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T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, March 12, 2026, Vol. 30, No. 71
Headlines
1020 HARDING ROAD: Seeks to Hire Levitt & Slafkes as Legal Counsel
1226 EVERGREEN: Seeks to Tap Charles Wertman as Bankruptcy Counsel
123DENTIST INC: Blackstone Marks CAD$2.1M 1L Loan at 27% Off
123DENTIST INC: Blackstone Marks CAD$293,000 1L Loan at 27% Off
123DENTIST INC: Blackstone Marks CAD$7.1M 1L Loan at 31% Off
3220 S FISKE BLVD: Andrew Layden Named Subchapter V Trustee
400 SOUTH: Seeks Chapter 11 Bankruptcy in Oklahoma
410 SOUTH MORGAN: Case Summary & 20 Largest Unsecured Creditors
4912 WISCONSIN: Hires Brighton Consulting as Loan Consultant
513 INVESTMENTS: Seeks to Hire Norred Law as General Counsel
524 UNION: Hires Sheppard Mullin Richter as Litigation Counsel
6201 ROBINSON: U.S. Trustee Unable to Appoint Committee
805 MAIN: Revises Cambridge Property Sale to Ramakumar V. Rayasam
8311 PRESTON: Hires Dunham Hildebrand Payne Waldron as Counsel
8311 PRESTON: Seeks to Use Cash Collateral
8535 HIGHFIELD: Case Summary & 19 Unsecured Creditors
9486 HOLLY ROAD: Hires Levene Neale Bender Yoo as Counsel
99A SOMERS LLC: Voluntary Chapter 11 Case Summary
99A SOMERS LLC: Voluntary Chapter 11 Case Summary
A2K FASHION: Taps Van Horn Law Group as General Bankruptcy Counsel
ACI GROUP: Blackstone Secured Marks $11.4M 1L Loan at 20% Off
ACI GROUP: Blackstone Secured Marks $133M 1L Loan at 20% Off
ACQUISITION INTEGRATION: Amends ServisFirst & FTA Secured Claims
AFC ACQUISITION: Case Summary & 20 Largest Unsecured Creditors
AGUA VIVA: Hires Munsch Hardt Kopf & Harr as Bankruptcy Counsel
AGUA VIVA: Seeks to Hire Columbia Consulting as Financial Advisor
ALL COUNTY: Seeks to Hire The Kelly Firm as Bankruptcy Counsel
ALLURE IMAGE: Unsecureds Will Get 19.41% of Claims over 5 Years
AMERICA'S LISTING: Gets Interim OK to Use Cash Collateral
AMERICAN POWER: Files Emergency Bid to Use Cash Collateral
AMERICAN POWER: Hires Silver Voit Garrett as Bankruptcy Counsel
AN SM 1925: Nerush Must Pay $7.7M in Damages in GC Broadway Suit
ARM VENTURES: Plan Exclusivity Period Extended to March 30
ARTELLA SOLUTIONS: Chris Quinn Named Subchapter V Trustee
ASSOCIATION OF APARTMENT: Taps Bruce H. Wakuzawa as Special Counsel
AVITA MEDICAL: Flags Going Concern Doubt Despite $60MM Credit Deal
AW FARMS: Seeks to Hire Dennery PLLC as Bankruptcy Counsel
AXIP ENERGY: U.S. Trustee Appoints Creditors' Committee
BERRY CAPITAL: To Sell Farm Equipment to Ad Legacy Management
BLOOM HOTELS: Miami-Dade Tax Liens Sold at Auction
BONIFAS ENTERPRISES: Kevin Neiman Named Subchapter V Trustee
BP PURCHASER: Blackstone Secured Marks $7.4MM 1L Loan at 23% Off
BRAND ARMY: Gets Interim OK to Use Cash Collateral Until March 31
BRC GROUP: Terminates Axos Guaranty in B&W Credit Agreement
BUTTERCUP BODYWEAR: Seeks Cash Collateral Access
CANADIAN HOSPITAL: Blackstone Marks CAD$1.9M 1L Loan at 27% Off
CANADIAN HOSPITAL: Blackstone Marks CAD$29M 1L Loan at 27% Off
CARBON HEALTH: Hires Stifel Nicolaus & Co. as Investment Banker
CCBLUE BIDCO: Blackstone Secured Marks $12.4MM 1L Loan at 20% Off
CHEER ATHLETICS-PLANO: Unsecureds to Recover 10% over 60 Months
CHG US: Court Converts Chapter 11 Bankruptcy to Chapter 7
CICCARELLI & SONS: Seeks to Hire Cooney Law Offices as Counsel
CLOUTER CREEK: Taps Bridge Corporate as Real Estate Advisor
COAST GLOBAL: Seeks to Hire Robert H. Johnson as General Counsel
COASTAL DEVELOPMENT: Files Emergency Bid to Use Cash Collateral
COLD SPRING: Court Urges Nursing Home's Chapter 11 Resolution
CONFINE VISUAL: Blackstone Secured Marks $15.8MM 1L Loan at 20% Off
CONFINE VISUAL: Blackstone Secured Marks $379, 000 Loan at 20% Off
CONSCIOUS CONTENT: Amends Unsecured Claims Pay Details
CRISP MOMENTUM: Flags Going Concern Doubt as Quarterly Loss Widens
CUMULUS MEDIA: Case Summary & 30 Largest Unsecured Creditors
CUSTOMBILT FIREARMS: U.S. Trustee Unable to Appoint Committee
DAYLIGHT BETA: Blackstone Secured Marks $6.7MM 1L Loan at 86% Off
DEL MONTE: Claims to be Paid from Asset Sale Proceeds
DEXKO GLOBAL: S&P Affirms 'B-' ICR on Refinancing, Outlook Stable
DIOCESE OF OAKLAND: Says Abuse Victims' Plan Unreasonable
DISCOVERY EDUCATION: Blackstone Marks $1.9MM 1L Loan at 25% Off
DISCOVERY EDUCATION: Blackstone Marks $3.8MM 1L Loan at 17% Off
DISCOVERY EDUCATION: Blackstone Marks $34.5MM 1L Loan at 17% Off
DIVA BUILDERS: Commences Chapter 11 Bankruptcy in Ohio
DM INTERMEDIATE: Blackstone Secured Marks $416,000 at 16% Off
DOCKSIDE AT VENTURA: Hires Glazer & Sachs PA as Special Counsel
ECHOSTAR CORP: Widens 2025 Loss to $14.5B, Warns of Debt Maturities
EMBOLIC ACCELERATION: Case Summary & 13 Unsecured Creditors
ENCOMPASS 53: Seeks to Hire JRES Intelica CRE as Appraiser
EVS MANUFACTURING: Seeks to Tap Neeleman Law Group as Legal Counsel
EXOTIC COACH LINES: U.S. Trustee Unable to Appoint Committee
FERTILITY PARTNERS: Blackstone Marks CAD$4.8MM 1L Loan at 31% Off
FINANCE OF AMERICA: Libman Family Holdings Reports 50.51% Stake
FIRST BRANDS: Seeks Speedy $50MM Ch. 11 Sale of Walbro Business
FLOAT ALASKA: Committee Hires Morris James LLP as Co-Counsel
FLOAT ALASKA: Committee Taps Lowenstein Sandler as Lead Counsel
GENESIS REFRIGERATION: Taps Capstone Accounting & Tax as Accountant
GREEN TERRACE: Trustee Seeks to Tap Yip Associates as Accountant
GUNTYMCCARTHY LLC: Janice Seyedin Named Subchapter V Trustee
GUSTO SING: Blackstone Secured Marks AUD$1MM 1L Loan at 34% Off
H&S COMMERCIAL: Seeks Cash Collateral Access
HARRISBURG DAIRIES: Hires Cunningham Chernicoff as Legal Counsel
HAWKER BEECHCRAFT: Denning Case Referred to Bankruptcy Court
HAWTHORNE RACE: Taps Omni Agent as Claims and Noticing Agent
HPC VINEBURN: Plan Exclusivity Period Extended to April 7
HUNTLEY AVENUE: Claims to be Paid from Rental Income
HYDE ENVIRONMENTAL: Gets OK to Hire Perry Gruman as Legal Counsel
IHEARTMEDIA INC: Narrows 2025 Loss; Flags Substantial Indebtedness
IMMACULATE WINKS: Seeks to Hire LPT Realty as Real Estate Broker
INGRAM MICRO: Fitch Affirms 'BB' IDR, Outlook Stable
INNOVATIVE INDUSTRIAL: BDO USA, P.C. Raises Going Concern Doubt
INTEGRITY INVESTMENT: Taps Bach Law Offices as Bankruptcy Counsel
INTERNATIONAL SUPPORT: Case Summary & 20 Top Unsecured Creditors
ISLAND GASTROENTEROLOGY: Taps Brian Ryniker of RKC LLC as CRO
ISLAND GASTROENTEROLOGY: Taps Klestadt Winters as Legal Counsel
JEAN ANN: Seeks Approval to Tap Lynn Cook CPA as Financial Advisor
JJTA18 REAL: Unsecured Creditors to Split $10K in Plan
JMAY REALTY: Voluntary Chapter 11 Case Summary
KAIMUKI REALTY: Gets OK to Hire Bleakley Bavol Denman as Counsel
KARYOPHARM THERAPEUTICS: Secures Debt Relief Until September
KATE MALLER: Mark Dennis Named Subchapter V Trustee
KBI 2015 TX: Plan Exclusivity Period Extended to April 15
KCAP HOLLEMAN: Case Summary & 13 Unsecured Creditors
KEN'S BAR-B-QUE: Hires William G. Haeberle CPA as Accountant
KENNEDY CONSTRUCTION: Unsecureds to Split $75K in Plan
KOOMBEA INC: Gets OK to Hire Dal Lago Law as Bankruptcy Counsel
KOSMOS ENERGY: 2025 Revenues Drop to $1.3B as Net Loss Deepens
L & J INDUSTRY: Case Summary & Nine Unsecured Creditors
LAMB CONTRACTING: Seeks to Tap Neeleman Law Group as Legal Counsel
LANDERS DEVELOPMENT: Seeks 30-Day Extension of Plan Filing Deadline
LBM ACQUISITION: S&P Alters Outlook to Negative, Affirms 'B-' ICR
LONESOME DOVE: Seeks Approval to Tap Cope Associates as Appraisers
LSE PROPERTIES: Voluntary Chapter 11 Case Summary
MACC ENTERPRISES: Hires Porter Wright Morris & Arthur as Counsel
MARELLI AUTOMOTIVE: Tesla Steps Down as Committee Member
MASHANTUCKET (WESTERN): S&P Lowers ICR to 'CCC-', Outlook Negative
MATADOR RESOURCES: Fitch Rates New Unsec. Notes Due 2034 'BB'
MAZAIA HB: Case Summary & Two Unsecured Creditors
MEDALLIA INC: Blackstone Secured Marks $393MM 1L Loan at 22% Off
MELPRO LLC: Case Summary & Three Unsecured Creditors
MEM HOLDINGS: Seeks to Hire Neeleman Law Group as Legal Counsel
MEZMEREYES PLLC: Claims to be Paid from Disposable Income
MIRROR LAKE: Gets Interim OK to Use Cash Collateral
MK RE HOLDINGS: Seeks to Extend Plan Filing Deadline to April 30
MNH ENTERPRISE: Hires Andrew S. Cho as Reorganization Counsel
MONTEREY FINANCING: Blackstone Marks DKK$4.8MM 1L Loan at 85% Off
MONTEREY FINANCING: Blackstone Marks NOK$5.1MM 1L Loan at 90% Off
MONTEREY FINANCING: Blackstone Marks SEK$2MM 1L Loan at 89% Off
MOOG INC: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
MORA OAK: Matthew Brash of Newpoint Named Subchapter V Trustee
MORE OPPORTUNITY: Taps Haller Group PLC to Provide Tax Services
NEW PIPE PLUMBING: Soneet Kapila Named Subchapter V Trustee
NGL ENERGY: Fitch Rates Proposed Secured Term Loan B 'BB-'
NOBLE CORP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
NORTH HAVEN: Blackstone Secured Marks $785,000 1L Loan at 24% Off
NORTH HIGHLAND: Blackstone Marks $590,000 1L Loan at 17% Off
ODEVO AB: Blackstone Secured Marks $90.9MM 1L Loan at 89% Off
PALM GREENS: Seeks to Hire PM Accounting Services as Accountant
PALM GREENS: U.S. Trustee Unable to Appoint Committee
PARAMOUNT ROOFING: Seeks to Tap Valerde & Yar as General Counsel
PARKS DIVERSIFIED: 9th Cir. Affirms Dismissal of Adversary Case
PCR AGAWAM: Seeks to Use Cash Collateral
PERNA OIL: Seeks to Hire Sternberg Naccari & White LLC as Counsel
PRECISION INDUSTRIES: Gets Court OK to Use Cash Collateral
PRECISION OPTICS: Raises Going Concern Doubt Amid Liquidity Strain
PYRAMID CONCRETE: Unsecureds Will Get 3% of Claims over 5 Years
RED PATHWAY: Blackstone Secured Marks DKK$12.1M 1L Loan at 84% Off
RED PATHWAY: Blackstone Secured Marks NOK$27.1M 1L Loan at 90% Off
RED PATHWAY: Blackstone Secured Marks SEK$55.1M 1L Loan at 89% Off
RED RIVER: Wins Sanctions Over Talc Libel Allegations
REIGN ROOFING: Tom Howley Named Subchapter V Trustee
RK PARISI: Seeks Cash Collateral Access Thru May 15
ROE PAINTING: Seeks to Tap Russell Van Beustring as Legal Counsel
RURAL CONNECT: Case Summary & Four Unsecured Creditors
SABLE OFFSHORE: Ham, Langston & Brezina Raises Going Concern Doubt
SEASON 2 CONSIGN: Tarek Kiem Named Subchapter V Trustee
SENSEONICS HOLDINGS: Posts $69.1M 2025 Loss, Going Concern Persists
SHIVSANYA CORP: Danville Secured Claim Unimpaired in Plan
SINGH BROS: Court Nixes All Track Transport Appeal
SIQ HOLDINGS: Blackstone Secured Marks $227,000 1L Loan at 30% Off
SLY MANAGEMENT: Nat Wasserstein Named Subchapter V Trustee
SSI PRODUCTS: SSI Unsecureds to Get $2,500 Per Month over 60 Months
SSP WASTE: Case Summary & 20 Largest Unsecured Creditors
STANDARD FREIGHT: Seeks to Hire Bryan K. Mickler as Attorney
STG LOGISTICS: Committee Taps Kelley Drye & Warren as Co-Counsel
STG LOGISTICS: Committee Taps McDermott Will & Schulte as Counsel
STG LOGISTICS: Committee Taps Province LLC as Financial Advisor
STOUT HEARTED: Neema Varghese Named Subchapter V Trustee
SUNOCO LP: Fitch Rates Proposed Senior Unsecured Notes 'BB+'
T-4 FARM LLC: Case Summary & Two Unsecured Creditors
TECHPRECISION CORP: Liquidity Tightens as Debt Default Continues
TEZCAT LLC: Hires William G. Haeberle CPA PLLC as Accountant
THAI EXPRESS: Robbin Messerli Named Subchapter V Trustee
THAI EXPRESS: Seeks to Hire Conroy Baran as Bankruptcy Counsel
TITAN INVESTMENT: Blackstone Marks $40.8M 1L Loan at 23% Off
TMC MAINTENANCE: Hires Jones & Walden LLC as Bankruptcy Counsel
TONIX PHARMACEUTICALS: Uplists to Nasdaq Global Select Market
TRAXX CONSTRUCTION: Seeks to Extend Plan Exclusivity to June 18
TRINITY AUTO: Dealership Business Sale to A. Guelcher & J. Williams
TRINSEO PLC: Faces New York Stock Exchange Delisting Proceedings
TURING HOLDCO: Blackstone Secured Marks $21.4MM 1L Loan at 19% Off
TURING HOLDCO: Blackstone Secured Marks $4.5MM 1L Loan at 19% Off
TURING HOLDCO: Blackstone Secured Marks $9.1MM 1L Loan at 19% Off
TWINLAB CONSOLIDATED: Posts $9.5M 2025 Loss, Going Concern Persists
UMEWORLD INC: Liquidity Pressure Triggers Going Concern Doubt
VANDERBILT MINERALS: U.S. Trustee Appoints Creditors' Committee
VIKING CRUISES: S&P Upgrades ICR to 'BB+', Outlook Stable
VIRGINIA PARK: Available Cash & Exit Facility to Fund Plan Payments
VIVOSIM LABS: Ongoing Liquidity Risks Raise Going Concern Doubt
WABNO HOSPITALITIES: Hires Genova Malin & Trier as Legal Counsel
WABNO HOSPITALITIES: Seeks Cash Collateral Access
WATER ENERGY: To Sell Bowie Property to Texcrude Services
WHCG PURCHASER: Blackstone Secured Marks $17.8MM 1L Loan at 58% Off
WINDOWS ACQUISITION: Blackstone Marks $52.7M 1L Loan at 18% Off
[] Fitch Affirms Ratings on 12 NA Diversified Industrial Cos.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
1020 HARDING ROAD: Seeks to Hire Levitt & Slafkes as Legal Counsel
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1020 Harding Road, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Levitt & Slafkes,
P.C. to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Bruce Levitt, Esq., Partner $600
Other Partners $500
Other Attorneys $400
The firm received a retainer of $15,000 plus filing fee of $1,738.
Mr. Levitt 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:
Bruce H. Levitt, Esq.
Levitt & Slafkes, PC
515 Valley Street, Suite 140
Maplewood, NJ 07040
Telephone: (973) 313-1200
Email: blevitt@lsbankruptcylaw.com
About 1020 Harding Road LLC
1020 Harding Road, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11988) on February
25, 2026, listing up to $1 million in both assets and liabilities.
Bruce H. Levitt, Esq., at Levitt & Slafkes, PC represents the
Debtor as counsel.
1226 EVERGREEN: Seeks to Tap Charles Wertman as Bankruptcy Counsel
------------------------------------------------------------------
1226 Evergreen Bapaz LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ the Law
Offices of Charles Wertman PC as counsel.
The firm will provide these services:
(a) provide legal advice with respect to the Debtor's powers
and duties in accordance with the provisions of the Bankruptcy
Code;
(b) prepare, on behalf of the Debtor, all necessary legal
documents required by the Bankruptcy Code and Federal Rules of
Bankruptcy Procedure;
(c) assist the Debtor in the development and implementation of
a plan of reorganization or liquidation; and
(d) perform all other legal services for the Debtor that may
be necessary in connection with this Chapter 11 case and its
attempts to reorganize its affairs under the Bankruptcy Code.
The firm's hourly rates are as follows:
Attorneys $525
Paraprofessionals $150
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the filing date, the firm received a total retainer of
$9,238 from the Debtor, which includes the filing fee of $1,738.
Charles Wertman, Esq. 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:
Charles Wertman, Esq.
Law Offices of Charles Wertman PC
100 Merrick Road, Suite 304W
Rockville Centre, NY 11570
Telephone: (516) 284-0900
Email: charles@cwertmanlaw.com
About 1226 Evergreen Bapaz LLC
1226 Evergreen Bapaz LLC is a limited liability company.
1226 Evergreen Bapaz LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40341) on January 23,
2026. In its petition, the Debtor disclosed $1 million to $10
million in both estimated assets and liabilities.
Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.
The Debtor is represented by Charles Wertman, Esq., at the Law
Offices of Charles Wertman PC.
123DENTIST INC: Blackstone Marks CAD$2.1M 1L Loan at 27% Off
------------------------------------------------------------
Blackstone Secured Lending Fund has marked its CAD$2,170,000 loan
extended to 123Dentist, Inc. to market at CAD$1,581,000 or 73% of
the outstanding amount, according to Blackstone Secured's 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to 123Dentist, Inc. The loan accrues interest at a
rate of CA + 5.00%, 7.27% per annum. The Loan matures on Aug. 10,
2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212)503-2100
About 123Dentist, Inc.
123Dentist, Inc. is a dental services company that operates and
supports dental clinics, providing oral health care and related
patient services.
123DENTIST INC: Blackstone Marks CAD$293,000 1L Loan at 27% Off
---------------------------------------------------------------
Blackstone Secured Lending Fund has marked its CAD$293,000 loan
extended to 123Dentist, Inc. to market at CAD$213,000 or 73% of the
outstanding amount, according to Blackstone Secured's 10-K for the
fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to 123Dentist, Inc. The loan accrues interest at a
rate of CA + 5.00%, 7.27% per annum. The Loan matures on Aug. 10,
2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212)503-2100
About 123Dentist, Inc.
123Dentist, Inc. is a dental services company that operates and
supports dental clinics, providing oral health care and related
patient services.
123DENTIST INC: Blackstone Marks CAD$7.1M 1L Loan at 31% Off
------------------------------------------------------------
Blackstone Secured Lending Fund has marked its CAD$7,192,000 loan
extended to 123Dentist, Inc. to market at $4,948,000 or 69% of the
outstanding amount, according to Blackstone Secured's 10-K for the
fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to 123Dentist, Inc. The loan accrues interest at a
rate of CA + 4.75%, 7.02% per annum. The Loan matures on Aug. 10,
2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About 123Dentist, Inc.
123Dentist, Inc. is a dental services company that operates and
supports dental clinics, providing oral health care and related
patient services.
3220 S FISKE BLVD: Andrew Layden Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for 3220 S Fiske Blvd, LLC.
Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Andrew Layden
200 S. Orange Avenue, Suite 2300
Orlando, FL 32801
Telephone: 407-649-4000
Email: alayden@bakerlaw.com
About 3220 S Fiske Blvd LLC
3220 S Fiske Blvd, LLC, doing business as Rockledge Extended Stay,
operates an extended-stay hotel in Rockledge, Florida.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01242) on Feb. 24,
2026, with $1 million to $10 million in assets and liabilities.
Raffaello Ciciola, manager, signed the petition.
Andrew S. Ballentine, Esq. at Nardella & Nardella, PLLC represents
the Debtor as legal counsel.
400 SOUTH: Seeks Chapter 11 Bankruptcy in Oklahoma
--------------------------------------------------
On March 5, 2026, 400 South Boston LLC filed for Chapter 11
protection in the Northern District of Oklahoma. According to court
filing, the Debtor reports between $100,001 and $1,000,000 in debt
owed to 1–49 creditors.
About 400 South Boston LLC
400 South Boston LLC is a privately held limited liability company
engaged in real estate ownership, investment, and property
management activities.
400 South Boston LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Okla. Case No. 26-10327) on March 5,
2026. In its petition, the Debtor reports estimated assets between
$100,001 and $1,000,000 and estimated liabilities between $100,001
and $1,000,000.
Honorable Bankruptcy Judge Paul R. Thomas handles the case.
The Debtor is represented by Ron D. Brown, Esq.
410 SOUTH MORGAN: Case Summary & 20 Largest Unsecured Creditors
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Debtor: 410 South Morgan Street LLC
410 South Morgan Street
Chicago, IL 60607
Business Description: 410 South Morgan Street LLC operates
a residential apartment property known as The Letterman Chicago in
Chicago, Illinois, offering furnished rental units and shared
housing. The company's operations focus on leasing and managing
student-oriented apartments located near the University of Illinois
Chicago and other nearby institutions.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 26-03909
Judge: Hon. Deborah L Thorne
Debtor's Counsel: Thomas Fawkes, Esq.
TUCKER ELLIS LLP
233 S. Walker Dr.
Suite 6950
Chicago, IL 60606
Tel: 312-256-9425
Fax: 216-592-5009
E-mail: Thomas.Fawkes@tuckerellis.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Shangxuan Tan as managing member.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/JZGO7HI/410_South_Morgan_Street_LLC__ilnbke-26-03909__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Advance Catastrophe Technologies Professional $17,128
4070 N. Hoover Ct. Service
Wichita, KS 67205
2. Apartments, LLC Professional $7,997
1331 L Street Service
Washington, DC 20005
3. Building Services of Professional $19,151
America, LLC Service
10216 Werch Drive,
Suite 101
Woodridge, IL 60517
4. Campus Technologies, Inc. Professional $8,476
4119 Walnut St. # 100 Service
Philadelphia, PA 19104
5. Entrata Professional $10,662
4205 Chapel Ridge Road Service
Lehi, UT 84043
6. Foxen Insurance Company Insurance $26,194
333 W. Nationwide Blvd. Company
Columbus, OH 43215
7. Freepoint Energy Solutions, LLC Utilities $41,825
3050 Post Oak Blvd.,
Suite 1330
Houston, TX 77056
8. Imbert International Service $13,753
7030 N. Austin Avenue
Niles, IL 60714
9. LEAP Insurance Agency LLC Insurance $30,333
111 Town Square Company
PL., Ste. 1210
Jersey City, NJ
07310-1809
10. Midway Building Services Professional $55,514
33 N. LaSalle, Suite 3200 Service
Chicago, IL 60602
11. Premistar-North Service $9,192
10 Parkway North,
Suite #100
Deerfield, IL 60015
12. Prudential Defense Professional $30,752
Solutions Inc. Service
1122 N LaSalle Drive
Chicago, IL 60610
13. Suburban Painting Services $15,225
and Wall Covering
1682 Fillner Ave.
North Tonawanda,
NY 14120
14. Tango Card, Inc. Services $10,860
4700 42nd Ave.
S.W., Suite 430a
Seattle, WA 98116
15. The Liberty Group Professional $12,794
5718 Westheimer Service
Road, Suite 1300
Houston, TX 77057
16. The Living Company Services $9,300
2149 S. Jupiter Rd.
Garland, TX 75041
17. The Stone Group, Inc. Services $39,568
228 N. Washtenaw
Chicago, IL 60612
18. Tripalink Property Management Fees $116,852
Management
800 S. Harvard Blvd.
Los Angeles, CA 90005
19. Up Campus Contract Unknown
Holdings, LLC Dispute
111 E. Wacker Drive,
Ste. 2600
Chicago, IL 60601
Paul Coogan
William Serritella
Email: pcoogan@taftlaw.com,
Email: wserritella@taftlaw.com
Phone: 312-840-4493
20. Waste Management Services $17,002
of Illinois, Inc.
800 Capitol Street,
Suite 3000
Houston, TX 77002
4912 WISCONSIN: Hires Brighton Consulting as Loan Consultant
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4912 Wisconsin LLC seeks approval from the U.S. Bankruptcy Court
for the District of Columbia to employ Brighton Consulting, LLC as
commercial loan and private lending consultants.
The firm will be assisting the Debtor in identifying and obtaining
Debtor-in-possession financing and exit financing to support the
Debtor's restructuring efforts, advising on working capital
solutions and private lending options, consulting on commercial
financing alternatives, and providing any other consulting services
as may be reasonably necessary to assist the Debtor in securing
financing for its reorganization.
Consultants have agreed to be compensated based on two components:
(1) an hourly rate; and
(2) a commission based on the amount of any exit financing
obtained.
Leslie Lickstein's hourly rate is $200 per hour.
The consultants' commission for obtaining exit financing for the
Debtor is expected to be between 0.025% and 0.050% of the Exit Loan
amount, depending on the complexity of the deal and size of the
financing obtained.
Mr. Lickstein, consultant at Brighton Consulting, assured the court
that the firm is a "disinterested person" within the meaning of 11
U.S.C. Sec. 101(14).
The firm can be reached through:
Leslie Lickstein
Brighton Consulting, LLC
4644 Luxberry Drive
Fairfax VA 22032
Tel: (703) 303-1466
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.
513 INVESTMENTS: Seeks to Hire Norred Law as General Counsel
------------------------------------------------------------
513 Investments, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Texas to employ Norred Law PLLC as
counsel.
The firm will provide these services:
(a) advise the Debtor of its powers and duties in the
management of its property;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(c) assist the Debtor in preparation of all administrative
documents required to be filed or prepared herein, and prepare all
necessary legal documents as applicable;
(d) take such actions as is necessary to preserve the assets
and interests of the estate;
(e) advise the Debtor in connection with any potential sale of
assets;
(f) assist the Debtor in formulating a disclosure statement,
and in the formulation and confirmation of a plan of
reorganization;
(g) appear before the Court and the United States Trustee, and
protect the interest of the Debtor estate before the Court and
Trustee; and
(h) perform any and all other legal services that may be
necessary to protect the rights and interests of the Debtor in the
proceeding and any actions later commenced in this Chapter 11
case.
The firm will be paid at these hourly rates:
Attorneys $300 - $525
Paraprofessionals $90 - $120
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received $14,238 retainer before the commencement of this
case, which includes the filing fee of $1,738.
Clayton Everett, Esq., an attorney at Norred Law, 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:
Clayton L. Everett, Esq.
Norred Law, PLLC
515 E. Border Street
Arlington, TX 76010
Telephone: (817) 704-3984
Email: clayton@norredlaw.com
About 513 Investments LLC
513 Investments, LLC, a real estate lessor, holds fee simple
ownership of two properties in Texas: an 11-acre tract at Reed Lane
and Preston Road in Gunter, valued at $1.9 million based on broker
assessments and prior offers, and a 7-acre site with three
commercial buildings at 659 Martin Duke Road in Van Alstyne,
appraised at $4 million according to broker and owner evaluations.
513 Investments sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40381) on Feb. 2,
2026. In the petitition signed by David Kirby, member and owner,
the Debtor disclosed $5,900,000 in total assets and $1,600,000 in
total liabilities.
Clayton L. Everett, Esq., at Norred Law, PLLC represents the Debtor
as counsel.
524 UNION: Hires Sheppard Mullin Richter as Litigation Counsel
--------------------------------------------------------------
524 Union Street seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to hire Sheppard, Mullin,
Richter & Hampton LLP as its special litigation counsel.
The firm's services include:
a. prosecuting the Adversary Proceeding seeking to determine
the extent, validity or priority of the interest of AIS in the
Commercial Property and pursuing affirmative claims related to the
Loan Transaction;
b. preparing pleadings in connection with the Adversary
Proceeding, including a complaint, motions, and related papers
necessary or otherwise beneficial;
c. representing the Debtor in any proceedings or hearings in
the Adversary Proceeding before this Court;
d. conducting discovery in preparation for and in the
Adversary Proceeding;
e. assisting the Debtor in the formulation, negotiation,
confirmation, and implementation of a Chapter 11 plan; and
f. taking such other action and performing such other services
as the Debtor may require of Sheppard, and which Sheppard agrees to
undertake, in connection with the Bankruptcy Case or the Adversary
Proceeding.
Sheppard's current standard rates are:
Ori Katz, Partner $1,925 per hour
Robert Sahyan, Partner $1,520 per hour
Gianna Segretti, Associate $1,245 per hour
Kirk Rider, Associate $860 per hour
Sheppard Mullin is a "disinterested person" within the meaning of
Sections 101(14) and 327 of the Bankruptcy Code, according to court
filings.
The firm can be reached at:
Ori Katz, Esq.
Robert Sahyan, Esq.
Gianna Segretti, Esq.
Kirk Rider, Esq.
SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
Four Embarcadero Center, 17th Floor
San Francisco, CA 94111-4109
Tel: (415) 434-9100
Fax: (415) 434-3947
Email: okatz@sheppard.com
rsahyan@sheppard.com
gsegretti@sheppard.com
krider@sheppard.com
About 524 Union Street
524 Union Street, a general partnership, filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Calif.
Case No. 25-30645) on August 14, 2025, listing between $1 million
and $10 million in assets and liabilities.
Judge Hannah L. Blumenstiel represents the Debtor as legal counsel.
6201 ROBINSON: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The U.S. Trustee for Region 20 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of 6201 Robinson Street, LLC.
About 6201 Robinson Street LLC
6201 Robinson Street, LLC operates an indoor shooting range and
firearms retail facility in Kansas City, providing access to
shooting lanes, training classes, and tactical bays for various
skill levels. It offers instruction in concealed carry, tactical
training, women-focused defense courses, and first aid, alongside
retail sales of firearms, ammunition, accessories, and on-site
gunsmithing services.
6201 Robinson Street sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 25-40807) on November 21,
2025. In its petition, the Debtor reports estimated assets of
$100,001 to $500,000 and estimated liabilities of $1 million to $10
million.
The case is being handled by Honorable Chief Judge Dale L. Somers.
The Debtor is represented by Ryan A. Blay, Esq., at WM Law.
805 MAIN: Revises Cambridge Property Sale to Ramakumar V. Rayasam
-----------------------------------------------------------------
805 Main Street LLC seeks permission from the U.S. Bankruptcy Court
for the District of Massachusetts, in an amended motion to sell
Property, free and clear of liens, claims, interests, and
encumbrances.
The Debtor is a Massachusetts limited liability company formed on
February 18, 2019. The Debtor conducts business in Cambridge,
Massachusetts where it owns real property.
The Debtor seeks to sell its right, title, and interest in and to
that certain parcel of land, with any and all buildings and
improvements located in Cambridge, Massachusetts, commonly known
and numbered as 781-783 Main Street, Cambridge, MA 02139.
The Debtor has entered into a Purchase and Sale Agreement dated
January 26, 2026 with Ramakumar V. Rayasam for the sale of the
Property for $1,900,000.00 in cash.
Any objections to the sale and/or higher offers must be filed in
writing with the Clerk, United States Bankruptcy Court at United
States Bankruptcy Court for the District of Massachusetts, U.S.
Bankruptcy Court, John W. McCormack Post Office and Court House, 5
Post Office Square, Ste. 1150, Boston, MA 02109-3945 on or before
March 31, 2026 at 4:30 P.M.
Any higher offer must be accompanied by a cash deposit of $100,000
in the form of a certified or bank check made payable to the
undersigned, and include a signed Purchase and ale Agreement,
showing all changes. The Debtor shall make a word version of the
Purchase and Sale Agreement available to prospective purchasers
upon request. Higher offers must be on the same terms and
conditions provided in the Purchase and Sale Agreement, other than
the purchase price.
A hearing on the Motion to Approve Sale, objections or higher
offers is scheduled to take place on April 2, 2026 at 1:00 P.M.
before the Honorable Christopher J. Panos, United States Bankruptcy
Court for the District of Massachusetts, U.S. Bankruptcy Court,
John W. McCormack Post Office and Court House, 5 Post Office
Square, Ste. 1150, Boston, MA 02109- 3945, with the option for
parties in interest to appear by zoom video. Any party who has
filed an objection or higher offer is expected to be present at the
hearing, failing which the objection may be overruled or the higher
offer stricken.
The Debtor proposes to serve the Motion and the proposed sale
notice upon: (i) the Office of the United States Trustee; (ii) all
creditors and parties in interest; (iii) any known lienholders or
parties asserting an interest in the Property; and (iv) all parties
who have requested notice pursuant to Bankruptcy Rule 2002.
About 805 Main Street LLC
805 Main Street LLC is a limited liability company.
805 Main Street LLC filed for Chapter 11 relief on November 19,
2025, under Case No. 25-12511 in the District of Massachusetts. The
filing shows estimated assets of $1 million to $10 million and
estimated liabilities within the same range.
Honorable Judge Christopher J. Panos oversees the case.
The Debtor is represented by Peter N. Tamposi, Esq. of The Tamposi
Law Group.
8311 PRESTON: Hires Dunham Hildebrand Payne Waldron as Counsel
--------------------------------------------------------------
8311 Preston Highway LR, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee of Tennessee
to hire Dunham Hildebrand Payne Waldron, PLLC as counsel.
The firm's services include:
a. rendering legal advice with respect to the rights, powers
and duties of the Debtor in the management of its property;
b. investigating and, if necessary, instituting legal action
on behalf of the Debtor to collect and recover assets of the estate
of the Debtor;
c. preparing all necessary pleadings, orders and reports with
respect to this proceeding and to render all other necessary or
proper legal services;
d. assisting and counseling the Debtor in the preparation,
presentation and confirmation of its plan of reorganization;
e. representing the Debtor as may be necessary to protect its
interests; and
f. performing all other legal services that may be necessary
and appropriate in the general administration of the Debtor's
estate.
The firm's current standard hourly rates are:
Attorneys $525 to $575
Paralegals $225
The firm received a retainer in the amount of $37,000.
R. Alex Payne, Esq., an attorney at Dunham Hildebrand Payne
Waldron, 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:
R. Alex Payne, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
9020 Overlook Blvd, Ste 316
Brentwood, TN 37027
Phone: (629) 777-6539
Email: alex@dhnashville.com
About 8311 Preston Highway LR, LLC
8311 Preston Highway LR, LLC is a real estate company that owns a
commercial real property located at 8311 Preston Highway,
Louisville, KY 40219.
8311 Preston Highway LR, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn.
Case No. 26-00886) on February 27, 2026, listing $1,512,900 in
assets and $5,609,197 in liabilities. The petition was signed by
Clifford F. Boyle as member.
Judge Randal S. Mashburn presides over the case.
R. Alex Payne, Esq. at DUNHAM HILDEBRAND PAYNE WALDRON, PLLC serves
as the Debtor's counsel.
8311 PRESTON: Seeks to Use Cash Collateral
------------------------------------------
8311 Preston Highway LR, LLC asks the U.S. Bankruptcy Court for the
Middle District of Tennessee, Nashville Division, for authority to
use cash collateral and provide adequate protection from Feb. 27
through April 30.
The Debtor is a Delaware limited liability company that owns
commercial real property located at 8311 Preston Highway in
Louisville, Kentucky. Its operations are limited to ownership and
activities incidental to that property, and it therefore qualifies
as a single asset real estate Debtor.
In preparation for filing, counsel conducted a lien review by
examining UCC-1 financing statements filed in Delaware and
Tennessee to determine whether any creditors may assert liens on
cash collateral.
The lien review indicates that certain creditors may claim
interests in the Debtor's cash collateral, although the Debtor
expressly reserves the right to challenge the validity, scope,
perfection, and enforceability of any such liens. Specifically, a
UCC-1 filed in Delaware in favor of Regions Bank asserts a lien on
the Property, related improvements and fixtures, and broadly on the
Debtor's personal property. A separate UCC-1 filed in Tennessee in
favor of CT Corporation System, as representative of an unnamed
party, asserts a blanket lien on the Debtor's assets with a stated
maximum indebtedness of $330,000 and lists multiple debtors,
including the Debtor. The Debtor also reserves all claims,
counterclaims, and avoidance actions against any alleged secured
parties.
The Debtor seeks authority to use cash collateral, to the extent
any valid lien is ultimately determined to exist, solely for
ordinary-course operating expenses as set forth in a two-month cash
budget. The budget reflects anticipated rent payments and projected
property-related expenses. The Debtor also requests authorization
to pay its counsel's fees and expenses from cash collateral
pursuant to a professional fee carve-out, but only to the extent
such fees are allowed by the Court under sections 330 and 331 and
Bankruptcy Rule 2016. This carve-out is intended to ensure that the
Debtor can fulfill its duties as debtor-in-possession and prosecute
the Chapter 11 case during the Cash Use Period.
As adequate protection for any diminution in value of a secured
creditor's interest, the Debtor proposes several measures. First,
it will maintain a positive balance in its debtor-in-possession
account at all times. Second, it will pay Regions Bank monthly
interest at the applicable non-default contract rate, to the extent
necessary to protect the value of Regions’ collateral interest
and consistent with section 362(d)(3)(B)(ii). Third, it will grant
replacement liens under sections 361(2) and 552(b) to any creditor
ultimately determined to hold a valid, perfected, and enforceable
prepetition lien in cash collateral, but only to the extent
necessary to protect against any actual diminution in value during
the Cash Use Period. Any such replacement liens will be limited to
the same validity, perfection, and priority that existed under
non-bankruptcy law as of the petition date and will remain subject
to all rights reserved by the Debtor.
A court hearing is set for March 17.
A copy of the motion is available at https://urlcurt.com/u?l=l7PAm6
from PacerMonitor.com.
About 8311 Preston Highway LR LLC
8311 Preston Highway LR, LLC is a Delaware limited liability
company that owns commercial real property located at 8311 Preston
Highway in Louisville, Kentucky.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00886) on February
27, 2026. In the petition signed by Clifford F. Boyle, member, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Randal S. Mashburn oversees the case.
R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC,
represents the Debtor as legal counsel.
8535 HIGHFIELD: Case Summary & 19 Unsecured Creditors
-----------------------------------------------------
Debtor: 8535 Highfield, LLC
8535 Highfield Parkway, Unit 100
Englewood, CO 80112
Business Description: 8535 Highfield, LLC is a single-asset real
estate company that owns one commercial
income-producing property.
Chapter 11 Petition Date: March 3, 2026
Court: United States Bankruptcy Court
District of Colorado
Case No.: 26-11268
Judge: Hon. Joseph G Rosania Jr.
Debtor's Counsel: Aaron J. Conrardy, Esq.
WADSWORTH GARBER WARNER CONRARDY, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Tel: 303-296-1999
Email: aconrardy@wgwc-law.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Matthew Calkins as manager.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/7VCVIDQ/8535_Highfield_LLC__cobke-26-11268__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 19 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Carlton Electric Inc. Building Maintenance $355
1284 S Cherokee St.
Denver, CO 80223
2. Chillers Systems Services Building Maintenance $600
1510 Swadley St.
Denver, CO 80215
3. CliftonLarsonAllen LLP Accountant $27,857
2001 16th St Suite 1700
Denver, CO 80202
4. Colorado Department of Unknown
Revenue
Tax Audit Compliance Div.
1881 Pierce St.
Room 104
Denver, CO 80214
5. Colorado Property Building Maintenance $17,500
Services
3600 S. Yosemite
St., Suite 120
Denver, CO 80237
6. Door Control Building Maintenance $1,298
Services, LLC
255 Van Zandt
County Road, #4500
Ben Wheeler, TX 75754
7. Grainger Building Maintenance $16,532
100 Grainger Parkway
Lake Forest, IL 60045
8. Ingersoll-Rand Compressors $49,967
Industrial U.S., Inc.
1725 US-1
Southern Pines, NC 28387
9. Internal Revenue Service Unknown
1999 Broadway
MS 5012 DEN
Denver, CO 80202
10. Johnson Controls Security $2,610
Security Products
5757 N. Green Bay Avenue
Milwaukee, WI 53209
11. JPL Cares Landscape $23,873
13195 N Highland Cir
Littleton, CO 80125
12. Lockton Insurance Insurance $9,263
444 W 47th St.
Kansas City, MO 64112
13. Meridian Fire and Back Flow $360
Security, LLC Prevention
88 Inverness Cir E
Englewood, CO 80112
14. Otis Elevator Company Building Maintenance $5,833
1 Carrier Place
Farmington, CT 06032
15. Senn Fortis LLC Attorney Fees $11,921
1700 Lincoln St
#2100
Denver, CO 80203
16. SMS Financial CRE $429,167
Fund, LLC
3707 E. Shea Blvd.,
Suite 100
Phoenix, AZ 85028
17. Superior Roofing, Inc. Building Maintenance $350
14700 E 39th Ave
Englewood, CO 80110
18. Welborn Sullivan Attorney Fees $25,269
Meck & Tooley, P.C
1401 Lawrence St
#1800
Denver, CO 80202
19. WIPFLI Accountant $12,675
10000 W. Innovation
Dr., Suite 250
Menomonee Falls,
WI 53051
9486 HOLLY ROAD: Hires Levene Neale Bender Yoo as Counsel
---------------------------------------------------------
9486 Holly Road, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Levene, Neale,
Bender, Yoo & Golubchik LLP as counsel.
The firm will render these services:
(a) advise the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee as they pertain to it;
(b) advise the Debtor with regard to certain rights and
remedies of its bankruptcy estate and the rights, claims, and
interests of creditors;
(c) represent the Debtor in any proceeding or hearing in the
Bankruptcy Court involving its estate unless it is represented in
such proceeding or hearing by other special counsel;
(d) conduct examinations of witnesses, claimants or adverse
parties and represent the Debtor in any adversary proceeding except
to the extent that any such adversary proceeding is in an area
outside of the firm's expertise or which is beyond its staffing
capabilities;
(e) prepare and assist in the preparation of reports,
applications, pleadings and orders;
(f) represent the Debtor with regard to obtaining use of
financing and/or cash collateral;
(g) assist the Debtor in any asset sale process;
(h) assist the Debtor in negotiation, formulation, preparation
and confirmation of a plan of reorganization and the preparation
and approval of a disclosure statement in respect of the plan; and
(i) perform any other services which may be appropriate in the
firm's representation of the Debtor during its bankruptcy case.
