve as general counsel. Mr. Reinganum will provide these services: (a) prosecute a Chapter 11 bankruptcy case on behalf of the debtor; and (b) perform all other legal services for the Debtor which may be necessary in these proceedings. Mr. Reinganum shall receive an hourly rate of $425, paralegals $150 to $225, and administrative staff $75, plus reimbursement of out-of-pocket expenses, all subject to court approval. Law Offices of Daniel Reinganum, PC 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: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum, PC 615 White Horse Pike Haddon Heights, NJ 08035 Telephone: (856) 548-5440 E-mail: Daniel@ReinganumLaw.com About Russell E. Forchion & Sons, LLC Russell E. Forchion & Sons, LLC is a New Jersey-based limited liability company engaged in agricultural and farming-related operations. Russell E. Forchion & Sons, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11806) on February 18, 2026. In its petition, the Debtor reports estimated assets of $0â€“$100,000 and estimated liabilities of $100,001-$1,000,000. The Debtor is represented by Daniel L. Reinganum, Esq., of Law Offices of Daniel Reinganum, PC. S.E.M. LLC: Monique Almy Named Subchapter V Trustee --------------------------------------------------- Matthew Cheney, the Acting U.S. Trustee for Region 4, appointed Monique Almy, Esq., as Subchapter V trustee for S.E.M. LLC. Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an hourly fee of $800 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Almy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Monique D. Almy, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Phone: (202) 624-2935 malmy@crowell.com About S.E.M. LLC S.E.M. LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-11616) on February 17, 2026, with $100,001 to $500,000 in assets and liabilities. Judge Nancy V. Alquist presides over the case. SCILEX HOLDING: Issues 100K Warrants to Oramed for Payment Deferral ------------------------------------------------------------------- Scilex Holding Company disclosed in a regulatory filing that it entered into a Warrant Agreement with Oramed Pharmaceuticals Inc. Pursuant to the Warrant Agreement, Oramed deferred its right to receive an amortization payment scheduled to be paid by the Company on October 1, 2025 as set forth in the amortization schedule included in that certain Senior Secured Convertible Note issued to Oramed pursuant to that certain Securities Purchase Agreement, dated as of October 7, 2024, by and among the Company and the investors party thereto (including Oramed) in exchange for the Company's agreement to issue a new warrant to purchase an aggregate of 100,000 shares of the Company's common stock, par value $0.0001 per share at an initial exercise price of $20.00 per share. The deferred amortization payment was made to Oramed in November 2025. The February 2026 Warrant is immediately exercisable upon issuance. The issuance of the February 2026 Warrant was made pursuant to an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D as promulgated thereunder by the U.S. Securities and Exchange Commission. The Company has agreed to file as soon as practicable and in any event within the later of: (i) 30 calendar days following the date of the Warrant Agreement, (ii) 10 days following the date of the filing with the SEC of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and (iii) March 31, 2026, a registration statement on Form S-3 (or Form S-1 if Form S-3 is not available to the Company) registering under the Securities Act the resale by Oramed of the shares of Common Stock of the Company issuable upon exercise of the February 2026 Warrant or to include such shares of Common Stock in any other registration statement on Form S-3 filed by the Company. The February 2026 Warrant shall have an expiration date of December 13, 2029. The Exercise Price is subject to adjustment for any stock split, stock dividend, stock combination, recapitalization or similar event and is also subject to adjustment in connection with certain subsequent offerings at a per share price less than the exercise price of the February 2026 Warrant then in effect, subject to a floor price of $8.22 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events). If at the time of exercise of the February 2026 Warrant there is no effective registration statement registering the shares of Common Stock underlying the February 2026 Warrant, such warrant may be exercised on a cashless basis pursuant to their terms. A holder of a February 2026 Warrant shall not have the right to exercise any portion of a February 2026 Warrant to the extent that, after giving effect to such exercise, the holder (together with certain related parties) would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect to such exercise. The Maximum Percentage may be raised or lowered to any other percentage not in excess of 9.99%, at the option of the holder, except that any increase will only be effective upon 61 days' prior notice to the Company. The February 2026 Warrant prohibits the Company from entering into specified fundamental transactions unless the successor entity (subject to certain exceptions) assumes all of the Company's obligations under the February 2026 Warrant under a written agreement before the transaction is completed. Upon specified corporate events, a February 2026 Warrant holder will thereafter have the right to receive upon an exercise such shares, securities, cash, assets or any other property whatsoever which the holder would have been entitled to receive upon the happening of the applicable corporate event had the February 2026 Warrant been exercised immediately prior to the applicable corporate event. When there is a transaction involving specified changes of control, the holder of the February 2026 Warrant will have the right to force the Company to repurchase such holder's February 2026 Warrant for a purchase price in cash equal to the Black Scholes value, as calculated under the February 2026 Warrants, of the then unexercised portion of the February 2026 Warrant. The Warrant Agreement contains other customary provisions including representations and warranties of the Company and Oramed. Full text copies of the Form of February 2026 Warrant and Warrant Agreement are available at https://tinyurl.com/54c4rnc6 and https://tinyurl.com/2frhem68, respectively. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Scilex Holding had $275.9 million in total assets, $455.6 million in total liabilities, and a total stockholders' deficit of $179.7 million. SCOTLAND DEVELOPMENT: Hires Northern Blue LLP as Counsel -------------------------------------------------------- Scotland Development Corporation seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Northern Blue, LLP as counsel. The firm will provide these services: a. give the Debtors legal advice with respect to their duties and powers as debtors-in-possession; b. assist the Debtors in the management and/or sale of their properties and any other matter relevant to the cases or to the formulation of a plan; c. assist the Debtors in the preparation and filing of all necessary schedules, statement of financial affairs, reports, a disclosure statement, and a plan; d. assist and advise the Debtors in the examination and analysis of the conduct of the Debtors' affairs and the causes of insolvency; e. assist and advise the Debtors with regard to communications to the general creditor body regarding any matters of general interest and any proposed plan of reorganization; f. prepare, review or analyze all applications, orders, statements of operations, and schedules filed with the Court by the Debtors or other third parties, give advice to the Debtors as to their propriety, and after approval by the Debtors, consent to Orders; and g. perform such other legal services as may be required and in the interest of the Debtors, including but not limited to the commencement and pursuit of such adversary proceedings as may be authorized, and the defense of pending or future proceedings brought against the Debtors or affecting property of the estate. The firm will be paid at these rates: John A. Northen $620 per hour Vicki L. Parrott $510 per hour Paralegal $180 per hour The firm received from the Debtor a retainer of $70,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Northen 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: John A. Northen, Esq. Northen Blue LLP 1414 Raleigh Road, Suite 435 Chapel Hill, NC 27517 Tel: (919) 948-6823 Email: jan@nbfirm.com About Scotland Development Corporation Scotland Development Corporation is a nonprofit organization based in Laurinburg, North Carolina, that focuses on community and economic development, including workforce and educational initiatives, and holds various land assets in the area such as campus tracts, equestrian facilities, and horseshoe tracts, with a total valuation of approximately $5.5 million. Scotland Development Corporation in Laurinburg, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 26-80045) on Feb. 17, 2026, listing $5,569,302 in assets and $11,179,384 in liabilities. Andrew G. Williamson, Jr., a president, signed the petition. NORTHEN BLUE LLP serve as the Debtor's legal counsel. SHANNON LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Shannon, LLC 4 Cloutier Lane Scarborough, ME 04074 Business Description: Shannon, LLC is a single-asset real estate company that owns one income-producing property. Chapter 11 Petition Date: February 26, 2026 Court: United States Bankruptcy Court District of Maine Case No.: 26-20043 Judge: Hon. Peter G Cary Debtor's Counsel: Tanya Sambatakos, Esq. MOLLEUR LAW FIRM 190 Main St., 3rd Fl Saco ME 04072 Email: tanya@molleurlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew J. Rice as member. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4T6C67Q/Shannon_LLC__mebke-26-20043__0001.0.pdf?mcid=tGE4TAMA SIGNATURE YHM: Hires Force Ten Advisors as Financial Advisor ------------------------------------------------------------ Signature YHM Land, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California for continued employment of Force Ten Partners, LLC as financial advisor through a new entity named Force Ten Advisors, LLC. The Debtor respectfully seeks the Court's authorization to transition the engagement of Partners, in its capacity as the Debtor's financial advisor, to the new operating entity, Advisors. The Debtor further seeks authorization for Advisors to continue providing the same financial advisory services, and confirmation that the Retention Order shall apply with equal force to Advisors. Specifically, Advisors is authorized to provide the financial advisory services on the same terms and conditions, including compensation and reimbursement of expenses, as were previously approved under the Retention Order. Michael VanderLey, a partner Force Ten Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael VanderLey Force Ten Partners, LLC 5271 California Ave., Ste. 270 Irvine, CA 92617 Telephone: (949) 357-2360 About Signature YHM Land LLC Signature YHM Land LLC operates in the real estate sector. Signature YHM Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50324) on March 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor tapped Jeffrey I. Golden, Esq., at Golden Goodrich LLP as counsel and Force Ten Partners, LLC as financial advisor. SILVERLINE MECHANICAL: Unsecureds Will Get 57% over 5 Years ----------------------------------------------------------- Silverline Mechanical, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Subchapter V Plan of Reorganization dated February 17, 2026. The Debtor is a Texas limited liability company engaged in commercial HVAC and electrical construction. Derek Silvers is the President and managing authority of the Debtor. The Debtor filed this case primarily due to collection activity and cash-flow pressure caused by merchant cash advance obligations, which impaired the Debtor's ability to operate. Based on the plan projections, the Debtor's total projected disposable income to be committed to the payment of claims for the period described in section 1191(c)(2) for sixty months is $3,700.00. The Debtor proposes a Subchapter V plan funded by ongoing business operations. The Plan provides for the continued operations of the Debtors to make payments to their creditors as set forth in this Plan. The Debtor propose to pay allowed unsecured claims based on the liquidation analysis and cash available. Debtors anticipate having sufficient cash flow to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtors will continue in business. Based upon the projections, the Debtors believes they can service the debt to the creditors. Class 2 consists of General Unsecured Claims. The general unsecured Creditor Claims shall receive at least $163,500 which is estimated to be 57% of the possible total unsecured claims of $286,069. This Class is impaired. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years. These debts shall be paid at the end of each quarter, and that first quarter shall begin not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing for the life of the Plan. The payments shall be made out of the unsecured creditors pool of $2,725.00 distributed to unsecured creditors over the life of the Plan. To the extent any Secured Claim is Disallowed, or determined to be classified as an Unsecured Claim, the payments to any Secured Claim will be included in the payment to the creditors' pool. Class 3 consists of Equity Interest Holders. Equity Interest Holders Derek Silvers (50%) and Teresa Silvers (50%) shall receive no distribution from Plan Payments. Will retain ownership interest following confirmation. The Plan will be implemented through continued operation of the Debtor's business and payment of creditors from projected disposable income. The Debtor's Plan will break the existing claims into three classes of Claimants. These claimants will receive repayments over a period of time beginning on or after the Effective Date. A full-text copy of the Subchapter V Plan dated February 17, 2026 is available at https://urlcurt.com/u?l=DujmGA from PacerMonitor.com at no charge. Counsel to the Debtor: David D. Ritter, Esq. Ritter Spencer Cheng PLLC 17950 Preston Road, Suite 250 Dallas, TX 75252 Tel: (214) 295-5078 Fax: (214) 329-4362 Email: dritter@ritterspencercheng.com About Silverline Mechanical LLC Silverline Mechanical, LLC provides commercial electrical and HVAC contracting services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43475) on November 16, 2025. In the petition signed by Derek Silvers, president, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. David Ritter, Esq., at Ritter Spencer PLLC, represents the Debtor as legal counsel. SOUL OF MEMPHIS: U.S. Trustee Wins Bid to Dismiss Bankruptcy Case ----------------------------------------------------------------- Judge Nancy V. Alquist of the United States Bankruptcy Court for the District of Maryland granted the United States Trustee's motion to dismiss the bankruptcy case of Soul of Memphis Corporation. The Debtor operated a restaurant out of leased space located in Security Square Mall. On February 11, 2025, landlord SEC Square Holding LLC initiated a failure to pay rent action in the District Court of Maryland for Baltimore County. On February 24, 2025, the Debtor filed a voluntary petition initiating this bankruptcy case. The next day, on February 25, 2025, the State Court held a trial and awarded judgement of money and possession in favor of Landlord. Because this judgment was violative of the automatic stay imposed by 11 U.S.C. Sec. 362(a), the State Court -- without order of this Court -- vacated the judgment when Mr. Leroy Canady, a representative of the Debtor, verified the existence of this bankruptcy case. On March 24, 2025, this Court dismissed this case because the Debtor failed to file required information with the Court and did not pay the case filing fee. On May 5, 2025, the Debtor filed a motion reopen this bankruptcy case and vacate dismissal. The next day -- before the Court heard the Debtor's motion to reopen -- the State Court entered a new judgment for money and possession in favor of Landlord. The State Court, on Landlord's petition, then entered an Order for Warrant for Restitution on May 21, 2025, and the Debtor was evicted from its leased premises On May 28 2025. On July 9, 2025, this Court held a hearing on Debtor's motion to reopen and, on July 9, 2025, the Court reopened this case and vacated its dismissal. By separate Order entered contemporaneously with the order reopening this case, the Debtor was directed to pay outstanding filing fees on or before November 7, 2025. The U.S. Trustee moves for dismissal of the chapter 11 case pursuant to 11 U.S.C. Sec. 1112(b). The Court finds cause exists for the conversion or dismissal of this case because: (i) there has been a substantial loss and diminution of the estate and there is no reasonable likelihood of rehabilitation; (ii) the Debtor has not complied the Court's Order requiring that the filing fee be paid within a set period of time; (iii) the Debtor has not filed all required monthly operating reports; (iv) the Debtor has not filed a disclosure statement or confirm a plan; and (v) the Debtor has failed to pay the case filing fee to the Court and the quarterly fees to the U.S. Trustee as required by 28 U.S.C. Sec. 1930(a). When the Debtor filed its bankruptcy petition, it was in possession of the leased premises from which it sought to reorganize. Landlord, however, legally evicted the Debtor while this case was dismissed. Without any legal means of regaining possession of the premises, the Debtor cannot resume its operations. Moreover, the automatic stay has been lifted to permit another creditor, Toyota Motor Credit, to repossess other property of the estate -- property that Mr. Canady was using for personal use. According to the Court, without the premises or a means to resume generating income, there can be no chance of the Debtor's rehabilitation. The diminution of the estate and the absence of any likelihood of rehabilitation constitutes cause. The Court concludes that dismissal is in the best interest of creditors and the estate. Judge Alquist explains, "The remaining assets of the estate are minimal and creditors are just as likely to collect outside of bankruptcy as they are inside. Put simply, there is unlikely to be anything for a chapter 7 trustee to administer. Other creditors have either already obtained what relief they can or are just as likely to succeed outside of bankruptcy." Pursuant to 11 U.S.C. Secs. 105(a), 1112(b), and Local Bankruptcy Rule 1002-1(a), the bankruptcy case is dismissed. The automatic stay