The firm's counsel and staff will be paid at these following
rates:
David Neale, Attorney $795
Ron Bender, Attorney $795
Timothy Yoo, Attorney $795
David Golubchik, Attorney $795
Eve Karasik, Attorney $795
Gary Klausner, Attorney $795
Eric Israel, Attorney $795
Brad Krasnoff, Attorney $795
Edward Wolkowitz, Attorney $795
Beth Ann Young, Attorney $795
Monica Kim, Attorney $775
Philip Gasteier, Attorney $775
John Tedford IV, Attorney $775
Daniel Reiss, Attorney $775
Todd Frealy, Attorney $775
Krikor Meshefejian, Attorney $775
John-Patrick Fritz, Attorney $775
Richard Steelman, Jr., Attorney $750
Juliet Oh, Attorney $750
Todd Arnold, Attorney $750
Joseph Rothberg, Attorney $750
Jefrey Kwong, Attorney $750
Michael D'Alba, Attorney $750
Carmela Pagay, Attorney $725
Anthony Friedman, Attorney $725
Robert Carrasco, Attorney $595
Paraprofessionals $300
In addition, the firm will seek reimbursment for expenses
incurred.
Prior to the bankruptcy filing, on February 11, 2026, the firm
received a retainer of $91,738, which was inclusive of the Chapter
11 filing fee of $1,738, from the Debtor.
Mr. Golubchik disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
David B. Golubchik, Esq.
Levene, Neale, Bender, Yoo & Golubchik LLP
2818 La Cienega Avenue
Los Angeles, CA 90034
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
Email: dbg@lnbyg.com
About 9486 Holly Road LLC
9486 Holly Road LLC is a limited liability company organized to own
and manage real estate assets.
9486 Holly Road LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10978) on February
11, 2026. In its petition, the Debtor disclosed $1 million to $10
million in both estimated assets and liabilities.
Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the
case.
The Debtor is represented by David B. Golubchik, Esq., at Levene,
Neale, Bender, Yoo & Golubchik LLP.
99A SOMERS LLC: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: 99A Somers LLC
190 East Sunrise Highway
Freeport NY 11520
Business Description: 99A Somers LLC operates as a single-asset
real estate company as defined under 11
U.S.C. Section 101(51B).
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 26-70896
Judge: Hon. Louis A Scarcella
Debtor's Counsel: Donna Este-Green, Esq.
DONNA ESTE-GREEN, ESQ.
Hempstead NY 11550
Tel: 516-996-7900
Email: destegreen@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Brian Corriette as principal and
member.
The petition was filed without the Debtor's list of its 20 largest
unsecured creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/Z37NSQQ/99A_Somers_LLC__nyebke-26-70896__0001.0.pdf?mcid=tGE4TAMA
99A SOMERS LLC: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: 99A Somers LLC
190 East Sunrise Highway
Freeport NY 11520
Business Description: 99A Somers LLC is a single-asset real estate
company (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 26-41035
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Donna Este-Green, Esq.
DONNA ESTE-GREEN, ESQ.
25 Fairway Dr
Hempstead NY 11550
Tel: 516-996-7900
E-mail: destegreen@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Brian Corriette as principal and
member.
The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/WBUO35A/99A_Somers_LLC__nyebke-26-41035__0001.0.pdf?mcid=tGE4TAMA
A2K FASHION: Taps Van Horn Law Group as General Bankruptcy Counsel
------------------------------------------------------------------
A2K Fashion Corp. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Van Horn Law Group, PA
as counsel.
The firm's services include:
(a) advise 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 U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal documents necessary in the administration of
the case;
(d) protect the interest of the Debtor in all matters pending
before the court;
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
Chad Van Horn, Esq., the primary attorney in this representation,
will be paid at his hourly rate of $500. The hourly rates of law
clerks, paralegals, and associates range from $175 to $350.
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a total pre-petition retainer of $15,000 from the
Debtor.
Mr. Horn 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:
Chad Van Horn, Esq.
Van Horn Law Group, PA
500 N.E. 4th Street, Suite 200
Fort Lauderdale, FL 33301
Telephone: (954) 765-3166
Email: Chad@cvhlawgroup.com
About A2K Fashion Corp.
Based in Miami, Florida, A2K Fashion Corp., doing business as Dress
Hall Miami, is a retailer and wholesaler of contemporary women's
clothing, offering a range of dresses, tops, bottoms, outerwear,
jumpsuits, and sets, including a plus-size selection, through its
online platform and wholesale channels, serving fashion-conscious
customers and boutique clients since 2013.
A2K Fashion Corp. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12400) on February
26, 2026. In the petition signed by Tae Hwan Kim, chief financial
officer (CFO), the Debtor disclosed $68,190 of total assets and
$1,953,338 of total liabilities.
Judge Laurel M. Isicoff oversees the case.
Chad Van Horn, Esq., at Van Horn Law Group, PA serves as the
Debtor's counsel.
ACI GROUP: Blackstone Secured Marks $11.4M 1L Loan at 20% Off
-------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $11,451,000 loan
extended to ACI Group Holdings, Inc. to market at $9,138,000 or 80%
of the outstanding amount, according to Blackstone Secured's 10-K
for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to ACI Group Holdings, Inc. The loan accrues interest
at a rate of SOFR + 5.50%, 9.27% per annum. The Loan matures on
Aug. 2, 2027.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About ACI Group Holdings, Inc.
ACI Group Holdings, Inc. is a corporate holding company that owns
and manages operating subsidiaries across its portfolio, providing
strategic oversight and capital structure support.
ACI GROUP: Blackstone Secured Marks $133M 1L Loan at 20% Off
------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $133,103,000 loan
extended to ACI Group Holdings, Inc. to market at $106,482,000 or
80% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to ACI Group Holdings, Inc. The loan accrues interest
at a rate of SOFR + 6.00%, 9.77% (incl. 3.25% PIK) per annum. The
Loan matures on Aug. 2, 2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About ACI Group Holdings, Inc.
ACI Group Holdings, Inc. is a corporate holding company that owns
and manages operating subsidiaries across its portfolio, providing
strategic oversight and capital structure support.
ACQUISITION INTEGRATION: Amends ServisFirst & FTA Secured Claims
----------------------------------------------------------------
Acquisition Integration, LLC, submitted a Third Amended Disclosure
Statement for Plan of Reorganization dated Feb. 27, 2026.
The Plan provides that the Debtor shall continue as a corporate
entity but shall also be allowed to liquidate the majority of its
assets, which are subject to certain liens and interest, of which
the Liquidating Trustee will make disbursements based on certain
liens, interests, and claims provided for in the Plan.
The Plan provides a comprehensive strategy for repaying creditors
through the proceeds generated from the sale of Equity Interest of
the Reorganized Debtor, payments received from net revenue
generated from the MASPO Contract, and other sources described
herein. The Plan classifies claims into two classes of Secured
Claims, one Priority class, one general Unsecured class, and one
Equity Interest class, with specific treatments and payment terms
for each.
This Plan will have several sources of funding, first being the
sale of the Equity Interest of the Reorganized Debtor, second being
the MASPO Contract and its ongoing proceeds, and third being the
Liquidating Trust. The purchase price paid for the Equity Interest
(the "Purchase Price") shall include, at a minimum, a cash down
payment of $500,000.00 (the "Minimum Cash Down Payment") to be paid
at closing, which shall be sufficient to pay in full all Allowed
Administrative Expense Claims and Allowed Priority Claims on or
before the Effective Date.
Any excess of the Minimum Cash Down Payment remaining after payment
of all Allowed Administrative Expense Claims and Allowed Priority
Claims shall be paid to NOVO Tech, Inc. and applied toward
reduction of its post-petition super-priority administrative
expense claim. Any remaining balance of the Purchase Price above
the Minimum Cash Down Payment may be structured as payments over
time as provided in the Bidding Procedures and shall be distributed
upon receipt in accordance with the Plan.
Class 2 consists of the Allowed Secured Claim of ServisFirst and is
impaired. ServisFirst has filed a claim in the amount of
$1,297,252.83. The Allowed Secured Claim of ServisFirst is secured
by a prepetition perfected first-priority lien upon all assets of
the Debtor except for the First Priority Collateral, upon which its
lien is subordinate to that of NOVO Tech, Inc., and replacement
liens on all other assets of the Debtor, including a junior lien in
the First Priority Collateral and a firstpriority lien in the
Second Priority Collateral. ServisFirst's lien upon the Debtor's
assets, including the MASPO Contract and the proceeds therefrom,
shall be retained post-confirmation and shall not be extinguished
by confirmation of the Plan or the transfer and sale of the Equity
Interest of the Reorganized Debtor.
The Allowed Secured Claim of ServisFirst shall be paid (i) from the
Minimum Cash Down Payment received from the purchaser of the Equity
Interest of the Reorganized Debtor, to the extent any excess funds
remain after payment of Allowed Administrative Expense Claims,
Allowed Priority Claims, and the Allowed Claim of NOVO Tech, Inc.;
(ii) from the proceeds of a sale pursuant to Section 363 of the
Bankruptcy Code of the Debtor's inventory that secures the
ServisFirst Claim; (iii) by the Reorganized Debtor pursuant to a
stream of payments from the net revenue generated through the MASPO
Contract, payable on a periodic basis as described in Section
VII(A)(i) with ServisFirst retaining all liens, including its lien
upon the MASPO Contract and proceeds therefrom, until ServisFirst's
Allowed Secured Claim is paid in full; and (iv) by the Liquidating
Trustee from funds accumulated in the Liquidated Trust, or pursuant
to such other treatment as may be agreed upon by the Reorganized
Debtor, the Liquidating Trustee and ServisFirst.
As further consideration for the treatment provided to ServisFirst
under the terms of a confirmed Plan, ServisFirst shall forbear from
the exercise of its rights and remedies under its Loan Documents
against the Debtor or the First Priority Collateral, from the
Effective Date until the earliest to occur of the following (i) the
occurrence or discovery of a default under the terms of the Plan
which is not cured within five business days after written notice
of default is provided to the Reorganized Debtor and the
Liquidating Trustee; or (ii) payment in full of the Obligations.
Nothing herein shall limit the exercise by ServisFirst of any
rights or remedies it holds under its Loan Documents or applicable
law against any non-debtor obligor or against any of its collateral
that is not First Priority Collateral, including collateral that is
not property of the estate in this proceeding.
Class 3 consists of the Allowed Secured Claim of Flight Test
Aerospace ("FTA") and is impaired. FTA has filed a claim in this
case in the amount of $254,373.01. FTA holds a prepetition
perfected security interest in substantially all assets of the
Debtor, including the MASPO Contract and the proceeds therefrom.
FTA's security interest in the Debtor's prepetition assets is
junior in priority to ServisFirst's prior-perfected first-priority
security interest in the same collateral. FTA's lien upon the
Debtor's prepetition assets, including the MASPO Contract and the
proceeds therefrom, shall be retained post-confirmation and shall
not be extinguished by confirmation of the Plan or the transfer and
sale of the Equity Interest of the Reorganized Debtor.
The Allowed Secured Claim of FTA shall be paid (i) from the Minimum
Cash Down Payment received from the purchaser of the Equity
Interest of the Reorganized Debtor, to the extent such payment is
available after payment of Allowed Administrative Expense Claims,
Allowed Priority Claims, the Allowed Claim of NOVO Tech, Inc., and
ServisFirst's Allowed Secured Claim; (ii) by the Reorganized Debtor
pursuant to a stream of payments of the net revenue generated
through the MASPO Contract, payable on a periodic basis with FTA
retaining its junior lien upon the MASPO Contract and proceeds
therefrom, subject to ServisFirst's senior lien, until FTA’s
Allowed Secured Claim is paid in full; and (iii) by the Liquidating
Trustee from funds accumulated in the Liquidating Trust, but only
after ServisFirst's Allowed Secured Claim has been paid in full or
ServisFirst otherwise consents in writing; or pursuant to such
other treatment as may be agreed upon by the Reorganized Debtor,
the Liquidating Trustee, and FTA, provided that FTA will not
receive any treatment in derogation of the prior security interests
of ServisFirst.
Until FTA's Allowed Secured Claim is paid in full, FTA shall retain
and may enforce its junior lien upon the MASPO Contract, the
accounts receivable generated therefrom, and all proceeds thereof,
subject to the senior lien of ServisFirst and the super priority of
the DIP Lender's claim. The Reorganized Debtor shall not encumber,
transfer, assign, or otherwise dispose of its interest in the MASPO
Contract without the prior written consent of FTA (in addition to
the consent of ServisFirst) until FTA's Allowed Secured Claim is
paid in full or the lien is otherwise released by FTA.
There are several sources for funding this Plan. The first source
for funding this Plan comes from the sale of the Equity Interest in
the Reorganized Debtor. The purchaser of the Equity Interest shall
be required, as a condition of closing, to pay a Minimum Cash Down
Payment in an amount sufficient to pay in full: (i) all Allowed
Administrative Expense Claims, including without limitation the
professional fees of Thompson Burton, PLLC; and (ii) all Allowed
Priority Claims in Class 1. Any excess of the Minimum Cash Down
Payment remaining after payment of all Allowed Administrative
Expense Claims and Allowed Priority Claims shall be paid to NOVO
Tech, Inc. and applied toward reduction of its post petition
super-priority administrative expense claim.
The Minimum Cash Down Payment shall be set forth in the Bidding
Procedures as a minimum closing condition and will be disclosed in
the sale motion filed by the Debtor. Structured payment offers for
any amounts above the Minimum Cash Down Payment may be considered
as provided in the Bidding Procedures. A second funding source for
the payment of secured claims are the net revenues generated from
the MASPO contract. A third funding source are the assets held by
the Liquidating Trust.
A full-text copy of the Third Amended Disclosure Statement dated
February 27, 2026 is available at https://urlcurt.com/u?l=Dq2plx
from PacerMonitor.com at no charge.
Counsel to the Debtor:
Stuart M. Maples, Esq.
Thompson Burton PLLC
200 Clinton Avenue West, Suite 1000
Huntsville, Alabama 35801
Tel: (256) 489-9779
Fax: (256) 489-9720
Email: smaples@thompsonburton.com
About Acquisition Integration
Acquisition Integration, LLC, provides logistics, distribution, and
technical services to the commercial and military aerospace and
vehicle industries. The Company partners with CAP Fleet to produce
upfitted police and special service vehicles for the U.S.
Government Services Administration. Based in the US, it operates as
an SBA-certified HUBZone and Service-Disabled Veteran-Owned Small
Business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81168) on June 10,
2025. In the petition signed by David P. Bristol, member, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Clifton R. Jessup Jr. oversees the case.
Stuart Maples, Esq., at Thompson Burton, PLLC, represents the
Debtor as legal counsel.
NOVO Tech, Inc., as DIP lender, is represented by:
Kevin D. Heard, Esq.
Heard, Ary & Dauro, LLC
303 Williams Avenue SW, Suite 921
Huntsville, AL 35801
Tel: (256) 535-0817
kheard@heardlaw.com
ServisFirst Bank, as secured creditor, is represented by:
Wes Bulgarella, Esq.
Maynard Nexsen, P.C.
1901 Sixth Avenue North
1700 Regions/Harbert Plaza
Birmingham, AL 35203
Tel: (205) 254-1000
wbulgarella@maynardnexsen.com
AFC ACQUISITION: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: AFC Acquisition Corporation, a Delaware Corporation
d/b/a American Home Furniture
801 Comanche Rd Ne
Albuquerque, NM 87107-4139
Business Description: AFC Acquisition Corporation, doing
business as American Home Furniture, sells living room, dining
room, and bedroom furniture, mattresses, and home decor.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
District of New Mexico
Case No.: 26-10283
Judge: Hon. Robert H Jacobvitz
Debtor's Counsel: Chris Gatton, Esq.
GATTON & ASSOCIATES, P.C.
10400 Academy NE Suite 350
Albuquerque NM 87111
Tel: (505) 271-1053
E-mail: chris@gattonlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kenton Van Harten as CEO.
A copy of the Debtor's list of its 20 largest unsecured creditors
is available for free on PacerMonitor at:
https://www.pacermonitor.com/view/LKPWJ2A/AFC_Acquisition_Corporation_a__nmbke-26-10283__0020.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/BFUVTZQ/AFC_Acquisition_Corporation_a__nmbke-26-10283__0001.0.pdf?mcid=tGE4TAMA
AGUA VIVA: Hires Munsch Hardt Kopf & Harr as Bankruptcy Counsel
---------------------------------------------------------------
Agua Viva Ranch, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Munsch Hardt Kopf &
Harr, P.C. as substitute bankruptcy counsel.
The firm will render these services:
a. serve as attorneys of record for the Debtors and to provide
representation and legal advice to the Debtors throughout the
Bankruptcy Cases;
b. assist the Debtors in carrying out their duties under the
Bankruptcy Code, including advising the Debtors of such duties,
their obligations, and their legal rights;
c. consult with the United States Trustee, Subchapter V
trustee, any statutory committee that may be formed, and all other
creditors and parties-in-interest concerning administration of the
Bankruptcy Cases;
d. assist in potential sales of the Debtors' assets;
e. prepare on behalf of the Debtors all motions, applications,
answers, orders, reports, and other legal papers and documents to
further the Debtors' estate's interests and objectives, and to
assist the Debtors in the preparation of schedules, statements, and
reports, and to represent the Debtors and their estates at all
related hearings and at all related meetings of creditors, United
States Trustee interviews, and the like;
f. assist the Debtors in connection with formulating,
negotiating, and confirming their chapter 11, subchapter V plan;
g. assist the Debtors in analyzing and appropriately treating
the claims of creditors, including objecting to claims and trying
claim objections;
h. appear before this Court and any appellate courts or other
courts having jurisdiction over any matter associated with the
Bankruptcy Cases;
i. defend the Debtors against any and all actions and claims
made in the Bankruptcy Cases against the Debtors and their
property; and
j. perform all other legal services and provide all other
legal advice to the Debtors as may be required or deemed to be in
the interest of their estates in accordance with the Debtors'
powers and duties as set forth in the Bankruptcy Code.
Munsch Hardt's hourly rates are:
Jay Ong, Shareholder $790
Beverly Bass, Associate $490
Heather Valentine, Paralegal $280
The firm shall receive a monthly post-petition retainer of $5,000.
Mr. Ong 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:
Jay H. Ong, Esq.
Beverly A. Bass, Esq.
MUNSCH HARDT KOPF & HARR, P.C.
1717 West 6th Street, Suite 250
Austin, TX 78703
Tel: (512) 391-6100
Fax: (512) 391-6149
Email: jong@munsch.com
bbass@munsch.com
About Agua Viva Ranch, LLC
Agua Viva Ranch LLC is a holding company based in Bertram, Texas.
It owns and manages heavy equipment and vehicles used in land
development and specialty trade activities. The Company also
engages in recreational ranch operations, including guided hunts
and lodging services.
Agua Viva Ranch LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10927) on
June 19, 2025. In its petition, the Debtor reports total assets of
$1,535,699 and total debts of $1,861,515.
Honorable Bankruptcy Judge Shad Robinson handles the case.
The Debtors are represented byRobert C. Lane, Esq. at THE LANE LAW
FIRM.
AGUA VIVA: Seeks to Hire Columbia Consulting as Financial Advisor
-----------------------------------------------------------------
Agua Viva Ranch, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Columbia Consulting
Group, PLLC as financial advisor.
The firm will render these services:
(a) tax return preparation;
(b) requisite underlying accounting / books and records
review and reconciliation;
(c) financial advisory and accounting analysis and services
in connection with plan efforts; and
(d) providing additional customary financial consulting
services that the Debtors may request.
The firm's hourly rates are as follows:
Jeffrey A. Worley $400
Larry Martin $290
Staff $175 to $300
The firm received a retainer in the amount of $10,000.
Jeffrey Worley, a partner at Columbia Consulting Group, 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 firm can be reached at:
Jeffrey A. Worley
Columbia Consulting Group, PLLC
6101 Long Prairie Road, Suite 744, MB 17
Flower Mound, TX 75028
Phone: (972) 809-6393
Email: jworley@ccgpllc.net
About Agua Viva Ranch, LLC
Agua Viva Ranch LLC is a holding company based in Bertram, Texas.
It owns and manages heavy equipment and vehicles used in land
development and specialty trade activities. The Company also
engages in recreational ranch operations, including guided hunts
and lodging services.
Agua Viva Ranch LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10927) on
June 19, 2025. In its petition, the Debtor reports total assets of
$1,535,699 and total debts of $1,861,515.
Honorable Bankruptcy Judge Shad Robinson handles the case.
The Debtors are represented by Robert C. Lane, Esq. at THE LANE LAW
FIRM.
ALL COUNTY: Seeks to Hire The Kelly Firm as Bankruptcy Counsel
--------------------------------------------------------------
All County Wholesale, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ The Kelly Firm, PC
as counsel.
The firm will provide these services:
(a) counsel and advise the Debtor with respect to its rights
and obligations;
(b) appear in the Bankruptcy Court on behalf of the Debtor
when necessary;
(c) assist the Debtor in formulating, negotiating and securing
confirmation of a plan of reorganization or liquidation;
(d) make determinations of the validity and extent of any
liens which may be asserted against the assets of the estate; and
(e) render any other professional services which they may be
called upon to accomplish as attorneys.
The firm received an initial retainer of $20,000 from the Debtor.
Andrew Kelly, Esq., and Stephen Schwimmer, Esq., attorneys at The
Kelly Firm, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Andrew J. Kelly, Esq.
Stephen A. Schwimmer, Esq.
The Kelly Firm, PC
1011 Highway 71, Suite 200
Spring Lake, NJ 07762
Telephone: (732) 449-0525
Email: akelly@kbtlaw.com
sschwimmer@kbtlaw.com
About All County Wholesale Inc.
All County Wholesale, Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12151) on February
27, 2026. In its petition, the Debtor disclosed up to $50,000 in
estimated assets and up to $1 million in estimated liabilities.
The Debtor tapped Andrew J. Kelly, Esq., and Stephen A. Schwimmer,
Esq., at The Kelly Firm, PC as counsel.
ALLURE IMAGE: Unsecureds Will Get 19.41% of Claims over 5 Years
---------------------------------------------------------------
Allure Image Enhancement, a Medical Corporation, filed with the
U.S. Bankruptcy Court for the Central District of California a Plan
of Reorganization for Small Business dated Feb. 27, 2026.
The Debtor provides services relating to medical and aesthetic
dermatology, focusing on skin and aesthetic concerns. It has a
single storefront in Upland, where its customers receive wellness
treatment, including weight loss and hormonal therapy.
The Debtor is a California corporation created on May 21, 1999.
Mina Joy Grasso is a nationally certified nurse practitioner with
40-years of experience in the field of aesthetics. She handles
patient consultations and assessments related to wellness,
aesthetics and regenerative medicine; she diagnoses and develops
treatment plans related to cosmetic, dermatologic and wellness
related conditions.
The Debtor filed this case to prevent the repossession of its
equipment, preserve/rehabilitate the business, and reorganize its
financial affairs.
The Debtor will pay the two classes of secured claims (Classes 1
and 2) over 60 months to the extent of the value of such creditor's
interest in its collateral from the Debtor's disposable income.
The Debtor will pay the general unsecured class (Class 4a) over 60
months at each claimants' pro rata share totaling $105,000 from the
Debtor's disposable income.
The insider general unsecured claims (Class 4b) will be
subordinated to the claims in Class 4a. Class 4b claimants will be
paid only in the event that all other Class 4a general unsecured
claims have first been satisfied.
Class 4a consists of General Unsecured Claims. In the present case,
the Debtor estimates that general unsecured debts total
approximately $721,396.10. This Class shall receive a monthly
payment of $2,333.33 from July 2026 to June 2031. The allowed
unsecured claims total 19.41%. This Class is impaired.
The Debtor has applied for an IRS Employee Retention Credit ("ERC")
and anticipates receiving $46,937.38. However, the Debtor does not
know if or when the funds will be received. In the event it is
received, the Debtor will allocate 70% of those funds to Class 4a;
to be paid within 30 days of receipt.
The unsecured portion of this lien will be permanently stripped
down from the Debtor's assets at the time the discharge is entered.
No specific reference to this is required in the order confirming
the Plan, or in any discharge order/notice; this strip off of the
liens is effective immediately upon entry of the discharge by the
Court Clerk, which will be on the Effective Date if the Plan is
confirmed consensually or will be "as soon as practicable after
completion by the debtor of the plan payments" if the Plan is
confirmed nonconsensually.
Class 4b consists of Insider Unsecured Claims. In the present case,
the Debtor estimates that insider unsecured debts total
approximately $1,174,230.65. The claims in Class 4b will be
subordinated to the claims in Class 4a. Class 4b Claimants will be
paid only in the event that all other Class 4a general unsecured
claims have first been satisfied.
If that condition is not met within the 5-year Plan, these claims
will be discharged. If that condition is met within the 5-year
Plan, these claimants will be paid a lump sum of $20,000, to be
shared pro rata amongst the claimants.
The Debtor will fund the Plan from the operation of its business
and the funds that it has/will have accumulated in its DIP bank
accounts.
A full-text copy of the Plan of Reorganization dated Feb. 27, 2026
is available at https://urlcurt.com/u?l=Cpa6gi from
PacerMonitor.com at no charge.
The Debtor's Counsel:
Roksana D. Moradi-Brovia, Esq.
W. Sloan Youksetter, Esq.
RHM LAW LLP
17609 Ventura Blvd.
Ste 314
Encino, CA 91316
Tel: (818) 285-0100
Fax: (818) 855-7013
About Allure Image Enhancement
Allure Image Enhancement, A Medical Corporation operates as a
medical spa in Upland, California, offering services in body
sculpting, health and wellness, injectables, intimate procedures,
laser treatments, regenerative medicine, skin resurfacing, skin
tightening, and spa treatments. The Company provides aesthetic and
therapeutic treatments at its facility on 188 N. Euclid Avenue,
Suite 100, serving clients seeking cosmetic and wellness services
in the region.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18667) on Dec. 1,
2025, with $621,870 in assets and $1,930,887 in liabilities. Mina
Joy Grasso, chief executive officer, signed the petition.
Judge Scott H. Yun presides over the case.
Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's
bankruptcy counsel.
AMERICA'S LISTING: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------
America's Listing Leaders, LLC got the green light from the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa
Division, to use cash collateral.
At the recently held hearing, the court authorized the Debtor's
interim use of cash collateral to fund operations in accordance
with its budget, subject to a 10 % variance.
The court also approved the replacement liens granted to secured
creditors, with the same validity and priority as their
pre-bankruptcy liens.
The next hearing is set for April 1.
America's Listing Leaders operates a technology-driven real estate
referral platform under the name IDEAL AGENT, which connects home
sellers with local real estate agents offering full-service
representation at competitive commission rates. Its operations are
powered by a proprietary CONNECT platform that integrates lead
intake, routing, tracking, and performance analytics. In early
2024, the Debtor implemented a VoiceAI system to replace
traditional call center operations, reducing overhead and improving
scalability. However, from mid-2022 through 2025, the residential
real estate market experienced a significant downturn due to rising
interest rates, affordability challenges, and declining transaction
volumes.
As part of a 2024 restructuring initiative, the Debtor assumed
certain assets and liabilities of Lead & Prosper, LLC, including a
secured loan obligation now held by ICM Investment Partners II, LLC
and ICM Investment Partners III, LLC. Despite making payments for
approximately twenty-one months, ongoing market deterioration and
liquidity constraints led the Debtor to file Chapter 11 to
stabilize operations, preserve going-concern value, and restructure
its debt.
The ICM entities hold a first-priority security interest arising
from the 2024 restructuring transaction. In April 2024, a UCC-3
amendment was recorded to reflect the transfer and continuation of
the ICM entities' security interest in the Debtor's assets.
The Debtor estimates its total asset value at approximately
$494,110, while the outstanding balance owed to the ICM entities as
of the petition date is about $2.76 million, rendering them
substantially undersecured.
In July 2025, the Debtor also entered into a financing arrangement
with ODK Capital LLC doing business as OnDeck in the original
principal amount of $165,000, and a UCC-1 financing statement was
filed asserting a security interest in all assets. The Debtor
asserts that approximately $194,811 remains owed to OnDeck. Because
the ICM entities hold a first-priority lien and are undersecured,
the Debtor asserts that OnDeck's claim is effectively wholly
unsecured. The Debtor reserves all rights to challenge the
validity, extent, and priority of any asserted liens.
The Debtor's operations generate approximately $193,000 in average
monthly gross receipts, which constitute cash collateral. As of the
petition date, the Debtor also had approximately $4,076 in cash on
deposit and $119,510 in receivables.
About America's Listing Leaders LLC
America’s Listing Leaders, LLC operates a technology-driven real
estate referral platform under the name IDEAL AGENT, which connects
home sellers with local real estate agents offering full-service
representation at competitive commission rates.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:26-bk-01576) on
February 27, 2026. In the petition signed by Stephen Johnston,
chief executive officer, the Debtor disclosed up to $500,000 in
assets and up to $10 million in liabilities.
Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel &
Burns, LLP, represents the Debtor as legal counsel.
AMERICAN POWER: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
American Power Equipment, LLC, formerly known as American Rental &
Equipment, LLC, asks the U.S. Bankruptcy Court for the Southern
District of Alabama for authority to use cash collateral and
provide adequate protection.
The Debtor continues operating as debtor in possession pursuant to
§§ 1107 and 1108 and conducts business in Mobile County, Alabama,
selling and renting large power equipment and providing repair and
maintenance services.
In December 2021, the Debtor borrowed approximately $2.8 million
from Hancock Whitney Bank to acquire business assets. As of the
petition date, it owed Hancock $2,348,553, secured by substantially
all Debtor assets, including accounts, receivables, inventory, and
equipment, as well as real property owned by an affiliate and a
personal guaranty.
Additional secured obligations include $169,311 on a line of credit
and $14,231.95 on a business credit card. The Debtor reported
approximately $32,526 in cash and $43,398 in accounts receivable at
filing.
Declining equipment sales and burdensome merchant cash advances
strained liquidity. The Debtor seeks to use cash collateral to fund
wages, taxes, insurance, inventory, repairs, professional fees, and
other operating expenses pursuant to a proposed budget, asserting
that immediate access is necessary to prevent irreparable harm and
preserve going-concern value.
As adequate protection, the Debtor proposes granting Hancock
replacement liens maintaining the same extent, validity, and
priority as existed prepetition, with budget variances capped at 10
percent.
A copy of the motion is available at https://urlcurt.com/u?l=XXYemF
from PacerMonitor.com.
About American Power Equipment, LLC
American Power Equipment, LLC sells and rents large power equipment
and providing repair and maintenance services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10544) on February
26, 2026. In the petition signed by Jason T. Palmer, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Henry A. Callaway oversees the case.
Alexandra K Garrett, Esq, at Silver Voit Garrett & Watkins,
represents the Debtor as legal counsel.
AMERICAN POWER: Hires Silver Voit Garrett as Bankruptcy Counsel
---------------------------------------------------------------
American Power Equipment, LLC, seeks approval from the U.S.
Bankruptcy Court for the Southern District of Alabama to hire
Silver Voit Garrett & Watkins, Attorneys at Law, P.C. as counsel.
The firm will charge these hourly rates:
Irving Silver $425
Lawrence B. Voit $425
Alexandra K. Garrett $405
Jason R. Watkins $405
Paralegals $175
The firm received a pre-petition retainer of $25,000 plus the
filing fee of $1,738.
Alexandra K. Garrett, Esq., a partner at Silver Voit Garrett &
Watkins, 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:
Alexandra K. Garrett, Esq.
Silver Voit Garrett & Watkins,
Attorneys at Law, P.C.
4317-A Midmost Dr.
Mobile, AL 36609-5589
Tel: (251) 343-0800
Email: agarrett@silvervoit.com
About American Power Equipment, LLC
American Power Equipment, LLC is an Alabama-based company that
provides sales, rental, and maintenance services for industrial and
commercial power generation equipment, including generators and
related support systems.
American Power Equipment, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-10544) on February 26,
2026. In its petition, the Debtor reports estimated assets in the
range of $1 million to $10 million and estimated liabilities in the
range of $1 million to $10 million.
Honorable Bankruptcy Judge Henry A. Callaway handles the case.
The Debtor is represented by Jason R. Watkins, Esq. and Alexandra
K. Garrett, Esq. of Silver Voit Garrett & Watkins.
AN SM 1925: Nerush Must Pay $7.7M in Damages in GC Broadway Suit
----------------------------------------------------------------
Vice Chancellor Lori Will of the Delaware Chancery Court entered a
judgment in favor of plaintiffs in the case captioned as GC
BROADWAY, LLC, a California limited liability company, and BRYAN
GORTIKOV, an individual, Plaintiffs, v. AN SM 1925 BROADWAY
HOLDINGS, LLC, a Delaware limited liability company, and ALEX
NERUSH, an individual, Defendants, and AN SM 1925 BROADWAY, LLC, a
Delaware limited liability company, Nominal Defendant, ALEX NERUSH,
an individual; and AN SM BROADWAY HOLDINGS, LLC, a Delaware limited
liability company, Counterclaimants, v. GC BROADWAY, LLC, a
California limited liability company; and BRYAN GORTIKOV, an
individual, Counter-defendants, and AN SM 1925 BROADWAY, LLC, a
Delaware limited liability company, Nominal Defendant, C.A. No.
2024-1070-LWW (Del. Ch.).
This suit concerns a development project located at 1925 Broadway
in Santa Monica, California (the "Property"). Nominal defendant AN
SM 1925 Broadway, LLC (the "Company"), a Delaware limited liability
company, was formed in December 2022 to hold a 90% interest in the
site. At the time of the events in question, the Property was the
home of a dilapidated diner and a separate commercial building,
both of which were intended for demolition to facilitate
redevelopment.
Defendant Alex Nerush, a sophisticated California-based real estate
investor, partnered with WS Communities, LLC to acquire and develop
the Property.
Seeking capital to realize their vision, WS and Nerush approached
plaintiff Bryan Gortikov -- also a real estate investor -- in
November 2022.
On November 28, 2022, WS, Gortikov, and Nerush executed a
non-binding term sheet outlining the preliminary terms for
predevelopment funding. The term sheet granted Gortikov the
"exclusive right to make a Preferred Equity investment" of at least
$9.5 million in exchange for a "Preferred Return."
The term sheet included an "Alternative Structure" provision that
gave Gortikov the sole discretion to "structure the investment as a
loan" rather than a traditional equity investment.
On December 16, 2022, the Company and 1925 Broadway, LLC -- an
entity owned by affiliates of WS -- purchased the Property as
tenants in common. The Company acquired a 90% interest in the
Property, while 1925 Broadway (the "10% Owner") acquired the
remaining 10%.
The acquisition of the Property was financed through a mix of debt
and equity. The seller, an entity called Carey – 20th and
Broadway LLC, provided an $8 million loan. Nerush also contributed
$16 million in equity derived from a "1031 exchange."
The transaction closed on January 19, 2023. At closing, GC Broadway
was deemed to have invested an initial $10.5 million, a portion of
which was held in reserves.
Also on January 19, the parties executed an Amended and Restated
Limited Liability Company Agreement for the Company. AN SM 1925
Broadway Holdings, LLC -- an entity owned and managed by Nerush --
was labeled the "Sponsor Member" (or "Sponsor") and GC Broadway was
labeled the "Investor Member" (or "Investor").
After the Property was purchased, the parties and their counsel
negotiated the final terms of Gortikov's investment. The investor
was plaintiff GC Broadway, LLC, a California limited liability
company managed by Gortikov.
To secure the investment, Nerush executed two personal guaranties.
First, under a "Payment Guaranty," Nerush irrevocably and
unconditionally guaranteed" to GC Broadway the payment and
performance of the Guaranteed Obligations when due, including the
punctual payment of the Full Redemption Price. Second, under a
Guaranty of Recourse Obligations (the "Recourse Guaranty"), Nerush
agreed to be personally liable for the Full Redemption Price upon a
"Full Recourse Event." The Recourse Guaranty also made Nerush
liable for "Recourse Liabilities," including for fraud, intentional
misrepresentation, or willful misconduct and the misappropriation
of any "Rents.
The relationship collapsed when the defendants defaulted on the
redemption obligation. It worsened when the plaintiffs discovered
Nerush had secretly leased the property -- which was supposed to
remain vacant -- to a medi-spa and kept the rental income for
himself.
GC Broadway and Gortikov filed this action against the Sponsor and
Nerush in October 2024. The operative amended complaint was filed
in July 2025. The plaintiffs advance claims for declaratory
judgment (Count I), breach of contract (Count II), breach of
guaranty (Count III), and fraud (Count IV).
On June 9, 2025, this court granted partial summary judgment for
the plaintiffs. Although the merits of Counts I and II regarding
control of the Company were resolved, the question of any damages
for those counts remains to be decided. After securing summary
judgment on their corporate control claims, the plaintiffs
proceeded to trial to enforce the guaranties and recover their
financial losses.
On July 18, 2025, the defendants filed a counterclaim against GC
Broadway and Gortikov. They advance claims for fraudulent
concealment (Counterclaim I), breach of contract (Counterclaim II),
and fraud (Counterclaim III). The defendants also seek a
declaratory judgment that Gortikov's "preferred return" is a
usurious loan governed by California law (Counterclaim VI) and
assert corresponding direct and derivative usury claims
(Counterclaims IV and V).
The court finds the plaintiffs met their burden of proof; the
defendants did not.
According to the Court, the evidence shows that the company failed
to pay the required redemption price, triggering Nerush's
obligation to make the plaintiffs whole under a payment guaranty.
The plaintiffs also proved that Nerush committed fraud by actively
concealing the unauthorized lease and misappropriating the
resulting rents, making him personally liable under a recourse
guaranty. The defendants' attempts to avoid liability through post
hoc counterclaims lack factual and legal support.
Accordingly, judgment on Counts III and IV is entered for the
plaintiffs. Judgment on Counterclaims I through VIII is entered for
the plaintiffs/counterclaim defendants. The plaintiffs are awarded
damages against Nerush of $7,433,760 for Count III and $300,000 for
Count IV, together with pre- and post-judgment interest and
reasonable attorneys' fees and costs.
A copy of the Court's Memorandum Opinion dated February 26, 2026,
is available at https://urlcurt.com/u?l=bHzS3w
Attorneys for Plaintiffs/CounterclaimDefendants GC Broadway, LLC
and Bryan Gortikov:
Todd C. Schiltz, Esq.
Angela Lam, Esq.
FAEGRE DRINKER BIDDLE & REATH, LLP,
222 Delaware Avenue, Suite 1410
Wilmington, DE 19801
E-mail: todd.schiltz@faegredrinker.com
angela.lam@faegredrinker.com
- and -
Robert J. Odson, Esq.
Benjamin Leventhal Hicks, Esq.
SHUMENER ODSON OH LLP
550 South Hope Street, Suite 1900
Los Angeles, CA 90071
E-mail: ROdson@soollp.com
BHicks@soollp.com
Attorneys for Defendants/Counterclaim-Plaintiffs AN SM 1925
Broadway Holdings, LLC and Alex Nerush:
Sean T. O'Kelly, Esq.
O'KELLY & O'ROURKE, LLC
824 N. Market St., Suite 1001A
Wilmington, DE 19801
E-mail: sokelly@okorlaw.com
- and -
Brian M. Grossman, Esq.
TESSER GROSSMAN LLP
11726 San Vicente Blvd., Suite 450
Los Angeles, CA 90049
E-mail: brian@tessergrossman.com
Attorney for Nominal Defendant AN SM 1925 Broadway, LLC:
Sean T. O'Kelly, Esq.
O'KELLY & O'ROURKE, LLC
824 N. Market St., Suite 1001A
Wilmington, DE 19801
E-mail: sokelly@okorlaw.com
About AN SM 1925 Broadway Holdings LLC
AN SM 1925 Broadway Holdings LLC is engaged in activities related
to real estate.
AN SM 1925 Broadway Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12710) on
December 3, 2024. In the petition filed by Alex Nerush, as sole
member and manager, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities between $100,000
and $500,000.
The Honorable Bankruptcy Judge Brendan Linehan Shannon oversees the
case.
The Debtor is represented by William J. Burton, Esq. and Kevin G.
Collins, Esq. of Barnes & Thornburg LLP.
ARM VENTURES: Plan Exclusivity Period Extended to March 30
----------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida extended Arm Ventures LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to March 30 and May 29, 2026, respectively.
As shared by Troubled Company Reporter, the Debtor requests an
extension of 30 days to analyze and explore restructuring options
available to the Debtor and to file a Chapter 11 Disclosure
Statement and Plan.
The Debtor explains that if the Court were to focus its analysis on
the "within a reasonable time" prong of the statute, the Debtor
respectfully submits that it has complied with all filing deadline
requirements in this case and filed all monthly reports in a timely
manner.
The Debtor claims that its exclusivity period has not elapsed. The
real estate owned by the Debtor is of a significant enough value to
enable the creditors to be repaid through a restructuring,
including a refinancing or sale.
Arm Ventures LLC is represented by:
DGIM Law, PLLC
Daniel Gielchinsky, Esq.
2875 NE 191st Street, Suite 705
Aventura, Florida 33180
Telephone: 305-763-8708
Email: dan@dgimlaw.com
About Arm Ventures LLC
Arm Ventures LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22944-LMI) on Oct.
31, 2025.
The Debtor previously filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 16-23633) on October 4, 2016. This bankruptcy case was
closed on May 15, 2017.
At the time of the recent filing, Debtor listed assets of between
$1,000,001 to $10 million and liabilities of between $1,000,001 to
$10 million.
Judge Laurel M. Isicoff (LMI) oversees the case.
Joel M. Aresty, P.A., is the Debtor's legal counsel.
ARTELLA SOLUTIONS: Chris Quinn Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V
trustee for Artella Solutions Inc.
Mr. Quinn will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Quinn declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Chris Quinn
26414 Cottage Cypress Lane
Cypress, TX 77433
Phone: 713-498-8500
Email: chris.quinn2021@outlook.com
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.
ASSOCIATION OF APARTMENT: Taps Bruce H. Wakuzawa as Special Counsel
-------------------------------------------------------------------
Association of Apartment Owners of Kauai Beach Villas seeks
approval from the U.S. Bankruptcy Court for the District of Hawaii
to employ The Law Offices of Bruce H. Wakuzawa, Esq., P.A. as its
special litigation counsel.
The firm will advice the Debtor regarding insurance coverage issues
in connection with any settlement discussions with the plaintiffs
in adversary proceedings 26-90003 which was removed to this Court
on 1/16/2026.
The firm will charge $395 per hour for its services.
As disclosed in the court filings, the firm is a disinterested
person under 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Bruce W. Radowitz, Esq.
Bruce W. Radowitz, Esq., P.A.
636 Chestnut Street
Union, NJ 07083
Telephone: (908) 687-2333
Facsimile: (908) 687-6330
About Association of Apartment Owners
of Kauai Beach Villas
The Association of Apartment Owners of Kauai Beach Villas, a
not-for-profit corporation incorporated under Hawaii law on April
15, 2025, manages, maintains, and administers the Kauai Beach
Villas condominium resort in Lihue, Kauai, Hawaii.
Association of Apartment Owners of Kauai Beach Villas filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. D. Hawaii Case No. 25-01103) on December 5, 2025, listing
between $1 million and $10 million in assets and liabilities.
Judge Robert J. Faris presides over the case.
Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal
counsel.
AVITA MEDICAL: Flags Going Concern Doubt Despite $60MM Credit Deal
------------------------------------------------------------------
Avita Medical, Inc. submitted its Annual Report on Form 10-K to the
U.S. Securities and Exchange Commission for the fiscal year ended
December 31, 2025. The report contains a going-concern
qualification, noting that there is substantial doubt regarding the
Company's ability to continue as a going concern.
The Company has incurred operating losses and negative cash flows
from operations since its inception and has an accumulated deficit
of $408.4 million as of December 31, 2025.
The Company had a total net loss of $48.6 million and $61.8 million
for the year ended December 31, 2025 and 2024, respectively.
For the years ended December 31, 2025 and 2024, the Company used
$31.2 million and $48.9 million of cash, respectively, in its
operating activities.
As of December 31, 2025, the Company had cash, cash equivalents,
and marketable securities of $18.2 million.
Historically, the Company has funded its operations principally
through the sales of its products, issuance of equity securities,
and debt financing.
On August 12, 2025, the Company completed a private placement on
the Australian Securities Exchange to institutional and
professional investors to raise gross proceeds of $14.8 million, or
$13.8 million after deducting sales commissions and offering
expenses, through the issuance of 17,201,886 CHESS Depositary
Interests on the ASX, which is the equivalent of 3,440,377 shares
of Common stock. Proceeds of the Placement will be used for working
capital requirements and will provide additional strategic
flexibility to support continued growth of the Company's
therapeutic acute wound portfolio.
Subsequent to December 31, 2025, on January 13, 2026, the Company
entered into a Credit Agreement and Guaranty, and Security
Agreement, by and among the Company, as borrower, Avita Medical
Americas, LLC, a wholly-owned subsidiary of the Company, as
guarantor and Perceptive Credit Holdings V, LP as a lender and the
administrative agent.
The Perceptive Credit Agreement provides for a five-year senior
secured credit facility in an aggregate principal amount of up to
$60 million, of which:
(i) $50 million was funded on the Perceptive Closing Date and
(ii) $10 million will be made available, at the Company's
discretion by notice to Perceptive on or before March 31, 2027,
subject to satisfaction of a certain net revenue requirement.
On the Perceptive Closing Date, the Company closed on the
Perceptive Initial Commitment Amount, less certain fees and
expenses payable to or on behalf of Perceptive.
Simultaneously with the closing of the Perceptive Initial
Commitment Amount, the Company repaid in full and terminated all of
its obligations and commitments under the Previous Credit
Agreement... As a result, the Company and the guarantors under the
Previous Credit Agreement have no further obligations under the
Previous Credit Agreement or the related guarantees other than with
respect to the warrants previously issued under the Previous Credit
Agreement, which remain outstanding. The Company received total net
proceeds after the Refinancing Transaction of $6.0 million.
Pursuant with the terms of the Previous Credit Agreement, as of
December 31, 2025, the Company was required to maintain compliance
with a minimum of $10 million cash balance covenant within the next
12 months following the date of issuance of these Consolidated
Financial Statements. Should such situation had arisen, the Lender
could have exercised its right to accelerate repayment of the
previously outstanding debt. . . The Company is no longer subject
to those covenants due to the Refinancing Transaction.
As a result of the Refinancing Transaction and pursuant to the
terms of the Perceptive Credit Agreement, the minimum cash balance
covenant the Company is required to maintain compliance with has
been lowered to $5 million. In addition, there is no right to
accelerate repayment of the outstanding debt due to the Company's
Quarterly Reports on Form 10-Q containing any qualification or
statement which is of a "going concern" or similar nature during
the year ending December 31, 2026.
Based on the Company's liquidity position and the Company's current
forecast of operating results and cash flows, management determined
there is substantial doubt about the Company's ability to continue
as a going concern over the next 12 months following February 12,
2026, the date of issuance of these Consolidated Financial
Statements, due to the Company's debt repayment obligations,
historical negative cash flows, and recurring losses. As a result,
the Company may require additional liquidity to continue its
operations over the next 12 months.
As a result of this conclusion, and due to the Company's current
debt servicing obligations, the long-term portion of the credit
facility has been classified as a current liability in the
accompanying Consolidated Financial Statements as of December 31,
2025.
A full text copy of the Company's Report is available at
https://tinyurl.com/bdzayvrv
About Avita Medical, Inc.
AVITA Medical, Inc. and its subsidiaries is a leading therapeutic
acute wound care company delivering transformative solutions. The
Company's technologies are designed to optimize wound healing,
effectively accelerating the time to patient recovery. The
Company's solutions improve the healing outcomes for patients with
traumatic injuries and surgical repairs, addressing critical
healing needs that arise from unpredictable and life-changing
events. At the forefront of the Company's portfolio is the patented
and proprietary RECELL® System, approved by the U.S. Food and Drug
Administration for the treatment of thermal burn wounds and
full-thickness skin defects. RECELL harnesses the healing
properties of a patient's own skin to create an autologous skin
cell suspension, Spray-On Skin(TM) Cells, offering an innovative
solution for improved clinical outcomes at the point-of-care.
As of December 31, 2025, the Company had $56.4 million in total
assets, $73 million in total liabilities, and $16.7 million in
total stockholders' deficit.
AW FARMS: Seeks to Hire Dennery PLLC as Bankruptcy Counsel
----------------------------------------------------------
AW Farms, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Kentucky to employ Dennery, PLLC as counsel.
The firm will render these services:
(a) advise the Debtor about its rights, powers and duties;
(b) advise and assist the Debtor with the preparation of the
petition, schedules, and statements of financial affairs;
(c) analyze the claims of the creditors, and negotiate with
such creditors;
(d) investigate the acts, conduct, assets, rights, liabilities
and financial condition of the Debtor and its business;
(e) advise and negotiate the sale of any or all assets of the
Debtor;
(f) investigate, file, and prosecute any claims on behalf of
the estate;
(g) draft and propose a plan of reorganization;
(h) appear for the Debtor at any hearings, conferences, and
other proceedings;
(i) prepare and/or review motions, applications, proposed
orders, and other documents filed with the Court;
(j) initiate any appropriate proceedings to avoid prepetition
transfers and/or recover assets for the benefit of the estate; and
(k) deliver any and all other legal services as may be
required that are in the best interest of the estate or the
creditors.
The firm will be paid at these rates:
(a) $350 per hour - for each hour devoted to performing legal
services;
(b) $225 per hour - for each hour devoted to delivering
financial reports, bookkeeping services, or business planning
services required to develop cash collateral budgets, projections
to support a plan of reorganization, applications for post petition
financing, or any proposed merger, acquisitions, assignment or
sales transactions; and
(c) $100 per hour for each hour of paralegal, administrative
and legal support services.
The firm received $15,000 as a retainer in the one-year period
prior to the filing of the Debtor's petition.
J. Christian Dennery, Esq., an attorney at Dennery, 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:
J. Christian Dennery, Esq.
Dennery, PLLC
P.O. Box 121241
Covington, KY 41012
Telephone: (859) 692-3685
Facsimile: (859) 286-6726
Email: jcdennery@dennerypllc.com
About AW Farms LLC
AW Farms, LLC operates a meat-processing facility and retail meat
business in Greenup County, Kentucky.
AW Farms sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Ky. Case No. 26-10034) on February 2, 2026. In
the petition signed by Tyler J. Wells, chief executive officer, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.
Judge Douglas L. Lutz oversees the case.
J. Christian Dennery, Esq., at Dennery, PLLC represents the Debtor
as counsel.
AXIP ENERGY: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Axip
Energy Services, LP and its affiliates.
The committee members are:
1. Burckhardt Compression (US), Inc.
Mike Moscoso, VP Finance
19750 FM 362 Road
Waller, TX 77484
Mike.Moscoso@burckhardtcompression.com
Counsel:
Tristan Manthey
Fishman Haygood LLP
201 St. Charles Avenue, 46th Floor
New Orleans, LA 70170
(504) 586-5252
tmanthey@fishmanhaygood.com
2. Odessa American Refabrication LLC
Joshua Alcantar, CFO
11716 State Highway 191
Midland, TX 79707
josh@aimodessa.com
Counsel:
Jason Binford
Kane Russell Coleman Logan PC
401 Congress Avenue, Suite 2100
Austin, TX 78701
(512) 487-6566
JBinford@krcl.com
3. Triple B Compression Services, LLC
Denise Gray, President
3217 Weatherford Highway
Granbury, TX 76049
triplebcompressionservices@gmail.com
4. Eagle Energy Oilfield Resources, LLC
Dusty Yeager, Controller
141 Lonestar Drive
Odessa, TX 79766
dusty@eagleeor.com
5. Allied Compression, LLC
Calvin Poindexter, CEO
Michael Boswell
2711 West Hillmont
Odessa, TX 79764
Michael.Boswell@alliedcomp.net
6. Wagner Equipment Co.
Brian L. Rindels,
18091 Smith Road
Aurora, CO 80011
Rindels_Brian@wagnerequipment.com
Counsel:
Jason M. Torf
Tucker Ellis LLP
233 S. Wacker Drive, Suite 6950
Chicago, IL 60606
(312) 256-9432
jason.torf@tuckerellis.com
7. Detechtion Technologies
Aly Khan Musani, CFO
2700 Post Oak Boulevard, #700
Houston, TX 77056
amusani@detechtion.com
Counsel:
Justin King
King & Spalding LLP
1180 Peachtree Street, NE, Suite 1600
Atlanta, GA 30309
(404) 572-2793
JKing@KSLAW.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 Axip Energy Services, LP
Axip Energy Services, LP is a provider of natural gas contract
compression services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on February
22, 2026. In the petition signed by Ben Chesters, chief
restructuring officer, the Debtor disclosed up to $500 million in
both assets and liabilities.
Judge Christopher M. Lopez oversees the case.
Paul E. Heath, Esq., at Vinson & Elkins LLP, represents the Debtor
as legal counsel.
JPMorgan Chase Bank, N.A., as DIP agent, is represented by:
Elisha D. Graff, Esq.
Dov Gottlieb, Esq.
Zachary J. Weiner, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue New York, NY 10017
Telephone: (212) 455-2000
Facsimile: (212) 455-2502
egraff@stblaw.com
dov.gottlieb@stblaw.com
zachary.weiner@stblaw.com
BERRY CAPITAL: To Sell Farm Equipment to Ad Legacy Management
-------------------------------------------------------------
Berry Capital Management LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to sell Property, free and clear of liens,
claims, interests, and encumbrances.
The Debtor seeks authority to sell via private sale certain items
of personal property described specifically on Exhibit A.
https://urlcurt.com/u?l=oXjfmg
The proposed purchase price for the Property is $242,500.
The Debtor is informed and believes the Property constitutes
security for loans represented by a series of Secured Promissory
Notes held by certain non-voting members of the Debtor.
CFG Financial Services LLC, acting as agent for all Secured Note
Holders, filed a UCC-1 Financing Statement with the North Carolina
Secretary of State.
The Debtor asks to be authorized to sell the Property free and
clear of any claims and liens of record, including liens, security
interests and claims asserted against the Property.
The Debtor employs Iron Auction Group LLC as the auctioneer for the
Property.
Iron Auction has agreed to compensation based on the following
schedule:
a. 20% on the first $20,000 of gross sales proceeds
b. 10% on the next $50,000 of gross sales proceeds
c. 8% of balance of gross sales proceeds
The purchaser of the Property is Ad Legacy Management LLC. Neither
the Debtor nor its management or investors have any affiliation
with the Purchaser.
The Property will be sold in an "As Is" condition, and no
warranties shall be made as to the condition, use or fitness of the
Property for a particular purpose.
The proposed private sale is the best method to liquidate the
Property, as it shall preserve the rights of lien and interest
holders in the Property and represents fair value for the same.
About Berry Capital Management LLC
Berry Capital Management LLC, based in Brevard, North Carolina, is
an agricultural investment company providing capital for a 400-acre
organic blueberry farm. Its affiliated entity, Berry Capital
Management II, LLC, supports the same investment projects.
Berry Capital Management LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No.
25-04002) on October 10, 2025. In its petition, the Debtor reports
estimated assets between $1 million and $10 million and estimated
liabilities up to $50,000.
Honorable Bankruptcy Judge Joseph N. Callaway handles the case.
The Debtor is represented by David J. Haidt, Esq. of AYERS & HAIDT,
PA.
BLOOM HOTELS: Miami-Dade Tax Liens Sold at Auction
--------------------------------------------------
In the Chapter 11 case of Bloom Hotels 6060, LLC, Dariel Fernandez,
as Tax Collector of Miami-Dade, Fla., disclosed that certain
certificate holders have purchased at auction, the pre-petition,
secured, real property tax liens of the Miami-Dade Tax Collector,
pursuant to Chapter 197, Florida Statutes.
The certificate holders are:
(1) Mercury Funding, LLC
PO Box 772837,
Memphis, TN 38177
Mercury acquired 2024 tax liens at 0.25% of the amount.
(2) Canal Tax LLC
SB Muni Cust
For Canal Tax 932098
PO Box 31191,
Tampa, FL 33631-3191
Canal Tax acquired 2024 tax liens at 0.25% of the amount.
(3) Quality Holding of America Inc.
12409 SW 119 TER
Miami, FL 331864942
Quality Holding acquired 2024 tax liens at 13.25%, 15.25%
and 16.5% of the amount.
A full-text copy of the disclosure is available at
https://is.gd/3VEyqS from PacerMonitor.com.
About Bloom Hotels 6060
Bloom Hotels 6060, LLC, owns the real property and improvements at
6060 Indian Creek Drive in Miami Beach, Fla., a waterfront
condo-hotel complex.
Bloom Hotels 6060, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11867) on Feb. 16,
2026. In its petition, the Debtor estimated assets and liabilities
between $10 million and $50 million each.
The Hon. Bankruptcy Judge Robert A. Mark handles the case.
The Debtor is represented by Kristopher E. Pearson, Esq., at Damian
Valori Culmo.
BONIFAS ENTERPRISES: Kevin Neiman Named Subchapter V Trustee
------------------------------------------------------------
The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as
Subchapter V trustee for Bonifas Enterprises, Inc.
Mr. Neiman will be paid an hourly fee of $375 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Neiman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kevin S. Neiman
PO Box 100455
Denver, CO 80250
Tel: (303) 996-8637
Fax: (877) 611-6839
Email: trustee@ksnpc.com
About Bonifas Enterprises Inc.
Bonifas Enterprises, Inc., doing business as Best Western
Transmission, provides automotive repair and maintenance services
in Colorado Springs, Colorado, and throughout El Paso County. The
company's offerings include engine, transmission, drivetrain,
brake, suspension, electrical, cooling, and fuel system repairs, as
well as routine maintenance and inspections. Services are performed
by ASE-certified mechanics, and the business has operated locally
since 1975, serving a variety of vehicle makes and models.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 26-11160) on Feb. 27,
2026, with $0 to $50,000 in assets and $1 million to $10 million in
liabilities. Joshua Bonifas, sole shareholder, signed the
petition.
Judge Kimberley H. Tyson presides over the case.
Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C.
represents the Debtor as legal counsel.
BP PURCHASER: Blackstone Secured Marks $7.4MM 1L Loan at 23% Off
----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $7,493,000 loan
extended to BP Purchaser, LLC to market at $5,751,000 or 77% of the
outstanding amount, according to Blackstone Secured’s 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to BP Purchaser, LLC. The loan accrues interest at a
rate of SOFR + 5.50%, 9.48% per annum. The loan matures on Dec. 11,
2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212)503-2100
About BP Purchaser, LLC
BP Purchaser, LLC is a financing vehicle formed to support a
specific acquisition or portfolio purchase transaction, funded
through a floating-rate term loan structure.
BRAND ARMY: Gets Interim OK to Use Cash Collateral Until March 31
-----------------------------------------------------------------
Brand Army, Inc. received interim approval from the U.S. Bankruptcy
Court for the Central District of California, San Fernando Valley
Division, to use cash collateral to fund operations.
The court authorized the Debtor to use cash collateral through
March 31 in accordance with its budget, with the Debtor entitled to
exceed weekly disbursement amounts by 20% on a line-item and
overall basis.
As adequate protection, secured creditors will be granted
replacement liens on assets of the Debtor, with the same validity,
priority and extent as their pre-bankruptcy liens. The replacement
liens do not apply to any Chapter 5 avoidance actions.
Additionally, the Debtor will receive super-priority administrative
expense claims in case of any post-petition diminution in value of
their pre-bankruptcy collateral.
The final hearing is set for April 1. The deadline for filing
objections is on March 18.
The order is available at https://is.gd/X0B9l9 from
PacerMonitor.com.
Brand Army operates a creator-monetization platform, recently
rebranded from Brand Army to Wink following negative publicity and
revenue decline. Cash flow problems worsened after costly merchant
cash advances and credit card processor reserves.
A recent search of UCC-1 financing statements against the Debtor
indicates that First Corporate Solutions, Smart Business, Oliver
Cruz, and a group of syndicate lenders claim blanket liens that
extend to the Debtor's cash collateral, asserting total claims of
$606,645.
About Brand Army Inc.
Brand Army, Inc. operates a creator-monetization platform,
rebranded from BrandArmy to Wink following negative publicity and
revenue decline.
Brand Army sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10412) on February
27, 2026, with up to $10 million in both assets and liabilities.
Ramon Mendez, president, signed the petition.
Judge Victoria S. Kaufman oversees the case.
Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P.,
represents the Debtor as legal counsel.
BRC GROUP: Terminates Axos Guaranty in B&W Credit Agreement
-----------------------------------------------------------
BRC Group Holdings, Inc. (f/k/a B. Riley Financial, Inc.) disclosed
in a regulatory filing that the guaranty dated January 18, 2024, by
the Company in favor of Axos Bank, as administrative agent, and the
secured parties under the Credit Agreement, dated as of January 18,
2024, among Babcock & Wilcox Enterprises, Inc., the guarantors
party thereto, the lenders party thereto, and the Agent, was
terminated and is of no further force and effect.
The Axos Guaranty was terminated in connection with the Tenth
Amendment to Credit Agreement and Amendment to Security Agreement,
dated as of February 25, 2026, among B&W, the guarantors party
thereto, the lenders party thereto, and the Agent. The Company was
not required to make any payments in connection with the
termination of the Axos Guaranty.
A full text copy of the Tenth Amendment is available at
https://tinyurl.com/bdfd95fz
About BRC Group Holdings
BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ:
RILY) is a diversified holding company, including financial
services, telecom, and retail, and investments in equity, debt and
venture capital. Its core financial services platform provides
small cap and middle market companies customized end-to-end
solutions at every stage of the enterprise life cycle. BRC's
banking business offers comprehensive services in capital markets,
sales, trading, research, merchant banking, M&A, and restructuring.
Its wealth management business offers wealth management and
financial planning services including brokerage, investment
management, insurance, and tax preparation. Its telecom businesses
provides consumer and business services including traditional,
mobile and cloud phone, internet and data, security, and email. Its
retail companies provide home furnishings and mobile computing
accessories. BRC deploys its 80 capital inside and outside its core
financial services platform to generate shareholder value through
opportunistic investments.
As of September 30, 2025, it had $1.7 billion in total assets, $1.9
billion in total liabilities, and $213.1 million in total deficit.
During the nine months ended September 30, 2025, the Company
completed five private exchange transactions with institutional
investors pursuant to which aggregate principal amounts of
approximately:
* $115,844,000 of the 5.50% Senior Notes due March 2026,
* $2,061,000 of the 6.50% Senior Notes Payable due September
2026,
* $146,448,000 of the 5.00% Senior Notes due December 2026,
* $51,135,000 of the 6.00% Senior Notes due January 2028, and
* $39,485,000 of the 5.25% Senior Notes due August 2028 owned
by the investors were exchanged for approximately $228,423
aggregate principal amount of 8.00% Senior Secured Second Lien
Notes due 2028, whereupon the Exchanged Notes were cancelled.
After the completion of the Exchanged Notes, the Company has
approximately:
* $101,596,000 of 5.50% Senior Notes due March 31, 2026,
* $178,471,000 of 6.50% Senior Notes due September 30, 2026,
and
* $178,266,000 of 5.00% Senior Notes due December 31, 2026.
The Company believes that the current cash and cash equivalents,
securities and other investments owned, and funds available under
its credit facilities will be sufficient to meet its working
capital, capital expenditure requirements, and debt service
obligations due the next 12 months.
BUTTERCUP BODYWEAR: Seeks Cash Collateral Access
------------------------------------------------
Buttercup Bodywear Inc., doing business as SheBird, asks the U.S.
Bankruptcy Court for the Southern District of California, for
authority to use cash collateral and provide adequate protection.
The Debtor asserts that the requested relief is urgent and
essential because it has minimal assets to liquidate and
reorganization—rather than liquidation—is the only viable means
to pay creditors.
Founded in 2019, the Delaware corporation designs and sells
women’s apparel primarily online and through select third-party
retailers. CEO Sheila Attari owns approximately 80% of the company.
The Debtor leases warehouse space in Chula Vista, California for
$5,150 per month and employs two non-insider employees to manage
inventory and fulfill orders. Financial difficulties began in 2023
due to a dispute with its former Chinese manufacturer, which
required bulk orders and withheld finished goods pending payment.
The Debtor has since switched manufacturers to allow smaller, more
flexible production runs. Increased online advertising costs and
heightened U.S.–China tariffs in 2025—along with the
elimination of certain de minimis import exemptions affecting
cross-border operations through Mexico—further reduced
profitability, prompting price increases of up to 20%.
As of the petition date, bank accounts were overdrawn, but the
Debtor had $22,241 in accounts receivable and approximately
$299,000 in inventory (cost basis). Cash, receivables, and
inventory proceeds constitute the Cash Collateral, encumbered by
first and second priority liens held by Samson MCA LLC totaling
roughly $85,384 and a third priority lien held by Rapid Finance for
approximately $88,371. The Debtor also owes nearly $48,394 in
priority sales taxes and about $1.47 million in general unsecured
debt, including obligations to KickFurther, Shopify, Feeling Good,
WebBank/PayPal, and individual noteholders.
The Debtor intends to propose a plan paying priority taxes in full
within five years and providing meaningful distributions to
unsecured creditors. To continue operations, it seeks authority to
use cash collateral under the budget, with flexibility to deviate
up to 10% per line item and in the aggregate, and to carry forward
unused budgeted amounts for periodic expenses.
As adequate protection, the Debtor proposes granting replacement
liens to Samson and Rapid Finance consistent with the extent,
validity, and priority of their prepetition liens.
A copy of the motion is available
at https://urlcurt.com/u?l=y2XQRv from PacerMonitor.com.
About Buttercup Bodywear Inc.
Buttercup Bodywear Inc. designs and sells women's apparel primarily
online and through select third-party retailers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S. D. Cal. Case No. 26-00877-JBM11) on
March 1, 2026. In the petition signed by Sheila Attari, chief
executive officer, the Debtor disclosed up to $500,000 in assets
and up to $10 million in liabilities.
Judge Barrett Marum oversees the case.
Donald Reid, Esq., at Law Office of Donald W. Reid, represents the
Debtor as legal counsel.
CANADIAN HOSPITAL: Blackstone Marks CAD$1.9M 1L Loan at 27% Off
---------------------------------------------------------------
Blackstone Secured Lending Fund has marked its CAD$1,920,000 loan
extended to Canadian Hospital Specialties, Ltd. to market at
CAD$1,399,000 or 73% of the outstanding amount, according to
Blackstone Secured's 10-K for the fiscal year ended Dec. 31, 2025,
filed with the U.S. Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Canadian Hospital Specialties, Ltd. The loan
accrues interest at a rate of CA + 4.50%, 7.12% per annum. The Loan
matures on April 15, 2027.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Canadian Hospital Specialties, Ltd.
Canadian Hospital Specialties, Ltd. is a medical products and
hospital supplies company that distributes and manufactures
specialized equipment and consumables for health care providers.
CANADIAN HOSPITAL: Blackstone Marks CAD$29M 1L Loan at 27% Off
--------------------------------------------------------------
Blackstone Secured Lending Fund has marked its CAD$29,022,000 loan
extended to Canadian Hospital Specialties, Ltd. to market at
CAD$21,145,000 or 73% of the outstanding amount, according to
Blackstone Secured's 10-K for the fiscal year ended Dec. 31, 2025,
filed with the U.S. Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Canadian Hospital Specialties, Ltd. The loan
accrues interest at a rate of CA + 4.50%, 7.12% per annum. The Loan
matures on April 14, 2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Canadian Hospital Specialties, Ltd.
Canadian Hospital Specialties, Ltd. is a medical products and
hospital supplies company that distributes and manufactures
specialized equipment and consumables for health care providers.
CARBON HEALTH: Hires Stifel Nicolaus & Co. as Investment Banker
---------------------------------------------------------------
Carbon Health Technologies, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Stifel, Nicolaus & Co., Inc. as investment banker.
The firm's services include:
(a) perform valuation analyses;
(b) identify opportunities for the transactions or financings
involving the Debtors;
(c) advise the Debtors concerning opportunities for such
transactions or financings;
(d) participate on the Debtors' behalf in negotiations
concerning such transactions or financings,
(e) assist in developing and seeking approval of the Debtors'
Plan,
(f) participate in hearings before the Bankruptcy Court in
connection with Stifel's other services;
(g) assist the Debtors in developing a list of entities that
might be potential purchasers of it and/or any of its businesses,
securities or assets;
(h) initiate and coordinate discussions with potential
purchasers; and
(i) participate in the negotiation of possible transactions
and advise the Debtors as to negotiating strategy and other matters
in connection therewith.
The firm will be paid at these fees:
(a) monthly fee of $100,000;
(b) sale fee greater of $2,500,000 and the following
percentages:
(i) 1.50 percent of total Consideration equal to or less
than $200,000,000;
(ii) plus 2.50 percent of the incremental portion of the
total Consideration greater than $200,000,000 but equal to or less
than $300,000,000;
(iii) plus 3.0 percent of the incremental portion of the
total Consideration greater than $300,000,000.
(c) restructuring fee greater of $2,500,000 and 1.5 percent of
the principal amount of Company debt and other obligations treated
by the Restructuring;
(d) financing fee the greater of $250,000 and the following
percentages:
(i) 1.5 percent of the gross proceeds of any Secured debt
and "DIP" Financing. Any Financing Fee with respect to "DIP
Financing" from the existing lender shall be 0.75% of gross
proceeds;
(ii) 4.0 percent of the gross proceeds of any Unsecured
debt;
(iii) 6.0 percent of any Equity, equity related or
mezzanine.
(e) credit of 50 percent of monthly fees beginning with the
fourth such monthly fee actually paid will be credited to reduce
any sale or restructuring fee, as applicable;
In addition, the firm will seek reimburswement for expenses
incurred.
Vladimir Moshinsky, a managing director at Stifel, Nicolaus & 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:
Vladimir Moshinsky
Stifel, Nicolaus & Co., Inc.
501 North Broadway
St. Louis, MO 63102
About Carbon Health Technologies
Founded in 2015, Carbon Health Technologies Inc. is a modern health
tech company that offers in-person and virtual care for easier
everyday health. Before the bankruptcy filing, Carbon Health
Technologies operated 93 urgent care or primary care clinics in the
states of Texas, Washington, California, Colorado, Kansas,
Missouri, New Jersey and Massachusetts. On the Web:
http://www.carbonhealth.com/
On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated
debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Tex.
Lead Case No. 26-90306). At the time of the filing, Carbon Health
Technologies reported $100 million to $500 million in both assets
and liabilities.
The cases are pending before the Honorable Christopher M. Lopez.
Pachulski Stang Ziehl & Jones, LLP; Alvarez and Marsal; and Stifel,
Nicolaus & Co., Inc. serve as bankruptcy counsel, financial
advisor, and investment banker, respectively. Kroll is the claims
agent.
KTBS Law is representing Future Solution Investments LLC, the agent
for the pre-petition lenders and the DIP lenders.
CCBLUE BIDCO: Blackstone Secured Marks $12.4MM 1L Loan at 20% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $12,466,000 loan
extended to CCBlue Bidco, Inc. to market at $10,035,000 or 80% of
the outstanding amount, according to Blackstone Secured's 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to CCBlue Bidco, Inc. The Loan accrues interest at a
rate of SOFR + 6.50 % 10.27 % (incl. 4.00 % PIK) per annum. The
Loan matures on Dec. 21, 2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About CCBlue Bidco, Inc.
CCBlue Bidco, Inc. provides health care services.
CHEER ATHLETICS-PLANO: Unsecureds to Recover 10% over 60 Months
---------------------------------------------------------------
Cheer Athletics-Plano, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of Texas a Disclosure Statement describing
Chapter 11 Plan dated Feb. 27, 2026.
The Debtor has been in business for over 30 years and is considered
one of the most well-respected all-star cheerleading gyms in the
country.
As a result of litigation that occurred leading up to the Debtor's
filing, the Debtor's liquid resources were largely drained
defending itself.
The litigation involved two cases: (1) Hannah Gerlacher and Jessica
Gerlacher v. Cheer Athletics, Inc., Cheer Athletics-Plano, Inc.,
Cheer Athletics-Frisco, LLC, Cheer Athletics Holdings, LLC, Cheer
Athletics Brands, LLC, United States All-Star Federation and Jason
McCartney, Cause No. D-1-GN-21- 003338, and was pending in the
126th District Court, Travis County, Texas, at the time of filing;
and (2) Alicia Mims, on behalf of her minor children, A.M. and
AL.M. and Jacqueline Yvette Hicks, Case No. 4:24- cv-00218, was
pending in the District Court, Eastern District of Texas, at the
time of filing.
The Debtor filed for bankruptcy on Nov. 2, 2025. Shortly
thereafter, Debtor filed its schedules and statement of financial
affairs in the bankruptcy case. Debtor's schedules reflect that,
aside from the litigation, Debtor has a manageable level of debt.
The Plaintiffs in the Travis County litigation have filed claims
purportedly valued between "$2,000,000 and $20,000,000". The
plaintiffs in the ADA litigation filed claims totaling just over
$1,100,000. Debtor intends to object to those claims.
The Debtor's income is sufficient to fund the proposed payments
under the Plan of Reorganization. Money to fund the Plan will come
from ongoing business operations.
Class 6 consists of all Allowed General Unsecured Claims of the
Debtor. The total claims in Class 6 can only be determined after
claims objections have been litigated. Without the claims of the
Plaintiffs, the total claims in Class 6 are approximately
$440,000.00. The claims of Plaintiffs could add as much as $21
million based on the claims filed by those plaintiffs.
Once Allowed, General Unsecured Claims of the Debtor shall be paid
an amount that represents 10% of their Allowed Claim amount, up to
a collective maximum of $600,000.00 for the Class, payable pro rata
to members of Class 6 over 60 months. Class 6 is assumed to be
impaired by the Plan. The holders of Allowed Claims in Class 6 are
entitled to vote to accept or reject the Plan.
Class 7 consists of the Equity Interest Holders of the Debtor. The
equity shall be reissued to the Reorganized Debtor, which ownership
shall be acquired by the acquisition of same through the purchase
of the equity for $10,000. No monies will be payable to the new
Equity Interest Holders on account of their equity in Reorganized
Debtor until all creditors of such Reorganized Debtor are paid in
accordance with the Plan and the unsecured creditors of such
Reorganized Debtor are satisfied as provided in the Plan.
The Plan will be implemented, pursuant to Section 1123(a)(5) of the
Code, by the commencement of payments as called for in the Plan.
The Debtor shall be responsible for making payments to the
Claimants in Classes 1-7 as provided herein.
A full-text copy of the Disclosure Statement dated Feb. 27, 2026 is
available at https://urlcurt.com/u?l=mvy181 from PacerMonitor.com
at no charge.
Counsel to the Debto:
Gregory W. Mitchell, Esq.
The Mitchell Law Firm, LP
1100 W. Campbell Road, Suite 200
Richardson, TX 75080
Telephone: (972) 463-8417
Facsimile: (972) 432-7540
E-mail: greg@mitchellps.com
About Cheer Athletics-Plano
Cheer Athletics-Plano, Inc., operates a competitive cheerleading
and tumbling training facility in Plano, Texas. The Company offers
programs ranging from beginner-level cheer and tumbling instruction
to elite all-star teams, providing youth athletes with training in
stunts, dance, and performance preparation. It functions as part of
the Cheer Athletics franchise network, which runs independently
operated gyms across multiple U.S. states.
Cheer Athletics-Plano, Inc. in Plano, TX, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. E.D. Tex. Case No. 25-43320) on Nov.
2, 2025, listing $0 to $50,000 in assets and $1 million to $10
million in liabilities. Joseph K. Melton as owner, signed the
petition.
Judge Brenda T. Rhoades oversees the case.
THE MITCHELL LAW FIRM, L.P. serves as the Debtor's legal counsel.
CHG US: Court Converts Chapter 11 Bankruptcy to Chapter 7
---------------------------------------------------------
Emily Lever of Law360 reports that the Chapter 11 bankruptcy of
vegan restaurant chain Planta has been converted to a Chapter 7
liquidation by a Delaware bankruptcy judge after the debtor
admitted it had exhausted all options to continue its
restructuring.
Company representatives told the court that they were unable to
secure new financing or stabilize operations, leaving the business
without a feasible path to reorganization. The debtor said
liquidation had become unavoidable.
Under Chapter 7, the company's remaining assets will be gathered
and sold by a trustee, with any recovered funds distributed among
creditors in accordance with bankruptcy law, according to report.
About CHG US Holdings LLC
CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of
plant-based restaurants with 18 locations across major U.S. cities.
The company's restaurants are located in Miami Beach, Brooklyn,
SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm
Beach, Chicago, and other metropolitan areas. These restaurants
likely offer exclusively plant-based cuisine based on the PLANTA
brand name and food vendor creditors listed in the filing.
CHG US Holdings LLC and affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on
May 12, 2025. In its petition, the Debtor reports assets between
$50,000 and $100,000, and liabilities ranging from $10 million to
$50 million.
Bankruptcy Judge Mary F. Walrath handles the case.
The Debtor is represented by Joseph C. Barsalona II, Esq. and
Michael J. Custer, Esq. at Pashman Stein Walder Hayden.
CICCARELLI & SONS: Seeks to Hire Cooney Law Offices as Counsel
--------------------------------------------------------------
Ciccarelli & Sons, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to employ Cooney Law
Offices, LLC as counsel.
The firm will render these services:
(a) assist in, among other things, the administration of its
estate and represent the Debtor on matters involving legal issues
that are present or are likely to arise in the case;
(b) prepare any legal documentation on behalf of the Debtor;
(c) review reports for legal sufficiency, furnish information
regarding legal actions and their resulting consequences; and
(d) perform for all necessary legal services connected with
Chapter 11 proceedings.
The hourly rates of the firm's counsel and staff are as follows:
Ryan Cooney, Attorney $450
James Cooney, Attorney $450
Paul Toigo, Attorney $350
Law Clerk $225
Paralegal $150
Mr. Cooney disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Ryan J. Cooney, Esq.
Cooney Law Offices LLC
223 Fourth Avenue, 4th Fl.
Pittsburgh, PA 15222
Telephone: (412) 546-1234
Facsimile: (412) 546-1235
Email: rcooney@cooneylawyers.com
About Ciccarelli & Sons LLC
Ciccarelli & Sons LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20547) on
February 27, 2026. In the petition signed by Christopher M.
Ciccarelli, authorized member, the Debtor disclosed up to $10
million in both assets and liabilities.
Ryan J. Cooney, Esq., at Cooney Law Offices LLC serves the Debtor
as counsel.
CLOUTER CREEK: Taps Bridge Corporate as Real Estate Advisor
-----------------------------------------------------------
Clouter Creek Reserve, LLC seeks approval from the U.S. Bankruptcy
Court for the District of South Carolina to employ Bridge Corporate
Solutions, LLC as real estate advisor.
The firm will market and sell the Debtor's real property located at
100 Sands Preserve Drive, Charleston, South Carolina.
The firm will render these services:
a. on request, review pertinent documents and consult with the
Debtor's counsel as appropriate;
b. coordinate with the Debtor the development of due diligence
materials, the cost of which shall be the Debtor's sole
responsibility;
c. develop, subject to the Debtor's review an approval, a
marketing plan and implement each facet of the marketing plan;
d. communicate regularly with prospects and maintain records
of such communications;
e. solicit purchase offers from prospective asset purchasers;
f. assist the Debtor and its representatives in evaluating,
structuring, negotiating and implementing the terms and conditions
of such purchase offers;
g. communicate regularly with the Debtor and its
representatives in connection with the status of BRIDGE's efforts;
and
h. work with the Debtor and its representatives in the
implementation of a sales transaction and assist with negotiations
in resolving any problems that may arise.
The firm will be paid as follows:
i. 5% of the gross sale price should the assets sell for
$10,000,000 or less;
ii. 4% of the gross sale price should the assets sell for
$10,000,001 up to $20,000,000; and
iii. 3% of the gross sale price should the assets sell for
greater than $20,000,001.
The Debtor agrees to pay BRIDGE a fee of $50,000 if the Debtor is
able to refinance its obligations and pay the claims due under its
Plan of Reorganization.
As disclosed in the court filing, Bridge Corporate Solutions, LLC
is a "disinterested person" within the meaning of 11 U.S.C. Sec.
101(14).
The firm can be reached through:
J. Hagood Morrison,
Bridge Corporate Solutions, LLC
25 Calhoun Street, Suite 220
Charleston, SC 29401
Phone: (843) 270-5219
Cell: (843) 270-5219
Email: hagood.morrison@bridge-commercial.com
About Clouter Creek Reserve, LLC
Clouter Creek Reserve LLC formerly known as IVO SANDS, LLC, is a
single asset real estate entity based in Charleston, South
Carolina.
Clouter Creek Reserve LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-00034) on January
6, 2025. In its petition, the Debtor reports estimated assets
between $10 million and $50 million and liabilities between $1
million and $10 million.
Penn Law Firm LLC represents the Debtor as counsel.
COAST GLOBAL: Seeks to Hire Robert H. Johnson as General Counsel
----------------------------------------------------------------
Coast Global Corporation seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Robert H. Johnson,
LLC as counsel.
The firm's services include:
(a) advise the Debtor regarding its powers and duties in the
operation of its business;
(b) represent the Debtor in bankruptcy matters and adversary
proceedings; and
(c) perform all legal services for the Debtor which may be
necessary.
The firm will be paid at these hourly rates:
Jeffrey Brinen, Attorney $600
Jonathan Dickey, Attorney $425
Keri Riley, Attorney $410
Robert Johnson, Esq. 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:
Robert H. Johnson, Esq.
Robert H. Johnson, LLC
1818 Old Cuthbert Road, Suite 107
Cherry Hill, NJ 08034
Telephone: (856) 298-9328
About Coast Global Corporation
Coast Global Corporation is a veteran- and minority-owned logistics
company with facilities in New Jersey and Pennsylvania, providing
intermodal drayage, trucking, distribution, and warehousing
services. The company operates across the Northeast and the U.S.,
serving ports including Philadelphia, Baltimore, and New York/New
Jersey. Its operations include supply chain management,
transloading, and inventory control.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 26-11322) on February 5,
2026, with up to $50,000 in assets and $1 million to $10 million in
liabilities. Joseph LaPaix, owner, signed the petition.
Robert Johnson, Esq., at Robert Johnson, LLC represents the Debtor
as counsel.
COASTAL DEVELOPMENT: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------------
Coastal Development Group, LLC, dba Covenant Development Group,
asks the U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, for authority to use cash collateral and provide
adequate protection.
The Debtor needs funds to cover payroll, utilities, vendors, and
other ordinary course expenses to maintain operations and preserve
estate value.
The Debtor is a plan, design, and build contractor operating since
2021, headquartered in Oviedo, Florida, with licensure and capacity
to handle multi-million-dollar commercial and residential projects
throughout the state. The cash collateral consists of cash on hand
and ongoing operational receipts that may be subject to a lien held
by Libertas Funding, LLC, an MCA lender and the Debtor’s secured
creditor.
The Debtor estimates it will require approximately $260,000 over
the next four weeks to continue operations, as reflected in its
attached budget, and projects positive cash flow during the interim
period.
As adequate protection, the Debtor proposes granting Libertas a
replacement lien on postpetition cash collateral with the same
extent, validity, and priority as its prepetition lien. The Debtor
asserts that continued operations will preserve collateral value
and benefit all creditors, and it is attempting to confer with the
secured creditor and the U.S. Trustee prior to the requested
emergency hearing.
A copy of the motion is available at https://urlcurt.com/u?l=oa4FLT
from PacerMonitor.com.
About Coastal Development Group, LLC
Coastal Development Group, LLC is a plan, design, and build
contractor operating since 2021, headquartered in Oviedo, Florida,
with licensure and capacity to handle multi-million-dollar
commercial and residential projects throughout the state.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-01353) on
February 27, 2026. In the petition signed by Rick Krack, manager,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Justin M. Luna, Esq., at Latham Luna Eden & Beaudine LLP,
represents the Debtor as legal counsel.
COLD SPRING: Court Urges Nursing Home's Chapter 11 Resolution
-------------------------------------------------------------
Ben Zigterman of Law360 reports that on Tuesday, March 10, 2026, a
New York bankruptcy court pushed back the disclosure statement
hearing in the Chapter 11 case of Cold Spring Acquisition, the Long
Island nursing home operator, while negotiations with unsecured
creditors continue.
The debtor said it is still working with the official committee of
unsecured creditors to address issues related to how its proposed
liquidation plan will be carried out. The additional time will
allow the parties to continue discussions aimed at narrowing their
differences.
Cold Spring Acquisition said the ongoing talks could lead to
progress in the bankruptcy proceedings as it works to finalize a
plan for liquidating assets and resolving creditor claims.
About Cold Spring Acquisition
Cold Spring Acquisition LLC operates a 588-bed skilled nursing and
rehabilitation facility in Woodbury, N.Y. In particular, the senior
care facility provides hospice, dementia care, medical needs, as
well as short-term and long-term rehabilitation care. The senior
care facility also runs a senior day program.
Cold Spring Acquisition sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2,
2025. In its petition, the Debtor reported between $1 million and
$10 million in assets and between $50 million and $100 million in
liabilities.
Judge Sean H. Lane handles the case.
Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt,
Phelps & Phillips represent the Debtor as legal counsels.
CONFINE VISUAL: Blackstone Secured Marks $15.8MM 1L Loan at 20% Off
-------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $15,868,000 loan
extended to Confine Visual Bidco to market at $12,694,000 or 80% of
the outstanding amount, according to Blackstone Secured's 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Confine Visual Bidco. The Loan accrues interest at
a rate of SOFR + 5.75 % 9.43 % per annum. The Loan matures on Feb.
23, 2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Confine Visual Bidco
Confine Visual Bidco is a corporate borrower that appears to
operate in the visual media or technology sector, financed through
a floating-rate term loan structure.
CONFINE VISUAL: Blackstone Secured Marks $379, 000 Loan at 20% Off
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $379,000 loan
extended to Confine Visual Bidco to market at $303,000 or 80% of
the outstanding amount, according to Blackstone Secured's 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Confine Visual Bidco. The Loan accrues interest at
a rate of SOFR + 5.75 % 9.43 % per annum. The Loan matures on Feb.
23, 2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Confine Visual Bidco
Confine Visual Bidco is a corporate borrower that appears to
operate in the visual media or technology sector, financed through
a floating-rate term loan structure.
CONSCIOUS CONTENT: Amends Unsecured Claims Pay Details
------------------------------------------------------
Conscious Content Media, Inc. and affiliates submitted a First
Amended Combined Disclosure Statement and Joint Plan of
Reorganization dated Feb. 27, 2026.
During the Chapter 11 Cases, the Debtors intend to operate their
businesses in the ordinary course. Importantly, the Plan implements
the Restructuring Transactions with every Secured creditor in these
Chapter 11 Cases. The Plan also has the support of the Committee.
Class 7 shall consist of the Post-Closing Claims (Unsecured).
Except to the extent that a Holder of a Post-Closing Claim agrees
to less favorable treatment, in full and final satisfaction,
settlement, release, and discharge of, and in exchange for each
Allowed Post-Closing Claim, on the later of the Effective Date or,
or as soon as reasonably practicable after the date such
Post-Closing Claim becomes an Allowed Claim, each Holder of an
Allowed Post-Closing Claim shall receive its option of:
* Option A: Pro Rata share of Unsecured Cash Pool paid in
three installments as follows: $1.75 million on Effective Date;
$1.25 million on the 90-day anniversary of the Effective Date (plus
8% annual interest accrued from the Effective Date to payment
date); and $1 million on the one-year anniversary of Effective Date
(plus 8% annual interest accrued from the Effective Date to payment
date). All unpaid amounts shall be accelerated and paid in a lump
sum, with interest, within five business days of Debtors or
Reorganized Debtors closing on $15 million in New Preferred Equity
(Series B); or
* Option B: New Convertible Note in the principal amount of
25% of its Allowed Claim; or
* Option C: 100% of Allowed Claim paid in New Common Equity
($15.51 per share of New Common Equity).
Each option applies to Holder's full Allowed Claim amount – no
partial elections are permitted. If no option is selected by a
Holder of an Allowed Post-Closing Claim, such Holder shall be
deemed to have selected Option A. There is a single Unsecured Cash
Pool shared by Classes 7 and 8.
Class 8 shall consist of all General Unsecured Claims against the
Debtors. Class 8 Claims are Impaired. Except to the extent that a
Holder of a General Unsecured Claim agrees to less favorable
treatment, in full and final satisfaction, settlement, release, and
discharge of, and in exchange for each General Unsecured Claim, on
the later of the Effective Date or, or as soon as reasonably
practicable after the date such General Unsecured Claim becomes an
Allowed Claim, each Holder of a General Unsecured Claim shall
receive its option of:
* Option A: Pro Rata share of Unsecured Cash Pool paid in
three installments as follows: $1.75 million on Effective Date;
$1.25 million on the 90-day anniversary of the Effective Date (plus
8% annual interest accrued from the Effective Date to payment
date); and $1 million on the one-year anniversary of Effective Date
(plus 8% annual interest accrued from the Effective Date to payment
date). All unpaid amounts shall be accelerated and paid in a lump
sum, with interest, within five business days of Debtors or
Reorganized Debtors closing on $15 million in New Preferred Equity
(Series B); or
* Option B: New Convertible Note in the principal amount of
25% of its Allowed Claim; or
* Option C: 100% of Allowed Claim paid in New Common Equity
($15.51 per share of New Common Equity).
Each option applies to Holder's full Allowed Claim amount, no
partial elections are permitted. If no option is selected by a
Holder of an Allowed General Unsecured Claim, such Holder shall be
deemed to have selected Option A. There is a single Unsecured Cash
Pool shared by Classes 7 and 8.
The Debtors prepared these financial projections based upon certain
assumptions that they believe to be reasonable under the
circumstances. The Financial Projections indicate, on a pro forma
basis, that the projected level of cash flow is sufficient to
satisfy the Debtors' future capital expenditures and other
obligations during the applicable period. Accordingly, if the
Chapter 11 Cases are commenced, the Debtors believe that
confirmation of the Plan is not likely to be followed by the
liquidation or further reorganization of the Reorganized Debtors.