imposed by 11 U.S.C. Sec 362(a) is terminated. A copy of the Court's Memorandum Order dated February 24, 2026, is available at https://urlcurt.com/u?l=JbmONK from PacerMonitor.com. Soul of Memphis Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 25-11482) on February 24, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Harry Rifkin, Esq., at Law Offices of Harry M. Rifkin. SOUND VISION: Claims to be Paid from Future Earnings & Contribution ------------------------------------------------------------------- Sound Vision Care, Inc., and its debtor affiliates filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated February 18, 2026. The Debtors operate retail optician and eyeglass boutiques in Long Island and New York City and provide optometry services to the public. The Debtors currently operate eight locations, and their headquarters is at the location in Riverhead, New York. Each of the Debtors is either a corporation or a limited liability company organized and existing under the laws of the State of New York. The Debtors' primary operator is Dr. Jeffrey Williams. On September 17, 2025, the Debtors were the victims of a significant bank fraud by certain individuals claiming to be employees of the Wells Fargo fraud department. At this time, the Debtors maintained certain bank accounts at both Wells Fargo and Flagstar Banks. The alleged fraudsters, by themselves or through other individuals, elicited from the Debtors' representative confidential information concerning the Debtors' bank accounts by means of false representations. In all, the Debtors suffered total casualty losses of $285,035.00. Thereafter, the Debtors and their professionals reduced the total amount of these losses to approximately $50,000.00. On November 14, 2025, the Debtors filed an adversary complaint (Adv. Proc. No. 25-08112) the (the "Nature & Extent Proceeding") naming as parties U.S. Eagle, the SBA lender, Flushing Bank, and Bank of America (collectively, the "Institutional Lenders") and the MCA Lenders that "purchased" the Debtors' future accounts receivables. The Debtors sought, in the Nature & Extent Proceeding, a judicial determination as to the nature, extent, validity and amount of the holders of secured Claims against the Debtors. Since the start of these Chapter 11 Cases, the Debtors have attempted to negotiate a resolution of the various outstanding issues with their Secured Creditors, which has ultimately resulted in the filing of the Plan. Among other things, the Debtors reached an agreement with U.S. Eagle, the Debtors' principal secured creditor, regarding the terms of the Plan. Negotiations regarding the Plan also occurred with the Debtors' principal, Dr. Jeffrey Williams. Such negotiations resulted in the Plan Contribution to be made by Dr. Williams. The Plan Contribution will be in the total amount of $200,000, payable: (a) $100,000 on or shortly after the Effective Date, and (b) $100,000 within one year after the Effective Date in consideration of Class 7 retaining their membership Interests. The Plan Contribution shall be used to partially fund the payments required under the Plan. No part of the Plan Contribution may be obtained from a source that would compromise the collateral of the Secured Claims. The Plan provides for recoveries to Allowed Claim holders in the amounts set forth in the Plan, including: * (i) Payment in full in Cash to Holders of Administrative Claims, Priority Tax Claims, and Priority Non-Tax Claims (Class 1); * (ii) Reinstatement of the: (a) U.S. Eagle Secured Claims (Class 2), (b) SBA Secured Claims (Class 3), (c) Flushing Bank Secured Claims (Class 4), and (d) BOA Secured Claims (Class 5), on the terms set forth herein; and * (iii) Payment to Holders of Allowed General Unsecured Claims (Class 6) of 20% of the pro rata amount of their Claim, with payment of $.05 per dollar of Allowed Claims within 30 days after the Effective Date, and thereafter, semi-annual distributions of $.05 per dollar of Allowed Claims for eighteen months, beginning six months from the Effective Date, in full and final satisfaction of such Holder's General Unsecured Claim. The Plan is to be funded by the Debtors' future earnings and the Plan Contribution. Class 6 consists of General Unsecured Claims and shall include the MCA 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, 20% of the pro rata amount of their Claim, with payment of $.05 per dollar of Allowed Claims within 30 days after the Effective Date, and thereafter, semi-annual distributions of $.05 per dollar of Allowed Claims for eighteen months, beginning six months from the Effective Date, in full and final satisfaction of such Holder's General Unsecured Claim. Class 6 is Impaired, and the Holders of General Unsecured Claims in Class 6 are entitled to vote to accept or reject the Plan. Class 7 consists of the membership Interests in the Debtors. The Holders of the Debtors’ membership Interests shall retain their Interests in the Reorganized Debtors on and after the Effective Date in consideration for the Plan Contribution. Pursuant to sections 363 and 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of all Claims and controversies relating to the contractual, legal, and subordination rights that a creditor or an Interest Holder may have with respect to any Allowed Claim or any distribution to be made on account of such Allowed Claim. A full-text copy of the Disclosure Statement dated February 18, 2026 is available at https://urlcurt.com/u?l=87uSo8 from PacerMonitor.com at no charge. The Debtors' Counsel: Robert L. Rattet, Esq. Craig M. Price, Esq. John D. Molino, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 E-mail: rlr@dhclegal.com About Sound Vision Care Inc. Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72421) on June 23, 2025. In its petition, Sound Vision Care reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. SOUTHLAND MANUFACTURING: Hires Paul Reece Marr PC as Attorney ------------------------------------------------------------- Southland Manufacturing, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Paul Reece Marr, P.C. as its bankruptcy attorneys. The firm's services include: (a) providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's current rates are: Paul Reece Marr, Esq. $495 per hour Paralegal $275 per hour The firm received a $25,000 attorney fee retainer and the petition filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Marr 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: Paul Reece Marr, Esq. Paul Reece Marr, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About Southland Manufacturing, Inc. Southland Manufacturing, Inc. is a Georgia-based manufacturing company engaged in the production of industrial and commercial goods. Southland Manufacturing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51755) on February 9, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Paul Reece Marr, Esq., of Paul Reece Marr, PC. STANLEY UTILITY: Hires Ausley McMullen as Special Counsel --------------------------------------------------------- Stanley Utility Contractor, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Ausley McMullen as special counsel. The firm will advise the Debtor on contracts for potential projects, draft contracts between the Debtor and subcontractors, and various other contract related matters. The firm will be paid at these rates: Clayton Osteen $300 per hour Shareholders $375 per hour Associates $290 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Osteen 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: Clayton Osteen, Esq. Ausley McMullen 123 S. Calhoun St. Tallahassee, FL 32301 Tel: (850) 224-9115 Fax: (850) 222-7560 About Stanley Utility Contractor, Inc. Stanley Utility Contractor, Inc., is a Florida-based construction company specializing in right-of-way and telecommunications infrastructure projects, including fiber deployments, small cell installations, and utility services. It operates primarily in Florida and provides project management, inspection, and maintenance support for its infrastructure work. Its principal office is in Leesburg, with Michael Stanley listed as president and registered agent. Stanley Utility Contractor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40481) on Sept. 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. STAY LLC: Edward Burr Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Stay, LLC. Mr. Burr will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Stay LLC Stay, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nevada Case No. 26-50163) on February 18, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Stephen R. Harris, Esq. at Harris Law Practice LLC represents the Debtor as legal counsel. STG LOGISTICS: Gets Final OK to Obtain $293.75 Million Financing ---------------------------------------------------------------- STG Logistics, Inc. and its affiliates received final approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral and obtain debtor-in-possession financing to get through bankruptcy. The court issued a final order authorizing the Debtors to borrow, and the DIP guarantors to guarantee borrowings, up to an aggregate principal amount of $293,750,000 of the DIP loans (inclusive of the roll-up DIP loans), consisting of: (a) New Money DIP Loans - $150,000,000 of superpriority senior secured multiple draw new money term loans, where: (I) $85,000,000 of which were funded upon entry of the Interim Order, (II) $40,000,000 of which will be made available upon entry of this Final Order, and (III) up to $25,000,000 of which may be made available immediately prior to the effective date of the Plan in the form of incremental term loans (subject to Article III of the DIP Credit Agreement); (b) Roll-Up DIP Loans - a "roll-up" in the collective aggregate principal amount of $143,750,000, consisting of: (i) Interim Roll-Up DIP Loans: $97,750,000 were rolled-up upon entry of the Interim Order and funding of the Interim New Money DIP Loans, accruing interest pursuant to the DIP Credit Agreement commencing with entry of the Interim Order; and (ii) Final Roll-Up DIP Loans: $46,000,000 rolling-up subject to, and effective upon, entry of this Final Order and funding of the Final New Money DIP Loans, accruing interest pursuant to the DIP Credit Agreement commencing with entry of this Final Order; (c) Interim Facility. The maximum amount of the New Money Commitments that were disbursed to the DIP Borrower was $85,000,000. As protection, the DIP lenders will be granted valid, enforceable, binding, non-avoidable, and fully perfected first priority priming liens on and senior security interests on assets securing the DIP loans and an allowed superpriority administrative expense claim. The DIP facility is due and payable in full in cash or reorganized equity, as applicable, in accordance with the Restructuring Term Sheet, on the date of the earliest to occur of: (i) six months from the date the interim order is entered (as such date may be extended with the prior written consent of the DIP lenders); (ii) the date of consummation of a sale of all or substantially all of the Debtors' assets; (iii) the effective date of a Chapter 11 plan; and (iv) the date the DIP loans become due and payable in full under the DIP documents whether by acceleration or otherwise. Use of Cash Collateral The final order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors. As adequate protection, pre-bankruptcy secured creditors will be granted replacement, valid, binding, enforceable, non-avoidable, and effective and automatically perfected post-petition security interests in and lien on the applicable collateral securing the DIP loans, subject and subordinate to the fee carveout and DIP liens. They are also entitled to an allowed administrative expense claim, subject to the carveout and DIP superpriority claims. The final DIP order is available at https://urlcurt.com/u?l=KszQHhfrom PacerMonitor.com. About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Hires Epiq Corporate as Administrative Advisor ------------------------------------------------------------- STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Epiq Corporate Restructuring, LLC as administrative advisor. The firm will render these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a chapter 11 plan, and in connection with such services, process requests for documents from parties in interest, including, if applicable, brokerage firms, bank back-offices and institutional holders; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors, the Court or the Office of the Clerk of the Bankruptcy Court; and (d) manage and coordinate any distributions pursuant to a chapter 11 plan. The hourly rates of the firm's professionals are as follows: IT/Programming $45 to $65 Case Managers $68 to $112 Project Managers/Consultants/ Directors $140 to $150 Solicitation Consultant $150 Executive Vice President, Solicitation $160 Executives No Charge In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. The firm also received a $50,000 retainer from the Debtor. Sophie Frodsham, a senior director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sophie Frodsham Epiq Corporate Restructuring LLC 777 3rd Ave., Fl. 12 New York, NY 10017 Telephone: (646) 282-2532 About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Hires Gordon Brothers as Real Estate Consultant -------------------------------------------------------------- STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Gordon Brothers Realty Services, LLC as real estate consultant and advisor. The firm will render these services: a. meet with the Debtors to ascertain the Debtors' goals, objectives, and financial parameters; b. mutually agree with the Company with respect to a strategic plan for restructuring, assigning, or terminating the Leases (the "Strategic Plan"); c. if requested by the Company, negotiate, on the Company's behalf, the terms of restructuring, assignment, and termination agreements with third parties and the landlords under the Leases, in accordance with the Strategic Plan; d. if requested by the Company, market some or all of the Leases and negotiate with landlords and other third parties to assist the Company in selling the leases; e. if requested by the Company, negotiate with landlords to assist the Company in obtaining landlord consents to extensions of the assumption or rejection period; f. assist the Company in reviewing and finalizing documentation related to restructuring, assignment, and termination agreements with respect to the Leases; g. work with the Company and its advisors to provide reporting and supporting market data as necessary for the Company to evaluate lease modifications, lease sales, landlord consents and other proposals; h. provide weekly update reports to the Company regarding the status of the foregoing services; and i. perform such other related services deemed to be necessary or prudent to facilitate the foregoing and as agreed by each of the Company and Gordon Brothers in writing (email to suffice). The firm will be paid as follows: (i) Engagement Fee. A non-refundable engagement fee in the amount of $100,000. Notwithstanding the non-refundable nature of the Engagement Fee, provided the Company is in compliance with the Engagement Agreement, and subject to Bankruptcy Court limitations, if any, Gordon Brothers will credit the full amount of the Engagement Fee towards any other fees payable by the Company to Gordon Brothers under the Engagement Agreement. The credit will be applied to such other fees as they come due until the total amount of the Engagement Fee has been fully utilized. For the avoidance of doubt, Company shall be responsible for any transaction fees in excess of the total amount of the Engagement Fee. (ii) Lease Transaction Fees. Gordon Brothers shall receive the fees set forth below in connection with certain transactions regarding the Leases solely to the extent Gordon Brothers provides Services related to such Leases. a. Restructured Lease Fees. If the Company enters into an agreement that has the effect of modifying the terms of any Lease (a "Restructured Lease"), the Company shall pay Gordon Brothers as follows: (i) For any deferral of rent, a fee equal to 2.5% of the amount of rent deferred thereunder; (ii) For each monetary lease modification transaction, including without limitation, any extension of base term at a reduced rental rate, a fee equal to 2.5% of the Restructured Lease Savings generated therefrom; and (iii) For each nonmonetary transaction, including without limitation, any additional option terms obtained, amended lease language, landlord work without a defined cost, a flat fee of $7,500. b. Assignment Fee. If the Company enters into an agreement that has the effect of assigning any Lease (an "Assigned Lease"), the Company shall pay Gordon Brothers a fee equal to 2.5% of the Gross Sale Proceeds therefrom. c. Designation Rights Fee. If the Company enters into a designation rights agreement for any Lease (a "Designation Rights Lease"), the Company shall pay Gordon Brothers a fee equal to 2.5% of the gross sale proceeds therefrom. d. Lease Termination Fee. If the Company enters into an agreement with a landlord that has the effect of terminating such Lease (a "Terminated Lease"), the Company shall pay Gordon Brothers a fee equal to 2.5% of any Gross Sale Proceeds therefrom; provided that no Lease Termination Fee shall be due and payable to Gordon Brothers hereunder to the extent the Company determines to reject any applicable Lease in any Chapter 11 cases the Company may commence. e. Landlord Payments and Capital Improvement Fees. If the Company obtains any payments from landlords or capital improvement contributions, including but not limited to one-time cash payments, landlord-completed capital improvements made to a property that directly benefit the Company or reimbursement of capital improvements made to the property and paid for by the Company, the Company shall pay Gordon Brothers a fee equal to 2.5% of the amount of such payment or capital improvement contribution. (iii) Additional Services Fees. For any services performed outside the scope of the Services expressly set forth in the Engagement Agreement and as mutually agreed in advance of rendering such services by each of the Company and Gordon Brothers in writing (email to suffice) (the "Additional Services"), the Company shall, upon receipt of reasonably detailed invoices related thereto, compensate Gordon Brothers at a rate of $500 per hour, covering all time spent by Gordon Brothers' personnel on the Additional Services including, without limitation, analysis, meetings, correspondence, and travel, unless otherwise agreed in writing. Jonas D.L. McCray, a partner at Gordon