A full-text copy of the First Amended Combined Disclosure Statement
and Joint Plan dated Feb. 27, 2026 is available at
https://urlcurt.com/u?l=4MJhmC from Stretto, claims agent.
Co-Counsel for the Debtors:
Daniel N. Brogan, Esq.
Steven D. Adler, Esq.
Ashly L. Riches, Esq.
BAYARD, P.A.
600 North King Street, Suite 400
Wilmington, Delaware 19801
Tel: (302) 655-5000
E-mail: dbrogan@bayardlaw.com
sadler@bayardlaw.com
ariches@bayardlaw.com
- and -
Lauren Friend McKelvey, Esq.
David N. Tabakin, Esq.
REITLER KAILAS & ROSENBLATT LLP
11921 Freedom Drive, Suite 550
Reston, Virginia 20190
Tel: 212-209-3037
E-mail: lmckelvey@reitlerlaw.com
dtabakin@reitlerlaw.com
About Conscious Content Media Inc.
Conscious Content Media, Inc. develops and provides early learning
education technology products for children ages 2 to 10, offering
an age- and stage-based curriculum focused on school readiness and
skills such as literacy, mathematics, coding, creativity, and
social-emotional development. The company delivers its programs
through digital applications, physical learning kits, classes,
tutoring, and coaching, distributing them to schools and directly
to parents through subscription-based offerings. Its product
portfolio includes brands such as Homer, codeSpark, and Little
Passports.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12231) on Dec. 17,
2025, with $100 million to $500 million in lead debtor's assets and
liabilities. Neal Shenoy, chief executive officer, signed the
petition.
Judge Brendan Linehan Shannon presides over the case.
The Debtors tapped BAYARD, P.A., and REITLER KAILAS & ROSENBLATT
LLP as general bankruptcy counsel; Eisner Amper as financial
advisor; and Bankruptcy Management Solutions, Inc., d/b/a Stretto
as claims and noticing agent.
CRISP MOMENTUM: Flags Going Concern Doubt as Quarterly Loss Widens
------------------------------------------------------------------
Crisp Momentum Inc. submitted its Quarterly Report on Form 10-Q to
the U.S. Securities and Exchange Commission for the quarterly
period ended October 31, 2025. The report contains a going-concern
qualification, noting that there is substantial doubt regarding the
Company's ability to continue as a going concern.
As reflected in the accompanying consolidated financial statements,
for the three months ended October 31, 2025, the Company had:
* Net loss of $1,047,229, compared to a net loss of $53,253
for the three months ended October 31, 2024; and
* Net cash used in operations of $730,988, compared to $4,381
for the three months ended October 31, 2024
During the three months ended October 31, 2025 and 2024, we
generated revenues of $2,982 and $39, respectively. The increase in
revenue was a result of the Company's ability to execute a change
of operation and new business plans.
Additionally, at October 31, 2025, the Company had:
* Accumulated deficit of $20,045,086, compared to 18,997,857
at July 31, 2025; and
* Working capital surplus of $4,524,326
Crisp manages liquidity risk by reviewing, on an ongoing basis, its
sources of liquidity and capital requirements. The Company had cash
on hand of $2,113,609 at October 31, 2025.
Although the Company intends to raise additional debt or equity
capital, the Company expects to continue to incur significant
losses from operations and have negative cash flows from operating
activities for the near-term. These losses could be significant as
operations ramp up along with continuing expenses related to
compensation, professional fees, and regulatory fees.
The Company has incurred significant losses since its inception and
has not demonstrated an ability to generate sufficient revenues to
achieve profitable operations. There can be no assurance that
profitable operations will ever be achieved, or if achieved, could
be sustained on a continuing basis.
In making this assessment the Company performed a comprehensive
analysis of its current circumstances including: its financial
position, cash flows and cash usage forecasts for the 12 months
ended July 31, 2026, and its current capital structure including
equity-based instruments and its obligations and debts.
The Company has satisfied its obligations from the issuance of
common stock and notes payable; however, there is no assurance that
such successful efforts will continue during the 12 months
subsequent to February 13, 2026, the date these consolidated
financial statements are issued.
If the Company does not obtain additional capital (debt and/or
equity-based financing), the Company will be required to reduce the
scope of its business development activities or cease operations.
The Company continues to explore obtaining additional capital
financing and the Company is closely monitoring its cash balances,
cash needs, and expense levels.
These factors create substantial doubt about the Company's ability
to continue as a going concern within the next 12 months.
A full text copy of the Company's Report is available at
https://tinyurl.com/324rbsf6
About Crisp Momentum Inc.
Crisp Momentum Inc. is a U.S.–based global media and technology
company focused on the creation, acquisition, and monetization of
short-form scripted video content known as Duanju or "microdramas."
Crisp develops and distributes professionally produced,
high-quality short-form series through the Crisp platform as well
as through third-party digital distribution partners worldwide.
As of October 31, 2025, the Company had $5,624,132 in total assets,
$729,298 in total liabilities, and $4,894,834 in total
stockholders' equity.
CUMULUS MEDIA: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: Cumulus Media Inc.
780 Johnson Ferry Rd NE, Suite 500
Atlanta GA 30342
Business Description: Cumulus Media Inc., a
Delaware-based corporation organized in 2018, operates as an
audio-first media company providing content to approximately 250
million monthly listeners, primarily through 394 owned-and-operated
radio stations across 84 U.S. markets and national platforms
including Westwood One and the Cumulus Podcast Network. The company
generates revenue mainly from broadcast radio advertising,
supplemented by digital advertising and ancillary services, and
offers local digital marketing solutions alongside one of the
largest U.S. streaming audio advertising networks. Its operations
include nationally syndicated sports, news, talk, and entertainment
programming, original podcast production, and integrated
advertising services across broadcast, digital, mobile, social, and
voice-activated platforms.
Chapter 11 Petition Date: March 5, 2026
Court: United States Bankruptcy Court
Southern District of Texas
Forty-one affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Cumulus Media Inc. (Lead Case) 26-90346
Cumulus Texas, LLC 26-90345
Atlanta Radio, LLC 26-90347
Broadcast Software International LLC 26-90348
Catalyst Media, LLC 26-90349
Consolidated IP Company LLC 26-90350
Chicago FM Radio Assets, LLC 26-90351
Detroit Radio, LLC 26-90352
Chicago Radio Assets, LLC 26-90353
Cumulus Broadcasting LLC 26-90354
CMI Receivables Funding LLC 26-90355
Radio Metroplex, LLC 26-90356
CMP KC LLC 26-90357
Cumulus Intermediate Holdings LLC 26-90358
CMP Susquehanna LLC 26-90359
Dial Communications Global Media, LLC 26-90360
Radio Networks, LLC 26-90361
CMP Susquehanna Radio Holdings LLC 26-90362
Cumulus Media Intermediate Inc. 26-90363
WPLJ Radio, LLC 26-90364
Cumulus Media Investments LLC 26-90365
IncentRev LLC 26-90366
San Francisco Radio Assets, LLC 26-90367
Westwood One Radio Networks, LLC 26-90368
Cumulus Media New Holdings Inc. 26-90369
Susquehanna Media LLC 26-90370
Westwood One, LLC 26-90371
Cumulus Network Holdings LLC 26-90372
IncentRev-Radio Half Off, LLC 26-90373
WBAP-KSCS Assets, LLC 26-90374
Susquehanna Pfaltzgraff LLC 26-90375
Cumulus Radio Holding Company LLC 26-90376
Susquehanna Radio LLC 26-90377
KLIF Broadcasting, LLC 26-90378
Cumulus Radio LLC 26-90379
Radio Assets, LLC 26-90380
DC Radio Assets, LLC 26-90381
NY Radio Assets,LLC 26-90382
KLOS-FM Radio Assets, LLC 26-90383
Minneapolis Radio Assets, LLC 26-90384
LA Radio, LLC 26-90385
Judge: Hon. Alfredo R Perez
Debtors'
General
Bankruptcy
Counsel: John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan Young-John, Esq.
James A. Keefe, Esq.
Jack M. Eiband, Esq.
PORTER HEDGES LLP
1000 Main St., 36th Floor
Houston, Texas 77002
Tel: (713) 226-6000
Fax: (713) 226-6248
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
myoung-john@porterhedges.com
jkeefe@porterhedges.com
jeiband@porterhedges.com
AND
Paul M. Basta, Esq.
Jacob A. Adlerstein, Esq.
Kyle J. Kimpler, Esq.
Sarah Harnett, Esq.
Stephanie P. Lascano, Esq.
PAUL, WEISS, RIFKIND, WHARTON &
GARRISON LLP
1285 Avenue of the Americas
New York, New York 10019
Tel: (212) 373-3000
Fax: (212) 757-3990
Email: pbasta@paulweiss.com
jadlerstein@paulweiss.com
kkimpler@paulweiss.com
sharnett@paulweiss.com
slascano@paulweiss.com
Debtors'
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Financial
Advisor: MOELIS & COMPANY
Debtors'
Claims,
Noticing,
Solicitation &
Certification
Agent: KURTZMAN CARSON CONSULTANTS, LLC
d/b/a VERITA GLOBAL
Total Assets as of September 30, 2025: $1,078,217,000
Total Debts as of September 30, 2025: $1,135,135,000
The petitions were signed by Richard Denning as executive vice
president, secretary & general counsel.
A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:
https://www.pacermonitor.com/view/HIT5BQY/Cumulus_Media_Inc__txsbke-26-90346__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Bank Of America, N.A., 2029 Term Loan $236,315,795
As Administrative Agent
900 W Trade St
NC1-026-06-03
Charlotte, Nc 28255
Attn: Angela Berry, Lee Booth
Title: Agent
Phone: 980-388-6483; 980-386-4535
Email: Angela.M.Berry@Bofa.Com,
Lee.Booth@Bofa.Com
2. U.S. Bank Trust Company, 8.00% Senior $234,005,208
National Association, As Trustee Secured First-Lien
Global Corporate Trust Notes Due 2029
2 Concourse Parkway
Suite 800
Atlanta, GA 30328-5588
Attn: Felicia Powell, David Farrell
Title: Trustee
Phone: 404-898-2467
3. U.S. Bank Trust Company, 6.750% Senior $22,965,108
National Association, As Trustee Notes Due 2026
Global Corporate Trust
2 Concourse Parkway
Suite 800
Atlanta, GA 30328-5588
Attn: Felicia Powell, David Farrell
Title: Trustee
Phone: 404-898-2467
4. Broadcast Music, Inc. Trade Payable $3,863,737
10 Music Square East
Nashville, TN 37203-4399
Attn: Pam Schoenfeld
Title: SVP, Chief Legal Officer
Phone: 844-264-4255
Email: pschoenfeld@bmi.com
5. Nielsen Audio Inc Trade Payable $3,789,600
150 North Martingale Rd
Schaumburg, IL 60173
Attn: George D. Callard
Title: Chief Legal And Business Affairs Officer
Phone: 800-543-7300
Email: george.callard@nielsen.com
6. Hogan Lovells US LLP Trade Payable $3,468,994
Po Box 715890
Lockbox Services - 75890
Philadelphia, PA 19171-5890
Attn: Maggie Hedges
Title: General Counsel
Phone: 202-637-5600
Email: maggie.hedges@hoganlovells.com
7. American Society Of Composers Settlement $1,782,048
250 West 57th Street
New York, NY 10107
Attn: Elizabeth Matthews
Title: Chief Executive Officer
Phone: 800-952-7227
Email: ematthews@ascap.com
8. Bank Of America, N.A., 2026 Term Loan $1,227,363
As Administrative Agent
900 W Trade St
NC1-026-06-03
Charlotte, NC 28255
Attn: Angela Berry, Lee Booth
Title: Agent
Phone: 980-388-6483; 980-386-4535
Email: angela.m.berry@bofa.com,
lee.booth@bofa.com
9. Infinite Digital, LLC Trade Payable $742,942
220 E Las Colinas Blvd
Suite C210
Irving, TX 75039
Attn: Stephen Wade
Title: President
Phone: 214-281-2269
Email: steve@teaminfinitedigital.com
10. Beasley Media Group LLC Trade Payable $568,282
3033 Riviera Dr Ste 200
Naples, FL 34103
Attn: Caroline Beasley
Title: Chief Executive Officer
Phone: 239-263-5000
Email: caroline@bbgi.com
11. CMG Media Corporation Trade Payable $397,979
Po Box 809036
Chicago, IL 60680-9036
Attn: Daniel York
Title: President And Chief Executive Officer
Email: dan.york@coxmediagroup.com
12. Global Music Rights LLC Trade Payable $393,750
File 2281, 1801 W. Olympic Blvd
Pasadena, CA 91199-2281
Attn: Stuart Nichols
Title: Head Of Finance
Phone: 310-209-4000
Email: stuart.nichols@globalmusicrights.com
13. Audacy Sports Radio, LLC Settlement $375,000
2400 Market Street
4th Floor
Philadelphia, PA 19103
Attn: Rick Rosenthal
Title: Chief Financial Officer
Email: richard.rosenthal@audacy.com
14. Benztown Branding USA LLC Trade Payable $265,596
4425 W Riverside Drive
Suite 101
Burbank, CA 91505
Attn: Andreas Sannemann
Title: Chief Executive Officer
Phone: 818-842-4600
Email: andreas@benztown.com
15. King & Spalding LLP Trade Payable $254,416
1180 Peachtree Street NE
Atlanta, GA 30309
Attn: Pete Nolan
Title: Chief Financial Officer
Phone: 404-572-4600
Email: pnolan@kslaw.com
16. Iheartmedia Entertainment Inc. Trade Payable $228,312
20880 Stone Oak Pkwy
San Antonio, TX 78258-7460
Attn: Bob Pittman
Title: Chairman And Chief Executive Officer
Phone: 210-822-2828
Email: bobpittman@iheartmedia.com
17. Virtu Financial LLC Rent Payable $221,961
165 Broadway
New York, Ny 10006
Attn: Justin Waldi
Title: SVP And General Counsel
Phone: 212-418-0100
Email: jwaldie@virtu.com
18. Orbit Interactive, Inc Trade Payable $144,105
2525 Ponce De Leon Blvd
3rd Floor
Coral Gables, FL 33134
Attn: Alex Cantos
Title: Chief Executive Officer
Phone: 305-723-9693
Email: alex.cantos@orbitinteractive.com
19. Katz Media Group Trade Payable $142,875
125 West 55th St
New York, NY 10019-5366
Attn: Mark Gray
Title: Chief Executive Officer
Phone: 212-424-6516
Email: mark.gray@katz-media.com
20. Jones Day Trade Payable $119,967
1221 Peachtree Street, NE
Suite 400
Atlanta, GA 30361
Attn: Kevyn D. Orr
Title: Partner-In-Charge U.S. Offices
Phone: 404-521-3939
Email: korr@jonesday.com
21. Bridge Marketing Ltd Trade Payable $117,945
222 Bruce Reynolds Blvd
Ste 300, 3rd Fl
Fort Lee, NJ 07024
Attn: David Labbe
Title: Owner And Chief Executive Officer
Email: david@bridgemarketingct.com
22. Port Of San Francisco Rent Payable $110,848
Room 3100, Ferry Building
San Francisco, CA 94111
Attn: Kimberley Beal
Title: Director Of Property Management
Phone: 415-274-0523
Email: kimberley.beal@sfport.com
23. Fletcher, Heald & Trade Payable $100,000
Hildreth, P.L.C.
1300 North 17th St.
11th Floor
Arlington, VA 22209
Attn: Kathleen Victory
Title: Owner And Co-Managing Member
Phone: 703-812-0400
Email: victory@fhhlaw.com
24. Centerpoint Group LLC Commissions Undetermined
25 W 39th Street, Ste 700 Payable
New York, NY 10018
Attn: Joseph Som
Title: President And Chief Executive Officer
Phone: 866-229-6205
Email: joseph.som@troweprice.com
25. Icon International Inc Commissions Undetermined
P.O. Box 1021 Payable
Albany, NY 12201-1021
Attn: John Kramer
Title: Chief Executive Officer
Phone: 203-328-2300
Email: john.kramer@iconinternational.com
26. National Football League, Inc Trade Payable Undetermined
280 Park Avenue
New York, NY 10017
Attn: Christine Dorfler
Title: Chief Financial Officer
Phone: 212-450-2000
Email: christine.dorfler@nfl.com
27. Sesac, Inc Trade Payable Undetermined
35 Music Square East
Nashville, TN 37203-4362
Attn: John Josephson
Title: Chairman And Chief Executive Officer
Phone: 212-586-3450
Email: john@sesac.com
28. Sound Exchange, Inc. Trade Payable Undetermined
733 10th Street NW, 10th Floor
Washington, DC 2000
Attn: Brad Prendergast
Title: Assistant General Counsel, Licensing &
Enforcement
Phone: 202-559-0550
Email: bprendergast@soundexchange.com
29. Sports USA Media Trade Payable Undetermined
3325 Cochran St Suite 102
Simi Valley, CA 93065
Attn: Larry Kahn
Title: Chief Executive Officer
Phone: 805-306-0233
Email: On File
30. TRU North Consulting, Inc Trade Payable Undetermined
P.O. Box 1277
Boulder, CO 80306
Attn: Emily Lindner
Title: President
Phone: 773-588-4600
Email: emily@trunorthconsulting.com
CUSTOMBILT FIREARMS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The U.S. Trustee for Region 20 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Custombilt Firearms Manufacturing, LLC.
About Custombilt Firearms Manufacturing
Custombilt Firearms Manufacturing, LLC is a firearms manufacturing
and retail business.
Custombilt sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 26-20160) on February 6,
2026, listing up to $500,000 in assets and up to $10 million in
liabilities. James Anderson, president of Custombilt, signed the
petition.
Judge Dale L. Somers oversees the case.
Ryan M. Graham, Esq., at WM Law, PC, represents the Debtor as
bankruptcy counsel.
DAYLIGHT BETA: Blackstone Secured Marks $6.7MM 1L Loan at 86% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $6,729,000 loan
extended to Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)
to market at $921,000 or 14% of the outstanding amount, according
to Blackstone Secured's Form 10-K for the fiscal year ended Dec.
31, 2025, filed with the U.S. Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Daylight Beta Parent, LLC (Benefytt Technologies,
Inc.). The Loan accrues interest at a rate of 10.00% 10.00% PIK per
annum. The Loan matures on Sept. 12, 2033.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Daylight Beta Parent, LLC (Benefytt Technologies,
Inc.)
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) operates in
the insurance sector, providing insurance-related products and
services.
DEL MONTE: Claims to be Paid from Asset Sale Proceeds
-----------------------------------------------------
Del Monte Foods Corporation II Inc., and its Debtor Affiliates
filed with the U.S. Bankruptcy Court for the District of New Jersey
a Disclosure Statement describing Joint Chapter 11 Plan dated
February 25, 2026.
Del Monte is one of the country's leading producers, distributors,
and marketers of premium quality, primarily branded, plant-based
packaged food products.
Del Monte has been a cornerstone of American grocery stores for
over 130 years. Founded in 1886 and headquartered in Walnut Creek,
California, as of the Petition Date, Del Monte employed
approximately 2,780 people and operated four plants, two in the
United States and two in Mexico. Del Monte has produced and sold
its products through both its own brands (including Del Monte(R),
Contadina(R), and Joyba(R), among others), as well as through
retailers under private labels.
Del Monte entered Chapter 11 with the support of its secured
lenders. The Prepetition ABL Lenders, who held 100% of the
aggregate outstanding principal amount under the Prepetition ABL
Facility as of the Petition Date, agreed to provide a
debtor-in-possession asset-backed loan facility (the "DIP ABL
Facility").
Separately, the Ad Hoc Group, whose members collectively hold 73.2%
of the aggregate outstanding principal amount of Super Senior First
Out Loans (defined herein) and 61% of the aggregate outstanding
principal amount of Super-Senior Second Out Loans, entered into a
restructuring support agreement (the "RSA") with the Debtors,
pursuant to which the Ad Hoc Group agreed to provide a DIP term
loan facility (the "DIP Term Loan Facility" and together with the
DIP ABL Facility, the "DIP Facilities") and, subject to reaching
agreement on certain bidding procedures (the "Bidding Procedures"),
serve as a stalking horse bidder for a sale of all or substantially
all of the Debtors' assets as a going-concern business.
At the outset of the Chapter 11 Cases, the Debtors negotiated a
prepetition restructuring support agreement with the Ad Hoc Group,
pursuant to which the Ad Hoc Group agreed to act as a stalking
horse bidder (the "Stalking Horse Bidder") for a going-concern sale
of the Debtors' assets (the "Assets"). In connection therewith, the
Debtors filed a proposed form of stalking horse purchase agreement
(the "Stalking Horse Purchase Agreement") on August 12, 2025.
On January 28–29, 2026, the Debtors sought approval of the
proposed SOTP Transactions at a hearing before the Bankruptcy Court
(the "Sale Hearing"). The Bankruptcy Court approved the SOTP
Transactions on the record at a further hearing held on February 6,
2026. On February 20, 2026, the Bankruptcy Court entered each of
the Sale Orders approving the SOTP Transactions. See Docket No.
1208, (the "Multi-Business Sale Order"); Docket No. 1210 (the
"Fruit Sale Order"); Docket No. 1209 (the "Broth & Stock Sale
Order").
Class 4 consists of General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim, unless such Holder agrees to less
favorable treatment, receives its Pro Rata share of (i) the GUC
Cash Recovery, which shall be funded from the GUC Recovery Reserve,
and (ii) the Distributable Proceeds pursuant to the Waterfall
Recovery, if any.
Class 5 consists of Other General Unsecured Claims. Each Holder of
an Other General Unsecured Claim, except to the extent that such
Holder agrees to less favorable treatment, shall be entitled to
their Pro Rata share of the Distributable Proceeds pursuant to the
Waterfall Recovery, if any.
Each Holder of an Allowed Intercompany Interest may be Reinstated,
set off, settled, distributed, contributed, cancelled, or released,
or receive other treatment as reasonably determined by the Debtors,
in consultation with the Ad Hoc Group.
The Wind-Down Debtors shall fund distributions under the Plan, as
applicable, with (i) Cash on hand as of the Effective Date using
Distributable Proceeds from the SOTP Transactions, (ii) Cash equal
to the GUC Recovery Amount from the GUC Recovery Reserve with
respect to Allowed General Unsecured Claims, and (iii) the proceeds
from other assets sold as part of the Wind-Down, including
Distributable Proceeds from the SOTP Transactions, and (iv) other
assets sold as part of the Wind-Down, including Other Excluded
Assets.
Prior to the Effective Date, the Debtors shall establish the Plan
Administrator Reserve and fund it with Cash using the proceeds of
the SOTP Transactions in the amount set forth in the Wind-Down
Budget (inclusive of the Professional Fee Escrow Amount to fund
certain Professional Fee Claims and the GUC Recovery
Contribution).
Prior to the Effective Date, the Debtors shall establish the Plan
Administrator Reserve with Cash, in the amount set forth in the
Wind-Down Budget, from the proceeds of the SOTP Transactions.
Before or on the Effective Date, the Debtors, the Wind-Down Debtors
or the Plan Administrator, as applicable, shall use the funds in
the Plan Administrator Reserve to establish segregated accounts for
(i) the Professional Fee Escrow Account in the amount of the
Professional Fee Escrow Amount, and (ii) the GUC Recovery Reserve
in the amount of $8,000,000.00, which will be funded using the GUC
Recovery Contribution for the benefit of Holders of General
Unsecured Claims from amounts that would otherwise be distributed
to the DIP Term Loan Lenders on account of the sale of their
collateral in the SOTP Transactions.
A full-text copy of the Disclosure Statement dated February 25,
2026 is available at https://urlcurt.com/u?l=9eThRu from Stretto,
claims agent.
Co-Counsel to the Debtors:
Michael D. Sirota, Esq.
David M. Bass, Esq.
Felice R. Yudkin, Esq.
COLE SCHOTZ P.C.
Court Plaza North, 25 Main Street
Hackensack, New Jersey 07601
Tel: (201) 489-3000
Email: msirota@coleschotz.com
dbass@coleschotz.com
fyudkin@coleschotz.com
-and-
Adam C. Rogoff, Esq.
Rachael L. Ringer, Esq.
Megan M. Wasson, Esq.
Ashland J. Bernard, Esq.
HERBERT SMITH FREEHILLS KRAMER (US) LLP
1177 Avenue of the Americas
New York, New York 10036
Tel: (212) 715-9100
E-mail: Adam.Rogoff@HSFKramer.com
Rachael.Ringer@HSFKramer.com
Megan.Wasson@HSFKramer.com
Ashland.Bernard@HSFKramer.com
About Del Monte Foods Corporation II Inc.
Del Monte Foods, Inc., produces, distributes, and markets branded
plant-based packaged food products in the United States and
Mexico.
Del Monte Foods Corporation II Inc. and its affiliates filed their
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025,
listing $1,000,000,001 to $10 billion in both assets and
liabilities.
Judge Michael B Kaplan presides over the case.
Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor
as counsel.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of Del Monte Foods Corporation II, Inc. and its affiliates. The
committee hires Morrison & Foerster LLP as counsel. Province, LLC
as financial advisor. Kelley Drye & Warren LLP as co-counsel.
Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment
banker.
DEXKO GLOBAL: S&P Affirms 'B-' ICR on Refinancing, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on DexKo
Global Inc. and 'B-' issue-level rating on its senior secured
first-lien credit facility. The '3' recovery rating indicates its
expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery for lenders in a payment default.
S&P said, "We assigned our 'CCC' rating to its proposed senior
unsecured notes. The '6' recovery rating reflects our expectation
for negligible (0%-10%; rounded estimate: 5%) recovery. We plan to
withdraw our 'CCC' rating on the existing senior unsecured notes
once they are repaid.
"The stable outlook reflects that, although we forecast S&P Global
Ratings-adjusted leverage will remain high through 2026, we assume
improving operating market conditions and positive and increasing
FOCF, supporting its liquidity position."
DexKo Global plans to amend its credit facilities and issue new
unsecured notes to extend maturities to 2030-2032 from 2028-2029.
The transaction increases total debt and debt service due to
payment-in-kind (PIK) lender fees and higher pricing and incurs
fees and expenses.
S&P now forecasts 2026 S&P Global Ratings-adjusted leverage in the
high-8x area and EBITDA coverage of interest in the mid-1x area,
compared to our prior forecasts of mid-8x and high-1x,
respectively.
Still, EBITDA remains sufficient to fund operations and generate
positive free operating cash flow (FOCF). Further, while the
transaction modestly weakens credit measures, given soft operating
conditions in the past several quarters and limited visibility, it
mitigates refinancing risk in a scenario where the operating
environment remains challenged over the next year or two.
S&P said, "Our ratings affirmation considers that DexKo has
extended its maturity runway amid elevated leverage and
revenue/cost uncertainty despite adding to its total debt and debt
service obligations. While some trailer and towable end markets
have improved, we expect demand recovery will be gradual and
choppy. Revenue and EBITDA visibility is challenged further by
uncertainty in financing conditions for end-market customers,
interest rates, and input costs (including from tariffs). The
transaction addresses the company's refinancing risk over the next
few years by extending essentially all maturities to 2030-2032 from
2028-2029, allowing time for market recovery and EBITDA growth.
Higher interest expense and debt burden result from PIK fees and
higher rates offered to lenders through the transaction.
"We forecast 3%-5% higher revenue in 2026 on modest market recovery
and higher prices. We expect volume growth as end markets--mostly
in industrial utility applications--strengthen modestly in 2026,
supported by recent U.S. trailer registration data trending flat to
slightly higher which indicates a return to growth. S&P Global
Ratings forecasts GDP, equipment purchases, residential investment,
and consumer spending will increase in the low-single-digit percent
area in 2026. We also assume incremental revenue improvement from
new product introductions, share gains among DexKo's manufacturer
customers, and pricing. DexKo has increased prices historically,
including in 2025 to offset higher tariff-related costs. We
continue to believe the company's highly customized products,
leading brands, and customer service allow it to pass along higher
costs through price increases and surcharges, although this may
become increasingly difficult if economic conditions including
consumer purchasing power weaken.
"Under our base case, EBITDA margin expands in 2026 as volumes
recover. During the prolonged downturn in the trailer market during
2021-2024, DexKo executed cost-out actions, including footprint
consolidation, headcount reductions, and material cost savings.
Adding to this, in 2025 and 2026, the company shifted its focus to
productivity gains through value engineering, insourcing, and
supply chain optimization. These actions preserved liquidity and
mitigated the effects of lower volumes on its EBITDA margin--which
remains in the mid-teen percents. As volumes recover, we expect
good operating leverage to push S&P Global Ratings-adjusted EBITDA
margin expansion of about 80 basis points (bps) to 16.2% in 2026."
Expected EBITDA growth, cash preservation, and positive FOCF
support liquidity. DexKo has consistently generated positive S&P
Global Ratings-adjusted FOCF the past few years on disciplined
working capital management (a source of cash since 2023), capital
expenditure (capex) at about 2% of sales, and paused acquisitions
through market weakness. S&P estimates DexKo's liquidity position
to be about $370 million as of Dec. 31, 2025--comprised of $12
million cash on hand, $187 million availability under its $200
million revolving credit facility, and $171 million of availability
under its $275 million asset-based lending (ABL) facility.
S&P said, "In 2026, we expect FOCF will remain positive, though
somewhat lower than 2025. We expect working capital to be a use of
cash and capex to increase as DexKo invests to support anticipated
higher volumes. These will eclipse EBITDA improvement from higher
volumes and cost savings.
"The stable outlook reflects that, although we forecast S&P Global
Ratings-adjusted leverage will remain high through 2026, we assume
improving operating market conditions and positive and increasing
FOCF, supporting its liquidity position."
S&P could lower its rating on DexKo over the next 12 months if:
-- resulting in FOCF deficits, rising leverage, and EBITDA
interest coverage approaching 1x, such that we view its capital
structure to be unsustainable; or
-- Liquidity sources (including cash and revolver/ABL
availability) materially decline because of weakened operating
performance or large, debt-funded acquisitions or dividends.
Although unlikely over the next 12 months, S&P could raise its
rating on DexKo if it:
-- Sustains S&P Global Ratings-adjusted debt to EBITDA of less
than 7x through a cycle;
-- Demonstrates its commitment to maintaining such leverage even
incorporating potential shareholder returns and acquisitions; and
-- Keeps FOCF consistently positive.
DIOCESE OF OAKLAND: Says Abuse Victims' Plan Unreasonable
---------------------------------------------------------
Rick Archer of Law360 reports that on Tuesday, March 10, 2026, the
Roman Catholic Diocese of Oakland informed a California bankruptcy
judge that representatives of sexual abuse claimants are pushing
for excessive cash payments and expanded control measures in
relation to the diocese’s newly proposed Chapter 11 plan.
In court filings, the diocese argued that the claimants' committee
is insisting on financial and oversight provisions that exceed what
the church considers practical or sustainable. Church attorneys
said the proposed requirements could threaten the diocese's ability
to successfully reorganize while continuing its ministries.
The diocese filed for bankruptcy protection in order to address
numerous abuse claims through the Chapter 11 process. While church
leaders said they remain committed to compensating survivors, they
argued that a workable plan must balance victim restitution with
the diocese's long-term financial viability.
About Roman Catholic Bishop Of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Burns Bair LLP as special insurance counsel; and Berkeley Research
Group, LLC as financial advisor.
DISCOVERY EDUCATION: Blackstone Marks $1.9MM 1L Loan at 25% Off
---------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $1,973,0000 loan
extended to Discovery Education, Inc. to market at $1,478,000 or
75% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Discovery Education, Inc. The Loan accrues
interest at a rate of SOFR + 5.75 % 9.71 % per annum. The Loan
matures on April 9, 2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Discovery Education, Inc.
Discovery Education, Inc. is a provider of educational content and
digital learning solutions serving schools and institutions through
subscription-based media and curriculum platforms.
DISCOVERY EDUCATION: Blackstone Marks $3.8MM 1L Loan at 17% Off
---------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $3,882,000 loan
extended to Discovery Education, Inc. to market at $3,232,000 or
83% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Discovery Education, Inc. The Loan accrues
interest at a rate of SOFR + 6.75 % 10.61 % (incl. 5.80 % PIK) per
annum. The Loan matures on April 9, 2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Discovery Education, Inc.
Discovery Education, Inc. is a provider of educational content and
digital learning solutions serving schools and institutions through
subscription-based media and curriculum platforms.
DISCOVERY EDUCATION: Blackstone Marks $34.5MM 1L Loan at 17% Off
----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $34,503,000 loan
extended to Discovery Education, Inc. to market at $28,724,000 or
83% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Discovery Education, Inc. The Loan accrues
interest at a rate of SOFR + 6.75 % 10.71 % (incl. 5.85 % PIK) per
annum. The Loan matures on April 9, 2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Discovery Education, Inc.
Discovery Education, Inc. is a provider of educational content and
digital learning solutions serving schools and institutions through
subscription-based media and curriculum platforms.
DIVA BUILDERS: Commences Chapter 11 Bankruptcy in Ohio
------------------------------------------------------
On March 6, 2026, Diva Builders LLC filed for Chapter 11 protection
in the Northern District of Ohio. According to court filing, the
Debtor reports between $100,001 and $1,000,000 in debt owed to
1–49 creditors.
About Diva Builders LLC
Diva Builders LLC is a privately held construction company engaged
in residential and commercial building, renovation, and general
contracting services.
Diva Builders LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10953) on March 6,
2026. In its petition, the Debtor reports estimated assets between
$100,001 and $1,000,000 and estimated liabilities between $100,001
and $1,000,000.
Honorable Bankruptcy Judge Jessica E. Price Smith handles the case.
DM INTERMEDIATE: Blackstone Secured Marks $416,000 at 16% Off
-------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $416,000 loan
extended to DM Intermediate Parent, LLC to market at $350,000 or
84% of the outstanding amount, according to Blackstone Secured's
Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the
U.S. Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to DM Intermediate Parent, LLC. The 1L Loan accrues
interest at a rate of SOFR + 4.75%, 8.47% per annum. The 1L Loan
matures on Sept. 30, 2030.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About DM Intermediate Parent, LLC
DM Intermediate Parent, LLC is a financial services company that
borrows first-lien debt financing to support its operations and
capital needs.
DOCKSIDE AT VENTURA: Hires Glazer & Sachs PA as Special Counsel
---------------------------------------------------------------
Dockside at Ventura Condominium Association, Inc. seeks approval
from the U.S. Bankruptcy Court for the Middle District of Florida
to hire Glazer & Sachs, P.A., as its special litigation counsel.
The firm will represent the Debtor pertaining to litigation claims,
against Access Residential Management, LLC for the Debtor,
specifically, in the lawsuit titled Access Residential Management,
LLC v. Dockside at Ventura Condominium Association, Inc., Case No.
2025-CA003143-O.
The firm will bill an hourly rate ranging from $150 to $495.
As disclosed in the court filing, Glazer & Sachs, P.A. is a
"disinterested person" as defined within § 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Eric M. Glazer, Esq.
Glazer & Sachs, P.A.
3113 Stirling Rd STE 201
Fort Lauderdale, FL 33312
Phone: (954) 983-1112
Email: eric@condo-laws.com
About Dockside at Ventura Condominium Association
Dockside at Ventura Condominium Association, Inc. sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case
No. 25-04636) on July 25, 2025, with $1,000,001 to $10 million in
assets and liabilities.
Judge Grace E. Robson presides over the case.
Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP
represents the Debtor as legal counsel.
ECHOSTAR CORP: Widens 2025 Loss to $14.5B, Warns of Debt Maturities
-------------------------------------------------------------------
EchoStar Corporation filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$14.5 billion for the fiscal year ended December 31, 2025, compared
to a net loss of $124.5 million for 2024.
Total revenues were $15 billion for the fiscal year ended December
31, 2025, compared to $15.8 billion for 2024.
As of December 31, 2025, the Company had $43 billion in total
assets and $37.2 billion in total liabilities, and total
stockholders' equity of $5.8 billion.
LIQUIDITY AND CAPITAL RESOURCES
A. Cash, Cash Equivalents, Current Restricted Cash
and Cash Equivalents and Current Marketable Investment
Securities
EchoStar considers all liquid investments purchased with remaining
maturity of 90 days or less at the date of acquisition to be cash
equivalents.
As of December 31, 2025, the Company's cash, cash equivalents,
current restricted cash and cash equivalents and current marketable
investment securities totaled $3.160 billion compared to $5.698
billion as of December 31, 2024, a decrease of $2.538 billion. This
decrease in cash, cash equivalents, current restricted cash and
cash equivalents and current marketable investment securities
primarily resulted from capital expenditures, net of refunds, of
$1.642 billion (including capitalized interest related to
regulatory authorizations), redemptions and repurchases of debt of
$974 million and cash used for operating activities of $99 million,
partially offset by $150 million in proceeds from the additional
issuance of the Company's 10 3/4% Senior Secured Notes due 2029.
B. Debt Issuances and Maturities
Issuances
-- 10 3/4% Senior Secured Notes due 2029:
On May 8, 2025, the Company issued $150 million aggregate principal
amount of our 10 3/4% Senior Secured Notes due November 30, 2029.
Interest accrues at an annual rate of 10 3/4% and is payable
semi-annually in cash, in arrears on May 30 and November 30 of each
year, which commenced on May 30, 2025.
Maturities
-- Term Loan Due 2025:
The Company's Term Loan Due 2025 with an aggregate principal
balance of $500 million was redeemed as of September 30, 2025.
-- 0% Convertible Notes due 2025:
The Company redeemed the remaining principal balance of $138
million of our 0% Convertible Notes due 2025 as of December 15,
2025, the instrument's maturity date.
-- 7 3/4% Senior Notes due 2026:
The Company's 7 3/4% Senior Notes due 2026 with a principal balance
of approximately $2.0 billion mature on July 1, 2026. The Company's
expects to fund this obligation from existing restricted and
unrestricted cash, cash equivalents and marketable investment
securities balances and cash generated from the AT&T Transactions
and SpaceX Transactions.
-- 5 1/4% Senior Secured Notes due 2026:
During the year ended December 31, 2025, the Company repurchased
approximately $123 million of our 5 1/4% Senior Secured Notes due
2026 in open market trades. The remaining balance of approximately
$627 million matures on August 1, 2026. The issuer of the 5 1/4%
Senior Secured Notes due 2026, our subsidiary Hughes Satellite
Systems Corporation, does not currently have the necessary cash and
cash equivalents and marketable investment securities and/or
projected future cash flows or committed financing to fund this
obligation. HSSC will need to raise additional capital, refinance
and/or restructure all or a portion of such obligation prior to
maturity, which may not be available on favorable terms or at all.
In addition, the Company may or may not provide additional
liquidity to HSSC in the future necessary to meet this obligation.
-- 6 5/8% Unsecured Senior Notes due 2026:
The Company's 6 5/8% Unsecured Senior Notes due 2026 with a
principal balance of approximately $750 million mature on August 1,
2026. The issuer of the 6 5/8% Unsecured Senior Notes due 2026, our
subsidiary HSSC, does not currently have the necessary cash and
cash equivalents and marketable investment securities and/or
projected future cash flows or committed financing to fund this
obligation. HSSC will need to raise additional capital, refinance
and/or restructure all or a portion of such obligation prior to
maturity, which may not be available on favorable terms or at all.
In addition, the Company may or may not provide additional
liquidity to HSSC in the future necessary to meet this obligation.
-- 3 3/8% Convertible Notes due 2026:
The Company's 3 3/8% Convertible Notes due 2026 with a principal
balance of approximately $45 million matures on August 15, 2026.
The Company expects to fund this obligation from existing
restricted and unrestricted cash, cash equivalents and marketable
investment securities balances and cash generated from the AT&T
Transactions and SpaceX Transactions.
-- 5 1/4% Senior Secured Notes due 2026:
The Company's 5 1/4% Senior Secured Notes due 2026 with a principal
balance of approximately $2.750 billion mature on December 1, 2026.
The Company expects to fund this obligation from existing
restricted and unrestricted cash, cash equivalents and marketable
investment securities balances and cash generated from the AT&T
Transactions and SpaceX Transactions.
Term Loan due 2029 and Mandatorily Redeemable Preferred Shares due
2029. During the year ended December 31, 2025, the Company redeemed
approximately $213 million of its Term Loan due 2029 and
Mandatorily Redeemable Preferred Shares due 2029.
The remaining balance of approximately $1.787 billion is paid
monthly, and the final payment is due no later than June 30, 2029.
A full text copy of the Company's Annual Report is available
https://tinyurl.com/34kj37w9
About EchoStar Corporation
EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a
provider of technology, networking services, television
entertainment, and connectivity, offering consumer, enterprise,
operator, and government solutions worldwide under its EchoStar,
Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet,
HughesON, and JUPITER brands. In Europe, EchoStar operates under
its EchoStar Mobile Limited subsidiary, and in Australia, the
Company operates as EchoStar Global Australia.
* * *
In Sept. 2025, S&P Global Ratings placed its 'CCC+' issuer credit
rating on Echostar Corp. and all subsidiaries on CreditWatch with
positive implications. S&P also placed the issue-level ratings on
Echostar and all its subsidiaries' secured and unsecured debt on
CreditWatch with positive implications.
S&P plans to resolve the CreditWatch following close of the
transaction, expected in mid-2026.
EMBOLIC ACCELERATION: Case Summary & 13 Unsecured Creditors
-----------------------------------------------------------
Debtor: Embolic Acceleration, LLC
3550 Buschwood Park Drive, Suite 310
Tampa, FL 33618
Business Description: Embolic Acceleration, LLC, based in
Tampa, Florida, develops and manufactures medical devices used in
interventional and vascular procedures, including embolization
technologies designed to control or block blood flow in targeted
vessels. The company is associated with products such as the EMBA
Hourglass Peripheral Embolization Device used in minimally invasive
treatments.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 26-01712
Judge: Hon. Luis Ernesto Rivera II
Debtor's Counsel: Scott Underwood, Esq.
UNDERWOOD MURRAY, P.A.
100 N. Tampa St
Tampa, FL 33602
Tel: 813-540-8402
E-mail: sunderwood@underwoodmurray.com
Total Assets: $485
Total Liabilities: $1,137,836
The petition was signed by Daniel Scouler as manager.
A full-text copy of the petition, which includes a list of the
Debtor's 13 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/YKBZ23I/Embolic_Acceleration_LLC__flmbke-26-01712__0001.0.pdf?mcid=tGE4TAMA
ENCOMPASS 53: Seeks to Hire JRES Intelica CRE as Appraiser
----------------------------------------------------------
Encompass 53, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to employ Intelica Valuation Services,
LLC, doing business as JRES Intelica CRE, as appraiser.
JRES Intelica CRE will appraise the Debtor's property located at
7284 S. Potomac Street, Centennial in Colorado.
The firm will be paid at these hourly rates:
Principal Appraiser Deposition or Testimony $500
Principal Appraiser all other activities $400
Associate Appraiser $250
Research Analyst $200
The firm requested a $10,500 retainer which will be provided in two
equal parts, on behalf of the Debtor, by its manager, Central
Development Properties LLC.
William James, an appraiser at JRES Intelica CRE, 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 M. James
JRES Intelica CRE
90 Madison Street, Suite 403
Denver, CO 80206
About Encompass 53 LLC
Encompass 53 LLC is a private healthcare services company
delivering home-based medical and non-medical care. Its offerings
include skilled nursing, therapy services, and daily living
support, aimed at enhancing comfort, independence, and overall
health for patients in residential settings.
Encompass 53 LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 25-17693) on November 21,
2025. In its petition, the Debtor reports estimated assets and
estimated liabilities of $1 million to $10 million each.
Honorable Bankruptcy Judge Joseph G. Rosania, Jr. handles the
case.
The Debtor is represented by Jeffrey Weinman, Esq., at Michael Best
& Friedrich LLP.
EVS MANUFACTURING: Seeks to Tap Neeleman Law Group as Legal Counsel
-------------------------------------------------------------------
EVS Manufacturing, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Neeleman Law
Group, PC as counsel.
The firm's services include:
(a) assist the Debtor in the investigation of the financial
affairs of the estate;
(b) provide legal advice and assistance to the Debtor with
respect to matters relating to this case and creditor
distribution;
(c) prepare all pleadings necessary for proceedings arising
under this case; and
(d) perform all necessary legal services for the estate in
relation to this case.
The firm will be paid at these hourly rates:
Principals $600
Associate $475
Paralegal $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $12,000, including the filing fee,
from the Debtor.
Jennifer Neeleman, Esq., an attorney at Neeleman Law Group,
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:
Jennifer L. Neeleman, Esq.
Neeleman Law Group, PC
1403 8th Street
Marysville, WA 98270
Telephone: (425) 212-4800
Facsimile: (425) 212-4802
Email: jennifer@neelemanlaw.com
About EVS Manufacturing Inc.
EVS Manufacturing, Inc. is a company engaged in the production of
electronic components and industrial equipment for commercial
clients.
EVS Manufacturing sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10154) on January
19, 2026. In its petition, the Debtor disclosed up to $1 million in
both estimated assets and estimated liabilities.
Honorable Bankruptcy Judge Christopher M. Alston handles the case.
The Debtor is represented by Jennifer L. Neeleman, Esq., at
Neeleman Law Group, PC.
EXOTIC COACH LINES: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Exotic Coach Lines, LLC, according to court dockets.
About Exotic Coach Lines
Exotic Coach Lines, LLC operates a passenger transportation
business providing coach and charter services.
Exotic Coach Lines sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10942) on January 26,
2026. In its petition, the Debtor reported assets of between
$100,001 and $1 million and liabilities of between $1 million and
$10 million.
Honorable Bankruptcy Judge Scott M. Grossman handles the case.
The Debtor is represented by Chad T. Van Horn, Esq.
FERTILITY PARTNERS: Blackstone Marks CAD$4.8MM 1L Loan at 31% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its CAD$4,825,000 loan
extended to The Fertility Partners, Inc. to market at CAD$3,336,000
or 69% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to The Fertility Partners, Inc. The Loan accrues
interest at a rate of CA + 5.75 % 8.31 % per annum. The Loan
matures on March 16, 2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About The Fertility Partners, Inc.
The Fertility Partners, Inc. operates as a fertility and
reproductive health services platform, partnering with clinics to
provide assisted reproductive technologies and related medical
services.
FINANCE OF AMERICA: Libman Family Holdings Reports 50.51% Stake
---------------------------------------------------------------
Brian L. Libman and Libman Family Holdings, LLC, disclosed in a
Schedule 13D (Amendment No. 10) filed with the U.S. Securities and
Exchange Commission that as of February 27, 2026, they beneficially
own an aggregate of 9,301,359 shares of Class A Common Stock of
Finance of America Companies Inc., representing 50.81% of the
10,148,073 shares outstanding as of February 24, 2026, per the
Company's prospectus filed February 26, 2026, and including shares
issuable upon exchange of FoA Units, New Exchangeable Notes, and
Earnout Rights held by the Reporting Persons.
Breakdown:
* Brian L. Libman: 9,301,359 shares (50.81%; sole voting and
dispositive power)
* Libman Family Holdings, LLC: 9,246,412 shares (50.51%; sole
voting and dispositive power)
This ownership includes:
* 1,141,903 shares of Class A Common Stock
* 6,955,056 FoA Units
* New Exchangeable Notes exchangeable for 1,204,400 shares of
Class A Common Stock
* 879,190 Earnout Rights
Brian L. Libman serves as the sole manager of Libman Family
Holdings, LLC. The Reporting Persons no longer are deemed members
of a group with affiliates of Blackstone Inc. following
Blackstone's disposition of its remaining holdings on February 27,
2026.
Not included are 4,570 restricted stock units granted to Brian L.
Libman (scheduled to vest on the earlier of May 19, 2026, or the
next annual stockholders' meeting, settleable in shares or cash at
the compensation committee's discretion).
Brian L. Libman may be reached through:
Brian L. Libman
Finance of America Companies Inc.
5830 Granite Parkway, Suite 400
Plano, TX 75024
Tel: 972-999-1833
A full text copy of Libman Family Holdings, LLC's SEC report is
available at https://tinyurl.com/2vmw4vde
About Finance of America
Plano, Texas-based Finance of America Companies Inc. is a financial
services holding company. Through its operating subsidiaries, it
operates as a modern retirement solutions platform, providing
customers with access to an innovative range of retirement
offerings centered on the home. In addition, Finance of America
offers capital markets and portfolio management capabilities to
optimize distribution to investors.
As of September 30, 2025, the Company had $30.65 billion in total
assets, $30.29 billion in total liabilities, and a total
stockholders' equity of $365.83 million.
* * *
In December 2025, Fitch Ratings affirmed the Long-Term Issuer
Default Ratings (IDRs) of Finance of America Companies Inc. and its
subsidiaries, Finance of America Equity Capital LLC and Finance of
America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating
Outlook has been assigned. Fitch has also affirmed Finance of
America Funding's senior secured rating at 'CCC-' with a Recovery
Rating of 'RR5'.This rating action has been taken as part of a
periodic peer review of non-bank mortgage companies, which is
comprised of seven publicly rated firms.
FIRST BRANDS: Seeks Speedy $50MM Ch. 11 Sale of Walbro Business
---------------------------------------------------------------
Clara Geoghegan of Law360 reports that First Brands Group, the
bankrupt automotive parts supplier, has requested approval from a
Texas bankruptcy judge for the $50 million sale of its Walbro small
engine components business, describing the transaction as the first
in a planned series of asset sales.
According to court filings, the proposed deal is intended to help
the debtor generate immediate proceeds while streamlining its
business portfolio. The company said Walbro was marketed as part of
a competitive process designed to attract potential buyers and
maximize value.
The sale is expected to pave the way for additional divestitures as
First Brands continues to reorganize under Chapter 11. Company
representatives said that selling certain divisions could help
address its substantial debt and provide funding needed during the
restructuring, the report states.
First Brands, a major supplier of aftermarket automotive
components, entered bankruptcy in Texas after facing mounting
financial pressures. The company is now pursuing asset sales and
operational changes in an effort to strengthen its financial
position and satisfy creditor claims, according to report.
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.
FLOAT ALASKA: Committee Hires Morris James LLP as Co-Counsel
------------------------------------------------------------
The official committee of unsecured creditors of FLOAT Alaska LLC
and its affiliates seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Morris James LLP as
co-counsel.
The firm's services include:
a. providing legal advice and assistance to the Committee in
its consultations with the Debtors relative to the Debtors'
administration of its reorganization;
b. reviewing and analyzing all applications, motions, orders,
statements of operations and schedules filed with the Court by the
Debtors or third parties, advising the Committee as to their
propriety, and, after consultation with the Committee, taking
appropriate action;
c. preparing necessary applications, motions, answers, orders,
reports, and other legal papers on behalf of the Committee;
d. representing the Committee at hearings held before the
Court and communicating with the Committee regarding the issues
raised, as well as the decisions of the Court; and
e. performing other legal services for the Committee which may
be reasonably required in this proceeding.
The firm will be paid at these hourly rates:
Eric J. Monzo, Partner $1,025
Siena B. Cerra, Associate $450
Stephanie Lisko, Paralegal $425
Douglas J. Depta, Paralegal $425
Jessica M. O'Connor, Paralegal $425
Eric J. Monzo, a partner of Morris James 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:
Eric J. Monzo, Esq.
Jason S. Levin, Esq.
Siena B. Cerra, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Telephone: (302) 888-6800
Facsimile: (302) 571-1750
E-mail: emonzo@morrisjames.com
jlevin@morrisjames.com
scerra@morrisjames.com
About FLOAT Alaska LLC
FLOAT Alaska LLC is an Anchorage, Alaska-based holding company that
owns and operates regional and planned transpacific airline
services through its subsidiaries. Its operations include New
Pacific Airlines, Inc., which provides passenger and cargo flights
across Alaska and plans broader international routes; Corvus Alaska
Holdings Inc. and FLOAT Alaska Holdings LLC, which manage airline
operations and corporate assets; FLOAT Alaska IP LLC, which
oversees intellectual property and branding; and FlyCoin, Inc., a
blockchain-based airline loyalty platform.
FLOAT Alaska LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10075) on Jan. 26,
2026. In the petitions signed by Thomas Hsieh, manager, FLOAT
Alaska disclosed up to $10 million in estimated assets and up to
$50 million in estimated liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Saul Ewing LLP as bankruptcy counsel and
Stretto, Inc. as claims and noticing agent.
FLOAT ALASKA: Committee Taps Lowenstein Sandler as Lead Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of FLOAT Alaska LLC
and its affiliates seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Lowenstein Sandler LLP as lead
counsel.
The firm's services include:
(a) advising the Committee with respect to its rights, duties,
and powers in the Chapter 11 Cases;
(b) assisting and advising the Committee in its consultation
with the Debtors relative to the administration of the Chapter 11
Cases;
(c) assisting the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests;
(d) assisting the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' businesses;
(e) assisting the Committee in analyzing (i) the Debtors'
pre-petition financing, (ii) any proposed DIP financing, and (iii)
the adequacy of the Debtors' financing and proposed budget;
(f) assisting the Committee in its investigation of the liens
and claims of the holders of the Debtors' pre-petition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
(g) assisting the Committee in its analysis of, and
negotiations with, the Debtors or any third party concerning
matters related to, among other things, the assumption or rejection
of certain leases of nonresidential real property and executory
contracts, asset dispositions, sale of assets, financing of other
transactions and the terms of one or more plans of liquidation or
reorganization for the Debtors and accompanying disclosure
statements and related plan documents;
(h) assisting and advising the Committee as to its
communications to unsecured creditors regarding significant matters
in the Chapter 11 Cases;
(i) representing the Committee at hearings and other
proceedings;
(j) reviewing and analyzing applications, orders, statements
of operations, and schedules filed with the Court and advising the
Committee as to their propriety;
(k) assisting the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives in the Chapter 11 Cases, including without
limitation, the preparation of retention papers and fee
applications for the Committee's professionals, including
Lowenstein Sandler;
(l) assisting the Committee and providing advice concerning
the proposed sale of substantially all of the Debtors' assets,
including issues concerning any potential competing bidders and the
auction process;
(m) preparing, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
(n) performing such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
Lowenstein Sandler’s currently hourly rates are:
Partners $800 to $2,300
Of Counsel $955 to $1,685
Senior Counsel $710 to $1,695
Counsel $670 to $1,600
Associates $590 to $1,450
Paralegals, Practice Support
and Assistants $255 to $540
Gianfranco Finizio, Esq., a partner at Lowenstein Sandler,
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:
Gianfranco Finizio, Esq.
Lowenstein Sandler LLP
1 Lowenstein Dr.
Roseland, NJ 07068
Telephone: (973) 597-2500
About FLOAT Alaska LLC
FLOAT Alaska LLC is an Anchorage, Alaska-based holding company that
owns and operates regional and planned transpacific airline
services through its subsidiaries. Its operations include New
Pacific Airlines, Inc., which provides passenger and cargo flights
across Alaska and plans broader international routes; Corvus Alaska
Holdings Inc. and FLOAT Alaska Holdings LLC, which manage airline
operations and corporate assets; FLOAT Alaska IP LLC, which
oversees intellectual property and branding; and FlyCoin, Inc., a
blockchain-based airline loyalty platform.
FLOAT Alaska LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10075) on Jan. 26,
2026. In the petitions signed by Thomas Hsieh, manager, FLOAT
Alaska disclosed up to $10 million in estimated assets and up to
$50 million in estimated liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Saul Ewing LLP as bankruptcy counsel and
Stretto, Inc. as claims and noticing agent.
GENESIS REFRIGERATION: Taps Capstone Accounting & Tax as Accountant
-------------------------------------------------------------------
Genesis Refrigeration & HVAC LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Washington to hire
Capstone Accounting & Tax as accountant.
The firm's services include preparation of quarterly state and
federal tax returns (941 Return, Employment Security Return, Labor
& Industry Return, Family and Medical Leave Return), daily bank
statement reconciliation and bookkeeping, processing of payroll,
and consulting.
The firm will bill $3,697.24 per month for its services.
Sheena Frenzel, CPA, a partner of Capstone Accounting & Tax,
assured the court that the firm does not hold or represent any
interest adverse to the interests of the estates, and is a
disinterested person within the meaning of 11 U.S.C. Sec. 101.
The firm can be reached through:
Sheena Frenzel, CPA
Capstone Accounting & Tax
2120 Bickford Ave
Snohomish, WA 98290
Phone: (425) 379-8085
About Genesis Refrigeration & HVAC LLC
Genesis Refrigeration & HVAC LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wa. Case No.
25-13293) on November 20, 2025, listing up to $50,000 in both
assets and liabilities.
Judge Christopher M Alston presides over the case.
Jennifer L Neeleman, Esq. at Neeleman Law Group, P.C. serves as the
Debtor's counsel.
GREEN TERRACE: Trustee Seeks to Tap Yip Associates as Accountant
----------------------------------------------------------------
Daniel J. Stermer, the duly appointed Chapter 11 Trustee for the
bankruptcy estate of Green Terrace Condominium Association, Inc.,
seeks approval from the Southern District of Florida to hire
YIPCPA, LLC d/b/a Yip Associates as accountants.
On July 1, 2025, the court approved the employment of Development
Specialists, Inc. as accountant for the Trustee. The Trustee has
since disassociated from DSI and associated himself with Yip
Associates.
Yip Associates will render these services:
(a) review of all financial information prepared by the
Debtor, including but not limited to a review of the Debtor's
financial information as of the Petition Date, including, but not
limited to, examining its assets and liabilities;
(b) provide financial oversight and prepare reports required
by the Bankruptcy Court, the Office of the United States Trustee
and other parties in interest in this Chapter 11 case, including
without limitations, monthly operating reports;
(c) review and analyze the organizational structure of any
entity of the Debtor, the entity's financial interrelationships
amongst the Debtor, its principals, affiliates, and insiders,
including a review of the books of such entities or persons as may
be required;
(d) review and analyze transfers to and from the Debtor to
third parties, both prepetition and post-petition;
(e) attend meetings with the Debtor, creditors, insiders, and
associates of such parties, and with federal, state, and local tax
authorities, if requested;
(f) review the books and records of the Debtor for potential
preference payments, fraudulent transfers, or any other matters
that the Trustee may request, including an analysis of insolvency;
(g) render any such other assistance in the nature of
accounting, financial consulting, or other financial projects as
the Trustee may deem necessary; and
(h) prepare the estate tax returns.
The firm's hourly rates are:
Partners $550 to $695
Directors $425 to $500
Senior Managers $400
Managers $365 to $375
Seniors Associates $295
Associates $245
Paraprofessionals $195
Kerry-Ann M. Rin, CPA, a partner at YIP Associates, 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:
Kerry-Ann M. Rin, CPA, CIRA
Yip Associates
9200 S. Dadeland Blvd., Suite 316
Miami, FL 33156
Tel: (305) 787-3752
Fax: (888) 632-2672
Email: KRin@yipcpa.com
About Green Terrace Condominium Association
Green Terrace Condominium Association, Inc. is a not-for-profit
corporation established in 1973 that manages Green Terrace
Condominiums, a two-story residential complex in West Palm Beach,
Florida. The association oversees amenities including a community
pool, clubhouse, and parking, and permits rentals under specific
restrictions.
Green Terrace Condominium Association sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568)
on April 25, 2025. In its petition, the Debtor reported estimated
assets between $500,000 and $1 million and estimated liabilities
between $1 million and $10 million.
Judge Mindy A. Mora handles the case.
The Debtor is represented by Michael J. Niles, Esq., at Berger
Singerman, LLP.
Boken Lending II, LLC, as lender, is represented by Matthew S.
Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A.
GUNTYMCCARTHY LLC: Janice Seyedin Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Janice Seyedin as
Subchapter V trustee for GuntyMcCarthy LLC.
Ms. Seyedin will be paid an hourly fee of $295 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Seyedin declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
About GuntyMcCarthy LLC
GuntyMcCarthy LLC, doing business as Gunty & McCarthy, provides
civil litigation defense services from its offices in Illinois,
handling cases in areas such as insurance coverage, product
liability, construction litigation, toxic torts, general
negligence, and transportation-related matters, and serving clients
including insurers, corporations, and other entities involved in
civil disputes. The firm operates primarily out of Chicago and
maintains a professional legal team led by partner James McCarthy.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03454) on Feb. 26,
2026, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. James McCarthy, sole member, signed the
petition.
Judge Daniel R. Fine presides over the case.
William Factor, Esq. at The Law Office of William J. Factor, Ltd.
represents the Debtor as bankruptcy counsel.
GUSTO SING: Blackstone Secured Marks AUD$1MM 1L Loan at 34% Off
---------------------------------------------------------------
Blackstone Secured Lending Fund has marked its AUD$1,000,000 loan
extended to Gusto Sing Bidco Pte, Ltd. to market at AUD$664,000 or
66% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Gusto Sing Bidco Pte, Ltd. The Loan accrues
interest at a rate of BB + 4.75 % 8.39 % per annum. The Loan
matures on Nov. 15, 2031.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Gusto Sing Bidco Pte, Ltd.
Gusto Sing Bidco Pte, Ltd. appears to be a Singapore-based holding
or acquisition vehicle established to facilitate leveraged
financing and corporate ownership transactions.
H&S COMMERCIAL: Seeks Cash Collateral Access
--------------------------------------------
H&S Commercial & Industrial Supplies and Services, LLC asks the
U.S. Bankruptcy Court for the Southern District of Alabama for
authority to use cash collateral and provide adequate protection.
The Debtor has operated for approximately thirty years, providing
janitorial and other labor-intensive services throughout the
Southeastern United States, and currently employs about 175
workers. The bankruptcy filing was precipitated by a severe
liquidity crisis caused by customers’ failure to timely pay for
services related to a large emergency project. Although substantial
accounts receivable remain outstanding, the Debtor's need to obtain
high-cost emergency loans to sustain operations created an
unsustainable cash flow burden, ultimately necessitating Chapter 11
protection.
The Debtor seeks to use cash collateral—consisting of income,
cash, receivables, and proceeds from business operations—to fund
payroll, pay vendors and suppliers, and cover ordinary operating
expenses essential to maintaining uninterrupted operations. A
thirteen-week budget outlining projected income and expenses has
been prepared and may be revised. Numerous entities assert secured
claims against the Debtor's assets, though the Debtor has not yet
determined the validity, perfection, or value of those claims.
As adequate protection, the Debtor proposes granting secured
creditors replacement liens on postpetition cash collateral with
the same extent, validity, and priority as prepetition liens.
A copy of the motion is available
at https://urlcurt.com/u?l=m5fl6g from PacerMonitor.com.
About H&S Commercial & Industrial Supplies and Services, LLC
H&S Commercial & Industrial Supplies and Services, LLC provides
janitorial and other labor-intensive services throughout the
Southeastern U.S.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10564) on February
27, 2026. In the petition signed by Monique Michele Rogers, chief
executive officer and majority director, the Debtor disclosed up to
$1 million in assets and up to $10 million in liabilities.
Judge Jerry C. Oldshue oversees the case.
Richard Scott Williams, Esq., at Rumberger Kirk & Caldwell, PA,
represents the Debtor as legal counsel.
HARRISBURG DAIRIES: Hires Cunningham Chernicoff as Legal Counsel
----------------------------------------------------------------
Harrisburg Dairies, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to employ Cunningham,
Chernicoff & Warshawsky, P.C. as bankruptcy counsel.
The firm's services include:
a. give the Debtor legal advice regarding its powers and duties
as Debtor-in-Possession in the continued operation of its business
and management of its property;
b. prepare and file on behalf of the Debtor, as
Debtor-in-Possession, all necessary applications, complaints,
answers, orders, reports and other legal papers; and
c. perform all other legal services for the Debtor, as
Debtor-in-Possession, which may be necessary, except that actions
contesting dischargeability may require other counsel.
The firm will be paid at these rates:
Robert Chernicoff, Attorney $500 per hour
Partners $350 to $500 per hour
Associate Attorneys $150 to $300 per hour
Paralegals $100 to $175 per hour
The Debtor paid the firm a retainer of $20,972.89, including the
$1,738 filing fee.
Robert E. Chernicoff, Esq., a partner of Cunningham, Chernicoff &
Warshawsky, P.C., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert E. Chernicoff, Esq.
Cunningham, Chernicoff & Warshawsky, PC
2320 North Second Street
P.O. Box 60457
Harrisburg, PA 17106
Telephone: (717) 238-6570
About Harrisburg Dairies Inc.
Harrisburg Dairies, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00474) on
February 20, 2026. In the petition signed by Alec John Dewey,
president, the Debtor disclosed up to $10 million in both assets
and liabilities.
Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky
PC, represents the Debtor as legal counsel.
HAWKER BEECHCRAFT: Denning Case Referred to Bankruptcy Court
------------------------------------------------------------
Judge Daniel D. Crabtree of the U.S. District Court for the
District of Kansas referred the pending motions in the class action
lawsuit captioned as WARREN DENNING, et al., individually and on
behalf of all others similarly situated, Plaintiffs, v. TEXTRON
AVIATION, INC., Defendant, Case No. 25-cv-01110-DDC-TJJ (D. Kan.)
to the bankruptcy court.
Plaintiffs Warren Denning, Dominic Valle, and Kimberly Valle filed
this putative class action in Kansas state court. Plaintiffs'
Petition asserts a variety of state-law claims against defendant
Textron Aviation, Inc. Defendant removed the case to this court,
relying primarily on federal jurisdiction over bankruptcy cases.
Two motions now are pending: defendant's Motion to Dismiss and
plaintiffs' Motion to Remand.
Defendant is the successor in interest to Beechcraft Corporation.
Plaintiffs' claims allege that the landowners -- currently
defendant and previously Beechcraft and Beechcraft's predecessor --
spilled toxic chemicals into the area around an
aircraft-manufacturing site. But Beechcraft previously filed a
voluntary bankruptcy petition under Chapter 11 of Title 11 of the
United States Code. And as part of the confirmation order in those
bankruptcy proceedings, Beechcraft secured a discharge injunction,
which discharged debts arising before the 2013 confirmation date.
Defendant thus contends that plaintiffs' claims are subject to this
discharge provision.
Under the local rule, a bankruptcy judge must decide whether
defendant is right. Plaintiffs' claims have the requisite close
nexus to Beechcraft's bankruptcy proceedings because, for
plaintiffs to succeed on their claims over defendant's discharge
defense, a court must interpret the scope and effect of the
confirmation plan from Beechcraft's bankruptcy proceedings. The
court thus concludes that plaintiffs' lawsuit is "related to a case
under Title 11" and that the court must refer it to the bankruptcy
judges for this district.
A copy of the Court's Memorandum and Order dated March 3, 2026, is
available at https://urlcurt.com/u?l=KpGb9C from PacerMonitor.com.
About Hawker Beechcraft
Hawker Beechcraft Acquisition Company, LLC, headquartered in
Wichita, Kansas, manufactures business jets, turboprops and piston
aircraft for corporations, governments and individuals worldwide.
Hawker Beechcraft Inc. and 17 affiliates filed for Chapter 11
reorganization (Bankr. S.D.N.Y. Lead Case No. 12-11873) on
May 3, 2012. Hawker is 49%-owned by affiliates of Goldman Sachs
Group Inc. and 49%-owned by Onex Corp. The Company's balance sheet
at Dec. 31, 2011, showed $2.77 billion in total assets, $3.73
billion in total liabilities and a $956.90 million total deficit.
Other claims include pensions underfunded by $493 million.
Hawker's legal representative was Kirkland & Ellis LLP, its
financial advisor was Perella Weinberg Partners LP and its
restructuring advisor was Alvarez & Marsal. Epiq Bankruptcy
Solutions LLC served as claims and notice agent.
Sidley Austin LLP served as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. served as financial advisor to the DIP
Agent and the Prepetition Agent.
Wachtell, Lipton, Rosen & Katz represented an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.
Milbank, Tweed, Hadley & McCloy LLP represented an ad hoc committee
of holders of the 8.500% Senior Fixed Rate Notes due 2015 and
8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker
Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes
Company. The members of the Ad Hoc Committee -- GSO Capital
Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims
or manage accounts that hold claims against the Debtors' estates
arising from the purchase of the Senior Notes. Deutsche Bank
National Trust Company, the indenture trustee for senior fixed rate
notes and the senior PIK-election notes, is represented by Foley &
Lardner LLP.
An Official Committee of Unsecured Creditors appointed in the case
selected Daniel H. Golden, Esq., and the law firm of Akin Gump
Strauss Hauer & Feld LLP as legal counsel. The Committee's
financial advisor was FTI Consulting, Inc.
On June 30, 2012, Hawker filed its Plan, which proposed to
eliminate $2.5 billion in debt and $125 million of annual cash
interest expense. The plan would give 81.9% of the new stock to
holders of $1.83 billion of secured debt, while 18.9% of the new
shares are for unsecured creditors. The proposal has support from
68% of secured creditors and holders of 72.5% of the senior
unsecured notes.
In July 2012, Hawker disclosed it was in exclusive talks with
China's Superior Aviation Beijing Co. for the purchase of Hawker's
corporate jet and propeller plane operations out of bankruptcy for
$1.79 billion. In October 2012, Hawker unveiled that those talks
have collapsed amid concerns a deal with Superior wouldn't pass
muster with a U.S. government panel and other cross-cultural
complications. Sources told The Wall Street Journal that Superior
encountered difficulties separating Hawker's defense business from
those units in a way that would make both sides comfortable the
deal would get U.S. government clearance. The sources told WSJ the
defense operations were integrated in various ways with Hawker's
civilian businesses, especially the propeller plane unit, in ways
that proved difficult to untangle.
Thereafter, Hawker said it intends to emerge from bankruptcy as an
independent company. On Oct. 29, 2012, Hawker filed a modified
reorganization plan and disclosure materials. Hawker said the plan
was supported by the official creditors' committee and by a
"substantial majority" of holders of the senior credit and a
majority of holders of senior notes. Hawker said it will either
sell or close the jet-manufacturing business.
The revised plan still offered 81.9% of the new stock in return for
$921 million of the $1.83 billion owing on the senior credit.
Unsecured creditors were slated to receive the remaining 18.9% of
the new stock. Holders of the senior credit would receive 86% of
the new stock. The senior credit holders were projected to have a
43.1% recovery from the plan. General unsecured creditors'
recovery was a projected 5.7% to 6.3%. The recovery by holders of
$510 million in senior notes was predicted to be 9.2% to 10%.
The company's Joint Plan of Reorganization was approved by the
Bankruptcy Court on Feb. 1, 2013, and became effective on
Feb. 15. Hawker Beechcraft, on Feb. 19, 2013, disclosed that it
formally emerged from the Chapter 11 process as Beechcraft Corp., a
new company well-positioned to compete in the worldwide business
aviation, special mission, trainer and light attack markets.
HAWTHORNE RACE: Taps Omni Agent as Claims and Noticing Agent
------------------------------------------------------------
Hawthorne Race Course Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire Omni Agent
Solutions, Inc. as claims and noticing 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.
Omni received a retainer in the amount of $25,000.
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 Hawthorne Race Course Inc.
Hawthorne Race Course Inc. operates a historic racetrack that
provides Thoroughbred and Standardbred racing events along with
off-track betting throughout Chicago.
Hawthorne Race Course Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on
February 27, 2026. In its petition, the Debtor reports assets
ranging from $50 million to $100 million and liabilities between
$100 million and $500 million.
Honorable Bankruptcy Judge Timothy A. Barnes handles the case.
The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing
Arnstein & Lehr LLP. Getzler Henrich & Associates serves as
Financial Advisor, Omni Agent Solutions as Claims Agent.
HPC VINEBURN: Plan Exclusivity Period Extended to April 7
---------------------------------------------------------
Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central
District of California extended HPC Vineburn, LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to April 7 and June 6, 2026, respectively.
As shared by Troubled Company Reporter, the Debtor explains that
the relevant factors demonstrate good cause for the requested
extensions:
* This is the Debtor's first request for an extension, and the
case is only a few months old.
* Although the case is admittedly not overly complex, there
are contingencies that will need to be resolved, specifically, (i)
the amount of the Judgment Creditors' claim, and (ii) whether the
Judgment Creditors, as undersecured creditors, will elect (if they
are able) to be in two classes or only one.
* Prior to the litigation with Judgment Creditors, the Debtor
was operating at a profit and paying all debts as they came due
from the operations of the business. Moreover, demonstrative of
Debtor's good faith, the Debtor has negotiated with John Hancock
and continues to pay its loan obligations to the senior secured
creditor during the pendency of this case. The Debtor is current
with all of its reporting requirements and is following all
applicable U.S. Trustee guidelines.
* The Debtor believes that a restructuring of its debts
through amortization is achievable. To date, the Debtor has been
exploring potential funding sources, which include: (i) the cash
flow generated from the Property (i.e., rents); (ii) the sale of
the Property; (iii) the transfer of the Property to Judgment
Creditors in satisfaction of their Judgment; or (iv) raising equity
capital and/or obtaining debt financing. The Debtor expects to
submit a "toggle plan" that will provide for multiple contingencies
depending on the results of the Appeal.
* The Debtor believes it will be able to propose a plan that
will be consensual as to all creditors except the Judgment
Creditors. The Debtor still hopes that it can successfully
negotiate a resolution with Judgment Creditors, although their
history to date, essentially objecting to everything the Debtor
does, has admittedly dampened Debtor's optimism.
HPC Vineburn, LLC is represented by:
Michael B. Reynolds, Esq.
Andrew B. Still, Esq.
Allison C. Murray, Esq.
SNELL & WILMER L.L.P.
600 Anton Boulevard, Suite 1400
Costa Mesa, CA 92626-7689
Telephone: (714) 427-7000
E-mail: mreynolds@swlaw.com
About HPC Vineburn, LLC
HPC Vineburn LLC is a single asset real estate entity as
definedunder 11 U.S.C. Section 101(51B), with its principal assets
located at 1919 Vineburn Avenue in Los Angeles, California. The
Company's operations focus primarily on managing and holding this
real estate asset.
HPC Vineburn LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on Aug. 8,
2025. In its petition, the Debtor estimated assets between $1
million and $10 million and estimated liabilities between $10
million and $50 million.
Honorable Bankruptcy Judge Martin R. Barash handles the case.
The Debtor is represented by Michael B. Reynolds, Esq. at SNELL &
WILMER L.L.P.
HUNTLEY AVENUE: Claims to be Paid from Rental Income
----------------------------------------------------
Huntley Avenue LLC filed with the U.S. Bankruptcy Court for he
Central District of California a Disclosure Statement describing
Plan of Reorganization dated Feb. 27, 2026.
The Debtor was formed on November 26, 2019, as a California limited
liability company. The Debtor was established for the purpose of
owning, developing, and operating real property.
Avraham Farzan serves as the Debtor's managing member, holding a
90% ownership interest, while his wife, Farahnaz Beroukhim
Afrahimi, holds the remaining 10%.
In December 2019 the Debtor acquired two separate parcels (APN:
4215-017-041 & 4215-017-042) from the California Department of
Transportation ("Caltrans") for a total purchase price of $550,000.
Each parcel was approximately 5,000 square feet. Financing for the
acquisition was arranged through LA Legend LLC, a family-owned
private lender. The Debtor purchased the parcels with the intent to
develop and construct two separate single family residences with
underground parking.
As a result of the cumulative financial strain caused by
construction delays, pandemic-related disruptions, and unforeseen
remediation expenses, the Debtor experienced financial distress and
defaulted on the loan with Axos. Later that month, the Debtor was
notified that the loan was transferred from Axos to CLI Fund 2, LLC
serviced by A2 Capital, LLC.
In November 2024, the Debtor rented out the Property to third party
tenants for $13,900 per month. The two-year lease agreement
commenced on November 29, 2024. The tenants are responsible for all
utilities bills, including but not limited to landscaping. The
lease agreement calls for an increase of 5% commencing on November
29, 2025.
In December 2025, the Debtor and the Debtor's principal filed a
lawsuit against Axos, CLI Fund, and A2 Capital in the Superior
Court of California, County of Los Angeles (Case No. 25SMCV06683)
for breach of the convent of good faith and fair dealing, violation
of Business and Professions Code, violation of Civil Code 2924(c-d)
and accounting; the case remains pending and is not stayed.
CLI Fund/A2 Capital set a foreclosure sale of the Property on
November 12, 2025, and the Debtor sought the protection of the
Bankruptcy Court in order to preserve this asset for the benefit of
all creditors.
Class 4a consists of General Unsecured Claims. In the present case,
the Debtor estimates that general unsecured debts total
approximately $0. The Debtor does not believe that any such claims
exist. If any claims are filed prior to the claims bar date, the
Debtor will pay those claims in full on the Effective Date.
Class 4b consists of Insider Unsecured Claims. In the present case,
the Debtor estimates that insider unsecured debts total
approximately $1,500,000. The only claimant in this class is LA
World Construction DBA 4 US Image Inc. The claim consists of a
construction loan. Avraham Farzan is an officer of this entity and
the sole managing member of the Debtor. This claim will be
subordinated to the general unsecured creditors in Class 4b. No
payments will be made to Class 4b during the Plan term. This Class
is impaired.
Class 5 consists of Interest Holders. The Debtor's members will
retain their ownership interests in the Debtor.
As set forth in the Projections, the Plan will be funded with the
rental income generated from the Property, contributions from the
managing member, and either a refinance loan or a sale of the
Property. The Projections assume that the Debtor will receive
regular and consist monthly rental income during the Plan terms
with annual 3% increase each December.
A full-text copy of the Disclosure Statement dated February 27,
2026 is available at https://urlcurt.com/u?l=emzQbK from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Roksana D. Moradi-Brovia, Esq.
RHM LAW LLP
17609 Ventura Blvd., Suite 314
Encino, CA 91316
Telephone: (818) 285-0100
Facsimile: (818) 855-7013
E-mail: roksana@RHMFirm.com
About Huntley Avenue LLC
Huntley Avenue, LLC is a privately held limited liability company
primarily engaged in real estate ownership or investment
activities.
Huntley Avenue, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-21645) on Dec. 29, 2025. In its
petition, the Debtor reports estimated assets between $1 million
and $10 million and estimated liabilities in the same range.
The case is assigned to Honorable Bankruptcy Judge Barry Russell.
The Debtor is represented by Matthew D. Resnik, Esq., of RHM Law
LLP.
HYDE ENVIRONMENTAL: Gets OK to Hire Perry Gruman as Legal Counsel
-----------------------------------------------------------------
Hyde Environmental LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Perry G. Gruman,
PA as counsel.
The firm's services include:
(a) analyze the Debtor's financial condition and restructuring
options;
(b) prepare and file petitions, schedules, statements,
motions, plans, and disclosure statements;
(c) represent at hearings, meetings of creditors, and
negotiate with creditors; and
(d) assist with cash collateral, executory contracts, claims
objections, and plan confirmation.
The firm will be paid at these hourly rates:
Perry Gruman, Attorney $425
Ross Mabery, Attorney $425
Paralegal $150
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Gruman 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:
Perry G. Gruman, Esq.
Perry G. Gruman, PA
3400 W. Kennedy Blvd.
Tampa, FL 33609
Telephone: (813) 870-1614
Facsimile: (813) 870-1634
Email: Perry@GrumanLaw.com
About Hyde Environmental LLC
Hyde Environmental LLC provides a range of environmental services,
including hazardous waste management, environmental assessments,
and remediation projects. The company serves commercial and
industrial sectors with a commitment to regulatory compliance and
environmental sustainability.
Hyde Environmental LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00147) on January 8,
2026. In its petition, the Debtor reported assets between $1
million and $10 million and liabilities between $1 million and $10
million.
The Debtor is represented by Perry G. Gruman, PA.
IHEARTMEDIA INC: Narrows 2025 Loss; Flags Substantial Indebtedness
------------------------------------------------------------------
iHeartMedia, 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.
The key developments in the Company's business for the year ended
December 31, 2025 are:
* Consolidated Revenue of $3,865 million increased $10.5
million, or 0.3%, during 2025 compared to Consolidated Revenue of
$3,854.5 million in 2024.
* Multiplatform Group Revenue decreased $99.4 million, or
4.2%, and Segment Adjusted EBITDA decreased $47 million, or 10.2%,
compared to 2024.
* Digital Audio Group Revenue increased $164.9 million, or
14.2%, and Segment Adjusted EBITDA increased $77.8 million, or
20.5%, compared to 2024.
* Audio & Media Services Group Revenue decreased $54.5
million, or 16.7%, and Segment Adjusted EBITDA decreased $47.2
million, or 33.6%, compared to 2024.
* Operating loss of $20.6 million improved $742.5 million from
Operating loss of $763.1 million in 2024. 2025 included $213.9
million of non-cash impairment charges primarily related to the
Company's FCC licenses. 2024 included $922.7 million of non-cash
impairment charges primarily related to its goodwill and FCC
licenses balances.
* Net loss of $471.9 million improved $537.6 million compared
to Net loss of $1 billion in 2024.
* Cash flows provided by operating activities of $92.6 million
increased $21.2 million from $71.4 million in 2024.
* Adjusted EBITDA of $685.8 million decreased $19.9 million
from $705.6 million in 2024.
* Free cash flow of $10.9 million increased $37.1 million from
$(26.2) million in 2024.
As of December 31, 2025, the Company had $5.13 billion in total
assets and $6.95 billion in total liabilities, and total
stockholders' deficit of $1.83 billion.
Statement from Senior Management
"We're pleased with our fourth quarter results, generating Adjusted
EBITDA of $220 million, at the midpoint of our previously provided
guidance range, and our consolidated revenue was $1.1 billion, up
0.8% compared to prior year and above our guidance; excluding the
impact of political, our consolidated revenue was up 7.7%," said
Bob Pittman, Chairman and CEO of iHeartMedia, Inc. "Our podcast
momentum continues, growing 24.5% compared to prior year, above our
guidance of 'up in the mid-teens,' and we have the number one
audience in podcasting as measured by both Podtrac and Triton. In
2026 a major goal of ours is to return the Multiplatform Group to
segment Adjusted EBITDA growth and we continue to invest in our
broadcast programmatic efforts and working with partners like
Amazon DSP, Yahoo! DSP and other to include our broadcast radio
inventory on their programmatic platforms. We also see some of our
recent announcements as validation of the power of broadcast radio,
with companies like Netflix and TikTok coming to partner with us
and our broadcast radio assets."
"In the fourth quarter, the Digital Audio Group's revenue was $387
million, up 14.1% year over year and above our guidance, segment
Adjusted EBITDA was $132 million, up 10.7% year over year, and our
Q4 Adjusted EBITDA margins were 34.1%. The Multiplatform Group's
revenue was $665 million, down 2.8% compared with prior year and in
line with our guidance; the Multiplatform Group's Adjusted EBITDA
was $129 million," said Rich Bressler, President and COO of
iHeartMedia, Inc. "In Q4 our Free Cash Flow including net proceeds
from real estate sales was $158 million and we converted
approximately 70% of our Adjusted EBITDA into this Free Cash Flow,
which demonstrates the company's high Free Cash Flow conversion
characteristics and gives us confidence in our ability to generate
meaningful Free Cash Flow in 2026 and thereafter. We are looking
forward to 2026 to be an Adjusted EBITDA and Free Cash Flow growth
year for iHeart, driven by our strong podcasting momentum, our
growing programmatic revenues and the return of the Multiplatform
Group to segment Adjusted EBITDA growth."
Substantial Indebtedness
The Company's subsidiary, iHeartCommunications currently has a $450
million senior secured asset-based revolving credit facility with
$50 million outstanding that matures in 2027, approximately $4.7
billion in principal amount of secured debt, of which approximately
$28.2 million matures in 2026, approximately $71.5 million matures
in 2027, approximately $298.4 million matures in 2028,
approximately $2.8 billion matures in 2029, approximately $1.3
billion matures in 2030, and approximately $180.8 million has
various subsequent maturity dates, and approximately $125.2 million
in principal amount of unsecured debt, of which approximately $45.2
million matures in 2026, approximately $79.8 million matures in
2027, and approximately $0.2 million matures in 2028.
This substantial amount of indebtedness could have important
consequences to the Company, including:
* increasing the Company's vulnerability to adverse general
economic, industry, or competitive developments;
* requiring the Company to dedicate a more substantial
portion of the Company's cash flows from operations to payments on
its indebtedness, thereby reducing the availability of its cash
flows to fund working capital, investments, acquisitions, capital
expenditures, and other general corporate purposes;
* limiting the Company's ability to make required payments
under its existing contractual commitments, including the Company's
existing long-term indebtedness;
* requiring the Company to sell certain assets;
* restricting the Company from making strategic investments,
including acquisitions, or causing its to make non-strategic
divestitures;
* limiting the Company's flexibility in planning for, or
reacting to, changes in its business and the industry in which the
Company's operate;
* placing the Company at a competitive disadvantage compared
to the Company's competitors that have less debt;
* causing the Company to incur substantial fees from time to
time in connection with debt amendments or refinancings;
* increasing the Company's exposure to rising interest rates
because a substantial portion of its borrowings is at variable
interest rates; and
* limiting the Company's ability to borrow additional funds
or to borrow on terms that are satisfactory to the Company.
If the Company is unable to generate sufficient cash flow to repay
or refinance its debt on favorable terms, it could significantly
adversely affect its financial condition and the value of its
outstanding debt.
The Company's ability to restructure or refinance its debt will
depend on the condition of the capital markets and the Company's
financial condition. Any refinancing of its debt could be at higher
interest rates and may require the Company to comply with more
onerous covenants, which could further restrict the Company's
business operations.
The Company said, "The agreements governing iHeartCommunications'
secured indebtedness contain covenants that limit
iHeartCommunications' and its subsidiaries' ability to, among other
things (and subject to certain exceptions): incur additional
indebtedness; pay dividends on, or make distributions in respect
of, their capital stock or repurchase their capital stock; make
certain investments or other restricted payments; sell certain
assets; create liens; merge, consolidate or transfer or dispose of
all or substantially all of their assets; repay certain
indebtedness prior to maturity thereof; restrict the ability of
subsidiaries that are not guarantors to pay dividends or cash
distributions, or repay indebtedness owed, to iHeartCommunications
or its subsidiaries or make or repay loans or advances to the
guarantors, or restrict the ability of any guarantor to create
liens on its property for the benefit of the holders of such debt;
permit the subsidiaries that hold FCC licenses to engage in other
businesses; transfer FCC licenses; transfer material assets to
non-guarantors; engage in transactions with affiliates; and change
lines of business."
"Although the covenants in such debt agreements are subject to
various exceptions, we cannot assure you that these covenants will
not adversely affect our ability to finance future operations,
capital needs, or to engage in other activities that may be in our
best interest.
"In addition, in certain circumstances, our long-term debt may
require us to maintain specified financial ratios, which may
require that we take action to reduce our debt or to act in a
manner contrary to our business objectives. For example, certain of
our debt agreements include total net leverage ratio covenants
(which fall away upon certain conditions being met) tested 30 days
prior to the maturity dates of iHeartCommunications' 5.25% senior
notes due 2027, 8.375% senior notes due 2027 and 4.75% senior
secured notes due 2028 to the extent the aggregate outstanding
principal amount of such notes to which such maturity date applies
exceeds $50 million on such date. A breach of any of these
covenants could result in a default under our debt agreements and
the exercise of remedies by the lenders thereunder.
In addition, we may be able to incur additional indebtedness in the
future. To the extent we incur additional indebtedness, the risks
associated with our leverage would increase."
A full text copy of the Annual Report is available at
https://tinyurl.com/y42maepz
About iHeartMedia Inc.
iHeartMedia (Nasdaq: IHRT) is the number one audio company in the
United States, reaching nine out of 10 Americans every month. It
consists of three business groups.
With its quarter of a billion monthly listeners, the iHeartMedia
Multiplatform Group has a greater reach than any other media
company in the U.S. Its leadership position in audio extends across
multiple platforms, including more than 860 live broadcast stations
in over 160 markets nationwide; its National Sales organization;
and the Company's live and virtual events business. It also
includes Premiere Networks, the industry's largest Networks
business, with its Total Traffic and Weather Network; and BIN:
Black Information Network, the first and only 24/7 national and
local all news audio service for the Black community. iHeartMedia
also leads the audio industry in analytics, targeting and
attribution for its marketing partners with its SmartAudio suite of
data targeting and attribution products using data from its massive
consumer base.
The iHeartMedia Digital Audio Group includes the Company's growing
podcasting business -- iHeartMedia is the number one podcast
publisher in downloads, unique listeners, revenue and earnings --
as well as its industry-leading iHeartRadio digital service,
available across more than 500+ platforms and thousands of devices;
the Company's digital sites, newsletters, digital services and
programs; its digital advertising technology companies; and its
audio industry-leading social media footprint.
The Company's Audio & Media Services reportable segment includes
Katz Media Group, the nation's largest media representation
company, and RCS, the world's leading provider of broadcast and
webcast software.
IMMACULATE WINKS: Seeks to Hire LPT Realty as Real Estate Broker
----------------------------------------------------------------
Immaculate Winks LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ LPT Realty, LLC as
real estate broker.
The firm will render these services:
(a) on request, review pertinent documents and consulting with
Debtor's counsel, as appropriate;
(b) communicate with prospective buyers;
(c) solicit offers for the sale of the property located at
3811 West Sligh Avenue, Tampa, Fla.;
(d) assist the Debtor in evaluating, structuring, negotiating,
and implementing the terms and conditions of offers and the
prospective sale;
(e) communicate regularly with the Debtor and its counsel in
connection with the status of its efforts; and
(f) work with the Debtor's counsel on the implementation of
the proposed sale transaction, reviewing documents, negotiating and
assisting in resolving problems which may arise.