Brothers Realty Services, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jonas D.L. McCray Gordon Brothers Realty Services, LLC 101 Huntington Avenue, 11th Floor Boston, MA 02199 Tel: (888) 424-1903 Email: jmccray@gordonbrothers.com About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Seeks to Hire AlixPartners LLP as Financial Advisor ------------------------------------------------------------------ STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ AlixPartners LLP as financial advisor. The firm will render these services: a. assist the Debtors with their communications and/or negotiations with outside parties including the Debtors' stakeholders, banks, and potential acquirers of the Debtors' assets and advisors to the foregoing; b assist the Debtors' management and professionals specifically assigned to sourcing, developing, negotiating, and implementing any financing, including debtor-in-possession and exit financing facilities, in conjunction with a plan of reorganization and the overall restructuring; c. assist in preparing for and filing bankruptcy petitions, coordinating and providing administrative support for the proceeding, and developing the Debtors' disclosure statement and plan of reorganization, or other appropriate case resolution, if necessary; d. advise the Debtors on the financial reporting requirements attendant to a bankruptcy filing, including but not limited to court orders, court-approved transactions, emergence, and fresh-start reporting; e support eDiscovery obligations including in conjunction with document requests, subpoenas, or other discovery requirements, such as forensic data acquisition and analysis, data processing, monthly secure data hosting, review and analysis, and productions, and any other eDiscovery needs requested by the Debtors; f. assist management in preparing and testing accounting systems in order to perform appropriate accounting cut-off in the event that the Debtors need to file for bankruptcy; g. assist with the preparation of documents such as a liquidation analysis, the statement of financial affairs, schedules of assets and liabilities, potential preferences analysis, claims analysis, monthly operating reports, and other regular reports required by the Court; h. manage the claims and claims reconciliation processes; i. provide testimony and litigation support services regarding any of the matters to which AlixPartners is providing services; j. meet with lenders, unsecured creditors' committee, and other statutory or unofficial committees, if any, in connection with any bankruptcy filing, as necessary, to provide general process updates and other information as may be requested by the Debtors; k. provide post-confirmation services, as may be necessary, to support the chapter 11 plan and emergence; and l. assist the Debtors with such other matters as may be requested that fall within AlixPartners' expertise and that are mutually agreeable. The firm's hourly rates are as follows: Partner/Partner & Managing Director $1,265 to $1,590 Senior Vice President/Director $900 to $1,175 Vice President $700 to $860 Analyst/Consultant $265 to $660 In addition, the firm will seek reimbursement for expenses incurred. AlixPartners received a retainer in the amount of $1,000,000. Jason Keyes, a partner and managing director at AlixPartners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Keyes AlixPartners LLP 909 3rd Avenue New York, NY 10022 Tel: (804) 366-8729 Email: jkeyes@alixpartners.com About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of managers. STG LOGISTICS: Seeks to Hire Cole Schotz P.C. as Co-Counsel ----------------------------------------------------------- STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Cole Schotz P.C. as their co-counsel. The firm's services include: (a) providing the Debtors with advice, based on its extensive experience practicing in the District of New Jersey, regarding the Debtors' rights, powers, and duties as Debtors in possession in continuing to operate and manage their assets and business; (b) providing legal advice and services regarding local rules, practices and procedures including Third Circuit law; (c) providing certain services in connection with the administration of the Chapter 11 Cases including, without limitation, preparing agendas, hearing notices, and hearing binders of documents and pleadings; (d) advising the Debtors with respect to their reporting obligations and duties as Debtors in possession, including reporting obligations to the Court and the United States Trustee (e.g., preparing monthly operating reports, schedules and statement of financial affairs, U.S. Trustee deliverables); (e) preparing pleadings, motions, and applications related to bankruptcy administrative matters and any other matter that the Debtors determine can be more efficiently performed by Cole Schotz; (f) reviewing and commenting on proposed drafts of other pleadings to be filed with the Court; (g) appearing in Court and at any meeting with the United States Trustee and any meeting of creditors; (h) providing legal advice and services on any matter on which Kirkland & Ellis may have a conflict or as needed based on specialization; (i) performing all other legal services for and on behalf of the Debtors which may be necessary or appropriate in the administration of these Chapter 11 Cases and fulfillment of the Debtors' duties as debtors in possession; and (j) responding to creditor and party-in-interest inquiries directed to Cole Schotz. The firm's hourly rates are: Michael D. Sirota, Member $1,800 Warren A. Usatine, Member $1,375 Felice R. Yudkin, Member $1,150 Daniel J. Harris, Member $950 Timothy J. Dumbroff, Associate $425 Frances Pisano, Paralegal $420 Danielle E. Delehanty, Paralegal $420 Members $670 to $1,800 Special Counsel $700 to $950 Associates $400 to $765 Paralegals $330 to $485 Cole Schotz received a retainer in the amount of $263,482.50. In that regard, the following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 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 post petition, explain the difference and the reasons for the difference. Response: Cole Schotz began providing restructuring services to the Debtors approximately three months prior to the Petition Date. During that time, Cole Schotz did not raise its billing rates. The material financial terms for the pre-petition engagement remain the same as those disclosed in the Application, as that engagement was undertaken on an hourly-fee basis. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Yes. Pursuant to the Interim DIP Order, the Debtors must furnish regular budget and variance reports, which include detail regarding the fees and expenses incurred by the proposed professionals of the Debtors in these Chapter 11 Cases. Michael Sirota, a member of Cole Schotz P.C., disclosed in the court filings that the firm is a disinterested person under section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Daniel J. Harris, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com dharris@coleschotz.com About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Seeks to Hire KMPG LLC as Tax Service Provider ------------------------------------------------------------- STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ to KPMG LLC provide tax compliance, tax provision, tax consulting, valuation and accounting advisory services. KPMG will provide these services: I. Tax Provision Services A. Tax Provision Preparation i. Pursuant to the Tax Provision and Compliance Engagement Letter, KPMG will provide the following year-end tax provision services for 2025: a) Assist in the identification and computation of temporary and permanent differences between financial income and taxable income; b) Compute a preliminary income tax provision; c) Compute preliminary income tax related balance sheet account adjustments; d) Assist in the preparation of draft footnote disclosures; e) Assist in the preparation of draft income tax provision workpapers; f) Assist in preparation of the valuation allowance and uncertain tax positions documentation; and g) Assist the Debtors in their efforts to work with their independent auditors to draft income tax provision work papers. B. U.S. Federal Corporate Alternative Minimum Tax i. The Debtors will provide a federal Corporate Alternative Minimum Tax ("CAMT") calculation to KPMG and KPMG may charge additional fees if KPMG is required to perform an extensive review to confirm the Debtors' analysis or of it disagrees with the Debtors' analysis. C. Succeeding Year Engagement Planning Activities i. KPMG will provide preliminary engagement planning activities related to the tax provision for the tax year immediately succeeding the last tax year covered by the corresponding engagement letter. II. Tax Compliance Services A. U.S. Federal, State and Local Income and Franchise Tax Returns i. KPMG will prepare the U.S. federal, state and local income and franchise tax returns and supporting schedules for the 2025 tax year(s) (the "Returns") set forth on Appendix I of the Tax Provision and Compliance Engagement Letter. B. Requests for Extension of Time to File i. KPMG will prepare, for filing by the Debtors, requests for extensions of time to file the Returns if all KPMG-requested information has not been received by April 1, 2026; C. Quarterly Estimated Tax Payments i. KPMG will prepare the Debtors' quarterly estimated tax payments for the 2026 tax year(s). KPMG's calculations will not take into account the CAMT unless KPMG is separately engaged to assist with such CAMT analysis, calculations, and reporting, as applicable; D. Succeeding Year Engagement Planning Activities i. KPMG will provide preliminary engagement planning activities related to the Returns for the tax year immediately succeeding the last tax year covered by the Tax Provision and Compliance Engagement Letter; and E. U.S. Federal Corporate Alternative Minimum Tax i. The Debtors will provide a CAMT analysis to KPMG and KPMG may charge the Debtors additional fees if KPMG is required to re-calculate amounts, prepare supporting workpapers, or revise the Debtors' analysis, calculations or reporting. III. Tax Consulting Services A. Debt Restructuring Services i. Pursuant to the Restructuring Engagement Letter, KPMG shall analyze U.S. federal, state, local, and international tax implications of the Debtors' potential restructuring of their debt and/or capital structure (the "Potential Restructuring"). Services hereunder may include, but not limited to, analyses of: a) Section 382 issues related to potential restructuring alternatives, including a sensitivity analysis to reflect the Section 382 impact of proposed and/or hypothetical equity transactions; b) Net unrealized built-in gains and losses and Notice 2003-65 as applied to the ownership change, if any, resulting from or in connection with the Potential Restructuring; c) The Debtors' tax attributes, including net operating losses, tax basis in assets, and tax basis in subsidiaries' stock as relevant to the Potential Restructuring; d) Cancellation of debt income, including the application of Section 108 and consolidated tax return regulations relating to the restructuring of nonintercompany debt and the completed capitalization/settlement of intercompany debt; e) Application of the attribute reduction rules under Section 108(b) and Treasury Regulation Section 1.1502- 28, including a benefit analysis of Section 108(b)(5) and 017(b)(3)(D) elections as related to the Potential Restructuring; f) Complete drafts of disclosures, tax statements, tax elections available and other relevant filing of any necessary election statements; g) Tax implications of any internal reorganizations and restructuring alternatives; h) Cash tax modeling of the tax benefits or tax costs of restructuring alternatives; i) Tax implications of any dispositions of assets and/or subsidiary stock pursuant to the Potential Restructuring; j) Potential bad debt, worthless stock, and retirement tax losses associated with the Potential Restructuring; and k) Tax treatment of restructuring related costs. B. Unclaimed Property Consulting Services (i) Unclaimed Property Audit Defense Services i. Pursuant to the Unclaimed Property Engagement Letter, KPMG shall assist the Debtors with the unclaimed property examination being conducted by Kelmar Associates LLC ("UP Auditor"). Specifically, KPMG shall: a) Assist with developing and communicating work plans and timelines for the exam with UP Auditor; b) Assist the Debtors with developing audit strategies and determining how audit scope may be limited; c) Review and assess prior unclaimed property procedures, potential exposure and reporting practices for the period under audit; d) Manage and support the flow of information and communications between UP Auditor, KPMG, and/or the Debtors; e) Assist with the analysis, preparation, and review of audit responses and other communications with UP Auditor; f) Gather documentation from the Debtors in response to, and in anticipation of, UP Auditor's requests; g) Review and provide guidance and feedback on unclaimed property documentation gathered by the Debtors; h) Evaluate the Debtors' accounting records for the various entities and property types generated through the Debtors' business operations which may be included in the examination review; i) Read the Debtors' organizational and accounting data (trial balances, organization charts, tax returns, etc.), current and historical policies and procedures, disbursement and receivable records, and other relevant source documents to identify areas that may give rise to an unclaimed property exposure and discuss observations and potential mitigation strategies; j) Assist with analyzing and preparing data for presentation to UP Auditor; k) Provide guidance regarding, and assistance with, the compilation, review, and/or preparation of applicable research schedules and/or documentation; l) Evaluate and develop sampling and estimation methodologies; m) Review schedules prepared by UP Auditor to quantify unclaimed property liabilities; n) Develop potential reduction strategies and review responsive documentation from UP Auditor; and o) Assist with determining whether estimations are necessary/applicable for periods where detailed records are not considered complete, researchable, and/or reliable. (ii) Exposure Quantification i. In addition to assisting the Debtors with resolution of the unclaimed property examination, KPMG will work outside of the audit to assist the Debtors with resolving compliance in non-audit states. To facilitate this, KPMG will quantify unclaimed property exposure for the Debtors, which shall include: a) Perform an in-depth review of certain unclaimed property matters and a detailed quantification of unclaimed property liabilities; b) Perform a detailed review of all available periods of accounting records including disbursements, accounts receivable, payroll, accounts payable, and benefits and quantify any unclaimed property liabilities that may be reportable to states in the Debtors' past, current, and future reporting periods; c) Provide advice and guidance related to research, arguments, exemptions, and positions to mitigate potential items of unclaimed property; d) If requested by the Debtors, provide assistance with printing, mailing, and tracking due diligence notifications to property owners; e) Provide advice and guidance on statistical sampling methodologies and extrapolation techniques, where appropriate; and f) Meet with the Debtors to discuss KPMG's findings and potential compliance resolution alternatives to resolve any unremediated unclaimed property liabilities. (iii) Compliance Resolution i. After the reportable amounts by state have been confirmed, states to be included as in-scope of compliance resolution will be agreed upon by the parties, in writing (email acceptable (from John Bosshart or other c-level executive)). KPMG shall: a) Assist the Debtors with resolving their compliance obligations with states where reportable unclaimed property liabilities have been identified; b) Assist with the completion of states' voluntary disclosure agreement ("VDA") programs or supplemental/first-time filings; c) For VDAs, prepare documentation, quantification schedules, and reports, as required by various jurisdictions, correspond with the jurisdictions, provide additional documentation to bring the VDAs to completion, and secure closing agreements from the jurisdictions; and d) For supplemental/first-time filings, prepare unclaimed property reports, correspond with the jurisdictions, and provide assistance with obtaining penalties and interest abatement, where available. C. General Tax Consulting Services i. KPMG shall provide routine general tax consulting on matters that may arise for which the Debtors seek advice, written and oral, and that are not the subject of a separate engagement letter. ii. The Debtors may have additional questions related to unclaimed property that are outside the scope of the services described in the corresponding engagement letter. KPMG will be available to assist the Debtors in addressing these questions. Valuation Services A. Valuation Services Under ASC 350 and ASC 360 i. Pursuant to the Valuation Engagement Letter, KPMG will estimate the fair value ("FV") of certain reporting units of the Debtors (the "Reporting Units") to assist the Debtors with its impairment testing under FASB ASCT Topic 350; a. Scope will consist of two reporting units for ASC 350 purposes: (i) transportation; and (ii) logistics. ii. Based on discussions with the Debtors, KPMG may also be asked to assist the Debtors with its long-lived asset impairment test as part of its compliance with the financial reporting requirements under FASB ASC Topic 360, Property, Plan, and Equipment. KPMG will estimate the fair value of certain asset groups; a. Scope will consist of two reporting units for ASC 360 purposes: (i) transportation; and (ii) logistics; and iii. At the request of the Debtors, KPMG will meet with the Debtors' independent auditor during the engagement to discuss the Services and any preliminary findings. B. Additional Related Services i. KPMG may also provide the services below at the rates set forth under the Additional Related Services fees section as it relates, each, to the ASC 350/ASC 360 scope including: a. Preparing more than 2 draft iterations of the schedules; b. Updating the valuation analysis with revised set of projections and/or balance sheet; c. Providing more than 8 hours of audit-related support; and d. Incomplete or difficult to process client data. Accounting Advisory Services i. Pursuant to the Accounting Advisory Engagement Letters, the scope and extent of KPMG's work will depend on the inquiry and the needs of the Debtors' request for assistance. KPMG will provide continued support throughout the life of the inquiry or transaction; ii. KPMG will meet with Debtors' personnel to identify the accounting under consideration, understand the Debtors' proposed accounting, the potential viewpoints and alternatives related to the various accounting issues, and the positions taken. In addition, KPMG will perform research of accounting literature, accounting practice, and the experience of selected KPMG personnel for similar transactions and summarize the results; iii. The initial accounting issues for which the Debtors have requested assistance relate to the accounting and financial reporting for exchanges and settlements of certain debt instruments, including providing analysis as to whether such transactions represent a troubled debt restructuring and, if not, whether modification or extinguishment accounting would apply, treatment of debt costs, and analysis of any potential embedded derivatives in the new credit agreements; and iv. KPMG will communicate the results of its accounting advisory in the format requested by the Debtors. The firm will receive compensation as follows: Tax Provision Services Partners $725 to $763 Managing Directors $705 to $743 Directors/Senior Managers $660 to $693 Managers $512 to $538 Senior Associates $373 to $390 Associates $278 to $293 Tax Compliance Services Upon execution of the agreement $70,000 February 28, 2026 $70,000 April 30, 2026 $70,000 June 30, 2026 $70,000 Final Delivery Balance due Tax Consulting Services Partners $915 to $1,696 Managing Directors $891 to $1,509 Directors/Senior Managers $831 to $1,296 Managers $645 to $1,177 Senior Associates $468 to $893 Associates $351 to $544 Valuation Services Partners $1,026 Managing Directors $978 Directors/Senior Managers $882 Managers $768 Senior Associates $630 Associates $384 Accounting Advisory Services Partners $835 Managing Directors $770 Directors/Senior Managers $715 Managers $625 Senior Associates $500 Associates $365 KPMG received a retainer in the amount of $982,206. Christopher W. Woll, CPA, a partner of KPMG 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 through: Christopher W. Woll, CPA KPMG LLP 200 E. Randolph Street, Suite 5500 Aon Center Chicago, IL 60601-6436 Phone: (312) 665-1372 About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Seeks to Hire PJT Partners LP as Investment Banker ----------------------------------------------------------------- STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ PJT Partners LP as their investment banker. The firm will render these services: (a) assist in the evaluation of the Debtors' businesses and prospects; (b) assist in the development of the Debtors' long-term business plan and related financial projections; (c) assist in the development of financial data and presentations to the Debtors' Board of Directors (or committees thereof), various creditors and other third parties; (d) analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; (e) analyze various restructuring scenarios and the potential impact of those scenarios on the recoveries of those stakeholders impacted by the Restructuring; (f) provide strategic advice with regard to a restructuring or refinancing the Debtors' Obligations; (g) evaluate the Debtors' debt capacity and alternative capital structures; (h) participate in negotiations among the Debtors, their creditors, suppliers, lessors and other interested parties and advise the Debtors with respect thereto; (i) value securities offered by the Debtors in connection with a Capital Raise or Restructuring; (j) assist in arranging financing for the Debtors, as requested; (k) assist in the development and evaluation of a valuation analysis as part of an in-court Chapter 11 plan of reorganization, as requested; (l) assist the Debtors in preparing marketing materials in conjunction with the Restructuring or Capital Raise, as requested; (m) assist the Debtors in identifying potential buyers in respect of a sale transaction and assist in the due diligence process; (n) assist and advise the Debtors concerning the terms, conditions and impact of any proposed Restructuring or Capital Raise; (o) provide expert witness testimony in connection with a Chapter 11 case filed by the Debtors, concerning any of the subjects encompassed by the other investment banking services; and (p) provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a transaction similar to a potential Restructuring and/or Capital Raise, as requested by the Debtors and mutually agreed. The firm will be paid at these following fees: (a) Monthly Fee. The Debtors shall pay PJT a Monthly Fee in the amount of $175,000 per month. Fifty percent (50%) of all Monthly Fees paid to PJT after the sixth Monthly Fee has been paid (i.e., after $1,050,000 has been paid) until payment of the twelfth Monthly Fee shall be credited, only once and without duplication, against the Restructuring Fee, up to a maximum total credit against the Restructuring Fee of $525,000; provided that, in the event of a Chapter 11 filing by the Debtors, any such credit of fees contemplated by the foregoing sentence shall apply only in the event that all fees earned by PJT pursuant to the Engagement Letter are approved in their entirety by the Court pursuant to a final order not subject to appeal and which order is acceptable in all respects to the Debtors and PJT. (b) Capital Raising Fee. The Debtors shall pay PJT a Capital Raising Fee for any Capital Raise, earned and payable upon the closing of such Capital Raise. The Capital Raising Fee will be calculated as: -- 1.5% of the total issuance and/or committed amount of senior debt financing, but excluding senior debt financing that is or may (or is anticipated in the future to) constitute a Structured Financing; -- 2.5% of the total issuance and/or committed amount of (A) Structured Financing, (B) junior debt financing, or (C) unsecured debt financing (including, without limitation, financing that is junior in right of payment, second lien, subordinated (structurally or otherwise) and unsecured debt); and -- 4.0% of the issuance and/or committed amount of equity financing; in each case, including by means of a back-stop commitment; provided that, (1) the Capital Raising Fee in respect of any DIP Financing shall only apply to the aggregate amount of any "new money" DIP Financing issued and/or committed, (2) there shall be no Capital Raising Fee payable in respect of any "roll-up" DIP Financing (including, without limitation, the conversion of any existing debt into DIP Financing), and (3) if any portion of the debt or equity financing is raised from (i) Oaktree Capital Management, Wind Point Partners or Duration Capital Partners or any of their respective affiliates (collectively, the "Sponsors"), then no Capital Raising Fee shall be payable in respect of such portion of the financing or capital raised from the Sponsors, unless the Debtors request that PJT commence a financing solicitation process on behalf of the Debtors, and following such request, PJT commences a financing solicitation process on behalf of the Debtors, in which case PJT shall be entitled to receive 50% of the Capital Raising Fee to which it otherwise would have been entitled in respect of any debt or equity financing raised from the Sponsors and (ii) any existing creditors of or lenders to the Debtors as of the effective date of the Engagement Letter (i.e., July 11, 2025) and/or any of their respective affiliates (collectively, the "Existing Lenders"), then PJT shall be entitled to receive 50% of the Capital Raising Fee to which it otherwise would have been entitled in respect of any debt or equity financing raised from the Existing Lenders, unless the Debtors request that PJT commence a financing solicitation process on behalf of the Debtors, and following such request, PJT commences a financing solicitation process on behalf of the Debtors, in which case PJT shall be entitled to receive 100% of the Capital Raising Fee to which it otherwise would have been entitled in respect of any debt or equity financing raised from the Existing Lenders; (c) Restructuring Fee. The Debtors shall pay PJT a Restructuring Fee equal to $9,250,000, earned and payable upon consummation of a Restructuring, including consummation of a chapter 11 plan or any other Restructuring pursuant to an order of the Court or any other court; and (d) Expense Reimbursements. In addition to the fees described above, the Debtors agree to reimburse PJT for all reasonable out-of-pocket expenses incurred during the engagement, including, but not limited to, travel and lodging, direct identifiable data processing, document production, publishing services and communication charges, courier services, working meals, reasonable fees and expenses of PJT's counsel (without the requirement that the retention of such counsel be approved by the court in any bankruptcy case), and other necessary expenditures, payable upon rendition of invoices setting forth in reasonable detail the nature and amount of such expenses. Further, in connection with the reimbursement, contribution and indemnification provisions set forth in the Engagement Letter and Attachment A to the Engagement Letter (the "Indemnification Agreement"), which is incorporated therein by reference and addressed further below, the Debtors agree to reimburse each PJT Party, for its legal and other expenses (including the cost of any investigation and preparation) as such expenses are incurred by each PJT Party in connection with any matter in any way relating to or referred to in the Engagement Letter or arising out of the matters contemplated by the Engagement Letter (including, without limitation, in enforcing the Engagement Letter), subject to certain exceptions, limitations, and requirements set forth in the Indemnification Agreement. Thomas Higbie, a partner at PJT Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas Higbie PJT Partners LP 280 Park Avenue, 15th Floor New York, NY 10017 Telephone: (212) 364-7800 About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Seeks to Tap Kirkland & Ellis as Bankruptcy Counsel ------------------------------------------------------------------ STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and post petition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. advising the Debtors regarding tax matters; j. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. Kirkland's current hourly rates are: Partners $1,395 to $2,975 Of Counsel $875 to $2,495 Associates $825 to $1,775 Paraprofessionals $385 to $775 The firm received a total retainer in the amount of $16,959,118.65. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: a. Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement? Answer: No. Kirkland and the Debtors have not agreed to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement. The rate structure provided by Kirkland is appropriate and is not significantly different from (a) the rates that Kirkland charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. b. Question: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Kirkland in representing the Debtors are consistent with the rates that Kirkland charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. c. Question: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland's billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Answer: Kirkland's current hourly rates for services rendered on behalf of the Debtors range as follows: Partners $1,395 to $2,975 Of Counsel $875 to $2,495 Associates $825 to $1,775 Paraprofessionals $385 to $775 Kirkland represented the Debtors from January 1, 2025 to December 31, 2025 before the Petition Date, using the hourly rates listed below: Partners $1,295 to $2,675 Of Counsel $875 to $2,245 Associates $785 to $1,625 Paraprofessionals $355 to $705 d. Question: Have the Debtors approved Kirkland's budget and staffing plan, and, if so, for what budget period? Answer: Yes, for the period beginning on or around January 11, 2026 and ending on or around July 31, 2026. Patrick J. Nash, Jr., the president of Patrick J. Nash, Jr., P.C., a partner of the law firm of Kirkland & Ellis 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 through: Yusuf Salloum, Esq. Ashley L. Surinak, Esq. Patrick J. Nash, Jr., Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, IL 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: patrick.nash@kirkland.com yusuf.salloum@kirkland.com ashley.surinak@kirkland.com About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Taps White & Case LLP as Special Committee Counsel ----------------------------------------------------------------- STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ White & Case LLP as conflicts counsel. The firm will render legal services on behalf of and at the sole direction of the Special Committee of the Board of Supervisors of Reception Holdings, L.P. and each of the Boards of Managers of Reception Mezzanine Holdings, LLC and Reception Purchaser, LLC, to address certain matters that the Debtors may encounter that are more appropriately addressed by a law firm other than Kirkland & Ellis LLP. The firm will be paid at these rates: Partners $1,840 to $2,900 per hour Counsel $1,790 per hour Associates $940 to $1,710 per hour Paraprofessionals $365 to $745 per hour White & Case received advance payment retainers from the Debtors in the aggregate amount of $2,875,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Consistent with paragraph D.1 of the U.S. Trustee Guidelines, the firm provides the following information in further support of the Application: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 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 post-petition, explain the difference and the reasons for the difference. Response: Effective as of August 11, 2025, White & Case began its representation of the Special Committee pursuant to the Engagement Letter. Effective January 1, 2026, White & Case's hourly rates increased in the normal course of the Firm's business. Other than the foregoing, White & Case's billing rates and material financial terms have not changed between its prepetition and post-petition engagement. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Yes, the Debtors have approved White & Case's prospective budget and staffing plan for the initial stages of these chapter 11 cases. Recognizing that unforeseeable events may arise in large chapter 11 cases, the Debtors and White & Case may need to refine and supplement the budget and staffing plan as necessary. The budget and staffing plan are intended as estimates and not as caps or limitations on fees or expenses that may be incurred or on the professionals or paraprofessionals who may advise the Debtors in these chapter 11 cases. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Gregory Pesce, Esq. a partner at White & Case 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: Gregory F. Pesce, Esq. White & Case LLP 111 South Wacker Drive, Suite 5100 Chicago, IL 60606-4302 Tel: +1 312 881 5360 Email: gpesce@whitecase.com About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. SYNCUBE CONTAINERS: Gets Court OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division entered a stipulated order authorizing Syncube Containers, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral in accordance with a court-approved budget. The funds are intended to cover essential operating expenses. As adequate protection, secured creditors, including merchant cash advance lenders were granted replacement liens on post-petition assets of the Debtor, limited to the same types of collateral securing their pre-petition interests and maintaining the same priority and validity. Additionally, Highland Hill Capital, LLC reached a specific agreement requiring the Debtor to pay 6% of monthly gross receipts beginning March 5 while reserving disputes regarding ownership of certain accounts. The order preserves the Debtor's right to challenge creditor claims or lien validity and requires service of the order on major creditors and trustees. About Syncube Containers LLC Syncube Containers, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40806) on January 27, 2026, with $100,001 to $500,000 in assets and liabilities. Alexander Joseph Berry-Santoro, Esq., at Maxwell Dunn, PLC represents the Debtor as legal counsel. TALKING ROCK: Gets OK to Use Cash Collateral Until April 30 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a fourth stipulated order extending Talking Rock Land, LLC's authority to use cash collateral. The court order authorized the Debtor to continue using cash collateral through April 30 to cover ordinary and necessary post-petition operating expenses in accordance with its latest budget. The Debtor may reimburse out-of-pocket costs and expenses incurred by its affiliated management company, Symmetry Companies, LLC, consistent with the budget but is prohibited from paying Symmetry any management fees during the interim period. The Debtor may not make any payments to Principal Resources, LLC during the period. All secured creditors retain their rights to seek additional protection or seek a claim under section 507(b) for any diminution in the value of their collateral resulting from the Debtor's use of their cash collateral. The Debtor's authority to use cash collateral may be extended beyond April 30 without further court order upon agreement by the parties. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/SW34d from PacerMonitor.com. About Talking Rock Land Talking Rock Land, LLC develops and manages Talking Rock, a private residential community in Prescott, Ariz. The development includes luxury homes, a golf course, and club amenities. Talking Rock Land filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-03438) on April 18, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Daniel P. Collins handles the case. The Debtor is represented by: Scott B. Cohen, Esq. Engelman Berger, P.C. Email: 602-271-9090 Email: sbc@eblawyers.com TBN MURRAY: Tom Howley Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for TBN Murray Fam LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About TBN Murray Fam LLC TBN Murray Fam, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.26-30845) on February 6, 2026. In the petition signed by Thomas Murray, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. TGI FRIDAY'S: Asset Sale Proceeds to Fund Plan Payments ------------------------------------------------------- TGI Friday's Inc. and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement regarding Joint Plan of Liquidation dated February 17, 2026. Opening its first restaurant in 1965, the Company TGIF develops, operates, and franchises restaurants under an iconic American casual-dining bar-and-grill concept. The Company's restaurants are full-service locations with regionally tailored menus and full bar offerings where "People of All Stripes" can connect over handcrafted food and drink, offering classic American food and beverages, with 39 restaurant locations being owned and operated by the Company. The Company is known for bringing people together to socialize and celebrate the liberating spirit of "Friday." The Company and its franchisees operate in the branded casual dining space in the U.S., the Americas, Asia, Australasia, and the Middle East. All of these geographies have experienced recent turbulence, significantly impacting the casual dining market. Conflicts in the Middle East and Ukraine disrupted supply chains, particularly for ingredients and food products. Global inflation increased, leading to significant increases in interest rates on the Company's debt and making additional financing more difficult. In addition, these pressures led to universal pressure on individuals' finances, resulting in generally less disposable income and, therefore, less ability to dine out at casual dining establishments. On November 20, 2024, and December 6, 2024, respectively, the Bankruptcy Court entered its Order Approving (I) Bidding Procedures, the Sale Timeline, the Form and Manner of Notice Thereof; (II) Assumption and Assignment Procedures; and (III) Granting Related Relief (the "Bidding Procedures Order") and the Supplemental Order Approving (I) Bidding Procedures, the Sale Timeline, and the Form and Manner of Notice Thereof; (II) the Debtors' Entry into and Performance Under the Stalking Horse APA; (III) Assumption and Assignment Procedures; and (IV) Granting Related Relief (the "Supplemental Bidding Procedures Order" and together with the Initial Bidding Procedures Order, the "Bidding Procedures Orders"), authorizing the sale of substantially all of the Debtors' assets, including certain liquor licenses, via auction. Pursuant to the Supplemental Bidding Procedures Order, the Debtors designated Sugarloaf Concessions, LLC as a stalking horse bidder ("Sugarloaf"). The Debtors conducted an auction on December 27, 2024 (the "Auction"). At the conclusion thereof, (i) Mera Global, LLC ("Mera") was designated as the winning bidder for certain of the Debtors' assets and restaurant locations, with the stalking horse bidder, Sugarloaf, being designated the back-up bidder, and (ii) Liquor License Auctioneers Inc. (the "Auctioneers") was declared the winning bidder for certain liquor licenses (the "License Sales"). The Bankruptcy Court conducted a hearing (the "Sale Hearing") on January 2, 2025, to consider, among other things, the sale of assets to Mera (the "Mera Sale") and License Sales and subsequently approved and authorized the Mera Sale and the License Sales and entered the Order (I) Approving the Sale of Certain Assets of the Debtors Outside the Ordinary Course of Business; (II) Authorizing the Sale of Assets Free and Clear of All, Lien, Claims, Interests, and Encumbrances, (III) Authorizing the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases in Connection Therewith, and (IV) Granting Related Relief on January 8, 2025. The Mera Sale closed on February 18, 2025. The total purchase price under the Mera Sale was approximately $34,500,000. The Debtors' Plan is a liquidating plan under which all of the Debtors' remaining assets will be transferred on the Effective Date to the Creditor Trust and administered by the Creditor Trustee for the benefit of Holders of Allowed Claims. Class 4 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim against a Debtor agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, each Allowed General Unsecured Claim, and only to the extent that any such Allowed General Unsecured Claim has not been paid by the Debtors prior to the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive such Holder's Pro Rata share of the Creditor Trust Net Assets remaining after payment in full of all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Other Secured Claims, Allowed Other Priority Claims, and Allowed Professional Fee Claims. Class 4 is Impaired under the Plan. Class 7 consists of Equity Interests. On the Effective Date, all Equity Interests, other than Equity Interests in TGI SPV Guarantor, LLC, shall be cancelled, released, and extinguished and shall be of no further force and effect, and Holders of Equity Interests shall not receive any distribution on account thereof and no recovery under the Plan. Class 7 Claim Holders are Impaired and will neither receive nor retain any property under the Plan on account of such Claims. As such, Holders of Class 7 Equity Interests are deemed to reject the Plan and will not receive ballots. The Creditor Trust shall be established on the Effective Date pursuant to the terms of the Creditor Trust Agreement and the Plan, and shall initially be funded with the Creditor Trust Assets. The Creditor Trust shall be established for the primary purpose of (a) liquidating, holding, managing, and distributing the Creditor Trust Assets in accordance with the terms of the Plan and the Creditor Trust Agreement, (b) winding down and administering the Debtors' Estates, including, without limitation, objecting to, resolving, reconciling, and paying or otherwise treating Claims against the Debtors in the order of priority set forth in the Plan, and (c) prosecuting, settling, abandoning, or otherwise resolving the Retained Causes of Action and distributing the Litigation Proceeds thereof in accordance with the Plan. Except as otherwise provided in the Plan or the Confirmation Order, all Cash required for the payments to be made under the Plan shall come from the Creditor Trust Assets. A full-text copy of the Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=3i1NIw from PacerMonitor.com at no charge. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entrees, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. TIDEWATER INC: Wilson Sons Transaction No Impact on Moody's B2 CFR ------------------------------------------------------------------ Moody's Ratings commented that Tidewater Inc.'s (Tidewater) definitive agreement to acquire Brazilian offshore support vessel (OSV) company Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (collectively, "WSUT") is credit positive but does not currently affect its ratings, including its B2 Corporate Family Rating and B3 senior unsecured notes rating, or its stable outlook. The proposed transaction provides Tidewater with significant scale in the key Brazilian offshore market and improves the company's competitive positioning. While Tidewater's net leverage will increase following the closing the transaction, it remains within the company's stated financial policies on a pro forma basis. Under the announced agreement, Tidewater will purchase WSUT for approximately $500 million in cash, including the assumption of WSUT's existing debt of around $261 million as of September 30, 2025. WSUT's fleet consists of 22 platform supply vessels (PSV), including 19 Brazilian-built vessels that receive priority to operate in Brazil. The transaction will bring a meaningful increase in Tidewater's market presence in the protected Brazilian OSV market, one of the world's most important and dynamic offshore drilling markets, and establish the company as one of the main providers of Brazilian-built PSVs. The acquisition will add significant scale to Tidewater's Brazilian fleet, providing a strong competitive advantage in this highly-regulated market and supporting its ability to maintain above average utilization and contract rates through the cycle. Tidewater will also gain the right to import additional international-flagged vessels into Brazil under the Brazilian Special Registry ("REB") that would enjoy the same preference status as Brazilian-built vessels and allow the company to deploy its existing vessels to the Brazilian market based on the evolution of supply and demand in its other markets of operation. Tidewater will pay the approximately $239 million cash portion of the consideration using cash on hand. The acquisition will initially increase Tidewater's leverage, with pro forma net debt/EBITDA rising to around 1.1x, from 0.4x for the twelve months to September 30, 2025. This is well within the company's financial policy of maintaining net leverage below 2.0x following acquisitions and close to the company's 1.0x net leverage target. As such, the proposed transaction also contributes to building Tidewater's track record of operating within its stated conservative financial policies. The proposed transaction has been approved by the board of directors of both companies and is expected to close late in the second quarter of 2026, subject to required regulatory approvals and other customary closing conditions including approval from the Brazilian Antitrust Authority (CADE). Tidewater Inc. (NYSE: TDW) is a listed company providing supply and support services to the offshore oil and gas and construction industries. Pro forma for the acquisition, Tidewater will operate 231 marine offshore support vessels (OSVs), nearly all owned, and generated approximately $700 million of combined EBITDA in the twelve months to September 30, 2025. TRICOLOR AUTO: Noteholders Sue JPMorgan, Barclays and Fifth Third ----------------------------------------------------------------- Robert Burnson and Peter Blumberg of Bloomberg News report that the noteholders of Tricolor Holdings have launched a lawsuit against JPMorgan Chase, Barclays, and Fifth Third, claiming the banks contributed to fraud at the bankrupt auto lending company. The case, filed Thursday, February 26, 2026, in New York, names investment firms One William Street Capital Management and Janus Henderson Group Plc as plaintiffs, who together hold more than $230 million in Tricolor debt, the report states. Tricolor filed for Chapter 11 bankruptcy in September 2025. Its founder, Daniel Chu, and several other executives were charged in December with allegedly defrauding investors and lenders, allegations that underpin the noteholders' legal action, according to Bloomberg. The investors contend that the banks' involvement, whether through negligence or complicity, allowed Tricolor's executives to misrepresent the company's finances and continue operations. The lawsuit seeks damages and court oversight of the banks' role in the alleged fraud. 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. TRIPLETT FUNERAL: Business Operation & Sale Proceeds to Fund Plan ----------------------------------------------------------------- Sandra Triplett, the Creditor, filed with the U.S. Bankruptcy Court for the Eastern District of Missouri a Disclosure Statement describing First Amended Plan of Reorganization for Triplett Funeral Homes, LLC, dated February 17, 2026. The Debtor ran a funeral home business that was located in Kahoka, Missouri, Golden, Illinois, and Mendon, Illinois. Christopher (Chris) Triplett was the funeral director but was assisted by Sandra Triplett, his spouse, who now has her funeral director license. Sandra Triplett is currently going through dissolution of marriage proceedings. The Debtor began its business in Illinois on July 20, 2018. Sandra Triplett invested $98,624.40, but she was unable to be a funeral director at that time because she was still a Canadian citizen. On September 18, 2020, the Kahoka location was purchased. The principal, Chris Triplett, expanded the business against the wishes of Creditor, Sandra Triplett, in February 2022, leading to cash flow issues. The Debtor's primary physical asset was the commercial real estate located at 975 East Main Street, Kahoka, Missouri ("Kahoka home"). In addition, it had real estate from the expansion Triplett Funeral Home in Golden, IL, Triplett Funeral Home in Mendon, IL and Triplett & Wood in Rushville, IL. All real estate and related personal property for Golden, IL, Mendon, IL and Rushville, IL locations have or are to be liquidated to reduce debt. However, as with most professional practices, the main asset of the Debtor is the goodwill built by Creditor, and in the reputation of Sandra Triplett in the Kahoka area. Her continued employment is vital to the Debtor's ongoing operations. Without Sandra Triplett, the Debtor is likely to be out of business and unable to make payments to any of its creditors. The Debtor intends to enter into a 3-year employment contract with Sandra Triplett to coincide with the term of this Plan. The bankruptcy was precipitated by a series of poor decisions by management including not leaving enough reserves in the business, overestimating potential of new funeral home acquisition and the entry into debt for acquisition of homes other than its core Kahoka facility. This along with internal management issues led to the filing of the bankruptcy. It should be noted that even with the negative cash flows as a result of the non-Kahoka facilities, Debtor was not delinquent on any debts at the time the principal member put the Debtor into bankruptcy. Since the Petition Date, Debtor has continued to operate its funeral homes. Debtor's principal, Chris Triplett, has been removed from management and Robert Eggmann, Esq., has been appointed trustee for the business. Debtor has entered into contracts to liquidate its Illinois funeral homes, while retaining the Kahoka, MO funeral home. Reorganized Debtor intends to continue to operate the Kahoka Funeral Home pursuant to Creditor's Plan. Class 4 shall consist of all Allowed Unsecured Claims held by any Unsecured Creditor against the Estate, including the deficiency claim of any secured creditor, defined as an Allowed Claim which is not entitled to priority under Section 507(a) of the Bankruptcy Code. Class 4 impaired under the Plan and entitled to vote. Class 5 shall consist of the prepetition equity interests in the Debtor. All pre-petition Class 5 Interests will be cancelled and have no value on the Effective Date of the Plan. All membership interests shall vest in Sandra Triplett. Class 5 is impaired under the plan and is entitled to vote. On the Effective Date, all Estate Property, including Chapter 5 Claims, will vest in the Reorganized Debtor and shall be free and clear of all claims and interests of Creditors and Parties in Interest, except as expressly provided in this Plan or the Confirmation Order. Equity interests will be extinguished. The Debtor's business operations will continue in the same manner they have throughout the duration of the case until such time that the Apartment Complex is sold. Based upon the post-petition operating history, the Creditor's ongoing operational plan is feasible. Creditor's liquidation of the Illinois homes and the likely distributions resulting from a sale of these assets, in addition to the funds generated by Reorganized Debtor's ongoing operations, are more than likely to be sufficient to make the necessary payments. A non-accepting unsecured creditor whose Claim is impaired must receive or retain under the Plan (a) property of a value at least equal to the amount of its Allowed Claims; or (b) the holders of Claims or Interests junior to the Claims of the non-accepting Class of Unsecured Creditors will not receive or retain any property under the Plan. A full-text copy of the Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=jztuMr from PacerMonitor.com at no charge. Attorney for Creditor: CURL, HARK & HOLLIDAY, LLC John M. Hark, Esq. 999 Broadway P.O. Box 1013 Hannibal, MO 63401 Phone: (573) 221-7333 Fax: (573) 221-8824 E-mail: jhark@chhlaw.us About Triplett Funeral Homes Triplett Funeral Homes, LLC, a company in Kahoka, Mo., is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kathy A. Surratt-States oversees the case. The Debtor is represented by Fredrich J. Cruse, Esq., at Cruse Chaney-Faughn. Robert E. Eggmann is the Debtor's Chapter 11 trustee. U4RIC INVESTMENTS: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------------- U4Ric Investments, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement describing Chapter 11 Plan dated February 17, 2026. This Plan of Reorganization proposes to pay all Allowed Claims of the Debtor in full from the proceeds of the sale of the Debtor's sole asset, consisting of real property located at 11 East Laurel Drive, Salinas, California 93905 (the "Property"), on or before June 29, 2026. The Debtor has a primary mortgage with Persevere with $1,047,072.54 owed as of the filing date, a junior mortgage with Persevere as well with a balance of $279,680.10, and a 3rd / construction loan with Brett Livingston (private lender) for $266,395.00, and also owes property taxes to the County of Monterey for $45,383.00. The total debt: $1,638,530.64. The Debtor has a current appraisal (November 2025) for the Property at 2.6 million. The Debtor's chosen Broker, Nick Torterelli, has listed the Property as the Ex Parte Application to employ him was recently granted by the Court at docket 50 on February 11, 2026. The Debtor has no other debt in this case (unsecured). The Debtor would like to sell the Property within six months of the petition date and will commence adequate protection payments (non default contractual rate payments) beginning March 29, 2026, as required by Section 362(d)(3) of the Bankruptcy Code. There are no cash collateral issues as the Property is bare land. On December 29, 2025, the Debtor filed the instant case to stop the attempted foreclosure the Property by a primary and secondary mortgage holder, Persevere. Additionally, Debtor filed seeking a consensual stipulation with its secured creditors to provide a reasonable amount of time to sell the Property now that the Debtor's owner (who is paralyzed from the waist down and in poor health) was able to finalize entitlements to build 37 single family homes. On or before June 29, 2026, the Debtor shall consummate a sale of the Property. The net proceeds shall be distributed as follows: * payment in full of all Allowed Secured Claims in Class 1; * payment in full of all Allowed Class 2 unsecured claims, if any; * payment in full of all Allowed administrative and priority claims; * any remaining proceeds shall be distributed to the equity holder under Class 3. The Debtor shall sell the Property on or before June 29, 2026, and shall fund all distributions under this Plan from the net sale proceeds. Any sale shall be noticed and approved pursuant to Section 363 of the Bankruptcy Code unless otherwise authorized by the confirmed Plan and confirmation order. A full-text copy of the Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=F0wlza from PacerMonitor.com at no charge. Counsel