The firm will receive a commission of 5 percent of the gross
proceeds from the sale of the Debtor's property.
Kourtney Pina, a real estate agent at LPT Realty, 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:
Kourtney Pina
LPT Realty, LLC
400 S International Pkwy. #1020
Lake Mary, FL 32746
Telephone: (407) 216-1177
About Immaculate Winks LLC
Immaculate Winks, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06837) on
September 18, 2025, with $500,001 to $1 million in assets and
liabilities.
Judge Catherine Peek McEwen presides over the case.
Andrew J. Wit, Esq., represents the Debtor as counsel.
INGRAM MICRO: Fitch Affirms 'BB' IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed seven North American technology
companies' and their related subsidiaries' and affiliates'
ratings:
1. Avnet, Inc.
2. CDW Corporation (related subsidiary CDW LLC)
3. Flex Ltd.
4. Ingram Micro Holding Corporation
(related subsidiary Ingram Micro, Inc.)
5. Qorvo, Inc.
6. Skyworks Solutions Inc.
7. TD SYNNEX Corporation
These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating
Outlooks are unaffected by the criteria changes.
Corporate Rating Tool Inputs and Scores
Avnet, Inc.
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (bb-,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb-, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical fiscal
year 2025 (ended June 2025), 20% for the forecast fiscal year 2026,
35% for the forecast fiscal year 2027 and 35% for the forecast
fiscal 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-'.
CDW Corporation
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (bbb-,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb-'
Flex Ltd.
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb-,
Moderate), Financial Structure (bbb+, Higher), and Financial
Flexibility (bbb+, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast fiscal
year 2026 (ended March 2026), 40% for the forecast fiscal year 2027
and 40% for the forecast fiscal year 2028.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a' results in no
adjustment.
- The calibration adjustment applies and results in an adjustment
of -1 notch.
- The SCP is 'bbb-'.
Ingram Micro Holding Corporation
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb-, Moderate), Market and Competitive Positioning (bbb-,
Higher), Diversification and Asset Quality (bbb-, Moderate),
Company Operational Characteristics (bbb, Lower), Profitability (b,
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.
- 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'.
Qorvo, Inc.
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb, Higher), Company Operational
Characteristics (a-, Moderate), Profitability (a, Lower), Financial
Structure (a+, Higher), and Financial Flexibility (a, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb+'.
Skyworks Solutions Inc.
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb-, Moderate), Market and Competitive Positioning (bb+,
Moderate), Diversification and Asset Quality (bb, Higher), Company
Operational Characteristics (a-, Moderate), Profitability (a,
Lower), Financial Structure (aa, Higher), and Financial Flexibility
(a+, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'bbb+'.
TD SYNNEX Corporation
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (b+,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'bbb-'.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Avnet, Inc.
LT IDR BBB- Affirmed BBB-
senior unsecured LT BBB- Affirmed BBB-
CDW Corporation
LT IDR BBB- Affirmed BBB-
CDW LLC
LT IDR BBB- Affirmed BBB-
senior unsecured LT BBB- Affirmed BBB-
Flex Ltd.
LT IDR BBB- Affirmed BBB-
senior unsecured LT BBB- Affirmed BBB-
Ingram Micro
Holding Corporation
LT IDR BB Affirmed BB
Ingram Micro Inc.
LT IDR BB Affirmed BB
senior secured LT BB+ Affirmed RR2 BB+
senior secured LT BBB- Affirmed RR1 BBB-
Qorvo, Inc.
LT IDR BBB+ Affirmed BBB+
senior unsecured LT BBB+ Affirmed BBB+
Skyworks
Solutions, Inc.
LT IDR BBB+ Affirmed BBB+
senior unsecured LT BBB+ Affirmed BBB+
TD SYNNEX
Corporation
LT IDR BBB- Affirmed BBB-
senior unsecured LT BBB- Affirmed BBB-
INNOVATIVE INDUSTRIAL: BDO USA, P.C. Raises Going Concern Doubt
---------------------------------------------------------------
Innovative Industrial Properties, Inc. filed its Annual Report on
Form 10-K with the U.S. Securities and Exchange Commission for the
fiscal year ended December 31, 2025.
The report includes a note from management and an explanatory
paragraph from the independent auditor expressing substantial doubt
about the Company's ability to continue as a going concern.
As of December 31, 2025, the outstanding principal balance on the
Notes due 2026, which matures in May 2026, was $291.2 million. The
Company currently does not have sufficient liquidity to satisfy
this obligation at maturity.
Management is actively evaluating alternatives to address the
maturity of the Notes due 2026, which may include refinancing the
existing indebtedness or raising additional capital combined with
existing cash resources to retire the obligation. Although
management believes that it is more likely than not that the
Company will be able to address the maturity of the Notes due 2026,
guidance issued under ASC 205-40 requires that management not
conclude that such an outcome is "probable" if, among other
factors, the outcome is not within control of the Company. Because
no such refinancing or capital transactions have closed, such
outcomes are not solely within the control of the Company and
therefore, management is unable to conclude that such an outcome is
probable.
Accordingly, management has concluded that there is substantial
doubt about the Company's ability to continue as a going concern
within 12 months following, February 24, 2026, the date of issuance
of these consolidated financial statements.
The failure to retire or refinance the Notes due 2026 could lead to
an event of default, which would have a material adverse effect on
the Company's financial condition.
The Company's independent auditor, Sadler, Gibb & Associates, LLC,
based in Draper, Utah, and serving since 2018, included a "going
concern" qualification in its report dated February 24, 2026,
citing the Company's significant outstanding debt obligation that
matures within the next 12 months raises substantial doubt about
the Company's going concern.
A full text copy of the Company's Form 10-K is available at
https://tinyurl.com/y9n32tk2
About Innovative Industrial Properties Inc.
Innovative Industrial Properties, Inc. is an internally-managed
REIT focused on the acquisition, ownership and management of
specialized industrial and commercial properties in the United
States. Its properties are primarily leased to experienced,
state-licensed operators for their regulated cannabis facilities.
The Company have acquired and intend to continue to acquire its
properties through sale-leaseback transactions and third-party
purchases. The Company have leased and expects to continue to
primarily lease its properties on a triple-net lease basis, where
the tenant is responsible for all aspects of and costs related to
the property and its operation during the lease term, including
structural repairs, maintenance, real estate taxes and insurance.
As of December 31, 2025, the Company had $2.4 billion in total
assets, $522.9 million in total liabilities, and $1.8 billion in
total stockholders' equity.
INTEGRITY INVESTMENT: Taps Bach Law Offices as Bankruptcy Counsel
-----------------------------------------------------------------
Integrity Investment Fund LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Bach Law Offices, Inc. as counsel.
The firm will render these services:
(a) negotiate with creditors;
(b) prepare a plan and disclosures statement;
(c) examine and resolve claims filed against the estate,
preparation and prosecution of adversary matters; and
(d) otherwise to represent the Debtor in matters before this
Court.
The firm's attorneys will be paid at these hourly rates:
Paul Bach, Esq. $425
Penelope Bach, Esq. $425
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $7,500, plus filing fee of $1,738.
Mr. Bach 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 M. Bach, Esq.
Bach Law Offices, Inc.
P.O. Box 1285
Northbrook, IL 60062
Telephone: (847) 564-0808
About Integrity Investment Fund LLC
Integrity Investment Fund LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
26-01587) on Jan. 29, 2026. In the petition signed by Sarah Rothman
Robins, managing member, the Debtor disclosed up to $50 million in
both assets and liabilities.
Paul M. Bach, Esq., at Bach Law Offices, Inc. represents the Debtor
as counsel.
INTERNATIONAL SUPPORT: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: International Support Group LLC
3601 SW 160th Ave Ste 110
Miramar, FL 33027
Business Description: International Support Group LLC
provides facility maintenance, construction, and information
technology services to government and commercial clients in the
United States. The company's services include facility operations
and maintenance, janitorial and environmental services, renovation
and construction support, and IT services such as system
integration, networking, and help desk support. Founded in 2009,
the company is headquartered in Miramar, Florida.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 26-12738
Debtor's Counsel: Thomas L. Abrams, Esq.
THOMAS L ABRAMS PA
1213 SE 3rd Avenue
Fort Lauderdale, FL 33316
Tel: (954) 523-0900
E-mail: tabrams@tabramslaw.com
Total Assets: $2,003,153
Total Liabilities: $5,208,483
The petition was signed by Robert Bennett as owner and president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/O7CABZY/INTERNATIONAL_SUPPORT_GROUP_LLC__flsbke-26-12738__0001.0.pdf?mcid=tGE4TAMA
ISLAND GASTROENTEROLOGY: Taps Brian Ryniker of RKC LLC as CRO
-------------------------------------------------------------
Island Gastroenterology Consultants, P.C. seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to hire
RKC, LLC, d/b/a RK Consultants LLC to continue providing the Debtor
with the services of Brian Ryniker as chief restructuring officer.
The firm will render these services:
a. continue to provide Brian Ryniker as Chief Restructuring
for the Debtor;
b. analyze the potential liability of the Debtor on account of
current litigation claims pending against it and recommend any
reasonable restructuring strategies available to preserve the
Debtor's going concern value, including a potential bankruptcy sale
process;
c. analyze and attempt to establish an estimated going concern
value of the Debtor, including through the potential engagement of
a valuation expert;
d. oversee any sale process for the Debtor or an alternative
manner of effectuating an orderly liquidation of the Debtor's
assets that maximizes their value, and, if applicable, the
development of a chapter 11 plan of liquidation, including any
services reasonably attendant thereto and necessary to complete the
wind down of the Debtor and an orderly disposition of a the
Bankruptcy Case;
e. prepare and present to the Debtor a preliminary action plan
and timeline and a monthly operating budget for the Debtor and
assist in preparing statements of financial affairs, schedules,
monthly operating reports, and other regular reports required in
the Bankruptcy Case;
f. assist the Debtor and provide analysis in securing
post-petition financing and meeting with or assisting in
discussions and/or negotiations with potential lenders, creditors,
committees, suppliers, payors, lessors and other parties in
interest;
g. assist the Debtor in preparing and implementing an
efficient and effective Bankruptcy Case restructuring;
h. with the approval of the Debtor, retain and oversee other
outside consultants that CRO deems necessary and appropriate in
connection with the sale or reorganization of the Debtor;
i. maintain communications regularly with the Debtor's
representatives and counsel;
j. make recommendations to the Debtor and provide analysis
concerning any competing offers or transactions available to the
Debtor in order best maximize value for the Debtor;
k. testify in support of any reasonable relief needed in the
Debtor's Bankruptcy Case;
l. identify and seek to recover assets of the Debtor; and
m. assist in the identification of executory contracts and
unexpired leases.
The firm will be paid at these rates:
Brian Ryniker $500 per hour
Other Professionals $140 to $550 per hour
The firm hold a retainer in the amount of $80,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian Ryniker, a partner at RK Consultants 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:
Brian Ryniker
RK Consultants, LLC
f/k/a Ryniker Consultants LLC
1178 Broadway, 3rd FL 1505
New York, NY 10001
Tel: (646) 341-3926
Email: Brian@rkc.llc
About Island Gastroenterology Consultants, P.C.
Island Gastroenterology Consultants, P.C. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.
26-70198) on January 14, 2026, listing between $1 million and $10
million in both assets and liabilities. The petition was signed by
Raj Mariwalla, M.D. as director.
Judge Sheryl P. Giugliano oversees the case.
The Debtor is represented by Sean C. Southard, Esq. at Klestadt
Winters Jureller Southard & Stevens, LLP.
ISLAND GASTROENTEROLOGY: Taps Klestadt Winters as Legal Counsel
---------------------------------------------------------------
Island Gastroenterology Consultants, P.C. seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to hire
Klestadt Winters Jureller Southard & Stevens, LLP as its general
bankruptcy counsel.
The firm will render these services:
a. advise the Debtor with respect to its rights, powers, and
duties as debtor and debtor-in-possession in the continued
management of its assets;
b. attend meetings and negotiating with representatives of
creditors and other parties in interest and advising and consulting
on the conduct of the Bankruptcy Case, including all of the legal
and administrative requirements of operating under Chapter 11;
c. take all necessary action to protect and preserve the
Debtor's estate, including prosecution of actions on behalf of the
Debtor, the defense of any actions commenced against the Debtor's
estate, negotiations concerning litigation in which the Debtor may
be involved and objections to claims filed against the Debtor's
estates;
d. prepare on behalf of the Debtor such motions, applications,
answers, orders, reports, and papers necessary to the
administration of the Debtor's estate;
e. assist the Debtor in its analysis and negotiation with any
third-party concerning matters related to the realization by
creditors of a recovery on claims and other means of realizing
value;
f. represent the Debtor at all hearings and other proceedings;
g. assist the Debtor in its analysis of matters relating to
the legal rights and obligations of the Debtor with respect to
various agreements and applicable laws;
h. review and analyze all applications, orders, statements,
and schedules filed with the Court and advise the Debtor as to
their propriety;
i. assist the Debtor in preparing pleadings and applications
as may be necessary in furtherance of the Debtor's interests and
objectives;
j. assist and advise the Debtor with regard to its
communications to the general creditor body regarding any proposed
Chapter 11 plan or other significant matters in this Bankruptcy
Case;
k. assist the Debtor with analyzing any potential offers for
sale and preparing related pleadings to potentially establish sale
procedures;
l. assist the Debtor with respect to consideration by the
Court of any disclosure statement or plan prepared or filed
pursuant to Secs. 1125 or 1121 of the Bankruptcy Code and taking
any necessary action on behalf of the Debtor to obtain confirmation
of such plan; and
m. perform such other legal services as may be required and/or
deemed to be in the interests of the Debtor in accordance with its
powers and duties as set forth in the Bankruptcy Code.
The firm's current hourly rates are:
Tracy L. Klestadt $995
Ian R. Winters $895
John E. Jureller, Jr. $895
Sean C. Southard $895
Fred N. Stevens $895
Brendan M. Scott $825
Kathleen M. Aiello $825
Lauren C. Kiss $795
Stephanie R. Sweeney $795
Christopher J. Reilly $625
Andrew Brown $625
Kevin B. Collins $525
Paralegals $295
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian Ryniker, a partner at RK Consultants 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:
Brian Ryniker
RK Consultants, LLC
f/k/a Ryniker Consultants LLC
1178 Broadway, 3rd FL 1505
New York, NY 10001
Tel: (646) 341-3926
Email: Brian@rkc.llc
About Island Gastroenterology Consultants, P.C.
Island Gastroenterology Consultants, P.C. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.
26-70198) on January 14, 2026, listing between $1 million and $10
million in both assets and liabilities. The petition was signed by
Raj Mariwalla, M.D. as director.
Judge Sheryl P. Giugliano oversees the case.
The Debtor is represented by Sean C. Southard, Esq. at Klestadt
Winters Jureller Southard & Stevens, LLP.
JEAN ANN: Seeks Approval to Tap Lynn Cook CPA as Financial Advisor
------------------------------------------------------------------
Jean Ann Schwark MS, FNP-C, PLLC seeks approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Lynn Cook
CPA, PLLC as financial advisor.
The firm will advise the Debtor on financial and corporate issues
and provide accounting services, including operations, financial
analysis, accounting services, refinancing, sale, and other related
topics, and provide any other services required.
The firm will be paid at these hourly rates:
CPA Professionals $325
Accounting Senior Staff $205
Accounting Junior Staff $125
Bookkeeping Services $50
In addition, the firm will seek reimbursement for expenses
incurred.
Lynn Cook, CPA disclosed in a court filing that her firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Lynn Cook, CPA
Lynn Cook CPA, PLLC
261 North Roosevelt Avenue
Chandler, AZ 85226
Telephone: (480) 967-3844
About Jean Ann Schwark MS, FNP-C PLLC
Jean Ann Schwark MS, FNP-C, PLLC, doing business as Serenity
Women's Care, is a Scottsdale, Arizona-based practice providing
women's healthcare and medical aesthetic services. It offers
gynecology care including well-woman exams and patient education,
alongside aesthetic treatments such as body contouring, laser
therapy, skin rejuvenation, dermal fillers, and Botox. The practice
uses modern technology and continuing practitioner training to
provide preventive, therapeutic, and aesthetic care.
Jean Ann Schwark MS, FNP-C filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No.
26-00059) on January 5, 2026. In its petition, the Debtor reported
between $100,001 and $1 million in assets and between $1 million
and $10 million in liabilities.
The Debtor tapped Grant L. Cartwright, Esq., at May, Potenza, Baran
& Gillespie, PC as counsel and Lynn Cook CPA, PLLC as financial
advisor.
JJTA18 REAL: Unsecured Creditors to Split $10K in Plan
------------------------------------------------------
JJTA18 Real Properties LLC filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Disclosure Statement for Plan of
Reorganization dated Feb. 27, 2026.
The Debtor is a Florida limited liability company created by
Articles of Organization filed with the Florida Secretary of State
on or about July 9, 2021. The Debtor owns two multifamily apartment
buildings: a 72-unit apartment building located at 5601 California
Avenue, Jacksonville, Florida (sometimes referred to as
"Westcreek") (the "Property").
The Debtor is part of a group of affiliate companies based in
Jacksonville, Florida, that own large apartment complex projects in
Florida and Colorado. The Debtor's Property is managed by Peoples
Choice Apartments LLC ("Manager"), a Florida limited liability
company, which also manages other properties owned by other
affiliate companies in the same portfolio of common ownership as
the Debtor.
The Debtor is part of a group of affiliate companies based in
Jacksonville, Florida, that own large apartment complex projects in
Florida and Colorado which are managed by Peoples Choice Apartments
LLC. Although these apartment projects have been generally
successful overall, there are issues unique to each project and
geographical location. For example, the properties in the
Jacksonville market have been facing economic headwinds due to the
completion of other, newer buildings in the vicinity. These
competitors have enticed tenants away from the Debtor's Property by
offering discounts and a newer product.
In summary, the Debtor's proposed Plan contemplates the emergence
of a Reorganized Debtor through the continued operation of the
business. The Plan designates three Classes of secured claims
(Classes 1, 2, and 3); one Class of unsecured claims (Class 4); and
one Class of equity security (i.e., membership interest) holders
(Class 5).
Class 4 consists of the Allowed Unsecured Claims against the
Debtor. This Class is Impaired. In full satisfaction of the Allowed
Class 4 Claims, Holders of Allowed Class 4 Claims shall receive a
pro rata distribution of $10,000.00. The Class 4 Allowed General
Unsecured Claims will receive their pro rata distribution on the
Effective Date.
Class 5 consists of all membership interests currently issued or
authorized in the Debtor. This Class is Impaired. On the Effective
Date, all currently issued and outstanding membership interests in
the Debtor shall be extinguished, and new equity will be issued
pursuant to the Means of Implementation.
The Plan shall be funded through a Preferred Equity contribution to
the Reorganized Debtor. On or before the Effective Date, CPD
Spółka Akcyjna, commonly known as the Polish Fund (or its
successors or assigns), shall contribute capital to the Reorganized
Debtor in exchange for a Preferred Equity Interest representing
forty-nine percent of the issued and outstanding equity of the
Reorganized Debtor on the Effective Date, and such capital
contribution shall be in an amount sufficient to fund the 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.
The Debtor shall continue to exist as the Reorganized Debtor, doing
business under the name JJTA18 Real Properties LLC, with the same
management and administrative structure as existed on the Petition
Date.
A full-text copy of the Disclosure Statement dated Feb. 27, 2026 is
available at https://urlcurt.com/u?l=HthCuU 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
E-mail: jeff@bransonlaw.com
About JJTA18 Real Properties
JJTA18 Real Properties LLC owns and leases a single property at
5601 California Avenue in Jacksonville, Florida, generating revenue
exclusively from leasing this property. It operates in the real
estate industry under NAICS 5311 (Lessors of Real Estate).
JJTA18 Real Properties LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04534) on Dec.
8, 2025. In its petition, the Debtor disclosed up to $10 million
in both assets and liabilities.
Judge Jason A. Burgess oversees the case.
The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw
PLLC.
JMAY REALTY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: JMAY Realty Investment Co.
2527 Market St.
Galveston, TX 77550-1431
Business Description: JMAY Realty Investment Co. holds and rents
out real estate assets to tenants as part of
its property investment operations.
Chapter 11 Petition Date: March 2, 2026
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 26-80135
Judge: Hon. Alfredo R Perez
Debtor's Counsel: Broocks Wilson, Esq.
Wilson Friery PLLC
708 Main Street 10th Floor
Houston TX 77002
Tel: 713-320-8690
Email: mack@wilsonfriery.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Rejone Edwards as president.
The Debtor submitted the required list of its 20 largest unsecured
creditors, but provided no names.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2RM63LA/JMAY_Realty_Investment_Co__txsbke-26-80135__0001.0.pdf?mcid=tGE4TAMA
KAIMUKI REALTY: Gets OK to Hire Bleakley Bavol Denman as Counsel
----------------------------------------------------------------
Kaimuki Realty Co., LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Bleakley Bavol
Denman & Grace as counsel.
The firm's services include:
(a) analyze the financial situation, and render advice and
assistance to the Debtor in determining legal options under Title
11, United States Code;
(b) advise the Debtor with regard to its powers and duties in
the continued operation of the business and management of the
property of the estate;
(c) prepare and file the petition, schedules of assets and
liabilities, statement of affairs, and other documents as required
by the Court;
(d) represent the Debtor at the Section 341 Meeting of
Creditors;
(e) give the Debtor legal advice with respect to its powers
and duties in the continued operation of its business and
management of its property, if appropriate;
(f) 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;
(g) prepare necessary other legal papers and appear on
hearings thereon;
(h) protect the interest of the Debtor in all matters pending
before the court;
(i) represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and
(j) perform all other legal services for the Debtor which may
be necessary herein, and it is necessary for it to employ this
attorney for such professional services.
Samantha Dammer, Esq., the primary attorney in this representation,
will be paid at her hourly rate of $425, plus reimbursement of
expenses incurred.
Prior to the commencement of this case, the Debtor paid an advance
fee of $13,738.
Ms. Dammer 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 Dammer, Esq.
Bleakley Bavol Denman & Grace
15316 N. Florida Avenue
Tampa, FL 33613
Telephone: (813) 221-3759
Facsimile: (813) 221-3198
Email: sdammer@bbdglaw.com
About Kaimuki Realty Co. LLC
Kaimuki Realty Co. LLC is a single-asset real estate company that
holds a residential property in Plant City, Florida, valued at
$685,000.
Kaimuki Realty Co. LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00988) on Feb.
9, 2026. In the petition signed by Morris Williams, manager, the
Debtor disclosed $685,000 in total assets and $1,091,421 in total
liabilities.
Samantha Dammer, Esq., at Bleakley Bavol Denman & Grace serves as
the Debtor's counsel.
KARYOPHARM THERAPEUTICS: Secures Debt Relief Until September
------------------------------------------------------------
Karyopharm Therapeutics Inc. disclosed in a regulatory filing that
it entered into the Second Amendment to Credit and Guaranty
Agreement with the lenders party thereto and Wilmington Savings
Fund Society, FSB, as administrative agent and collateral agent,
which amends the Company's Credit and Guaranty Agreement, dated May
8, 2024 (as previously amended, the "Credit Agreement").
The purpose of the Amendment and the Forbearance Agreement (as
defined below) is to reduce the capital required to extend the
Company's liquidity runway beyond the second quarter of 2026 and
beyond the anticipated reporting of top-line data from the event
driven, Phase 3 XPORT-EC 042 trial, which continues to be expected
in mid-2026.
The Amendment and Forbearance Agreement permit the Company to defer
certain principal and interest payments until September 2026,
maintain the Company's existing minimum liquidity covenant of $10.0
million through October 10, 2026, and eliminate the requirement
that 50% of proceeds from financing activities be applied to
increase the minimum liquidity covenant; provided, in each case,
that the Capital Raise Trigger is met.
Amendment to the Credit Agreement
The Amendment provides that, if the Company consummates a sale and
issuance of the Company's common stock, in one or more
transactions, resulting in proceeds to the Company of not less than
$25.0 million actually received in cash before June 10, 2026:
(i) the Company's cash interest payment otherwise payable on
June 30, 2026 will be paid in kind on June 30, 2026 and
(ii) the principal installment otherwise due on June 10, 2026
will instead be due on September 10, 2026.
The Amendment also amends the Credit Agreement's minimum
consolidated liquidity covenant. Under the existing covenant, the
Company must maintain minimum liquidity of at least the lesser of:
(a) $25.0 million and
(b) $10.0 million plus 50% of the net cash proceeds received
from certain debt and equity issuances through October 10, 2026.
The Amendment provides that proceeds received in connection with a
capital raise that satisfies the Capital Raise Trigger will be
excluded from this calculation, so that such proceeds do not cause
the minimum liquidity requirement to increase. After October 10,
2026, the covenant continues to require minimum consolidated
liquidity of $25.0 million.
The Amendment also modifies the prepayment premium provided in the
Credit Agreement such that:
(i) application of a 5% prepayment premium would extend
through and including June 10, 2026 and
(ii) if the Capital Raise Trigger occurs, such application of a
5% prepayment premium would be extended through May 8, 2027 (and 0%
thereafter).
A full text copy of the Amendment is available at
https://tinyurl.com/2z5e6x7j
Forbearance Agreement
On February 27, 2026, the Company entered into a Forbearance
Agreement with:
(i) 100% of the lenders under the Credit Agreement
(ii) holders representing 100% of the outstanding principal
amount of the Company's 9.00% Convertible Senior Notes due 2028
(iii) holders representing 100% of the outstanding principal
amount of the Company's 9.00% Convertible Senior Notes due 2029,
and
(iv) the investor representative acting at the direction of the
investors under the Company's revenue interest financing agreement.
The effectiveness of the Forbearance Agreement is conditioned on,
among other things, the occurrence of the Capital Raise Trigger.
Upon effectiveness, the Consenting Parties agreed to forbear from
exercising certain rights and remedies with respect to specified
matters, including:
(i) payment-related defaults that would result from the
Company's non-payment of the cash interest payments due June 30,
2026 under the indentures governing the 2028 Notes and 2029 Notes
(and related cross-defaults) and
(ii) any minimum liquidity-related defaults that would result
from the minimum liquidity covenants under such indentures to the
extent impacted by an increase in the applicable liquidity
threshold resulting from such equity financing (and related
cross-defaults).
Under the Forbearance Agreement, the forbearance with respect to
the specified payment matters would continue until September 30,
2026, and the forbearance with respect to the specified minimum
liquidity matters would continue until October 10, 2026, in each
case unless terminated earlier upon the occurrence of certain
customary termination events.
The Forbearance Agreement does not constitute a waiver of any
defaults or events of default, and the Consenting Parties reserve
their rights and remedies, subject to the terms of the Forbearance
Agreement.
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.
KATE MALLER: Mark Dennis Named Subchapter V Trustee
---------------------------------------------------
The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a
certified public accountant at SL Biggs, as Subchapter V trustee
for Kate Maller Jewelry, LLC.
Mr. Dennis 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. Dennis 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 D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Phone: 303-226-5471
Email: mdennis@slbiggs.com
About Kate Maller Jewelry LLC
Kate Maller Jewelry, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-11128) on Feb.
26, 2026, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Thomas B. Mcnamara presides over the case.
Jonathan Dickey, Esq. at Kutner Brinen Dickey Riley, P.C.
represents the Debtor as legal counsel.
KBI 2015 TX: Plan Exclusivity Period Extended to April 15
---------------------------------------------------------
Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the
Eastern District of Texas extended KBI 2015 TX LP's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to April 15 and May 18, 2026, respectively.
As shared by Troubled Company Reporter, the Debtor explains that it
has engaged financial professionals to assist with the raising
capital to fund a plan and/or operations. This effort requires the
Debtor to assemble financial projections to support exit
liquidity.
Additionally, the Debtor requires additional time to determine the
identity of holders of multiple UCC liens against the Debtor's
property which have been filed effectively anonymously by
representative parties.
Finally, since filing, extensive construction by the landlord has
continued near the Debtor's venue, thus impacting the continuity of
operations. Accordingly, the Debtor needs additional time to
finalize and file a plan and disclosure statement.
KBI 2015 TX LP is represented by:
Howard Marc Spector, Esq.
Spector & Cox, PLLC
Banner Place
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (214) 365-5377
Fax: (214) 237-3380
E-mail: hspector@spectorcox.com
About KBI 2015 TX LP
KBI 2015 TX LP filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
25-42973) on Oct. 3, 2025, listing up to $50,000 in assets and
$1,000,001 to $10 million in liabilities.
Howard Marc Spector, at Spector & Cox, PLLC, is the Debtor's
counsel.
KCAP HOLLEMAN: Case Summary & 13 Unsecured Creditors
----------------------------------------------------
Debtor: KCAP Holleman Oaks LLC
Holleman Oaks Apartments
1211 S. White Chaple Blvd.
Southlake, TX 76092
Business Description: KCAP Holleman Oaks LLC operates as a
single-asset real estate company that owns the Holleman Oaks
Apartments, a multifamily residential property located in College
Station, Texas. The company's activities consist primarily of
holding and managing the apartment complex and generating rental
income from residential tenants.
Chapter 11 Petition Date: March 3, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-40983
Judge: Hon. Mark X Mullin
Debtor's Counsel: Jeff Carruth, Esq.
CONDON TOBIN
8080 Park Ln #700
Dallas TX 75231
Tel: 214-265-3834
Email: jcarruth@condontobin.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Tie Lasater as CEO.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/KS7PJBY/KCAP_Holleman_Oaks_LLC__txnbke-26-40983__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 13 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. C&K Tile Vendor $507
8912 County Road 121
Iola TX 77861
2. Audio Images Vendor $305
PO Box 550819
Jacksonville FL 32255
3. Optimum Business Vendor $309
PO Box 4019
Carol Stream IL 60197-4019
4. Zego Global Vendor $1,539
PO Box 200518
Dallas TX 75320-0518
5. G&E Renovations Vendor $914
601 Castlebrook Dr
College Station TX 77845-3356
6. TAA Click and Lease Vendor $1,825
PO Box 2379
San Antonio TX 78298
7. Epremium Vendor $818
PO Box 737945
Dallas TX 75373-7945
8. MH Lawn Care Vendor $9,092
5895 Benchley Dr
Bryan TX 77807
9. Impact Property Solutions Vendor $4,789
2325 E. Belt Line Rd Suite 200
Carrolton TX 75006
10. Critter Stop Vendor $2,381
1610 Hart Street Suite 102
Southlake TX 76092
11. Zillow Vendor $575
1301 2nd Avenue 36th Floor
Seattle WA 98101
12. Atmos Energy Vendor $228
PO Box 740353
Cincinnati OH 45274-0353
13. City of College Station Vendor $39,171
310 Krenek Tap Road
PO Box 10230
College Station TX 77842-6623
KEN'S BAR-B-QUE: Hires William G. Haeberle CPA as Accountant
------------------------------------------------------------
Ken's Bar-B-Que, Inc. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ William G. Haeberle,
CPA, PLLC as accountant.
The Debtor needs an accountant to prepare its monthly operating
reports and perform other accounting services.
The accountant will charge $300 per month for the monthly operating
reports.
The firm received a retainer of $2,000 from the Debtor.
As disclosed in the court filing, William G. Haeberle, CPA, PLLC is
a "disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
William G. Haeberle, CPA
William G. Haeberle, CPA, PLLC
4446-1A, Suite 245
Jacksonville, FL 32207
Telephone: (904) 245-1304
About Ken's Bar-B-Que Inc.
Ken's Bar-B-Que, Inc. is a Florida-based restaurant company engaged
in the food service industry, specializing in barbecue cuisine.
Ken's Bar-B-Que, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-00499) on February 5, 2026. In
its petition, the Debtor disclosed $1 million to $10 million in
both assets and liabilities.
Judge Jacob A. Brown oversees the case.
The Debtor is represented by Bryan K. Mickler, Esq., at the Law
Offices of Mickler & Mickler, LLP.
KENNEDY CONSTRUCTION: Unsecureds to Split $75K in Plan
------------------------------------------------------
Kennedy Construction Groups, LLC, filed with the U.S. Bankruptcy
Court for the Middle District of Florida a Disclosure Statement
describing Plan of Reorganization dated Feb. 27, 2026.
The Debtor is a family-owned roofing company that has been
servicing the Tampa Bay area since 2019.
The Debtor is a certified Florida roofing contractor with extensive
experience repairing and installing flat, tile, clay, metal,
asphalt shingle and membrane roofs. The Debtor provides both
commercial and residential service.
Since the Petition Date, the Debtor has vacated its prior location.
By moving locations, the Debtor was able to reduce its monthly
rent. The Debtor was also able to reduce its annual insurance
premiums by approximately $48,000. This reduction, combined with an
overall reduction in overhead, has enabled the Debtor to propose a
feasible plan of reorganization.
The Plan has been proposed in good faith and not by any means
forbidden by law. The Plan provides for the continued ownership and
operation of the Debtor by the Debtor's current officers: Melvin
"Gene" Kennedy, Klaus Kunz, and Christina Kennedy-Kirsch.
This Plan of Reorganization proposes to pay creditors of the Debtor
from the Debtor's future earnings.
This Plan provides for twenty-eight classes of secured claims; one
class of general unsecured claims, and one class of equity security
holders. Unsecured creditors holding allowed claims will receive
payment a pro rata distribution on their allowed claim over twelve
quarterly payments. This Plan also provides for the payment of
administrative and priority claims under the terms to the extent
permitted by the Code or by agreement between the Debtor and the
claimant.
Class 29 consists of General Unsecured Claims. The Debtor will fund
a total of $75,000 for payment of claims in this class. Claimants
in this class will be paid a pro rata share of their allowed claim
without interest, in twelve equal quarterly payments of $6,250
commencing on the start of the calendar quarter immediately
following the two-year anniversary of the Effective Date of the
Plan and continuing quarterly thereafter.
Promissory notes will be issued to each creditor in this class with
allowed claims to evidence payments, which promissory notes shall
be enforceable in any court of competent jurisdiction. The amount
of the pro rata distribution will be considered final and binding
thirty days after the filing of the Certificate of Substantial
Consummation by the Debtor.
Class 30 consists of Equity Secured Holders. Equity will retain
ownership in the Debtor post-confirmation. No distributions will be
made to equity until such time as all payments in Class 29 have
been made.
The Plan will be funded by the income generated through the
Debtor's regular business income. Melvin "Gene" Kennedy, Klaus
Kunz, and Christina Kennedy Kirsch shall continue in their current
roles as officers of the Debtor.
A full-text copy of the Disclosure Statement dated Feb. 27, 2026 is
available at https://urlcurt.com/u?l=GBGjTC from PacerMonitor.com
at no charge.
Kennedy Construction Groups, LLC is represented by:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
FORD & SEMACH, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
E-mail: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About Kennedy Construction Groups
Kennedy Construction Groups, LLC, operating as Kennedy Roofing,
provides residential and commercial roofing, gutter, window, and
carpentry services in Florida.
Kennedy Construction Groups sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on October
9, 2025. At the time of the filing, the Debtor had estimated assets
of between $500,001 and $1 million and liabilities of between $1
million and $10 million.
Judge Roberta A. Colton oversees the case.
Ford & Semach, P.A., serves as the Debtor's legal counsel.
KOOMBEA INC: Gets OK to Hire Dal Lago Law as Bankruptcy Counsel
---------------------------------------------------------------
Koombea Inc. received approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Dal Lago Law as counsel.
The firm's services include:
(a) advise the Debtor's rights and duties in the case;
(b) prepare pleadings related to the case, including
developing a plan of reorganization; and
(c) take any and all other necessary actions incident to the
proper preservation and administration of the estate.
The firm's hourly rates for 2025 are:
Michael Dal Lago, Attorney $460
Christian Garret Haman, Attorney $385
Jennifer Duffy, Attorney $360
Kim Christian, Paraprofessional $225
Fatema Bravo, Paraprofessional $175
Frances Vazquez, Paraprofessional $165
Alexia Blakley, Paraprofessional $165
The firm's hourly rates for 2026 are:
Michael Dal Lago, Attorney $485
Christian Garret Haman, Attorney $410
Jennifer Duffy, Attorney $380
Kim Christian, Paraprofessional $240
Fatema Bravo, Paraprofessional $210
Frances Vazquez, Paraprofessional $210
Alexia Blakley, Paraprofessional $200
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the commencement of this case, the firm received an
advanced fee in the amount of $26,238.
Mr. Dal Lago 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 Dal Lago, Esq.
Dal Lago Law
999 Vanderbilt Beach Road, Suite 200
Naples, FL 34108
Telephone: (239) 571-6877
Email: mike@dallagolaw.com
About Koombea Inc.
Koombea Inc., a company based in Miami, Florida, is a digital
product development company that designs and develops mobile and
web applications for startups and established enterprises,
leveraging custom Agile methodologies and artificial intelligence
to enhance innovation, efficiency, and digital presence.
Koombea filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02556) on December
22, 2025, listing between $500,001 and $1 million in assets and
between $1 million and $10 million in liabilities.
Judge Luis Ernesto Rivera II presides over the case.
Michael R. Dal Lago, Esq., at Dal Lago Law represents the Debtor as
counsel.
KOSMOS ENERGY: 2025 Revenues Drop to $1.3B as Net Loss Deepens
--------------------------------------------------------------
Kosmos Energy Ltd. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$699.8 million for the fiscal year ended December 31, 2025,
compared to a net income of $189.9 million for 2024.
Total revenues and other income were $1.3 billion for the fiscal
year ended December 31, 2025, compared to $1.7 billion for 2024.
As of December 31, 2025, the Company had $4.7 billion in total
assets and $3.6 billion in total long-term liabilities, $572.3
million in total current liabilities, and total stockholders'
equity of $528.6 million.
Liquidity and Capital Resources
Kosmos Energy said, "We are actively engaged in an ongoing process
of anticipating and meeting our funding requirements related to our
strategy as a deepwater exploration and production company. We have
historically met our funding requirements through cash flows
generated from our operating activities and obtained additional
funding from issuances of equity and debt, as well as partner
carries."
"Oil prices are historically volatile and could negatively impact
our ability to generate sufficient operating cash flows to meet our
funding requirements. This oil price volatility could impact our
ability to comply with our financial covenants. To partially
mitigate this price volatility, we maintain an active hedging
program and review our capital spending program on a regular basis.
Our investment decisions are based on longer-term commodity prices
based on the nature of our projects and development plans. Current
commodity prices, combined with our hedging program and our current
liquidity position is expected to support our capital program for
2026.
"As such, our 2026 capital budget is based on our exploitation
plans for our producing assets in Ghana, Equatorial Guinea,
Mauritania, Senegal and the Gulf of America, and our development
activities in the Gulf of America and in Mauritania and Senegal.
"Our future financial condition and liquidity can be impacted by,
among other factors, the success of our exploitation, exploration
and appraisal drilling programs, the number of commercially viable
oil and natural gas discoveries made and the quantities of oil and
natural gas discovered, the speed with which we can bring such
discoveries to production, the reliability of our oil and gas
production facilities, our ability to continuously export oil,
natural gas, and LNG and our ability to secure and maintain
partners and their alignment with respect to capital plans, the
actual cost of exploitation, exploration, appraisal and development
of our oil and natural gas assets, and coverage of any claims under
our insurance policies.
"As of December 31, 2025, borrowings under the Facility totaled
approximately $1.2 billion and the undrawn availability under the
facility was $150.0 million. In September 2025, during the Fall
2025 redetermination, the Company's lending syndicate approved a
borrowing base at the full Facility size of $1.35 billion.
"Leverage was elevated in 2025 given lower oil prices and the
impact of operating costs during ramp-up of the GTA Phase 1 project
combined with lower Company production. As a result, in July 2025,
the Company and the Facility lenders agreed to amend the debt cover
ratio required under the Facility. The amendment made this covenant
less restrictive for the two scheduled financial covenant
assessment dates in September 2025 and March 2026, up to a maximum
of 4.0x and 4.25x respectively, and returned to the originally
agreed upon ratio of 3.50x for assessment dates thereafter. In
February 2026, we further amended the debt cover ratio calculation
through September 2026. This most recent amendment makes the
covenant less restrictive for the two scheduled financial covenant
assessment dates in March 2026 and September 2026, up to a maximum
of 4.5x and 4.25x respectively, and for purposes of the financial
covenant assessment date in March 2026, the calculation will be
made excluding the Company's Mauritania and Senegal business unit.
The debt cover ratio returns to the originally agreed upon ratio of
3.5x for assessment dates thereafter. The change is intended to
align the covenant calculation with recent business operations,
lower potential oil prices and the impact of operating costs during
ramp-up of the GTA Phase 1 project on our results of operations."
Significant Sources of Capital
a. Facility
"The Facility supports our oil and gas exploration, appraisal and
development programs and corporate activities. The amount of funds
available to be borrowed under the Facility, also known as the
borrowing base amount, is determined every March and September. The
borrowing base amount is based on the sum of the net present values
of net cash flows and relevant capital expenditures reduced by
certain percentages as well as value attributable to certain
assets' reserves and/or resources in the Jubilee and TEN Fields in
Ghana and the Ceiba Field and Okume Complex in Equatorial Guinea."
"In September 2025, during the Fall 2025 redetermination, the
Company's lending syndicate approved a borrowing base at the full
Facility size of $1.35 billion. As of December 31, 2025, borrowings
under the Facility totaled $1.2 billion and the undrawn
availability under the facility was $150.0 million. In February
2026, the Company used a portion of the net proceeds from the
Nordic bond offering to make a voluntary early principal repayment
of $100.0 million on outstanding borrowings under the Facility.
"The Facility provides a revolving credit and letter of credit
facility. The availability period for the revolving credit facility
expires one month prior to the final maturity date. The letter of
credit facility expires on the final maturity date. The available
facility amount is subject to borrowing base constraints and,
beginning on April 1, 2027, outstanding borrowings will be
constrained by an amortization schedule. The Facility has a final
maturity date of December 31, 2029. As of December 31, 2025, we had
no letters of credit issued under the Facility. We have the right
to cancel all the undrawn commitments under the amended and
restated Facility.
"If an event of default exists under the Facility, the lenders can
accelerate the maturity and exercise other rights and remedies,
including the enforcement of security granted pursuant to the
Facility over certain assets held by our subsidiaries. We were in
compliance with the financial covenants contained in the Facility,
as amended, as of September 30, 2025 (the most recent assessment
date). The Facility contains customary cross default provisions.
"The U.S. and many foreign economies continue to experience
uncertainty driven by varying macroeconomic conditions. Although
some of these economies have shown signs of improvement,
macroeconomic recovery remains uneven. Uncertainty in the
macroeconomic environment and associated global economic conditions
have resulted in extreme volatility in credit, equity, and foreign
currency markets, including the European sovereign debt markets and
volatility in various other markets. If any of the financial
institutions within our Facility are unable to perform on their
commitments, our liquidity could be impacted. We actively monitor
all of the financial institutions participating in our Facility.
None of the financial institutions have indicated to us that they
may be unable to perform on their commitments. In addition, we
periodically review our banking and financing relationships,
considering the stability of the institutions and other aspects of
the relationships. Based on our monitoring activities, we currently
believe our banks will be able to perform on their commitments."
b. Senior Notes
"We have three series of senior notes outstanding, which we
collectively refer to as the "Senior Notes." Our 7.750% Senior
Notes have an outstanding balance of $350.0 million as of December
31, 2025 and mature on May 1, 2027. In February 2026, we used a
portion of the net proceeds from the Nordic bond offering to fund
the repurchase of an aggregate principal amount of $182.5 million
of the 7.750% Senior Notes. Interest is payable on the 7.750%
Senior Notes each May 1 and November 1. Our 7.500% Senior Notes
have an outstanding balance of approximately $400.3 million on
December 31, 2025 and mature on March 1, 2028. Interest is payable
on the 7.500% Senior Notes each March 1 and September 1. Our 8.750%
Senior Notes have an outstanding balance of $500.0 million on
December 31, 2025 and mature on October 1, 2031. Interest is
payable on the 8.750% Senior Notes each April 1 and October 1."
"The Senior Notes are senior, unsecured obligations of Kosmos
Energy Ltd. and rank equally in right of payment with all of its
existing and future senior indebtedness (including the 3.125%
Convertible Senior Notes) and rank effectively junior in right of
payment to all of its existing and future secured indebtedness
(including all borrowings under the Facility). The Senior Notes are
jointly and severally guaranteed on a senior, unsecured basis by
certain subsidiaries owning the Company's Gulf of America assets,
and on a subordinated, unsecured basis by entities that borrow
under, or guarantee, our Facility."
c. 3.125% Convertible Senior Notes due 2030
"We have one series of senior convertible notes outstanding. Our
3.125% Convertible Senior Notes mature on March 15, 2030, unless
earlier converted, redeemed or repurchased. Interest is payable in
arrears each March 15 and September 15, commencing September 15,
2024."