to the Debtor: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 Email: af@farsadlaw.com About U4Ric Investments U4Ric Investments, LLC, is a single-asset real estate company that owns one income-producing property. U4Ric Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51980) on Dec. 29, 2025. In the petition signed by John Filighera, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Arasto Farsad, at Farsad Law Office, PC. UNIVERSAL MISSIONARY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a Second Interim Order authorizing Universal Missionary Baptist Church, Inc. to use cash collateral in its Chapter 11 bankruptcy case. Under the order, the Debtor is permitted to use cash collateral in accordance with an approved operating budget, including a variance of up to 10% per budget line item. This authorization allows the Debtor to continue funding necessary operations through March 12, unless otherwise agreed with the secured creditor or modified by further court order. As adequate protection for the secured creditor, the U.S. Small Business Administration (SBA), the Court granted post-petition replacement liens on the Debtor's cash collateral and related post-petition property. These replacement liens maintain the same validity, extent, and priority as the SBA's pre-petition security interests, covering assets such as deposits, equipment, furniture, and general intangibles. The order preserves all rights and claims of both the Debtor and the SBA under existing agreements and applicable law. Objections to the motion must be filed by March 6. The court scheduled a continued hearing on the Debtor's request to use cash collateral for March 11. About Universal Missionary Baptist Church, Inc. Universal Missionary Baptist Church, Inc. filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ill. Case No. 25-19597) on Dec. 23, 2025, disclosing under $1 million in both assets and liabilities. The Debtor hires Gregory K. Stern, P.C. as attorney. US MAGNESIUM: Hires Focus Management as Project Manager ------------------------------------------------------- US Magnesium LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Focus Management Group USA Inc. as liquidation project manager. The firm will provide these services: (a) manage the liquidation process for the Debtor's remaining assets, including the creation and management of a corresponding liquidation budget; (b) prepare and maintain the final reporting of the liquidation results with actual to budget variance analysis on a weekly basis; (c) review and assist in the collection of any residual accounts receivable balances; (d) review and monitor the liquidation of the residual inventory; (e) review and assist in the sale, transfer, removal, and/or other disposition of the remaining fixed assets that are subject to liens in favor of Wells Fargo Bank, National Association ("Wells Fargo"); (f) interact with the Utah Division of Forestry, Fire and State Lands ("FFSL") as it relates to compliance with and adherence to the terms of any access agreement into which FFLS, the Debtor and Wells Fargo may enter; and (g) discuss Debtor's financial and operational condition and opportunities with Wells Fargo and the Renco Group, Inc. as requested from time to time. The firm will be paid at these rates: Senior Managing Directors $675 per hour Managing Directors $500 per hour Business Analyst $375 per hour The firm will be paid a retainer in the amount of $40,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Donald disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Doland Focus Management Group USA Inc. 30725 US Hwy 19N PMB 330 Palm Harbor, FL 34684 Tel: (813) 281-0062 Fax: (813) 281-0063 About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on Sept. 10, 2025. In its petition, the Debtor estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, at Gellert Seitz Busenkell & Brown, LLC, as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC, as investment banker. Stretto, Inc., is the Debtor's claims and noticing agent. VASILIA INVESTMENTS: Case Summary & 19 Unsecured Creditors ---------------------------------------------------------- Debtor: Vasilia Investments, LLC 301 Buenos Aires Street New Smyrna Beach FL 32169 Business Description: Vasilia Investments, LLC, based in New Smyrna Beach, Florida, owns and operates the Salty Mermaid Oceanfront Hotel, a boutique oceanfront lodging property serving visitors to the New Smyrna Beach area, offering individually designed suites with private patios, beach cabanas, and reserved seating. The hotel provides upscale amenities, including king-size beds, luxury bedding, and curated comforts aimed at creating a high-end beach getaway experience. Chapter 11 Petition Date: February 25, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01293 Judge: Hon. Grace E Robson Debtor's Counsel: Katelyn Vinson, Esq. JENNIS MORSE 606 East Madison Street Tampa FL 33602 Tel: 813-229-800 E-mail: kvinson@jennislaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Kostoglou as manager. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GXHNGWA/Vasilia_Investments_LLC__flmbke-26-01293__0001.0.pdf?mcid=tGE4TAMA VERA HOLDINGS: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- Guy Van Baalen, Acting U.S. Trustee for Region 21, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Vera Holdings & Investments, Inc. The committee members are: 1. Festool USA, LLC Amity Sendama, CFO 400 N. Enterprise Blvd. Lebanon, IN 46052 Phone: 765-482-4500 Email: amity.sendama@ttsnorthamerica.com 2. Rust-Oleum Corp John Brodersen, VP and General Counsel 11 E. Hawthorn Parkway Vernon Hills, IL 60047 Phone: 847-573-7832 Email: john.brodersen@rustoleum.com 3. Lentus, LLC Tom Henrion, CFO 400Ring Road, Ste 101 Elizabethtown, KY 42701 Phone: 270-370-2451 Email: thenrion@hartlagemgt.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Vera Holdings & Investments Inc. Vera Holdings & Investments, Inc. is a Florida-based holding company managing investment assets across multiple sectors. Vera filed its Chapter 11 petition under the U.S. Bankruptcy Code (Bankr. Case No. 26-00763) on February 4, 2026. In its filing, the Debtor disclosed estimated assets of $500 million to $1 billion and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Grace E. Robson oversees the proceedings. The Debtor is represented by Frank M. Wolff, Esq. of Nardella & Nardella, PLLC. VIA MIZNER: Hires Newmark & Company Real Estate as Broker --------------------------------------------------------- Via Mizner Owner II, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Newmark & Company Real Estate, Inc. as broker. The firm will assist the Debtor in connection with the refinancing or sale of the luxury hotel located at 103 E. Camino Real, Boca Raton, FL 33432. The firm will be paid at these commissions: -- 55 basis points (0.55%) of the amount of any Debt Financing, excluding any Debt Financing provided by Romspen; -- 1.25% of the amount of any Equity Financing, excluding any Equity Financing provided by Romspen; and -- 55 basis points (0.55%) of the Purchase Price for any sale of the Property. In the event that Romspen successfully credit bids for the Property and the Firm has secured a verifiable and viable Equity and Debt Capital or Sale term sheet for at least $200 million prior to Romspen doing so, the Firm shall be entitled to a fee equal to 25% of the fee the Firm would otherwise have been entitled to applicable to such sale. Ms. Etra disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Adam Etra Newmark & Company Real Estate, Inc. 125 Park Ave. New York, NY 10017 Tel: (212) 372-2000 About Via Mizner Owner II, LLC Via Mizner Owner II, LLC is a real estate development company overseeing a luxury mixed-use project in Boca Raton, Florida. The company serves as the owner and developer of the proposed Mandarin Oriental Boca Raton hotel and adjoining residential development. Via Mizner Owner II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25197) on December 23, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Samuel W. Hess, Esq. VILLA CHARDONNAY: Trustee Hires Jeff Wiemann as Consultant ---------------------------------------------------------- Leslie T. Gladstone, the Trustee for Villa Chardonnay Horses With Wings, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Jeff Wiemann as non-profit consultant. Mr. Wiemann will assist the Debtor with compliance with the Charitable Supervision Act and the Registry requirements. Mr. Wiemann will be paid at the rate of $175 per hour. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeff Wiemann Tel: (858) 397-3847 Email: jeff.wiemann@outlook.com About Villa Chardonnay Horses With Wings, Inc. Villa Chardonnay Horses With Wings Inc., based in Julian, California, operates as a nonprofit animal sanctuary providing care for rescued horses, cats, dogs, goats, and other animals, with a focus on senior and special-needs animals. The organization maintains a large, peaceful environment for these animals and relies on donations and volunteer support to sustain its operations. It is classified within the animal welfare and rescue sector. Villa Chardonnay Horses With Wings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03692) on September 1, 2025. In its petition, the Debtor reported total assets of $3,978,280 and total liabilities of $7,073,342. Judge J. Barrett Marum oversees the case. The Debtor is represented by Michael R. Totaro, Esq., at Totaro & Shanahan, LLP. Leslie Gladstone is appointed as trustee in this Chapter 11 case. The trustee tapped Financial Law Group as counsel. VITAL DENTAL: Seeks to Hire Lorium Law as Counsel ------------------------------------------------- Vital Dental Center, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Lorium Law as counsel. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession under Chapter 11 and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare and/or defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan and confirmation of same. The firm will be paid at these rates: Attorneys $250 to $550 per hour Paralegals $150 to $175 per hour The firm will be paid a retainer of $5,000. Mr. Grant 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: Joe M. Grant, Esq. LORIUM PLLC 197 South Federal Highway, Suite 200 Boca Raton, FL 33432 Telephone: (561) 361-1000 E-mail: jgrant@loriumlaw.com About Vital Dental Center, LLC Vital Dental Center, LLC is a dental practice based in Margate, Florida, with an additional location in Pompano Beach, providing general, family, and pediatric dentistry, as well as cosmetic and restorative dentistry -- including dental implants, crowns, bridges, dentures, fillings, and root canal therapy â€“ and emergency dental care. The practice offers extended hours, including Saturdays, and uses modern facilities and technology to support patient comfort and comprehensive treatment. Vital Dental Center filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10432) on January 14, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Martin Maya, manager, signed the petition. Judge Peter D. Russin presides over the case. Peter Spindel, Esq., at Peter Spindel, Esq., P.A. represents the Debtor as legal counsel. VOLITIONRX LTD: Issues Shares to Settle $7.5M Note with Lind Global ------------------------------------------------------------------- VolitionRx Limited previously reported that it issued a senior secured convertible promissory note in the principal amount of $7,500,000 to Lind Global Asset Management XII LLC, a Delaware limited liability company, pursuant to that certain securities purchase agreement dated May 15, 2025. In connection with its repayment obligations under such note: (a) on February 17, 2026, the Company issued to Lind an aggregate of 1,956,178 shares of common stock to satisfy a $416,666 payment obligation, (b) on January 29, 2026, the Company issued to Lind an aggregate of 2,569,753 shares of common stock to satisfy a $583,334 payment obligation, and (c) on January 16, 2026, the Company issued to Lind an aggregate of 1,893,936 shares of common stock to satisfy a $416,666 payment obligation. The offering and sale of the shares of common stock underlying the note was made in reliance on the exemption afforded by Section 3(a)(9) or alternatively Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Rule 506 of Regulation D under the Securities Act, and corresponding provisions of state securities or "blue sky" laws. The issuance of the shares of common stock was to an existing securityholder, did not involve any paid commissions, did not involve a public offering and was made without general solicitation or general advertising. Also as previously reported, on September 18, 2025 the Company issued 483,870 shares of its common stock, plus warrants to purchase up to an additional 483,870 shares of common stock at an exercise price of $0.682 per share, to an existing stockholder in a private placement, at a combined offering price of $0.62 per share and accompanying warrant, or an aggregate offering price of $300,000 (excluding any proceeds from the exercise of the warrants). The warrants were exercisable immediately upon issuance and expire on September 18, 2030. The offering and sale of the shares of common stock and warrants was made in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act, and/or Rule 506 of Regulation D under the Securities Act, and corresponding provisions of state securities or "blue sky" laws. The issuance of the shares of common stock and warrants was to an existing securityholder, did not involve any underwriting discounts or commissions, did not involve a public offering and was made without general solicitation or general advertising. About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $6.4 million in total assets, $42.4 million in total liabilities, and $35.9 million in total stockholders' deficit. VON ROHR: Seeks to Employ Kyle Chapman as Bookkeeper ---------------------------------------------------- Von Rohr Equipment Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Kyle Chapman, a professional practicing bookkeeping services, to serve as bookkeeper. Mr. Chapman will provide these services: (a) assisting with liquidation analysis for the Debtor's plan of reorganization; (b) assisting with regular updating of 13-week cash flow reports; (c) assisting with monthly operating reports; (d) In conjunction with the Debtor's financial advisor, preparing financial statements, including required disclosures, as required; (e) providing financial projections for the Debtor's plan of reorganization; (f) providing testimony in court, if required; and (g) providing such other services as may be necessary in connection with the Debtor's books and records and formulation of a Plan of Reorganization, the Debtor's monthly operating reports, or otherwise in connection with the bankruptcy case and any related proceedings. Mr. Chapman will receive an hourly rate of $95. Kyle Chapman 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: Kyle Chapman 63 North Manheim Blvd New Paltz, NY 12561 About Von Rohr Equipment Corp. Von Rohr Equipment Corp. filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-21662) on October 31, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. John Cancelliere, president and sole shareholder, signed the petition. Judge Stacey L. Meisel oversees the case. The Debtor tapped Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC as counsel and Bederson LLP as accountant. VSBROOKS INC: Gets Extension to Access Cash Collateral ------------------------------------------------------ VSBROOKS, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. Under the sixth interim order, the Debtor is authorized to use cash collateral to pay the amounts expressly approved by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by City National Bank. The budget term runs through March 27, with a further hearing set for March 26, unless all parties agree to extend the budget without a hearing. As adequate protection for the Debtor's use of its cash collateral, City National Bank will have a replacement lien on all property acquired or generated by the Debtor after its Chapter 11 filing, with the same priority and extent as the bank's pre-bankruptcy lien. The replacement lien will be junior to fees and costs awarded to bankruptcy professionals. As additional protection, City National Bank will receive a $15,000 monthly payment beginning this month. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/xyyeN from PacerMonitor.com. In 2023, the Debtor and City National Bank entered into a loan agreement backed by the U.S. Small Business Administration. The loan is secured by a blanket lien on all of the Debtor's assets as documented in a UCC-1 financing statement. The loan, originally in the principal amount of $2.5 million, has a remaining balance of approximately $2.39 million. City National Bank is represented by: Melbalynn Fisher, Esq. Ghidotti | Berger LLP 10800 Biscayne Blvd., Suite 201 Miami, FL 33161 Tel: (305) 501-2808 Fax: (954) 780-5578 bknotifications@ghidottiberger.com About VSBROOKS Inc. VSBROOKS Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 years of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. VSBROOKS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18690) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Jacqueline Calderin, Esq. Email: 305-722-2002 Email: jc@agentislaw.com Robert P. Charbonneau, Esq. Tel: 305-722-2002 Email: rpc@agentislaw.com W&J SUBSHOPS: Unsecureds Will Get 10% of Claims over 60 Months -------------------------------------------------------------- W&J Subshops, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Liquidation dated February 17, 2026. The Debtor is a Limited Liability Company. The Debtor's members are: Wayne Hennessey and Jeanna J. Hennessey. They each hold a 50% equity security interest in the Debtor. The Debtor historically operated and continues to operate three Subway Franchise Stores: (1) Store #62528 located at 14712 La Paz Drive, Suite 99, Victorville, CA 92395 ("62528 Store"); (2) Store #49305 located at 16251 N D Street, Victorville, CA 92394 ("49305 Store"); and (3) Store #2547 located at 15319 C. Palmdale Rd., Victorville, CA 92392 ("2547 Store"). The Debtor's assets include the 3 Subway locations with equipment and inventory, and the funds in Debtor's debtor-in-possession account, and security deposits with the landlords. The 3 Subway shops are valued at $670,000 which is the current listing price for all locations, including the equipment and inventory. The biggest reason for Debtor's financial decline began when minimum wage increased to $20 per hour, followed by Subway requiring Debtor to perform remodels even during declining sales. To offset the minimum wage increase, Subway increased its prices which drove down customer numbers. As a result, Debtor fell behind on its rent obligation, payments to creditors, and was left with no choice to file the present case. Debtor is in the process of listing all 3 Stores for sale. Class 2(a) consists of General Unsecured Claims. This Class shall receive a monthly payment of $179.89 from the effective date through 59 months after the effective date without an interest. Class 2(a) will receive an estimated 10% distribution through the plan. This Class is impaired. Class 2(b) consists of the Claim of BLM Victorville – Landlord for Store #62528 located at 14712 La Paz Drive, Suite 99, Victorville, CA 92395. The Debtor intends to assume and assign the lease to prospective buyer of its Franchise Stores. Monthly base rent is $2,600. Debtor has approximately $7,800 in pre-petition arrears. Class 2(c) consists of the Claim of Hau-En Yung LLC – Landlord for Store #2547 located at 15319 C. Palmdale Rd., Victorville, CA 92392. The Debtor intends to assume and assign the lease to prospective buyer of its Franchise Stores. Monthly base rent is $2,392.58. Debtor has approximately $6,900 in pre-petition arrears. Wayne Hennessey is the CEO/President and 50% equity security holder. He does not hold a claim against the Debtor. He will retain his interest in the Debtor following plan confirmation. Jeanna J. Hennessey is the Secretary and 50% equity security holder. She does not hold a claim against the Debtor. She will retain his interest in the Debtor following plan confirmation. The Debtor intends to fund its plan from the sale of Debtor's 3 Subway Stores which are currently listed for $670,000. Debtor filed an application to Employ Biz Depot as its broker. The Debtor has an interested buyer who is currently undergoing prequalification process with Subway Franchisor. Once the qualification step is completed, Debtor will file a sale motion. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Liquidating Plan dated February 17, 2026 is available at https://urlcurt.com/u?l=1LjMT1 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email Michael.Berger@bankruptcypower.com About W&J Subshops LLC W&J Subshops LLC, a restaurant company based in Victorville, California, operates multiple sub shop locations including 16251 N D Street, 14712 La Paz Drive, Suite 99, and 15319 C. Palmdale Road. The Company is engaged in the preparation and sale of sandwiches and related food products, serving local customers across its stores. W&J Subshops LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18331) on November 19, 2025. In its petition, the Debtor reports total assets of $425,591 and total liabilities of $1,458,962. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. WELLPATH HOLDINGS: Bid to Dismiss Foster Case Granted in Part ------------------------------------------------------------- Judge Charlene Edwards Honeywell of the U.S. District Court for the Middle District of Florida granted in part and denied in part Wellpath, LLC and Dawn Marie Hillman, RN's motion to dismiss the First Amended Complaint in the case captioned as ALESA GLENDA FOSTER, as Personal Representative of the Estate of Raymond Wade Foster, Plaintiff, v. WELLPATH, LLC, DAWN MARIE HILLMAN and CHRIS NOCCO, in his official capacity as Sheriff of Pasco County, Florida, Defendants, Case No: 8:25-cv-438-CEH-LSG (M.D. Fla.). Defendant Sheriff Chris Nocco's motion to dismiss is granted. Defendants seek dismissal of the Amended Complaint for failure to state a claim against them under 42 U.S.C. Sec. 1983. This action arises out of the tragic circumstances in which Raymond Wade Foster, while incarcerated at the Pasco County Jail, took his own life. Foster was detained at the Pasco County Jail from April 24 through April 27, 2021. Upon intake, Foster was 42 years old and had a history of substance abuse with a long-term history of withdrawal and long-standing mental health issues. Foster had withdrawal symptoms while in custody during prior incarcerations, of which medical staff was or should have been aware. Defendant Wellpath, LLC, contracted with the Pasco County Sheriff's Office to provide medical and mental health care, screening, assessment, treatment, intervention, referral and attention to detainees at the Pasco County Jail. Defendant Dawn Marie Hillman, RN, a registered nurse employed by Wellpath, was acting within the scope of her employment with Wellpath. According to Plaintiff, Wellpath's policies and procedures required an inmate such as Foster to have a full mental health evaluation prior to housing placement, but no such evaluation was ever done. In a four-count Amended Complaint dated April 25, 2025, Plaintiff, Alesa Glenda Foster, as Personal Representative of the Estate of Raymond Wade Foster, sues Wellpath, Hillman, and Sheriff Nocco for civil rights violations under 42 U.S.C. Sec. 1983, alleging Defendants were deliberately indifferent to Foster's serious medical needs resulting in his death. Counts I, II, and III are brought against Hillman and Wellpath. Count IV is brought against Sheriff Nocco. Wellpath and Hillman move to dismiss the claims against them in Counts I, II, and III of the Amended Complaint. ellpath contends that it is a Chapter 11 debtor and Plaintiff's pre-petition claims have been discharged by the bankruptcy. Wellpath argues Plaintiff fails to state a Sec. 1983 claim against it Third, Wellpath submits there has been no constitutional violation by Hillman or any other Wellpath employee to support a Sec. 1983 claim against Wellpath. As for Hillman, she argues Plaintiff fails to state a claim against her for deliberate indifference. Next, she asserts any suit against her is barred because she is entitled to qualified immunity. Finally, Hillman submits that Plaintiff has failed to meet the conditions precedent for maintaining a claim against a non-debtor employee, namely Plaintiff has failed to opt out of the Third-Party Releases under the bankruptcy plan. Sheriff Nocco moves to dismiss the sole claim against him in Count IV of the Amended Complaint. In support, he argues that Plaintiff's Amended Complaint fails to allege sufficient facts to establish deliberate indifference on the part of Nurse Hillman, for which Plaintiff claims PCSO is liable by virtue of the contractual agreement between PCSO and Wellpath, Hillman's employer. Wellpath seeks dismissal with prejudice of all claims against it, arguing that Plaintiff's claims involve a pre-petition incident that has been discharged in its Texas bankruptcy case. Plaintiff argues she was a known creditor who never received actual notice of Wellpath's bankruptcy and thus dismissal at this juncture would be premature. If Plaintiff received adequate notice and did not timely file a claim in the bankruptcy court, Wellpath is correct that Plaintiff's claims may be barred. However, whether Foster was a known or unknown creditor and whether she received adequate notice are questions that cannot be answered on this record and the instant motion. Accordingly, Wellpath's motion to dismiss is due to be denied without prejudice on this argument. Similarly, whether Nurse Hillman's notice of claim was valid and timely cannot be determined on the instant motions. Plaintiff's First Amended Complaint is dismissed without prejudice. A copy of the Court's Order dated February 24, 2026, is available at http://urlcurt.com/u?l=tVtoCJfrom PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WELLPATH HOLDINGS: Dismissed as Defendant in Kalchert Case ---------------------------------------------------------- The Hon. Laurie J. Michelson of the U.S. District Court for Eastern District of Michigan granted in part and denied in part Wellpath and Wellpath individual defendants' motion to dismiss the case captioned as JOSHUA KALCHERT, Plaintiff, v. CYNTHIA ADAMEK et al., Defendants, Case No. 24-cv-12637 (E.D. Mich.). Joshua Kalchert arrived at the Oakland County Jail on October 15, 2021, after the Berkley Police Department arrested him for a parole violation. Mr. Kalchert brought suit under 42 U.S.C. Sec. 1983 against Wellpath, three Oakland County Jail medical officials employed by Wellpath, and Oakland County. On November 15, 2024, Wellpath docketed a Suggestion of Bankruptcy and Notice of Stay. This case was then stayed. Following several months of bankruptcy proceedings, on May 1, 2025, the United States Bankruptcy Court for the Southern District of Texas entered its findings of fact, conclusions of law, and order Confirming the First Amended Joint Chapter 11 Plan of Reorganization of Wellpath Holdings, Inc. and Certain of its Debtor Affiliates. The stay in this case was then lifted. And soon after, Wellpath and the individual defendants filed this motion arguing that Kalchert's claims were extinguished by the bankruptcy proceedings. Wellpath argues that the Bankruptcy Plan forecloses any claim against it. Kalchert, on the other hand, maintains that Wellpath is and remains a necessary party to determine liability and damages as the Bankruptcy Court has ordered, so it should not be dismissed. The Court emphasizes that the Plan does not permit maintaining Wellpath as a nominal defendant. Indeed, the Plan specifies that Wellpath's Liquidating Trust is the proper entity to pursue in a nominal capacity. So Kalchert, as the holder of constitutional tort claims, may proceed against Wellpath pursuant to the alternative dispute resolution (ADR) procedures set forth in the Bankruptcy Plan, which would take place in the Bankruptcy Court. Or he may litigate against Wellpath's Liquidating Trust as a nominal party for the purpose of establishing liability in this Court. But, in light of the Bankruptcy Plan, he may not maintain Wellpath itself as a nominal defendant. Now to the individual defendants, who, like Wellpath, seek relief under Federal Rule of Civil Procedure 12(b)(6) and/or Rule 56. The Court says neither will do. According to the Court, Defendants' motion is not properly brought under Rule 12(b)(6) because they have already answered Kalchert's complaint. And they are not disputing the plausibility of the claims. The Court holds Wellpath is dismissed, Kalchert is granted leave to add the Liquidating Trust as a nominal defendant, and the individual defendants remain. The parties should consider pursuing and/or resolving Kalchert's opt-in/optout status in the United States Bankruptcy Court for the Southern District of Texas. A copy of the Court's Opinion and Order dated February 20, 2026, is available at http://urlcurt.com/u?l=PErrHCfrom PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WESTLAKE SENIOR: Hires Havkin & Shrago as Legal Counsel ------------------------------------------------------- Westlake Senior Living Center, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Havkin & Shrago, Attorneys at Law, as general insolvency counsel. The firm will provide these services: (a) represent the Debtor at its Initial Debtor Interview; (b) represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent the Debtor at all hearings before the United States Bankruptcy Court; (d) advise the Debtor regarding matters of bankruptcy law; (e) prepare on behalf of the Debtor all necessary legal papers; (f) advise the Debtor regarding matters of bankruptcy law; (g) represent the Debtor with regard to all contested matters; (h) represent the Debtor with regard to the preparation of a plan of reorganization and the negotiation and implementation of a plan of reorganization; (i) analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; (j) negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (k) object to claims as may be appropriate; and (l) perform all other legal services for the Debtor as may be necessary, other than adversary proceedings which would require a further written agreement. The firm will be paid at these rates: Stella Havkin, Partner $625 per hour David Jacob, Associate $400 per hour Laura bach, Paralegal $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer in the sum of $25,000 from the Debtor. Ms. Havkin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stella Havkin, Esq. Havkin & Shrago 21650 Oxnard Street, #1540 Woodland Hills, CA 91367 Tel: (818) 999-1568 Fax: (818) 293-2414 About Westlake Senior Living Center, LLC Westlake Senior Living Center, LLC operates a senior living facility in California, providing housing and care services to elderly residents. Westlake Senior Living Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10110) on January 28, 2026. In its petition, the Debtor reports estimated assets ranging from $50 million to $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Stella A. Havkin, Esq. of Havkin & Shrago. WHITE ROCK MEDICAL: U.S. Trustee Appoints Susan Goodman as PCO -------------------------------------------------------------- Kevin M. Epstein, the U.S. Trustee for Region 7, appointed Susan Goodman as patient care ombudsman for White Rock Medical Center, LLC and affiliates. To the best of the U.S. Trustee's knowledge and based on the PCO's verified statement, Ms. Goodman has no connections with White Rock and affiliates, creditors and other parties-in-interest in the bankruptcy case. Section 333(b) of the Bankruptcy Code provides that the PCO shall: * Monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; * Not later than 60 days after the date of this appointment, and not less frequently than at 60-day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; and * If such ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination; and Section 333(c) of the Bankruptcy Code provides further that: * An ombudsman appointed under section 333(a) of the Bankruptcy Code shall maintain any information obtained by such ombudsman under section 333 of the Bankruptcy Code that relates to patients (including information relating to patient records) as confidential information. Such ombudsman may not review confidential patient records unless the court approves such review in advance and imposes restrictions on such ombudsman to protect the confidentiality of such records. Moreover, the PCO will keep contemporaneous records of time and expenses in tenths (.1) hour increments and bill the estate at no more than $550 per hour for services rendered, $275 per hour for travel time, and for reimbursement of actual and necessary expenses; and the PCO may, if necessary and only upon application to the Court, hire legal counsel to represent her in this case. 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 Christopher M. Lopez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WHITE ROCK: Retains HMP Advisory Holdings as Financial Advisor -------------------------------------------------------------- White Rock Medical Center LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain HMP Advisory Holdings, LLC, dba Harney Partners, as financial advisor and Erik White of HMP as chief restructuring officer. HMP and Mr. White will provide these services: (a) assist the Debtors and their counsel with general matters related to a restructuring and contemplated chapter 11 proceeding, including case strategy development, data gathering, and financial analysis; (b) assist the Debtors with bankruptcy-required reporting; (c) assist the Debtors and their counsel to complete the Initial Debtor Interview questionnaire, file required Schedules of Assets and Liabilities, and Statement of Financial Affairs, and prepare for the Sec. 341 Meeting of Creditors; (d) assist the Debtors and their counsel to obtain debtor-in-possession financing, if needed; (e) assist the Debtors to develop and maintain thirteen-week cash forecasts and any budget-to-actual reporting or other reporting as required by potential debtor-in-possession financing; (f) support the development of the Plan of Reorganization, including financial projections, liquidation analysis, claims analysis and reconciliation, and other analysis as needed; (g) provide other services as may be agreed upon between HP and the Debtors; (h) assist with investigation and preparation of the Debtors' go-forward business and restructuring strategies; (i) confer with all retained estate professionals, including HP as financial advisor and the Debtors' legal counsel; (j) confer with the Debtors and Debtors' legal counsel regarding the retention of additional estate professionals, such as investment bankers or property brokers; (k) review payments or transfers by or for the benefit of the Debtors to ensure compliance with the Bankruptcy Code and applicable court orders; (l) assist in formulating any plan of reorganization or liquidation for the Debtors, or if necessary, negotiate bidding procedures and advise the Debtors on any proposed sale of assets; (m) provide expert advice and testimony regarding financial matters, including the feasibility of any proposed plan of reorganization; and (n) take any and all other actions necessary or appropriate to manage and operate the Debtors pursuant to the Bankruptcy Code and applicable orders of the Court. HMP professionals' hourly rates are: President/EVP/COO $700 to $900 Managing Director $550 to $750 Sr. Manager/Director $400 to $600 Manager $350 to $500 Sr. Consultant $300 to $400 Support Staff $180 to $250 The services are expected to be provided primarily by Managing Director Erik White at $625 per hour. HP also received a one-time retainer of $10,000. HP and Mr. White are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Erik White, HMP ADVISORY HOLDINGS, LLC, dba HARNEY PARTNERS Westech 360 8911 North Capital of Texas Highway, Suite 2120 Austin, TX 78759 Telephone: (512) 592-7740 Facsimile: (734) 494-2160 E-mail: ewhite@harneypartners.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. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WHITEHALL TRUST: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania entered a third interim order authorizing Whitehall Trust and affiliates to use cash collateral. Under the order, the Debtors are authorized to use cash collateral strictly in accordance with a court-approved operating budget, allowing a variance of up to 10% per line item on a rolling four-week basis. Funds may be used for working capital and ordinary operating expenses needed to sustain business operations until the final hearing scheduled for March 24. The Debtors' sole secured creditor is Lehigh Valley I LLC, successor to M&T Realty Capital Corporation, which holds a mortgage in the original amount of $15,788,700 on Whitehall Trust's real property in Lehigh County, Pennsylvania. Lehigh also holds a mortgage in the original amount of $19,462,800 on the real property held by Saucon Trust, an affiliated debtor. As of December 2025, Lehigh has asserted that the aggregate outstanding indebtedness under the Whitehall mortgage is approximately $13.8 million and the aggregate outstanding indebtedness under the Saucon mortgage is approximately $17.5 million. As adequate protection, the court granted the secured creditor replacement liens on substantially all real and personal property of the Debtors, maintaining the same validity, extent, and priority as its pre-petition liens. In addition, the Debtors must make adequate protection payments totaling $70,000 per month. The Debtors are also required to maintain updated books and records and provide weekly financial reports and monthly budget reconciliations to the secured lender. A copy of the court's order and the Debtor's budget is available at https://is.gd/2RThiG from PacerMonitor.com. About Whitehall Trust Whitehall Trust sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15241) on Dec. 26, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M Mayer presides over the case. Michelle Lee, Esq., at Dilworth Paxson LLP serves as the Debtor's counsel. WINGS LLC: Seeks to Hire Lane Law Firm PLLC as Bankruptcy Counsel ----------------------------------------------------------------- Wings LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Lane Law Firm, PLLC as bankruptcy counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigate the extent and validity of lien and claims, and participate in and review any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the appellate courts, and other courts in which matters may be heard and to protect the interests of the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel and staff will be paid at these hourly rates: Robert Lane, Partner $650 Joshua Gordon, Partner $625 Zach Casas, Associate $575 Kyle Garza, Associate $550 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received payment from the Debtor totaling $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Wings LLC Wings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10265) on February 12, 2026, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Shad M Robinson presides over the case. Robert Chamless Lane, Esq. at The Lane Law Firm PLLC serves as the Debtor's counsel. WRH EQUITY: Taps Law Offices of Morris Fateha as Counsel -------------------------------------------------------- WRH Equity Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Morris Fateha of Law Offices of Morris Fateha as general bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) provide legal advice and related services to the Debtor; and (b) provide other advice and services to the Debtor as requested from time to time in furtherance of its retention. The firm will be paid at these hourly rates: Partner $350 Associates $250 Paralegals $150 Shortly after December 9, 2025, the Petition Date, the firm received a retainer from the Debtor in the amount of $6,000, which was deposited into the firm's attorney trust account and is to be applied to fees and disbursements in accordance with applicable law and upon approval of the Court. As stated in court filings, the firm is a "disinterested person" within the meaning of that term as used in the Bankruptcy Code, including, without limitation, sections 101(14), 327(a), 328, and as modified by section 1107(b). The Firm can be reached at: Morris Fateha, Esq. Law Offices of Morris Fateha 911 Avenue U Brooklyn, NY 11223 Telephone: (718) 627-4600 E-mail: morrisfateha@gmail.com About WRH Equity Holdings LLC WRH Equity Holdings LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 1-25-45894 (ESS)) on December 9, 2025. At the time of the filing, Debtor's estimated assets and liabilities were not disclosed in the provided court filing. Judge Elizabeth S. Stong oversees the case. Law Offices of Morris Fateha is Debtor's legal counsel. XEROX CORP: S&P Lowers Secured Debt Ratings Rating to 'B-' ---------------------------------------------------------- S&P Global Ratings lowered its issue-level ratings and revised its recovery ratings on the secured debt issued by Xerox Corp., a wholly owned subsidiary of Xerox Holdings Corp., following a transaction that carved out specific IP assets to secure new joint-venture financing. Specifically, S&P lowered its issue-level rating on the first-lien notes and term loan to 'B-' from 'B' and revised its recovery rating to '2' from '1'. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a payment default. S&P also lowered its issue-level rating on the second-lien notes to 'CCC' from 'CCC+' and revised our recovery rating to '5' from '4'. The '5' recovery rating indicates S&P's expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a payment default. Its 'CCC' issue-level rating and '5' recovery rating on Xerox Holdings' senior unsecured notes are unchanged. Xerox and TPG formed a joint venture (JV), which raised $450 million of new capital comprising a $405 million secured term loan and $45 million of preferred equity. The company will use the proceeds for general corporate purposes, which may include addressing Xerox's capital structure. IP (including trademarks related to the Xerox brand) contributed by Xerox to the JV serves as collateral for the term loan. Furthermore, Xerox entered into an initial 10-year shared services and licensing agreement (SSLA) with the JV, through which it can fully license this IP in exchange for a royalty fee of about 2% of its specified consolidated revenue with respect to the IP and the Xerox brand. This demonstrates the value of these assets to Xerox's operations as a going concern. S&P said, "Therefore, we believe this JV financing structure transfers some of the value that Xerox's secured lenders would potentially receive at emergence from a hypothetical default scenario, reducing their recovery prospects. We also note that Xerox's licensee obligations under the SSLA are guaranteed and secured by the unpledged assets of certain subsidiaries. There are also cross-default clauses in the JV term loan linked to Xerox's covenants under the SSLA and related guarantees." Xerox Holdings Corp. is rated 'CCC+' with a negative outlook. S&P said, "This reflects our view that it faces challenges in stabilizing its revenue and generating sustained positive core free operating cash flow (FOCF; excluding the benefit of the reduction in its finance receivables, which we expect will normalize by the end of 2026) amid the secular decline in the print market. While the company has indicated a year-over-year improvement in its demand pipeline and stabilizing supplies usage, there is uncertainty around how elevated memory input costs could affect its equipment supply in the second half of 2026, as well as how much of the increase in its costs it will be able to pass through with price increases. Therefore, we assume Xerox's reported revenue will decline by 5%-6% in 2026 (pro forma for its July 2025 acquisition of Lexmark)." While the JV financing provides some liquidity relief, it will likely lead to an increase of about $40 million in the company's annual cash interest expense, which will further pressure its core FOCF. S&P said, "We forecast Xerox will generate negative reported core FOCF of $150 million-$200 million this year (equivalent to S&P Global Ratings-adjusted FOCF of about negative $30 million, which excludes one-off Lexmark integration costs). At the same time, the company continues to make good progress toward realizing synergies from the Lexmark acquisition and cost savings from its Reinvention transformation plan. We also believe Xerox will likely have sufficient liquidity to cover its debt service requirements until its 2028 debt maturity. We note that the company's earlier warrants issuance will likely not have an adverse effect on its liquidity." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's 'B-' issue-level rating on Xerox's first-lien term loan and first-lien notes is based on a '2' recovery rating. This reflects its expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a payment default. -- The first-lien debt issued by Xerox Corp. is secured by a second lien on most of the group's working capital and a first lien on substantially all its other assets (including a portion of its currently outstanding finance receivables). It is also guaranteed by most of the group's material operating subsidiaries. -- S&P's 'CCC' issue-level rating on the second-lien and senior unsecured notes is based on a '5' recovery rating. This reflects its expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a payment default. -- The second-lien notes issued by Xerox Corp. are secured by a third lien on most of the group's working capital and a second lien on substantially all its other assets. They are secured by the same assets and guaranteed by the same operating subsidiaries in the first-lien debt's security package. -- The senior unsecured notes comprise legacy unguaranteed notes issued by Xerox Corp. and notes issued by Xerox Holdings Corp. and guaranteed by operating subsidiaries including Xerox Corp. -- S&P said, "We do not rate the step-up notes due 2030 or the bridge notes due 2026, both issued by Xerox Holdings Corp. These unsecured notes are guaranteed by the same subsidiaries that guarantee Xerox's secured debt. We assume the bridge notes are repaid on the path to a hypothetical default." -- S&P treats the revolving asset-based lending (ABL) facility with a first-lien security interest on most of the group's working capital as a priority claim in our recovery analysis and assume it will be 60% drawn at default. The ABL also benefits from a second lien on the other assets collateralizing the first-lien debt. -- The term loan issued by the JV is secured by specific IP assets, including trademarks related to the Xerox brand. S&P excludes the assumed value of this IP from the estimated gross enterprise value going to other debt instruments. -- S&P also reduces its estimated gross enterprise value to account for the company's total unfunded pension obligations. Significant future increases in unfunded pension obligations or the size of the ABL facility could pressure our recovery ratings. -- S&P's recovery analysis assumes a hypothetical default in 2027 due to materially worse-than-expected print volume erosion and technological disruption that accelerate Xerox's revenue declines and weaken its profitability. -- S&P's recovery valuation contemplates that Xerox would reorganize and remain a going concern because of its diverse customer relationships, brand history, and sizable portfolio of managed print services and IT and digital solutions. Simulated default assumptions -- Year of default: 2027 -- Emergence EBITDA after recovery adjustments: About $517 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value at default (after 5% administrative costs and priority pension claims): About $2.37 billion -- Valuation split (obligors/JV obligors/nonobligors): 55%/17%/28% -- Collateral value available to first-lien creditors (after priority ABL claims): About $959 million -- Total first-lien debt claims*: About $1.15 billion --Recovery expectations§: 70%-90% (rounded estimate: 80%) -- Value available to second-lien creditors: About $120 million -- Total second-lien debt claims*: About $534 million --Recovery expectations§: 10%-30% (rounded estimate: 20%) -- Value available to guaranteed Xerox Holdings Corp. and Xerox Corp. unsecured creditors: About $582 million -- Total unsecured claims*: About $2.6 billion --Recovery expectations§: 10%-30% (rounded estimate: 20%) *All debt amounts include six months of prepetition interest. ABL assumed 60% drawn at default. §Rounded down to the nearest 5%. YES HOLDINGS: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------ Yes Holdings FL LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Chapter 11 Plan dated February 17, 2026. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on January 9, 2020. The Debtor owns the real property located at 239 E Copeland Drive, Orlando, Florida 32806-2103 (the "Property") which it intends to convert into a 501(c)(3) philanthropic music and fine arts school. The Debtor recently discovered that significant real estate taxes remain unpaid. The Debtor previously believed these taxes had been paid electronically, but it now appears that the tax payments were reversed, resulting in tax certificates being issued and the Property being scheduled for a tax deed sale. The Debtor commenced this Chapter 11 Case to preserve and protect the Property, halt the tax-deed foreclosure sale, and to formulate a plan to resolve the outstanding tax claims and any other obligations associated with the Property. The filing of this Chapter 11 Case is not a litigation tactic or an effort to avoid lawful responsibilities. Rather, after reviewing all reasonable alternatives, the Debtor determined that Chapter 11 was the only means of safeguarding the Property, ensuring an orderly and transparent process for resolving the disputed tax obligations, and maximizing value for all stakeholders, including secured creditors, taxing authorities, and other parties in interest. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. The Plan provides for two classes of secured claims (Classes 1 through 2); one class of unsecured claims (Class 3); and one class of equity security holders (Class 4). Class 3 consists of the Allowed Unsecured Claims against the Debtor. This Class is Unimpaired. Each Allowed General Unsecured Claim shall be paid in full in cash on the Effective Date. Class 4 consists of any and all membership interests and warrants currently issued or authorized in the Debtor. This Class is Unimpaired. Holders of Class 4 interests shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the Petition Date. The Plan will be funded through capital contributions from the Debtor's principal and/or financing obtained by the Debtor. In the event Debtor is able to obtain and the Court approves post-petition financing, the proceeds from said financing will fund this Plan. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation; however, subject to the projections attached to the Disclosure Statement, cash on hand as of Confirmation will be available for Administrative Expenses. A full-text copy of the Disclosure Statement dated February 17, 2026 is available at https://urlcurt.com/u?l=c7vDrq from PacerMonitor.com at no charge. The Debtor's Counsel: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com About YES Holdings FL LLC YES Holdings FL LLC is a single asset real estate company. YES Holdings FL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07522) on Nov. 19, 2025. In its petition, the Debtor estimated assets and liabilities of $1 million to $10 million. The Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. ZYNEX INC: Investors Drop Leadership Lawsuit After Ch. 11 Filing ---------------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that the investors suing Zynex Inc.'s leadership over alleged insurance overbilling have ended their case after the company's Chapter 11 filing shifted control of potential claims to the bankruptcy estate. The plaintiffs informed the U.S. District Court for the District of Colorado that they no longer had standing to pursue derivative allegations once the bankruptcy petition was filed. Under bankruptcy law, such claims belong to the estate, the report cites. Judge Nina Y. Wang had been presiding over the litigation before the shareholders filed their notice of voluntary dismissal on Wednesday, February 25, 2026. Zynex, which manufactures medical devices, undertook significant management turnover after facing accusations that it overbilled insurers and issued misleading statements. Any recovery efforts related to those claims will now be handled within the bankruptcy process, according to Bloomberg. About Zynex, Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. Zynex retained Province LLC as its financial advisor and Epiq Corporate Restructuring, LLC as the claims, noticing, and solicitation agent. [] Fitch Affirms Ratings on Five Gaming Supplier Companies ---------------------------------------------------------- Fitch Ratings has affirmed the ratings of five Gaming supplier companies and their related subsidiaries and affiliates: 1. Aristocrat Leisure Limited 2. Light & Wonder, Inc. 3. Voyager Parent, LLC 4. Bingo Holdings I, LLC 5. Scientific Games Holdings LP 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 Aristocrat Leisure Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb, Lower), Profitability (bbb+, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for forecast year 2027 and 40% 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'. - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Light & Wonder, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bbb, Lower), Profitability (bbb+, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for forecast year 2027 and 40% for the forecast year 2028. - Weakest link considerations adjustment is applied based on Diversification and Asset Quality factor and results in an adjustment of -1 notch. - 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'. - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Voyager Parent, 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, Higher), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb'. - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Bingo Holdings I, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - Weakest link considerations adjustment is applied based on Market & Competitive Positioning factor and results in an adjustment of -1 notch. - 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+'. - Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Scientific Games Holdings 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 (bb, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b+, 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 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 calibration adjustment applies and results in no adjustment. - The SCP is 'b'. - Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Aristocrat Leisure Ltd. LT IDR BBB Affirmed BBB Voyager Parent, LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Aristocrat Technologies, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Light and Wonder International, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Bingo Holdings I, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- IGT Canada Amalco LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Scientific Games Holdings LP LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B senior secured LT B+ Affirmed RR3 B+ Light & Wonder, Inc. LT IDR BB Affirmed BB Aristocrat Technologies Australia Pty Limited LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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