"The 3.125% Convertible Senior Notes are senior, unsecured
obligations of Kosmos Energy Ltd. and rank equal in right of
payment with all of its existing and future senior indebtedness
(including the Senior Notes) and rank effectively junior in right
of payment to all of its existing and future secured indebtedness
(including all borrowings under the Facility, to the extent of the
value of the assets securing such indebtedness). The 3.125%
Convertible Senior Notes are guaranteed on a senior, unsecured
basis by certain of our existing subsidiaries that guarantee on a
senior basis the Senior Notes, and, in certain circumstances,
certain of our existing future subsidiaries. The 3.125% Convertible
Senior Notes are guaranteed on a subordinated, unsecured basis by
certain of our existing subsidiaries that borrow under or guarantee
the Facility and guarantee on a subordinated basis the Senior
Notes, and, in certain circumstances, certain of our existing or
future subsidiaries. The 3.125% Convertible Senior Notes indenture
contains customary terms and covenants.
"In connection with the issuance of the 3.125% Convertible Senior
Notes, the Company entered into capped call transactions. The
Capped Call Transactions are generally expected to reduce potential
dilution to holders of our common stock upon any conversion of the
3.125% Convertible Senior Notes and/or offset any cash payments
that we are required to make in excess of the principal amount of
any 3.125% Convertible Senior Notes that are converted, as the case
may be, with such reduction and/or offset subject to a cap."
d. GoA Term Loan Facility
"On September 24, 2025, the Company entered into a senior secured
term loan credit agreement secured by first priority liens on all
the Company's Gulf of America assets (as defined in the GoA Term
Loan credit agreement). The GoA Term Loan Facility is a four-year
term loan structured in two tranches, with the first tranche an
aggregate principal amount of $150.0 million, which was funded in
October 2025, and a second tranche of an additional $100.0 million,
which was funded in January 2026. The net proceeds were used,
together with cash on hand, to fund the redemption of the $250.0
million in aggregate, of the 7.125% Senior Notes due 2026."
"Interest on outstanding loans under the GoA Term Loan Facility is
payable quarterly in arrears at a rate per annum equal to 3.75%
plus the term SOFR reference rate administered by CME Group
Benchmark Administration Limited for the relevant period published.
The GoA Term Loan Facility is now fully drawn and matures in 2029,
with principal payments beginning June 30, 2026.
"The GoA Term Loan Facility contains customary affirmative and
negative covenants, including covenants that affect our ability to
incur additional indebtedness, create liens, merge, dispose of
assets, and make distributions, dividends, investments or capital
expenditures, among other things. The GoA Term Loan Facility
requires the Company to maintain certain financial covenants
including:
* the GoA field life coverage ratio (as defined in the
glossary), not less than 1.50x; and
* the GoA net leverage ratio (as defined in the glossary), not
more than 3.50x
"The GoA Term Loan Facility includes certain representations and
warranties, indemnities and events of default that, subject to
materiality thresholds and grace periods, arise as a result of a
payment of default, failure to comply with covenants, material
inaccuracy of representation or warranty, and certain bankruptcy or
insolvency proceedings. If there is an event of default, all or any
portion of the outstanding indebtedness may be immediately due and
payable and other rights may be exercised including against the
collateral."
Management Comments
Commenting on the Company's fourth quarter and full year 2025
performance, Chairman and Chief Executive Officer Andrew G. Inglis
said: "2025 was a year of laying the foundation for improved
operational and financial performance. In the past few months, we
are starting to see the results of the team's hard work and expect
to deliver more wins in 2026 as we continue to grow production,
reduce costs and enhance the resilience of our balance sheet.
On production, the Jubilee drilling campaign continues to yield
positive results with the second well online, taking
current gross Jubilee production above 70,000 bopd, in line with
Kosmos' expectations. With five more wells still to come in the
current drilling campaign, sustained water injection and reliable
facility operations, we expect meaningful production growth from
Jubilee through the remainder of the year. On GTA, recent
production has been excellent with the field producing around 2.9
mtpa in 2026 year-to-date. With both of these key assets delivering
as anticipated, we expect 2026 production growth of around 15%
year-on-year.
On costs, FY25 capex was well below budget demonstrating the
continuing rigorous control and allocation of capital. In 2026, we
intend to keep capex levels low and also drive a material reduction
in operating costs of around 20% year-on-year.
On the balance sheet, we have raised $600 million in new capital
over the past few months, reducing our near-term bond maturities
while creating additional liquidity. With the near-term secure, we
remain focused on accelerating absolute debt reduction through free
cash flow generation and non-core asset sales. In 2026, we are
targeting at least 10% debt reduction by year-end.
As we navigate through near-term volatility, our priorities for
Kosmos remain consistent: long term value creation through growing
production, reducing costs and maximizing cash flow to accelerate
debt repayment."
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/mr24tybk
About Kosmos Energy Ltd.
Kosmos Energy Ltd. is a Dallas, Texas based publicly traded
exploration and production company with the main producing assets
offshore West Africa, as well as assets in the US Gulf of America.
As of September 30, 2025, the Company had $5.09 billion in total
assets, $4.19 billion in total liabilities, and $898.78 million in
total stockholders' equity.
* * *
In December 2025, Fitch Ratings has downgraded Kosmos Energy Ltd.'s
Long-Term Company Default Rating (IDR) and senior unsecured ratings
to 'CCC+' from 'B-' and removed them from Rating Watch Negative
(RWN). The Recovery Rating is 'RR4'.
The downgrade reflects increasing risk that Kosmos is unlikely to
meet its financial covenants under the reserve-based lending (RBL)
facility in its March 2026 test. Failure to meet financial
covenants under the RBL facility constitutes an event of default.
Fitch said, "We cannot fully rule out lender acceleration even
though we consider it to be unlikely. We also believe refinancing
risk is still significant for Kosmos despite its recently signed
secured debt funding."
L & J INDUSTRY: Case Summary & Nine Unsecured Creditors
-------------------------------------------------------
Debtor: L & J Industry LLC
605 US 40 Hwy, Unit 147
Blue Springs, MO 64014
Business Description: L & J Industry LLC owns a strip mall at 1826
E. 9th St. in Trenton, Missouri, with an
estimated value of $2.2 million.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Western District of Missouri
Case No.: 26-40375
Judge: Hon. Brian T Fenimore
Debtor's Counsel: Conrad Miller Jr., Esq.
MILLER LAW FIRM PA
7199 W. 98th Ter., Suite 160
Overland Park, KS 66212
Tel: 913-912-7070
Fax: 913-912-7182
E-mail: conrad@mlfks.com
Total Assets: $2,196,000
Total Liabilities: $3,538,182
The petition was signed by Jason L. Lassiter as owner.
A full-text copy of the petition, which includes a list of the
Debtor's Nine unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/LDDSXOA/L__J_Industry_LLC__mowbke-26-40375__0001.0.pdf?mcid=tGE4TAMA
LAMB CONTRACTING: Seeks to Tap Neeleman Law Group as Legal Counsel
------------------------------------------------------------------
Lamb Contracting, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Washington to employ Neeleman Law
Group, PC as counsel.
The firm's services include:
(a) assist the Debtor in the investigation of the financial
affairs of the estate;
(b) provide legal advice and assistance to the Debtor with
respect to matters relating to this case and creditor
distribution;
(c) prepare all pleadings necessary for proceedings arising
under this case; and
(d) perform all necessary legal services for the estate in
relation to this case.
The firm will be paid at these hourly rates:
Principals $600
Associate $475
Paralegal $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $16,738, which includes filing fee,
from the Debtor.
Jennifer Neeleman, Esq., an attorney at Neeleman Law Group,
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:
Jennifer L. Neeleman, Esq.
Neeleman Law Group, PC
1403 8th Street
Marysville, WA 98270
Telephone: (425) 212-4800
Facsimile: (425) 212-4802
Email: jennifer@neelemanlaw.com
About Lamb Contracting LLC
Lamb Contracting, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10395) on
February 8, 2026, listing up to $500,000 in estimated assets and up
to $10 million in estimated liabilities.
Judge Timothy W. Dore oversees the case.
The Debtor tapped Jennifer L. Neeleman, Esq., at Neeleman Law
Group, PC as counsel.
LANDERS DEVELOPMENT: Seeks 30-Day Extension of Plan Filing Deadline
-------------------------------------------------------------------
Landers Development, LLC, asked the U.S. Bankruptcy Court for the
Eastern District of Arkansas to extend its exclusivity periods to
file a plan of reorganization for an additional 30 days.
Pursuant to Section 1121(b) of the Bankruptcy Code, the Debtor's
exclusive period to file a plan currently expires on Feb. 27. The
Debtor's exclusive period to solicit acceptances currently expires
on April 29.
Since the Petition Date, the Debtor has made meaningful and
measurable progress toward reorganization. The Debtor has
stabilized operations and continued to conduct business in the
ordinary course. The Debtor has engaged in ongoing negotiations
with creditors regarding treatment under a proposed plan.
The Debtor explains that it is working to finalize accurate
financial projections and restructuring terms necessary to present
a feasible and confirmable plan of reorganization. Additional time
is required to complete negotiations, refine plan terms, and ensure
that the proposed plan reflects realistic cash flow projections and
sustainable debt restructuring. The requested extension is limited
to thirty days and is not sought for purposes of delay.
The Debtor believes no creditor will be prejudiced by the requested
extension. To the contrary, permitting the Debtor additional time
to finalize a viable plan promotes creditor recoveries and reduces
the likelihood of costly litigation or competing plan proposals.
The Debtor claims that absent an extension, competing plans could
be filed prematurely, potentially disrupting negotiations and
diminishing the Debtor's ability to reorganize successfully.
The Debtor asserts that it is not requesting an extension beyond
the statutory limits set forth in Section 1121(d)(2) of the
Bankruptcy Code. The requested extension is reasonable under the
circumstances and consistent with extensions commonly granted in
reorganizing Chapter 11 cases where progress is being made.
Landers Development LLC is represented by:
Jennifer Lancaster, Esq.
Cornerstone Law Firm, PLLC
400 W. Capitol Ave.
Little Rock, AR 72201
Phone: (501) 776-2224
E-mail: jennifer@cornerstoneAR.law
About Landers Development LLC
Landers Development, LLC, a company in Benton, Arkansas, provides
residential and commercial construction services, including home
building and housing development, primarily within the state.
Landers Development sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13827) on October 31,
2025. In the petition signed by Nick Landers, member, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Phyllis M. Jones oversees the case.
Jennifer Lancaster, Esq., at Lancaster & Lancaster Law Firm,
represents the Debtor as bankruptcy counsel.
LBM ACQUISITION: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based building
materials and products distributor LBM Acquisition LLC (U.S. LBM)
to negative.
S&P also affirmed all its ratings on the company and its debt,
including the 'B-' issuer credit rating.
The negative outlook on U.S. LBM reflects the risk that leverage
remains elevated close to 10x while EBITDA interest coverage
approaches 1x.
Weak industry conditions are pushing U.S. LBM's credit measures
toward unsustainable levels. U.S. LBM's revenue declined 14% in the
fourth quarter and 11% for the full year, leading to an
approximately 35% drop in EBITDA. Industry volumes continue to be
worse than expected, as housing affordability issues are lowering
demand for building materials. Lower prices for commodities such as
lumber also contributed to the declines, as well as customer mix,
some competitive pricing pressure, and reverse operating leverage
from lower volumes.
As such, S&P Global Ratings-adjusted leverage was about 9.6x at the
end of 2025 and EBITDA interest coverage was 1.3x. Free operating
cash flow (FOCF) to debt was adequate at about 4% in 2025 due to
the benefit of inventory unwind, but S&P expects it will be no more
than 1% in 2026 as working capital builds in anticipation of growth
in the second half of 2026.
S&P said, "We forecast credit measures will improve modestly by the
end of 2026 primarily from cost-savings initiatives that begun in
2025, lower nonrecurring costs, and a modest benefit from last
year's acquisitions. We forecast roughly flat revenue as modest
industry declines offset the benefit from commercial initiatives
and higher prices for specialty products.
"We affirmed our rating on LBM because of expected improvement,
adequate liquidity ($688 million available on its ABL), and no
maturities until 2029. Leverage could improve below 9x and EBITDA
interest coverage to 1.5x in 2026, after peaking much higher in the
second quarter. Still, there is no room for underperformance or
worsening housing demand before metrics become unsustainable.
"The industry should be more stable in 2026, but a rebound this
year is unlikely. We view long-term industry dynamics favorably
because of pent-up housing demand and undersupply over the last two
decades. The building materials sector may be close to a trough,
and mortgage rates have improved recently. But S&P Global Ratings
economists project housing starts will be flat to down 1% at about
1.35 million this year. We forecast modest 2% growth in starts in
2027.
"We expect the first half of 2026 to be relatively weak given
recent housing starts, disruptive weather in January and February,
and a difficult comparison to the first half of 2025. We believe
U.S. LBM's leverage could peak above 12x in the second quarter
before improving to under 9x by the end of the year.
"The comparison is easier in the second half. Still, our forecast
assumes a sequential increase in volumes. If affordability remains
challenging, demand may not improve as we expect. Industry
participants expected an improvement in the second half each of the
last two years, and it has not come to fruition. We believe the
company could cut additional costs if industry conditions worsen,
but if U.S. LBM's leverage deteriorates from 2025 levels, we would
likely consider its capital structure unsustainable."
The negative outlook on U.S. LBM reflects the risk that leverage
remains elevated close to 10x and EBITDA interest coverage
approaching 1x.
S&P could lower the ratings over the next 12 months if it views the
capital structure to be unsustainable, exhibited by adjusted
leverage remaining near 10x, EBITDA interest coverage close to 1x,
or free cash flow turning negative. This could occur if:
-- Housing affordability continues to worsen and demand falls
accordingly;
-- Nonrecurring costs do not drop as we expect; or
-- The company fails to achieve expected cost savings;
S&P could revise its outlook to stable if the company returns
leverage toward 8x and EBITDA interest coverage above 1.5x while
generating positive free cash flow.
LONESOME DOVE: Seeks Approval to Tap Cope Associates as Appraisers
------------------------------------------------------------------
Lonesome Dove Land Company, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Louisiana to employ
Cope Associates, LLC as appraisers
The firm will perform an appraisal of the Debtor's property located
at 144 Gotreaux Lane, Oakdale, Louisiana.
The firm will be paid at a flat fee of $3,500. Follow-up work shall
be billed at $150 per hour, plus reimbursement.
Michael Cope, an appraiser at Cope Associates, 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 T. Cope
Cope Associates, LLC
1111 W. University Ave.
Lafayette, LA 70506
Telephone: (337) 234-7768
About Lonesome Dove Land Company LLC
Lonesome Dove Land Company, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La.
Case No. 25-51023) on November 4, 2025, listing $1,000,001 to $10
million in both assets and liabilities.
Judge John W. Kolwe presides over the case.
Noel Steffes Melancon, Esq., at The Steffes Firm, LLC represents
the Debtor as counsel.
LSE PROPERTIES: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: LSE Properties, LLC
844 Lake Sherwood Dr
Westlake Village, CA 91361
Business Description: LSE Properties, LLC provides real
estate services related to property transactions, assisting clients
with the purchase, sale, and leasing of residential and commercial
properties, and delivering related support services within the real
estate industry.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Central District of California
Case No.: 26-10299
Judge: Hon. Ronald A Clifford III
Debtor's Counsel: Tegan Rodkey, Esq.
RESOLVE LAW GROUP
6345 Batboa Blvd Ste 247
Encino CA 91316
E-mail: tegan@resolvelawgroup.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dean Bornstein as managing 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/NVDZCZA/LSE_Properties_LLC__cacbke-26-10299__0001.0.pdf?mcid=tGE4TAMA
MACC ENTERPRISES: Hires Porter Wright Morris & Arthur as Counsel
----------------------------------------------------------------
MACC Enterprises, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to employ Porter Wright Morris &
Arthur LLP as counsel.
The firm will provide these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management of its affairs;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(c) take all necessary action to protect and preserve the
Debtor's estate;
(d) prepare on behalf of the Debtor certain legal papers
necessary to the administration of the estate;
(e) promote the plan of reorganization, disclosure statement,
and all related agreements and/or documents filed contemporaneously
herewith or hereafter, and take any necessary action on behalf of
the Debtor to obtain confirmation of such plan, as necessary;
(f) advise the Debtor in connection with any potential sale of
assets;
(g) appear before this Court, any appellate courts, and the
United States Trustee and protect the interests of the Debtor's
estate before such courts and the United States Trustee;
(h) consult with the Debtor regarding tax matters; and
(i) 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 hourly rates:
Tami Kirby, Attorney $390
Associates $260 - $350
Paralegals $150 - $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $10,000 from the Debtor.
Ms. Kirby 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:
Tami Hart Kirby, Esq.
Porter Wright Morris & Arthur LLP
One South Main Street, Suite 1600
Dayton, OH 45402
Telephone: (937) 449-6721
Facsimile: (937) 449-6820
Email: tkirby@porterwright.com
About MACC Enterprises LLC
MACC Enterprises, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-50569) on
February 9, 2026. In the petition signed by Michael S. Bower,
owner, the Debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.
Judge Tiffany Strelow Cobb represents the Debtor as counsel.
Tami Hart Kirby, Esq., at Porter Wright Morris & Arthur, LLP
represents the Debtor as counsel.
MARELLI AUTOMOTIVE: Tesla Steps Down as Committee Member
--------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing the
resignation of Tesla, Inc. from the official committee of unsecured
creditors in the Chapter 11 cases of Marelli Automotive Lighting
USA, LLC and its affiliates.
The remaining members of the committee are:
1. Nissan North America, Inc.
Attn: Joseph Hession
1 Nissan Way
Franklin, TN 37067
Phone: 615-725-1000
Email: joseph.hession@nissan-usa.com
2. Mazda North American Operations
Attn: Christopher Wilson
200 Spectrum Center Drive, Suite 100
Irvine, CA 92618
Email: cwilso70@mazdausa.com
3. Avnet, Inc.
Attn: Dennis Losik
2211 S. 47th Street
Phoenix, AZ 85034
Phone: 847-396 7401
Email: dennis.losik@avnet.com
About Marelli Automotive Lighting USA
Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.
Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11. 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.
Judge Brendan Linehan Shannon handles the cases.
The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor. PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.
MASHANTUCKET (WESTERN): S&P Lowers ICR to 'CCC-', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Mashantucket
(Western) Pequot Tribe to 'CCC-' from 'CCC' and issue-level rating
on the Tribe's existing term loan B to 'CCC-' from 'CCC'.
The negative outlook reflects that Mashantucket will likely
consider a debt restructuring that S&P would consider as tantamount
to default under our criteria in the next six months given our view
that the Tribe's capital structure is unsustainable.
S&P said, "We expect upcoming contractual events to increase the
risk that Mashantucket will restructure its very large,
subordinated debt outstanding (plus accrued interest over a decade)
in a manner that is tantamount to default under our criteria,
possibly within the next six months.
"We believe the Tribe is motivated to potentially restructure
within the next six months. This is because the anticipated
repayment of its outstanding senior debt will lead to the
termination of the Intercreditor Agreement. We anticipate the term
loan B ($80 million outstanding as of Dec. 31, 2025) will be fully
repaid by early 2027 given our cash flow forecast. Therefore,
following the repayment of senior debt, Mashantucket will be
contractually obligated to make payments to the junior debtholders.
The 'CCC-' issuer credit rating reflects our expectation that
Mashantucket will likely seek a restructuring to address the $2.2
billion owed, including accrued interest, to the junior
debtholders, ahead of its contractual obligation. We believe this
will most likely result in creditor impairment, given the Tribe's
very high leverage and EBITDA coverage of total interest expense
well below 1x."
Mashantucket remains current on the interest payments under its
term loan B but has not made cash interest payments to junior
debtholders following receipt of a specified default notice from
senior lenders in September 2014 that effectively blocks cash
interest payments to junior debtholders. Mashantucket's senior
lenders sent the blocking notice because the Tribe failed to comply
with certain financial covenants under its senior credit facility
as of the June 30, 2014, test date. Therefore, senior lenders
exercised their right to block cash interest payments to
Mashantucket's junior debtholders to preserve liquidity for
themselves. Under the terms of its debt agreements, Mashantucket is
allowed to accrue or make payments in kind on the junior debt until
senior lenders waive the blocking notice. S&P views this as a
breach of an imputed, rather than contractual, promise. Although
junior lenders expected timely cash interest payments, the
contractual provisions of the debt agreements, including the
indentures and the intercreditor agreement, allow for the accrual
of interest following the receipt of a specified default notice
that blocks cash payments to junior debtholders.
The negative outlook reflects that Mashantucket will likely seek a
restructuring in the next six months as the upcoming senior debt
repayment approaches and S&P's view that its capital structure is
unsustainable.
S&P could lower its rating to 'D' (default) if the company pursues
a debt restructuring or maturity extension in a way it could view
as a distressed exchange tantamount to a default.
S&P believes an upgrade is unlikely prior to a debt restructuring
given the unsustainable capital structure.
MATADOR RESOURCES: Fitch Rates New Unsec. Notes Due 2034 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of
'RR4' to Matador Resources Company's proposed senior unsecured
notes due 2034. The company intends to use the notes' net proceeds
to repurchase its existing 6.875% senior notes due 2028 via a cash
tender offer, pay related fees and repay credit facility
borrowings.
Matador's 'BB' Issuer Default Rating (IDR) reflects its large,
oil-focused Delaware asset base, Fitch's expectation of positive
FCF generation through the forecast period, sub-1.5x midcycle
EBITDA leverage and ample liquidity. The Stable Outlook reflects
Fitch's expectation of low single-digit production growth and
continued FCF generation while maintaining low leverage.
Key Rating Drivers
Notes Issuance Extends Maturities: Fitch believes Matador's
proposed senior unsecured note offering and tender offer for its
2028 notes will meaningfully extend the maturity profile and
provide ample runway to generate FCF and execute on growth
initiatives. The refinance transaction provides Matador with over
six years of maturity runway and will have minimal impact on
Matador's mid-cycle EBITDA leverage metrics, which Fitch views
favorably.
Low Single-Digit Growth Plan: Fitch views Matador's 2026 growth
plan favorably as it is expected to generate strong FCF and result
in full-year production of approximately 209,500-215,000 barrels of
oil equivalent per day (mboed). Management has guided toward
full-year total capex of between $1.45 billion and $1.55 billion
with similar operating expenses per barrel as 2025. This translates
to around 3% production growth with 11% less capital spending
compared with full-year 2025 which Fitch expects will enhance FCF
generation.
Delaware-Focused Asset Base: As of 4Q25, Matador's asset profile
consists of approximately 212,500 net acres in the core of the
Delaware Basin split primarily between Eddy and Lea counties, in
addition to smaller non-core acreage positions in the Haynesville
and Cotton Valley. The company's Delaware acreage has high oil
exposure of approximately 57%, is largely held by production and
supports two-mile laterals or longer across most drilling
locations. Fitch believes the high-quality asset profile supports
the company's FCF-focused strategy and should lead to continued
improvements in drilling and completions costs per foot and
efficiency gains.
Supportive Midstream Assets: Matador's midstream joint venture
assets at San Mateo provide operational benefits through overall
reduced transportation costs, flow assurance and lower marketing
fees in addition to performance incentives from partner Five Point
Energy LLC. The San Mateo assets consist of approximately 660 miles
of three-stream pipelines, 720 MMcf/d of gas processing capacity,
and 475 Mbbl/d of water disposal capacity and oil gathering and
transportation systems, which covers nearly all of Matador's
Delaware acreage.
Peer Analysis
Matador's 4Q25 production averaged 211.3 mboed (57% oil) which is
similar to Murphy Oil Corp. (BB+/Stable; 207 mboed in 3Q25), but
smaller than SM Energy Company (BB+/Stable; 526 mboepd following
the Civitas merger) and Permian Resources, Corp. (BBB-/Stable;
410.2 mboed).
The company's continued cost reduction efforts and high oil mix
result in Fitch-calculated unhedged cash netbacks consistently
toward the high end of the peer group. The company's projected
sub-1.5x mid-cycle EBITDA leverage is consistent with most peers.
Fitch’s Key Rating-Case Assumptions
- West Texas Intermediate oil prices of $58/bbl in 2026 and 2027
and $57/bbl thereafter;
- Henry Hub natural gas prices of $3.50/mcf in 2026, $3.00/mcf in
2027 and $2.75/mcf in 2028 and thereafter;
- 2026 production of 209.5-215 mboed with a low single-digit
increase thereafter;
- 2026 total capex of around $1.5 billion and relatively flat
thereafter;
- Measured increases in the fixed dividend;
- No material M&A activity.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb-,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bb, Higher), Profitability (bb,
Higher), Financial Structure (aa-, Lower), and Financial
Flexibility (bbb-, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 10% for the forecast year 2025, 10% for the forecast year
2026, 15% for the forecast year 2027 and 55% for the forecast year
2028.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'a+' results in no
adjustment.
- The SCP is 'bb'
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Change in financial policy that reduces financial flexibility
and/or overly debt-funded M&A;
- Inability to extend economic inventory life that leads to
expectations for weakened unit economics;
- Midcycle EBITDA leverage sustained above 2.5x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increased size and scale evidenced by average daily production
approaching 250 mboed with similar oil mix;
- Maintenance of economic inventory life while maintaining
competitive unit economics;
- Midcycle EBITDA leverage sustained below 2.0x.
Liquidity and Debt Structure
At 4Q25, Matador had $15 million of cash on hand and around $1,850
million of availability under its $2.25 billion RBL credit
facility. The liquidity profile and RBL availability will improve
following the proposed notes issuance and subsequent repayment of
RBL borrowings, which Fitch views favorably.
Issuer Profile
Matador Resources Company is an independent exploration and
production company focused on the Delaware Basin in Southwest New
Mexico and West Texas.
Date of Relevant Committee
09-Feb-2026
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
Matador's Climate.VS is 54 out of 100 in 2035, which is in-line
with North American upstream liquids-focused producers and
Matador's rated peers. Key transition risks arise from potential
reduction in demand driven by policies designed to reduce the use
of oil and gas in the global economy and, in the shorter term, from
policies designed to limit greenhouse gas emissions from oil and
gas production.
These risks do not have a material influence on the rating, given
the long timeframe over which the transition may take place and
uncertainty regarding the extent and nature of changes and markets'
and companies' reaction to them.
Matador has shown strong improvements in per-barrel greenhouse gas
emissions, methane intensity, flaring intensity and water recycling
since 2019 and publishes this data in their annual sustainability
report, although the company does not have long-term scope 1 and
scope 2 emissions reduction targets.
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
----------- ------ --------
Matador Resources
Company
senior unsecured LT BB New Rating RR
MAZAIA HB: Case Summary & Two Unsecured Creditors
-------------------------------------------------
Debtor: Mazaia HB LLC
18558 Gale Ave #338
Rowland Heights CA 91748
Business Description: Mazaia HB LLC is a real estate company that
owns and operates a commercial property
located at 20042 Beach Blvd., Huntington
Beach, California, and focuses on the
ownership and management of that office
building.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
Central District of California
Case No.: 26-12045
Debtor's Counsel: Robert Altagen, Esq.
ROBERT S ALTAGEN
1111 Corporate Center Drive #201
Monterey Park CA 91754
Tel: (323) 268-9588
E-mail: robertaltagen@altagenlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Zhaoyi Feng as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's two unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/35LROYQ/Mazaia_HB_LLC__cacbke-26-12045__0001.0.pdf?mcid=tGE4TAMA
MEDALLIA INC: Blackstone Secured Marks $393MM 1L Loan at 22% Off
----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $393,698,000 loan
extended to Medallia, Inc. to market at $306,100,000 or 78% of the
outstanding amount, according to Blackstone Secured's 10-K for the
fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission on Feb. 25, 2026.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Medallia, Inc. The Loan accrues interest at a rate
of SOFR + 6.00 % 9.70 % per annum. The Loan matures on Oct. 29,
2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Medallia, Inc
Medallia, Inc. is a software and analytics company that provides
customer and employee experience management solutions to enterprise
clients.
MELPRO LLC: Case Summary & Three Unsecured Creditors
----------------------------------------------------
Debtor: MelPro, LLC
501 Mellon Street, SE
Washington, DC 20032
Business Description: MelPro, LLC, a single-asset real estate
company, owns residential property at 501
Mellon Street SE in Washington, DC,
consisting of an apartment building valued
at approximately $1.5 million.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
District of Columbia
Case No.: 26-00098
Judge: Hon. Elizabeth L Gunn
Debtor's Counsel: William C. Johnson, Jr., Esq.
THE JOHNSON LAW GROUP, LLC
6305 Ivy Lane
Suite 630
Greenbelt, MD 20770
Tel: (301) 477-3450
E-mail: William@JohnsonLG.Law
Total Assets: $1,500,000
Total Liabilities: $1,044,000
The petition was signed by Dennis Bobo as CEO.
A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/EVNAX3Y/MelPro_LLC__dcbke-26-00098__0001.0.pdf?mcid=tGE4TAMA
MEM HOLDINGS: Seeks to Hire Neeleman Law Group as Legal Counsel
---------------------------------------------------------------
MEM Holdings, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ Neeleman Law Group, PC
as counsel.
The firm's services include:
(a) assist the Debtor in the investigation of the financial
affairs of the estate;
(b) provide legal advice and assistance to the Debtor with
respect to matters relating to this case and creditor
distribution;
(c) prepare all pleadings necessary for proceedings arising
under this case; and
(d) perform all necessary legal services for the estate in
relation to this case.
The firm will be paid at these hourly rates:
Principals $600
Associate $475
Paralegal $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $9,295 from the Debtor.
Jennifer Neeleman, Esq., an attorney at Neeleman Law Group,
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:
Jennifer L. Neeleman, Esq.
Neeleman Law Group, PC
1403 8th Street
Marysville, WA 98270
Telephone: (425) 212-4800
Facsimile: (425) 212-4802
Email: jennifer@neelemanlaw.com
About MEM Holdings LLC
MEM Holdings, LLC is a single-asset real estate company focused on
owning or managing one primary property, engaging in activities
such as property management, and appraisal services, and is
classified under NAICS 5313.
MEM Holdings sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10294) on January
29, 2026. In the petition signed by Maximillian Mudarri, sole
member, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Christopher M. Alston oversees the case.
The Debtor tapped Jennifer L. Neeleman, Esq., at Neeleman Law
Group, PC as counsel.
MEZMEREYES PLLC: Claims to be Paid from Disposable Income
---------------------------------------------------------
Mezmereyes, PLLC, filed with the U.S. Bankruptcy Court for the
Eastern District of Texas a Plan of Reorganization dated Feb. 27,
2026.
Founded in 2013, the Debtor operates an optometry practice in two
locations in Frisco, Texas that specializes in the evaluation and
treatment of glaucoma, Diabetic eye care management, contact lens
exams/fittings and cataract and Lasik co-management.
The Debtor employs two staff members and one doctor, which is the
Debtor's owner, Kirt Patel, OD. Dr. Patel is a board certified
Therapeutic Optometrist and Glaucoma Specialist with over 20 years
of experience in the medical field.
Class 4 consists of Allowed General Unsecured Claims. The Debtor
shall make all payments identified on the Projections under the
line item "General Unsecured Creditors," which constitutes the
Debtor's Disposable Income. The Holders of Allowed Unsecured Claims
shall receive their pro rata share of the payments identified on
the Projections. Holders of General Unsecured Claims are impaired
and entitled to vote on the Plan.
Class 5 consists of Allowed Equity Interest in the Debtor. Pursuant
to this Plan, the Equity Interest of the Debtor shall remain vested
with the Debtor's owner, Kirtesh Patel, OD. The Holder of Allowed
Equity Interest is deemed to have accepted the Plan and is not
entitled to vote on the Plan.
The Reorganized Debtor shall be allowed to cure up to three
defaults. Upon a fourth default, the Holder of the Allowed
Unsecured Claim at its option, may declare the default noncureable
and proceed to collect the remainder of the debt under state law.
The Equity Interest of the Debtor shall remain vested with the
Debtor's owner, Kirtesh Patel, OD.
From and after the Effective Date, the Debtor will continue to
exist as a Reorganized Debtor. By reducing the Debtor's monthly
obligations to creditors to the Reorganized Debtor's Disposable
Income, the Reorganized Debtor will have sufficient cash to
maintain operations and will allow the Reorganized Debtor to
successfully operate following the Effective Date of the Plan.
During the period from the Confirmation Date through and until the
Effective Date, the Debtor shall continue to operate its business
as a debtor-in-possession, subject to the oversight of the
Bankruptcy Court as provided in the Bankruptcy Code, the Bankruptcy
Rules, and all orders of the Bankruptcy Court that are then in full
force and effect.
A full-text copy of the Plan of Reorganization dated Feb. 27, 2026
is available at https://urlcurt.com/u?l=AlAiHd from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Brandon J. Tittle, Esq.
TITTLE LAW FIRM, PLLC
1125 Legacy Dr., Ste. 230
Frisco, TX 75034
Telephone: (972) 213-2316
E-mail: btittle@tittlelawgroup.com
About Mezmereyes PLLC
Mezmereyes, PLLC, operates an optometry practice in two locations
in Frisco, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43708) on Dec. 5,
2025. In the petition signed by Kirtesh Patel, member, the Debtor
disclosed up to $100,000 in assets and up to $1 million in
liabilities.
Judge Brenda T. Rhoades oversees the case.
Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the
Debtor as legal counsel.
MIRROR LAKE: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
Mirror Lake Village, LLC received interim approval from the U.S.
Bankruptcy Court for the Western District of Washington, Seattle,
to use cash collateral to fund operations.
The court authorized the Debtor to use cash collateral in
accordance with its budget from March 4 through May 8 or upon
occurrence of so-called termination events.
Termination events include the dismissal or conversion of the
Debtor's Chapter 11 case; appointment or election of a trustee,
examiner or any other similar person with expanded powers beyond
investigatory alone; entry of an order staying, modifying or
reversing the interim order; failure to comply with the interim
order; or entry of an order granting a third party relief from the
automatic stay to proceed against any pre-bankruptcy collateral,
including cash collateral.
As of the petition date, the Debtor owed $13.5 million and $17.2
million to Forbright Bank and Northwest Bank, respectively. Both
banks are secured by deeds of trust against the Debtor's senior
living facility located at 31000 Ninth Place SW in Federal Way.
As protection, the banks will be granted replacement liens on and
security interests in all post-petition collateral. As additional
protection, Forbright Bank will receive regular semi-annual payment
of $354,438 form the Debtor.
The order is available at https://is.gd/eF0qMj from
PacerMonitor.com.
The final hearing is set for May 7.
Mirror Lake Village is owned and operated by Xiaoping Zhu and a
group of investors, runs a senior living facility in Federal Way,
Washington, offering independent living, assisted living, and
memory care services, along with nearby vacant land.
After nearly 20 years at Microsoft, Zhu founded the Debtor in 2013,
acquiring the property in 2014 and overseeing its development,
which opened in March 2021. The project faced delays and cost
overruns due to COVID-19, economic uncertainty, and refinancing,
leading to higher-than-anticipated debt. The facility initially
struggled with operational inefficiencies and low occupancy under a
prior operator, prompting the Debtor to hire Brightwater Senior
Living on consultant advice, though Northwest Bank, one of the
lenders, refused to extend its loan and sought foreclosure.
The Debtor's operations are funded primarily through resident rent
and service fees, which constitute approximately two-thirds and
one-third of revenue, respectively.
Forbright Bank is represented by:
Gregory R. Fox, Esq.
Alena Ivanov, Esq.
Ballard Spahr LLP
1301 Second Avenue, Suite 2800
Seattle, WA 98101
Telephone: (206) 223-7952 / (206) 223-7129
foxg@ballardspahr.com
ivanova@ballardspahr.com
Northwest Bank is represented by:
Tara J. Schleicher, Esq.
Foster Garvey PC
121 SW Morrison Street, Suite 1100
Portland, OR 97204
Telephone No. (503) 228-3939
Facsimile No. (503) 226-0259
tara.schleicher@foster.com
About Mirror Lake Village LLC
Mirror Lake Village, LLC runs a senior living facility in Federal
Way, Washington, offering independent living, assisted living, and
memory care services, along with nearby vacant land.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10599-CMA) on
February 27, 2026. In the petition signed by Philip Kaestle,
designated officer, the Debor disclosed up to $50 million in both
assets and liabilities.
Judge Christopher M. Alston oversees the case.
Amit D. Ranade, Esq., at Snell & Wilmer, represents the Debtor as
legal counsel.
MK RE HOLDINGS: Seeks to Extend Plan Filing Deadline to April 30
----------------------------------------------------------------
MK RE Holdings, LLC asked the U.S. Bankruptcy Court for the Eastern
District of Wisconsin to extend its period to file a plan of
reorganization to April 30, 2026.
This is the Debtor's second request for an extension of the
deadline to file a plan. Since the initial request the Debtor
served subpoenas on Landmark Credit Union and Smart Asset Realty.
Earlier this month, they produced over 2,000 documents for the
Debtor to review.
The purpose of the Debtor's request is to assess the veracity of
the claim Landmark has filed in the Debtor's case and investigate
potential causes of action the Debtor may have against Landmark.
The Debtor has not had an opportunity to review the documents. The
extension will provide time to review the documents, take
examinations, and negotiate with Landmark, the Debtor's largest
secured creditor.
The Debtor explains that the purpose of the extension is to allow
the company to complete its review of the documents produced by
Landmark and Smart Asset, fully vet and explore the potential sale,
and otherwise rent vacant units to improve its cashflow.
The Debtor claims that it did not anticipate or control the timing
of the offer to purchase. The additional time will allow the Debtor
to explore a sale option.
Finally, the Debtor is not responsible for the Wisconsin winter and
impact it has on occupancy rates. The Debtor's ability to propose a
feasible plan and projected disposable income will be impacted by
the occupancy rates.
The Debtor submits that its progress to date in this case is
substantial and reasonable and that it has made adequate process in
the face of significant administrative challenges. No one would be
suited by the Debtor filing a "placeholder plan," only to
potentially alter the plan drastically a month or two later. This
would only serve to increase costs and impede the subchapter v
reorganization process. Rather, all parties are best served by a
short extension of approximately two and half months so that the
Debtor may file its plan with all necessary information available
to it.
MK RE Holdings, LLC is represented by:
Evan P. Schmit, Esq.
Nicholas W. Kerkman, Esq.
KERKMAN & DUNN
839 N. Jefferson St., Ste. 400
Milwaukee, WI 53202-3744
Tel: 414-277-8200
Email: eschmit@kerkmandunn.com
About MK RE Holdings LLC
MK RE Holdings, LLC, filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25541) on
Sept. 30, 2025, listing between $1 million and $10 million in
assets and between $500,001 and $1 million in liabilities.
Judge G. Michael Halfenger presides over the case.
Evan Schmit, Esq., at Kerkman & Dunn, represents the Debtor as
legal counsel.
MNH ENTERPRISE: Hires Andrew S. Cho as Reorganization Counsel
-------------------------------------------------------------
MNH Enterprise, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ the Law Office of
Andrew s. Cho as counsel.
The firm will render these services:
(a) advise and assist the Debtor with respect to compliance
with the requirements of the United States Trustee;
(b) advise the Debtor regarding matters of bankruptcy law;
(c) represent the Debtor in any proceedings or hearings before
this Court and in any action in any other court where its rights
under the Bankruptcy Code may be affected;
(d) conduct examinations of witnesses, claimants, or adverse
parties and to prepare and assist in the preparation of reports,
accounts, and pleadings related to the Debtor's Chapter 11 case;
(e) advise the Debtor concerning the requirements of the
Bankruptcy Code and applicable rules as the same may affect it in
its Chapter 11 case;
(f) assist the Debtor in the formulation, negotiation,
confirmation, and implementation of a Chapter 11 plan of
reorganization, liquidation or combination thereof; and
(g) take such other action and perform such other services as
the Debtor may require in connection with its Chapter 11 case.
The firm will be paid at these hourly rates:
Brett Weiss, Attorney $695
Andrew Cho, Attorney $425
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $25,000 from the Debtor.
Mr. Weiss 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:
Brett Weiss, Esq.
Law Office of Andrew S. Cho
505 North Euclid Street, Suite 560
Anaheim, CA 92801
Telephone: (714) 881-0009
Facsimile: (714) 882-6915
Email: andrew@ascholaw.com
About MNH Enterprise Inc.
MNH Enterprise, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10408) on February
10, 2026, with $100,001 to $500,000 in assets and $1 million to $10
million in liabilities.
Andrew S. Cho, Esq., represents the Debtor as counsel.
MONTEREY FINANCING: Blackstone Marks DKK$4.8MM 1L Loan at 85% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its DKK$4,819,000 loan
extended to Monterey Financing, S.à r.l. to market at DKK$739,000
or 15% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Monterey Financing, S.à r.l. The Loan accrues
interest at a rate of CI + 6.00%, 7.98% per annum. The Loan matures
on Sept. 28, 2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Monterey Financing, S.à r.l.
Monterey Financing, S.à r.l. is a Luxembourg-based financing
vehicle used to raise and intermediate debt capital for its sponsor
or affiliated operating businesses.
MONTEREY FINANCING: Blackstone Marks NOK$5.1MM 1L Loan at 90% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its NOK$5,149,000 loan
issued by Monterey Financing, S.à r.l. to market at NOK$498,000 or
10% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Monterey Financing, S.à r.l. The loan accrues an
interest at a rate of N + 6.00%, 10.14% per annum. The loan matures
on Sept. 28, 2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Monterey Financing, S.à r.l.
Monterey Financing, S.à r.l. is a Luxembourg-based financing
vehicle used to raise and intermediate debt capital for its sponsor
or affiliated operating businesses.
MONTEREY FINANCING: Blackstone Marks SEK$2MM 1L Loan at 89% Off
---------------------------------------------------------------
Blackstone Secured Lending Fund has marked its SEK$2,090,000 loan
extended to Monterey Financing, S.à r.l. to market at SEK$221,000
or 11% of the outstanding amount, according to Blackstone Secured's
Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the
U.S. Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a loan extended
to Monterey Financing, S.à r.l. The Loan accrues interest at a
rate of ST + 6.00%, 7.85% per annum. The Loan matures on Sept. 28,
2029.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Monterey Financing, S.à r.l.
Monterey Financing, S.à r.l. is a Luxembourg-based financing
vehicle used to raise and intermediate debt capital for its sponsor
or affiliated operating businesses.
MOOG INC: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Moog Inc. to positive
from stable and affirmed its 'BB+' issuer credit rating.
S&P said, "At the same time, we assigned our 'BB+' with a recovery
rating of '3' (50%-70%; round estimate: 55%) issue-level rating to
the refinanced senior secured debt and 'BB' issue-level rating and
'5' recovery rating (10%-30%; rounded estimate: 10%) to the
proposed $500 million senior unsecured notes.
"The positive outlook reflects our expectation Moog will improve
its credit metrics, including funds from operations (FFO) to debt
of over 30% by the end of 2026 and potentially higher in 2027. We
expect the company's leverage will likely remain below 3.0x over
the same period."
Moog Inc. has proposed issuing up to $500 million of senior
unsecured notes. The company will use the proceeds from the
issuance to repay its existing 4.25% notes maturing 2027. The
company also refinanced its senior secured debt facilities to
extend the maturity to 2031.
Moog enters 2026 with strong momentum from robust demand across its
key end markets, including defense, space, and commercial aircraft.
S&P expects the company will improve its credit metrics beyond our
previous forecast.
S&P said, "We expect robust revenue growth driven by demand across
key end markets. We expect Moog's top line to grow 10%-15% in 2026,
supported by favorable market conditions across all its segments.
Given the current geopolitical environment, we expect sustained
growth from robust demand across the company's defense platforms
(including munitions and the F-35, among other existing defense
weapon systems) while next-generation defense systems such as MV-75
drive medium term growth as the programs shift from development to
production. Additionally, we expect the commercial aircraft segment
to realize material growth, as build rates across key platforms
continue to improve in the near term, The industrial segment also
benefits from emerging demand for cooling equipment for new data
centers and stable demand for medical equipment."
S&P expects the space and defense end markets to be the main
contributor to growth, especially as elevated global tensions drive
near-term demand for munitions, launch vehicles, drones, and other
air weapon systems globally. Demand in such platforms drives demand
for Moog-related mobility and flight control content and is in line
with platform original equipment manufacturers' (OEMs) plans to
increase capacity and improve production levels. Aftermarket
services related to military and commercial aircraft platforms
remains robust because utilization is strong.
Increasing production of both commercial widebody and narrow body
platforms by OEMs will likely contribute to top-line growth. Demand
for widebody aircraft remains higher than supply. S&P said, "Supply
chain bottlenecks have created a challenge for the OEMs to ramp up,
however we see some signs of easing. Amid higher utilization of the
existing fleet per strong travel demand, we also expect demand for
aftermarket repairs of aircraft to remain high through 2027."
S&P said, "We expect credit metrics to gradually improve through
mix and margin expansion. A more favorable product mix, higher
production volumes, and ongoing operational optimization
initiatives will likely improve margins. However, margin expansion
is vulnerable to potential tariff increases. We expect material
EBITDA growth as top line growth is met with improved S&P Global
Ratings-adjusted EBITDA margins increasing to levels between 14.5%
and 15.0% over the forecast period. Further, the company's efforts
to improve working capital swings should contribute to improved
free operating cash flow (FOCF) over the next two years. As a
result, we project S&P Global Ratings-adjusted debt to EBITDA to
remain below 3.0x over the forecast period. We expect FFO to debt
to see improvement, reaching between 27% and 32% in 2026, and
increasing further as volumes improve in 2027, to between 30% and
35%.
"We expect capital allocation priorities to balance business growth
and shareholder returns. The company's positive free cash flow
generation incorporates ongoing investments in its existing
operations, which remain critical to achieving its organic growth
objectives. While Moog may pursue small tuck-in acquisitions that
complement its existing segments, we expect such transactions to be
within the scope of our forecast. We anticipate that improvement in
credit measures will likely result from earnings and cash flow
growth and that the company will likely refinance debt as it comes
due. In February 2026, Moog refinanced its credit facilities and
extended the maturities to 2031, which improved its debt maturity
profile. At the same time, we expect shareholder returns to remain
consistent through regular dividend payments and opportunistic
share repurchases, all while maintaining credit metrics at levels
appropriate for the existing rating.
"The positive outlook reflects our expectation that credit metrics
will improve to levels consistent with a higher rating by the end
of 2026, with further improvement in 2027. This stems from robust
demand across key end markets, driving stronger volumes while
improved pricing expands margins. We expect FFO to debt above 30%
by the end of 2026, improving to the 35%-37% range in 2027."
S&P could revise its outlook to stable over the next 12 months if
it expects FFO to debt will remain below 30%. This could occur if:
-- Demand across key end markets weakens;
-- Supply chain pressures become stronger, eroding margins; or
-- The company pursues a more aggressive financial policy,
inclusive of large debt-funded acquisitions or share repurchases.
S&P could raise its ratings on Moog in the next 12 months if it
sustains FFO to debt of above 30% and its FOCF to debt rises above
15% and is expected to remain as such levels even with moderate
potential acquisitions, shareholder returns, and business
volatility. This could occur if:
-- Earnings and cash flow improve more than we expect due to
stronger demand in commercial aerospace and defense; and
-- Management commits to maintain a financial policy that supports
credit metrics remaining appropriate for the rating.
MORA OAK: Matthew Brash of Newpoint Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint
Advisors Corporation as Subchapter V trustee for Mora Oak Park
LLC.
Mr. Brash will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Brash declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Matthew Brash
Newpoint Advisors Corporation
655 Deerfield Road, Suite 100-311
Deerfield, IL 60015
Tel: (847) 404-7845
About Mora Oak Park LLC
Mora Oak Park LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03137) on Feb. 23,
2026, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
David R. Herzog, Esq. at the Law Offices of David R Herzog
represents the Debtor as bankruptcy counsel.
MORE OPPORTUNITY: Taps Haller Group PLC to Provide Tax Services
---------------------------------------------------------------
More Opportunity Regarding Education, Inc. seeks approval from the
U.S. Bankruptcy Court for the District of Arizona to employ Haller
Group, PLC, to assist the Debtor in the preparation of its annual
tax returns.
The firm will charge $395 per hour for its services. The estimated
cost to prepare the return should be between $2,000 and $2,250, for
estimation and budget purposes.
Michael Haller, EA of Haller Group, PLC assured the court that the
firm is a "disinterested person" within the meaning of 11 U.S.C.
Sec. 101(14).
The firm can be reached through:
Michael Haller, EA
Haller Group, PLC
1001 East Warner Road, 23 Suite 102
Tempe, AZ 85284
Tel: (480) 396-9940
About More Opportunity Regarding Education, Inc.
More Opportunity Regarding Education, Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No.
26-01245) on February 11, 2026, with $50,001 to $100,000 in assets
and $50,001 to $100,000 in liabilities.
Judge Daniel P. Collins presides over the case.
Allan Newdelman, Esq., at Allan D Newdelman, PC represents the
Debtor as legal counsel.
NEW PIPE PLUMBING: Soneet Kapila Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Soneet Kapila of
Kapila Mukamal as Subchapter V trustee for New Pipe Plumbing, Inc.
Mr. Kapila will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Kapila declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Soneet R. Kapila
Kapila Mukamal
1000 South Federal Highway, Suite 200
Fort Lauderdale, FL 33316
Tel: (954) 761-1011
Email: skapila@kapilamukamal.com
About New Pipe Plumbing Inc.
New Pipe Plumbing, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12382) on Feb.
26, 2026, with $100,001 to $500,000 in assets and liabilities.
Robert A. Stiberman, Esq. represents the Debtor as legal counsel.
NGL ENERGY: Fitch Rates Proposed Secured Term Loan B 'BB-'
----------------------------------------------------------
Fitch Ratings has assigned NGL Energy Operating LLC's (NGL)
proposed offering of senior secured term loan B a 'BB-' rating with
a Recovery Rating of 'RR2'. The Rating Outlook is Stable.
NGL's ratings reflect its growing Water Solutions business and
relatively stable cash flow. These strengths are offset by a
complex capital structure, limited financial flexibility and an
increasing focus on returning capital to shareholders.
Fitch's ratings are based on the preliminary documents for the new
offering, and Fitch expects no material change to the terms.
Key Rating Drivers
Deleveraging Moderates Amid Preferreds Redemption: Fitch expects
deleveraging to slow in FY2026 and FY2027 due to the potential
acceleration of Class D unit redemptions. The proposed term loan
increases NGL's ability to redeem the Class D units earlier than
Fitch previously forecast. Fitch treats the Class D units as 100%
debt but excludes the redemption premium from debt because the
timing and amount of the obligation remain uncertain. If NGL draws
incremental term loan borrowings to fund the redemption premium,
reported debt would be higher in those years.
Fitch continues to expect leverage to remain comfortably within the
rating category and views continued efforts to simplify the capital
structure as credit positive. However, the proposed offering leaves
the term loan and secured bonds with limited recovery cushion; any
additional debt ranking pari passu with or senior to these
instruments would likely reduce expected recoveries and could
pressure the instrument ratings.
Water Strength Stabilizes Cash Flow: As of fiscal 3Q26, NGL's Water
Solutions segment has grown at a compound annual rate of about 5%
over the past three years, more than offsetting the EBITDA lost
from close to $500 million of asset sales during this period.
Beyond supportive commodity prices and its large Permian footprint,
growth has been driven by minimum-volume-commitment (MVC) backed
projects and a stronger counterparty credit profile. With its
large-diameter infrastructure largely built out, higher volumes
have lifted pipeline utilization and operating margins.
Despite softer crude prices, Fitch expects NGL's cash flow to
remain relatively resilient. Customers in this segment are
predominantly investment-grade and supermajors, which typically
maintain stable production through commodity cycles. Resilience is
further underpinned by larger acreage dedication and a rising share
of take-or-pay contracts, with average remaining term of around
nine years.
Capital Structure Limits Deleveraging Capacity: NGL's sizeable
interest burden constrains financial flexibility, limiting capacity
to fund growth projects and slowing debt reduction. The capital
structure includes multiple tranches of senior secured debt and
three classes of high-coupon preferred units. Fitch expects FFO
fixed-charge coverage, including preferred distributions, to be
about 1.8x in FY2026, improving modestly to above 2.0x thereafter.
While growth capex is expected to be funded with FCF, meaningful
positive FCF is unlikely in high-capex years. The Liquids asset
sale reduces working capital needs but also lowers the revolving
credit facility's borrowing base.
Financial Discipline Critical for Deleveraging: Fitch-calculated
leverage, including 50% of Class B and C preferred units and 100%
of Class D, is projected to remain around 6.0x in FY2026, then
gradually decline to about 5.5x by FY2028, driven mainly by EBITDA
growth and Class D redemptions. While leverage remains elevated,
NGL has completed modest share and warrant repurchases. These
transactions are not material to credit metrics but indicate an
effort to balance shareholder considerations with deleveraging.
Fitch views sustained debt reduction as important given the current
financial profile.
Scale and Diversity: NGL generates over $600 million of EBITDA,
making it larger than many single 'B' Fitch-rated midstream issuers
and active across multiple basins. Fitch views this scale and
diversification across geographies and business lines as credit
positive, helping mitigate cash flow volatility versus single-basin
peers focused on gathering and processing. The company's size also
provides optionality to monetize non-core assets to fund growth or
reduce debt. However, following significant divestitures over the
past three years, NGL's diversification benefits is diminishing,
tempering these benefits.
Peer Analysis
WBI Operating LLC (WBI; BB-/Stable) is a midstream water services
provider in the Delaware, Eagle Ford and Arkoma basins. With
expected EBITDA of over $300 million, it is smaller and less
geographically and operationally diversified than NGL. WBI faces
higher volumetric risk due to the absence of significant MVCs,
whereas over 40% of NGL's water volume, an increasing share, is
backed by MVCs. NGL, however, has greater commodity price exposure
and a history of acquisitions funded with debt and preferreds,
pressuring its balance sheet.
Fitch expects WBI's leverage to remain below 4.0x, roughly 2.0x
lower than NGL's forecast leverage by FYE 2026. NGL's liquidity is
also weaker given sizable cash interest and preferred dividends.
Consequently, NGL is rated two notches below WBI, as its modestly
lower business risk is outweighed by higher financial risk.
Fitch’s Key Rating-Case Assumptions
- Fitch Oil and Gas Price Deck;
- Base interest rates reflect Fitch Global Economic Outlook;
- Low mid-single-digit growth for Water Solutions business in the
forecast years;
- Annual capex $30 million to $80 million higher than management's
assumptions in the forecast years;
- Asset sales of about $160 million in FY 2026;
- Free cash flow (FCF) applied to debt reduction and share
repurchase;
- No common dividends assumed in the forecast years;
- No major acquisitions assumed in the forecast years.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (b+, Higher), Sector Characteristics (bb-,
Moderate), Market and Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (bb-, Higher), Profitability (b+,
Higher), Financial Structure (b+, Moderate), and Financial
Flexibility (bb, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch(es).
- The Governance assessment of '—' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'b'.
To derive the IDR:
- No adjustments were made to the SCP, resulting in an IDR of 'B'.
Recovery Analysis
The recovery analysis assumes that NGL would be considered a going
concern in bankruptcy and that the partnership would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim (standard). The going-concern EBITDA estimate of
approximately $500 million represents approximately a 20% discount
to FY 2025 EBITDA. It reflects Fitch's view of a mid-cycle estimate
of a sustainable EBITDA level post-default and bankruptcy
emergence.
This level assumes an EBITDA run rate of approximately $500
million, slightly higher than the post-pandemic EBITDA when the
last significant oil price decline happened, reflecting the
increasing contribution from fee-based revenues since then.
Fitch used a 6x EBITDA multiple to arrive at NGL's going-concern
enterprise value. The multiple reflects the recent reorganization
multiples of 6x in the energy sector.
There have been a limited number of bankruptcies and
reorganizations within the midstream space, but in the limited
sample, such as the bankruptcies of Azure Midstream and Southcross
Holdco, the reorganization multiples were between 5x and 7x by
Fitch's best estimates. In Fitch's recent bankruptcy case study
report "Energy, Power and Commodities Bankruptcies Enterprise Value
and Creditor Recoveries," published in September 2023, the median
enterprise valuation exit multiplies for 51 energy cases, for which
this was available, was 5.3x, with a wide range of multiples
observed.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA leverage is expected to sustain above 6.5x;
- FFO interest coverage is expected to sustain below 1.5x;
- Inability to proactively improve liquidity profile;
- Change in financial policy, such as shareholder payout or
leveraging acquisitions, which results in negative free cash flows
and weakens liquidity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage sustained below 5.5x after full redemption of
Class D preferred units.
Liquidity and Debt Structure
As of Dec. 31, 2025, NGL had about $307 million of liquidity,
consisting of $6.5 million in cash and about $300.5 million of
available capacity under its ABL Facility (ABL). Availability is
determined by the lower of the 392.5 million borrowing base and the
$475 million total commitment. The ABL includes a $200 million
sub-limit for letters of credit. On that date, $92 million was
drawn under the ABL and $58.4 million letters of credit were
outstanding.
The ABL includes a financial covenant requiring a fixed-charge
coverage ratio of at least 1.0x upon the occurrence and during the
continuance of a Cash Dominion Event. The term loan agreement
requires a debt service coverage ratio of at least 1.1x as of the
last day of each testing period. Fitch expects NGL to remain in
compliance with these covenants over the forecast horizon.
NGL's cash needs are elevated, driven by high interest expense,
preferred dividends, and the voluntary Class D redemption,
including a sizable premium. However, recent divestitures of
non-core assets in the Liquids Logistics segment have reduced
working capital requirements tied to seasonal inventory builds.
The partnership's next maturity is its ABL facility, due Feb. 2,
2029, with a springing maturity that could accelerate the due date
to Nov. 16, 2028, tied to the 2029 secured notes maturity. In the
medium term, liquidity could be pressured by the put option
embedded in the Series D preferred units around Dec. 29, 2027.
Issuer Profile
NGL Energy Partners LP (NGL) is a publicly traded MLP headquartered
in Tulsa, Oklahoma. The partnership provides services in produced
water disposal, crude oil storage and transportation, as well as
marketing of crude oil, natural gas liquids and refined products.
Date of Relevant Committee
10-Feb-2026
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for NGL Energy Partners LP.
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
----------- ------ --------
NGL Energy
Operating LLC
senior secured LT BB- New Rating RR2
NOBLE CORP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Noble Corp. plc's and Noble Finance II
LLC's Long-Term Issuer Default Ratings at 'BB-'. The Rating Outlook
is Stable. Fitch has also affirmed the Noble Finance II LLC senior
unsecured issue rating at 'BB-' with a Recovery Rating of 'RR4'.
The affirmation reflects Noble's low leverage, strong liquidity,
and well-positioned fleet.
The Stable Outlook is based on Fitch's expectation of broadly
stable day rates in 2026-2027, with gradual decreases thereafter.
Fitch expects fleet utilization and day rates to remain flat
through 2027 before reversing modestly thereafter in line with
Fitch's oil price assumptions.
Key Rating Drivers
Leader in Offshore Drilling: Noble's large fleet of high
specification drilling vessels operating globally is supportive of
the credit profile. Noble owns 24 floating rigs, including 16
drillships and eight semi-submersible rigs, and five jackups. Noble
operates in all major offshore oil and gas basins, such as the Gulf
of Mexico, South America, West Africa, the North Sea, and
South-East Asia. As of Jan. 16, 2026, Noble's contract backlog
totaled $7.5 billion.
Customer Concentration: Fitch views Noble's customer concentration
with strong counterparties favorably. As of Dec. 31, 2025,
ExxonMobil, Shell plc (AA-/Stable), BP (A+/Stable), and
TotalEnergies represented around 23.7%, 19.5%, 16.2% ,and 12.6% of
Noble's backlog, respectively.
Noble's relationships with ExxonMobil and Aker BP operate under
long-term arrangements. The arrangements allow for maintenance of
market pricing and focus on areas of great importance to both
operators — Guyana and Suriname for ExxonMobil, and Norway for
Aker BP.
Solid Floater Market: The well-balanced floater market benefits
Noble. Dayrates for seventh generation drillships remain above
$400,000 per day with sixth generation drillships showing more
weakness. Noble has 14 seventh generation drillships and only two
sixth generation drillships. The industry has exhibited significant
discipline by scrapping older vessels and remaining patient on
re-contracting.
Decreased Exposure to Jackup Market: With recent and pending sales
of jackup rigs, Noble's exposure to this market is limited.
Following the sales, Noble will only have five ultra-harsh
environment jackups. This market has remained weaker than the
floater market.
Elevated Near-Term Capex: Capex will be high in 2026 as Noble
increases spending on vessels in preparation for the commencement
of new contracts. Fitch expects capital spending to normalize to
around $450 million after 2026. A portion of the capex will be
reimbursed by the counterparties to the new contracts. The
contracts will generate significant cashflow throughout the
forecast.
Modestly Elevated Leverage: Noble's leverage increased with the
funding of the Diamond acquisition but remains within
sensitivities. Fitch views the increase in leverage as manageable
and forecasts the leverage remaining towards the upper end of the
leverage sensitivities.
Peer Analysis
Noble's offshore peers include Valaris Limited (B+/Rating Watch
Negative) and Seadrill (B+/Stable). Valaris is smaller than Noble,
with thinner margins and comparable leverage. Seadrill is smaller
than Noble, with lower margins and lower leverage. Onshore peers
include Nabors Industries, Ltd. (Nabors; B/Stable) and Precision
Drilling Corporation (Precision; BB-/Stable).
All three peers generate narrower EBITDA margins than Noble.
Precision is smaller and more levered. Nabors is of comparable size
and is comparably levered.
Fitch’s Key Rating-Case Assumptions
- Brent oil price of $63/barrel (bbl) in 2026 and 2027, and $60/bbl
thereafter;
- EBITDA margins maintain in the low- to mid-30% range throughout;
- Capex elevated at $615 million in 2026 due to elevated spending
to remobilize vessels for new contracts;
- Dividends maintained at $0.50/share annually.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bb-,
Moderate), Market and Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (bb, Higher), Company Operational
Characteristics (b, Higher), Profitability (bbb+, Moderate),
Financial Structure (bb+, Moderate), and Financial Flexibility
(bbb-, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 5% weight for the historical year
2024, 5% for the forecast year 2025, 15% for the forecast year
2026, 25% for the forecast year 2027 and 50% for the forecast year
2028.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'a-' results in no
adjustment.
- The SCP is 'bb-'.
To derive the IDR:
- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a consolidated approach.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, lead to Negative
Rating Action/Downgrade
- A loss of material customer contracts;
- Deteriorating market fundamentals, such as a sustained decrease
in day rates and offshore rig utilization;
- A significant increase in gross debt;
- Midcycle EBITDA leverage above 2.5x;
- Weakening liquidity;
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Sustainable, stronger offshore drilling market fundamentals, as
shown by higher day rates, increased utilization, longer contract
terms and a growing backlog;
- A record of conservative financial policy keeping gross debt in
check;
- Midcycle EBITDA leverage below 1.5x.
Liquidity and Debt Structure
Liquidity at YE 2025 consisted of $471.4 million of cash and $543
million available under the credit facility that matures in 2028.
The only other maturity is the senior notes in 2030. Liquidity
should remain healthy as long as capital spending, acquisitions and
stock buybacks remain moderate.
Issuer Profile
Noble is a leading global provider of offshore contract drilling
services. The company maintains a fleet of 29 offshore rigs
consisting of 14 seventh-generation drillships, two
sixth-generation drillships, eight sixth-generation
semisubmersibles, and five ultra-harsh environment jackups.
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
Noble's Climate Vulnerability Score (Climate.VS) of 60 by 2035 is
consistent with the oilfield services industry and represents an
elevated level of risk. This is due to the fact that offshore
drilling operations, as with their onshore counterparts, face the
risk of regulatory scrutiny and environmental regulations.
Furthermore, oilfield services companies face risks relating to
emission production, personnel safety, environmental disasters, and
other catastrophic events. Noble's diverse operational basins offer
a degree of geographical diversification which may minimize
localized regulatory impact.
Key transition risks arise from potential reductions in oil and gas
demand, and related demand for oil field services, driven by
policies designed to reduce the use of oil and gas in the global
economy, and in the shorter term from policies designed to limit
greenhouse gas emissions from the production of oil and gas. These
risks do not have a material influence on the rating currently,
given the very long-term time frame over which the transition may
take place and uncertainty regarding the extent and nature of
changes, and markets and companies response to them.
Noble has taken numerous steps to mitigate risks from climate
vulnerability: The company has a board-level Safety and
Sustainability Committee to provide oversight and a new Health,
Safety, & Environment Policy. Noble integrates climate risks into
its Enterprise Risk Management processes, and energy transition
scenarios into formalized strategy considerations.
In addition, Noble will report in accordance with the Taskforce on
Climate-related Financial Disclosures (TCFD) standards. The Energy
Efficiency Insight (EEI) platform is being rolled out to its rigs,
allowing for real-time digital monitoring of the fleet's energy
consumption and emissions. Noble is a participant in the Greensand
Consortium, which is targeting the use of discontinued oil and gas
fields for permanent storage of CO2 offshore Denmark and performed
the first-ever CO2 storage below the Danish North Sea. Noble
reports Scope 1 and 2 emissions through ESG reports with a
commitment to reduction but does not currently have set reduction
targets.
ESG Considerations
Noble has an ESG Relevance Score of '4' for Waste & Hazardous
Materials Management; Ecological Impacts due to the risk that a
possible offshore oil spill may affect the drilling company. This
factor has a negative impact on the credit profile, and are
relevant to the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Noble Corporation plc
LT IDR BB- Affirmed BB-
Noble Finance II LLC
LT IDR BB- Affirmed BB-
senior unsecured LT BB- Affirmed RR4 BB-
NORTH HAVEN: Blackstone Secured Marks $785,000 1L Loan at 24% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $785,000 loan
extended to North Haven Ushc Acquisition, Inc. to market at
$599,000 or 76% of the outstanding amount, according to Blackstone
Secured's 10-K for the fiscal year ended Dec. 31, 2025, filed with
the U.S. Securities and Exchange Commission on Feb. 25, 2026.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to North Haven Ushc Acquisition, Inc. The Loan
accrues interest at a rate of SOFR + 5.25%, 9.02% per annum. The
Loan matures on Oct. 29, 2027.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About North Haven Ushc Acquisition, Inc.
North Haven Ushc Acquisition, Inc. is special-purpose acquisition
entity formed to acquire or invest in businesses in the health care
or related services sector.
NORTH HIGHLAND: Blackstone Marks $590,000 1L Loan at 17% Off
------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $590,000 loan
extended to The North Highland Co, LLC to market at $487,000 or 83%
of the outstanding amount, according to Blackstone Secured's 10-K
for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to The North Highland Co, LLC. The Loan accrues
interest at a rate of SOFR + 4.75 %, 8.47 % per annum. The Loan
matures on Dec. 20, 2030.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About The North Highland Co, LLC
The North Highland Co, LLC is a corporate borrower, likely
operating in professional or business services, that has raised
floating-rate debt financing from institutional lenders.
ODEVO AB: Blackstone Secured Marks $90.9MM 1L Loan at 89% Off
-------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $90,957,000 loan
extended to Odevo, AB to market at $9,880,000 or 11% of the
outstanding amount, according to Blackstone Secured's 10-K for the
fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Odevo, AB. The Loan accrues interest at a rate of
ST + 5.25 %, 7.21 % per annum. The Loan matures on Dec. 31, 2030.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Odevo, AB
Odevo, AB is a Sweden-based corporate borrower, likely operating in
European services or technology markets, that has sourced
floating-rate debt financing from institutional investors.
PALM GREENS: Seeks to Hire PM Accounting Services as Accountant
---------------------------------------------------------------
Palm Greens at Villa Del Ray Recreation Condominium Association,
Inc. seeks approval from the U.S. Bankruptcy Court for the Southern
District of Florida to employ PM Accounting Services LLC as
accountant.
The firm will render these services:
(a) prepare and compile various financial statements,
including Monthly Operating Reports; and
(b) aid the Debtor and its proposed undersigned counsel in
negotiation with its creditors in the preparation of a plan.
The Debtor will pay Perry Markowitz, CPA, a member of the firm, a
monthly flat fee of $550 for his preparation of financial
statements and Monthly Operating Reports and $45 per hour for any
additional services.
Mr. Markowitz 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:
Perry Markowitz, CPA
PM Accounting Services LLC
P.O. Box 6482
Lake Worth, FL 33466
About Palm Greens at Villa Del
Ray Recreation Condominium
Palm Greens at Villa Del Ray Recreation Condominium oversees
recreational amenities and common property for a residential
condominium community in Florida.
The Debtor filed for protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11060) on January 28,
2026, listing $10 million to $50 million in both assets and
liabilities.
Judge Erik P. Kimball oversees the case.
The Debtor tapped the Law Office of Mark S. Roher, PA as counsel
and PM Accounting Services LLC as accountant.
PALM GREENS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 21 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Palm Greens at Villa Del Ray Recreation
Condominium Association, Inc.
About Palm Greens at Villa Del
Ray Recreation Condominium
Palm Greens at Villa Del Ray Recreation Condominium oversees
recreational amenities and common property for a residential
condominium community in Florida.
The Debtor filed for protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11060) on January 28,
2026, listing $10 million to $50 million in both assets and
liabilities.
Judge Erik P. Kimball oversees the case.
The Debtor is represented by The Law Office of Mark S. Roher, PA.
PARAMOUNT ROOFING: Seeks to Tap Valerde & Yar as General Counsel
----------------------------------------------------------------
Paramount Roofing, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Mexico to employ Velarde & Yar as
counsel.
The firm's services include:
(a) represent and render legal advice to the Debtor regarding
all aspects of the bankruptcy cases;
(b) prepare, on behalf of the Debtor, necessary legal papers;
and
(c) assist the Debtor in taking actions required to operate
under Chapter 11 of the Bankruptcy Code.
The firm will be paid at these hourly rates:
Gerald Velarde, Attorney $300
Joseph Yar, Attorney $300
Paralegal $100
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Velarde 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:
Gerald R. Velarde, Esq.
Velarde & Yar
P.O. Box 11055
Albuquerque, NM 87192
Telephone: (505) 248-1828
About Paramount Roofing
Paramount Roofing, LLC operates a roofing company providing new
roof construction, roof repairs and storm damage restoration
services for residential and commercial properties.
Paramount Roofing filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.M. Case No. 26-10274)
on March 2, 2026, listing up to $500,000 in assets and up to $1
million in liabilities.
Judge Robert H. Jacobvitz oversees the case.
The Debtor tapped Gerald R. Velarde, Esq., at Velarde & Yar as
counsel.
PARKS DIVERSIFIED: 9th Cir. Affirms Dismissal of Adversary Case
---------------------------------------------------------------
Judges Lawrence VanDyke, John B. Owens and Holly A. Thomas of the
United States Court of Appeals for the Ninth Circuit upheld the
judgment of the United States District Court for the Central
District of California affirming in part the bankruptcy court's
dismissal of an adversary proceeding brought by Richard and Lucia
Parks, their family real-estate business Parks Diversified, L.P.,
and several related entities against the Parkses' son David Klein
and other defendants.
Klein, through the law firm Goe Forsythe & Hodges LLP, filed a
voluntary chapter 11 bankruptcy petition on behalf of Parks
Diversified. The Parkses contended that the petition was filed
improperly without their consent, but, under a stipulation, the
parties agreed to dismissal of the bankruptcy case in exchange for
the Parkses' waiver of certain claims. The Parkses, however, along
with Parks Diversified and related entitles, later filed a state
court complaint against Klein and others. At defendant Goe
Forsythe's request, the bankruptcy court reopened the Parks
Diversified bankruptcy case, and Goe Forsythe removed the
state-court complaint to the bankruptcy court. The bankruptcy court
granted defendants' motions to dismiss for failure to state a claim
and their special motions to strike. Plaintiffs appealed to the
district court, which held that the bankruptcy court had
subject-matter jurisdiction over the bankruptcy case because
corporate authority to file a bankruptcy is not a question of
subject-matter jurisdiction. The district court held that the
bankruptcy court therefore had subject-matter jurisdiction to
approve the stipulation and to enforce that stipulation by
dismissing claims in the removed proceeding. The district court
remanded the case to the bankruptcy court to vacate any orders that
the bankruptcy court lacked jurisdiction to enter and to remand to
state court claims over which the bankruptcy court lacked
jurisdiction.
The panel concluded that the Court of Appeals had jurisdiction
because the district court's order was final under the four-factor
test from In re Emery. The need to avoid piecemeal litigation and
judicial efficiency favored jurisdiction. The need to avoid
piecemeal litigation and judicial efficiency favored jurisdiction.
The systemic interest in preserving the bankruptcy court's role as
a finder of fact was preserved by exercising jurisdiction because
the panel's analysis of the merits of this appeal required no
factfinding. Although the parties did not show that delaying review
would cause irreparable harm, the factors as a whole favored the
conclusion that the district court's jurisdictional order was
"final" under the pragmatic In re Emery approach.
Agreeing with the Second and Third Circuits, the panel held that if
an individual files a voluntary chapter 11 bankruptcy petition
purportedly on behalf of an entity but lacks the requisite
authority to do so, the bankruptcy court is not deprived of
subject-matter jurisdiction over the bankruptcy case. Corporate
authority to file for bankruptcy, while important and mandatory, is
not jurisdictional. The panel concluded that Price v. Gurney, 324
U.S. 100 (1945), which held that if a district court determines
that a bankruptcy petition was filed without corporate authority,
it must dismiss the petition, did not provide a rule of
subject-matter jurisdiction. The panel therefore affirmed the
district court's conclusion that the bankruptcy court had
subject-matter jurisdiction notwithstanding Klein's authority to
file the bankruptcy petition.
A copy of the Court's Opinion dated March 3, 2026, is available at
https://urlcurt.com/u?l=eny1c8
About Parks Diversified
Parks Diversified, LP, a San Juan Capistrano, Calif.-based company
engaged in activities related to real estate, filed its voluntary
petition for Chapter 11 protection (Bankr. C.D. Calif. Case No.
21-11558) on June 22, 2021. David Klein, general partner, signed
the petition. At the time of the filing, the Debtor disclosed
$30,020,500 in assets and $200,000 in liabilities.
Judge Theodor Albert presides over the case.
The Debtor tapped Goe Forsythe & Hodges, LLP and Klein & Wilson as
bankruptcy counsel and special litigation counsel, respectively.
Windes, Inc. is the Debtor's accountant.
PCR AGAWAM: Seeks to Use Cash Collateral
----------------------------------------
PCR Agawam, LLC asks the U.S. Bankruptcy Court for the District of
Massachusetts, Western Division, for authority to use cash
collateral and provide adequate protection.
The Debtor continues to operate and manage its properties in
Western Massachusetts. Its portfolio includes: (i) 21 Dwight
Street, Agawam (22 rental units) encumbered by a mortgage to
Freedom Credit Union of approximately $2 million; (ii) 1162–1176
Springfield Street, Feeding Hills (three buildings totaling 45
units, including a single-family home) encumbered by a mortgage to
Florence Savings Bank of approximately $3.7 million; and (iii) 35
Fisher Avenue, East Longmeadow (2 units) encumbered by a mortgage
to Logan Finance Corporation/Planet Home Lending of approximately
$210,000.
The Debtor asserts that rental income constitutes cash collateral
and is necessary to fund ongoing operations, including repairs,
maintenance, insurance, real estate taxes, payroll, and related
expenses essential to preserving estate value. As of filing, the
Debtor's bank balance was $8,565, and it has submitted a
three-month operating budget detailing projected income and
expenses.
As adequate protection for secured creditors, the Debtor proposes
interest-only payments of $16,200 to Florence Savings Bank, regular
monthly payments of $2,071 to Logan Finance/Planet Home Lending,
and $10,000 to Freedom Credit Union. Secured creditors would retain
their existing liens, and any excess funds after expenses would
remain in the debtor-in-possession account as additional
protection. The Debtor requests expedited approval to ensure
uninterrupted property operations and preservation of asset value.
A copy of the motion is available at https://urlcurt.com/u?l=BGsQvY
from PacerMonitor.com.
About PCR Agawam LLC
PCR Agawam LLC is a Massachusetts-based limited liability company
engaged in real estate ownership and investment activities.
PCR Agawam LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-30101) on February 16, 2026. In
its petition, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities in the same
range.
Honorable Bankruptcy Judge Elizabeth D. Katz handles the case.
The Debtor is represented by Louis S. Robin, Esq., of Law Offices
of Louis S. Robin.
PERNA OIL: Seeks to Hire Sternberg Naccari & White LLC as Counsel
-----------------------------------------------------------------
Perna Oil & Gas LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Louisiana to employ Sternberg, Naccari &
White, LLC to handle its bankruptcy proceedings.
Ryan Richmond, Esq., an attorney at Sternberg, Naccari & White,
will be paid at his hourly rate of $400 plus expenses.
The firm received in trust a retainer in the aggregate amount of
$21,738.
Mr. Richmond disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Ryan J. Richmond, Esq.
Sternberg, Naccari & White, LLC
450 Laurel Street, Suite 1450
Baton Rouge, LA 70801
Telephone: (225) 412-3667
Facsimile: (225) 286-3046
Email: ryan@snw.law
About Perna Oil & Gas LLC
Perna Oil & Gas LLC is an independent oil and gas exploration and
production company formed in 2020 that focuses on the acquisition,
development and operation of oil-weighted assets in the United
States.
Perna Oil & Gas LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No.
26-10168) on February 27, 2026, listing $1 million to $10 million
in assets and $500,000 to $1 million in liabilities. The petition
was signed by Christian Feller as manager.
Judge Michael A Crawford presides over the case.
Ryan J. Richmond, Esq. at STERNBERG, NACCARI & WHITE, LLC serves as
the Debtor's counsel.
PRECISION INDUSTRIES: Gets Court OK to Use Cash Collateral
----------------------------------------------------------
Precision Industries Acquisition, Inc. got the green light from the
U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division, 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
8.
The Debtor intends to use its cash collateral as working capital in
accordance with its budget to maintain operations, preserve
staffing, and avoid shutdown.
The Debtor offers to grant Comerica Bank replacement liens on
post-petition cash collateral for any diminution in value of the
secured lender's collateral. It believes that continued operations
will generate sufficient revenue to protect the lender's interest.
Comerica Bank holds two loans totaling approximately $1.3 million
and a first lien on all of the Debtor's assets, which are valued at
approximately $597,500.
About Precision Industries Acquisition Inc.
Precision Industries Acquisition Inc. operates a small
manufacturing facility in Flint, Michigan.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-30480-jda) on
February 27, 2026. In the petition signed by Miguel Atkinson,
president, the Debtor disclosed up to $1 million in assets and up
to $10 million in liabilities.
Judge Joel D. Applebaum oversees the case.
George E. Jacobs, Esq., at Bankruptcy Law Offices, represents the
Debtor as legal counsel.
PRECISION OPTICS: Raises Going Concern Doubt Amid Liquidity Strain
------------------------------------------------------------------
Precision Optics Corporation, Inc. submitted its Quarterly Report
on Form 10-Q to the U.S. Securities and Exchange Commission for the
quarterly period ended December 31, 2025. The report contains a
going-concern qualification, noting that there is substantial doubt
regarding the Company's ability to continue as a going concern.
The continuation of the Company as a going concern is dependent
upon the ability of the Company to obtain necessary equity
financing to continue operations and the attainment of profitable
operations.
For the three and six months ended December 31, 2025, the Company
had net losses of $1,780,791 and $3,417,821, respectively. For the
three and six months ended December 31, 2024, the Company had net
losses of $969,681 and $2,280,928, respectively.
Revenues for the three and six months ended December 31, 2025, were
$7,367,837 and $14,048,660, respectively, compared to $4,526,907
and $8,723,960 for the three and six months ended December 31,
2024.
Management anticipates that its cash on hand of $0.9 million as of
December 31, 2025 is insufficient to fund its planned operations
for a period of at least one year from when these financial
statements are issued. These factors raise substantial doubt
regarding the Company's ability to continue as a going concern.
During fiscal 2026 through the February 17, 2026, date of the
filing of the Quarterly Report on Form 10-Q, the Company have taken
the following actions, and implemented the following plans, to
improve its operational and financial performance and enhance its
liquidity and financial condition:
* Through new leadership and improved accountability and
process discipline implemented throughout the organization,
improved manufacturing yields and increased production throughput;
* Renegotiated pricing and added tariff reimbursement with
some of its major manufacturing customers
* Improved the quality and depth of its product development
pipeline;
* Planned increased utilization of engineering resources and
the capabilities of our MicroOptics Laboratory;
* Planned launch of several maturing development projects into
manufacturing in the coming 12 months.; and
* Planned reductions in its cost structure to better align
operating expenses with revenue expectations, including headcount
rationalization and optimization.
The Company's ability to meet future anticipated liquidity needs
over the next year beyond the date of this Quarterly Report on Form
10-Q will largely depend on its ability to execute its operational
strategy, generate positive cash inflows from operations, maximize
its borrowing capacity and secure additional capital.
The Company intends to seek in the near term additional funding
through one or more of the following: equity offerings, debt
financings, government funding, and delay of planned cash outlays.
However, the Company's ability to do so, and on favorable terms,
may be affected by general economic, financial and other factors
which are beyond our control. There can be no assurance that any
such additional capital raises, management of planned cash outlays,
or a combination thereof can be achieved or achieved on favorable
terms.
A full text copy of the Company's Report is available at
https://tinyurl.com/y85ypdfd
About Precision Optics
Precision Optics Corporation, Inc. has been a developer and
manufacturer of advanced optical instruments since 1982 and
operates primarily in two key market segments: medical devices and
advanced defense/aerospace products. Within its proprietary optical
and imaging technology, its unique custom designs, expert
manufacturing capabilities, and advanced engineering and
development capabilities have generated traditional endoscopes and
endocouplers, digital imaging endoscopes using CMOS sensor
technology, some designed and manufactured for single use, as well
as other, more advanced, custom imaging and illumination products
for our customers' use in minimally invasive surgical procedures.
The Company designs and manufactures ultra-high precision
endoscopes and very small Microprecision lenses, assemblies and
complete medical devices to meet the surgical community's
continuing demand for smaller, disposable, and more enhanced
imaging systems for minimally invasive surgery. It also applies its
unique technologies to applications in the Defense / Aerospace
markets including applications supporting satellite network
communications.
As of December 31, 2025, the Company had $22,895,553 in total
assets, $13,565,819 in total liabilities, and $9,329,734 in total
stockholders' equity.
PYRAMID CONCRETE: Unsecureds Will Get 3% of Claims over 5 Years
---------------------------------------------------------------
Pyramid Concrete Pumping LLC filed with the U.S. Bankruptcy Court
for the Western District of Tennessee a Disclosure Statement
describing Plan of Reorganization dated February 26, 2026.
The Debtor is a Tennessee limited liability company that provides
concrete pumping services primarily for commercial customers in
Tennessee, Arkansas, Mississippi and Alabama.
The current members of the Debtor are Danny Kennedy and Crhis
Madariaga. During 2025 Pyramid experienced a slowdown in business
due to multiple factors. Initially they thought the business
slowdown was only due to a general slowdown in the economy and
specifically the commercial and residential real estate market
coinciding with a general reduction in spending on commercial
building and construction.
About a week after filing this case, the two current members of the
Debtor discovered an ongoing fraud on the part of a former member
of Pyramid that had been taking place right under their noses and
without their knowledge. The current two members uncovered evidence
that the third, now former member, had been diverting business to a
competitor without their knowledge and effectively stealing money
from Pyramid and that this had been going on for several months.
This discovered pre-petition fraudulent activity was only uncovered
and realized post-petition. The acts committed by the former member
represented a breach of fiduciary duty that Pyramid now believes
was a significant contributor to Pyramid's financial troubles in
2025.
Class 10 consists of all allowed General Unsecured Non-Priority
Claims including, but not limited to, pre-petition trade creditors,
unsecured creditors whose claims are listed in the Debtor's
schedules but are not listed as disputed, contingent, or
unliquidated and unsecured creditors who have filed proofs of claim
for which no objections have been filed. Class 10 claims aggregate
approximately $5,434,864.95, without prejudice to the Debtor's
right to object to any claim. Debtor reserves the right to object
to certain unsecured claims if necessary.
The Debtor expects to pay no less than 3.00% on allowed unsecured
non-priority claims over a five-year period in annual payments
beginning exactly one year from the Effective Date of the Plan and
on the Anniversary date each year thereafter.
The Debtor expects the total amount available to pay unsecured
creditors by way of annual pro rata distributions to be
approximately $36,000.00 per year which represents approximately
3.00% to allowed General Unsecured Non-Priority Claims over five
years. Class 10 is impaired.
On the Effective Date, the Debtor shall continue to operate its
business and the Debtor shall fund the Plan out of its projected
disposable income generated from the operation of its business.
Danny Kennedy and Crhis Madariaga shall remain as Officers of the
Debtor and shall continue with their current compensation of
$2,000.00 per week (approximately $104,000.00 annually) for Danny
Kennedy and $2,000.00 per week (approximately $104,000.00 annually)
for Crhis Madariaga.
A full-text copy of the Disclosure Statement dated February 26,
2026 is available at https://urlcurt.com/u?l=XYRq8S from
PacerMonitor.com at no charge.
Pyramid Concrete Pumping LLC is represented by:
Bo Luxman, Esq.
Luxman Law Firm
44 North Second Street, Suite 1004
Memphis, TN 38103
Telephone: (901) 526-7770
E-mail: bo@luxmanlaw.com
About Pyramid Concrete Pumping
Pyramid Concrete Pumping LLC provides concrete pumping services in
Tennessee, offering line pumps, boom trucks and specialized trucks
to handle residential, commercial and industrial projects. The
company has more than two decades of industry experience and
focuses on reliability and customer service. It serves as a
contractor for concrete placement, including projects that require
equipment capable of meeting complex or large-scale construction
demands.
Pyramid Concrete Pumping sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September
12, 2025. In its petition, the Debtor reported estimated assets up
to $50,000 and estimated liabilities between $10 million and $50
million.
Honorable Bankruptcy Judge Denise E. Barnett the case.
The Debtor is represented by Bo Luxman, Esq., at Luxman Law Firm.
RED PATHWAY: Blackstone Secured Marks DKK$12.1M 1L Loan at 84% Off
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its DKK$12,140,000 loan
extended to Red Pathway Bidco, AB to market at DKK$1,882,000 or 16%
of the outstanding amount, according to Blackstone Secured's 10-K
for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Red Pathway Bidco, AB. The Loan accrues interest
at a rate of CI + 5.00 %, 6.97 % per annum. The Loan matures on
Oct. 30, 2032.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Red Pathway Bidco, AB
Red Pathway Bidco, AB is a privately held acquisition vehicle
formed to facilitate leveraged buyout or recapitalization
transactions in its target industry.
RED PATHWAY: Blackstone Secured Marks NOK$27.1M 1L Loan at 90% Off
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its NOK$27,111,000 loan
extended to Red Pathway Bidco, AB to market at NOK$2,649,000 or 10%
of the outstanding amount, according to Blackstone Secured's 10-K
for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Red Pathway Bidco, AB. The Loan accrues interest
at a rate of N + 5.00 %, 9.19 % per annum. The Loan matures on Oct.
30, 2032.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Red Pathway Bidco, AB
Red Pathway Bidco, AB is a privately held acquisition vehicle
formed to facilitate leveraged buyout or recapitalization
transactions in its target industry.
RED PATHWAY: Blackstone Secured Marks SEK$55.1M 1L Loan at 89% Off
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its SEK$55,110,000 loan
extended to Red Pathway Bidco, AB to market at SEK$5,844,000 or 11%
of the outstanding amount, according to Blackstone Secured's 10-K
for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Red Pathway Bidco, AB. The Loan accrues interest
at a rate of ST + 5.00 %, 6.97 % per annum. The Loan matures on
Oct. 15, 2032.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Red Pathway Bidco, AB
Red Pathway Bidco, AB is a privately held acquisition vehicle
formed to facilitate leveraged buyout or recapitalization
transactions in its target industry.
RED RIVER: Wins Sanctions Over Talc Libel Allegations
-----------------------------------------------------
Emily Field of Law360 Bankruptcy Authority reports that a Virginia
federal judge on Tuesday penalized a physician defendant in a libel
lawsuit filed by a unit of Johnson & Johnson, finding that he
deleted important emails related to a disputed article linking talc
products to mesothelioma despite an obligation to preserve such
materials. The sanctions order requires that the jury be informed
about the deletion of these emails, which may affect how the case
unfolds at trial.
The litigation arises from claims that the article's allegations
could damage the reputation and commercial interests of Johnson &
Johnson's talc business. Sanctions in federal court are typically
reserved for significant discovery violations, and in this
instance, the deletion of emails was deemed severe enough to
warrant judicial intervention and disclosure to jurors, according
to report.
This ruling emphasizes the judiciary's commitment to upholding
discovery rules and deterring conduct that impedes the integrity of
litigation. By allowing adverse inference through jury instruction,
the court is sending a clear message about the consequences of
evidence destruction, particularly in high-profile cases involving
controversial product safety issues, the report states.
About J&J Talc Units
LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.
LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.
On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame
day,issued its mandate directing the Bankruptcy Court to dismiss
the 2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.
3rd Try
In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion. If
the Plan is accepted by at least 75% of voters, a bankruptcy was to
be filed under the case name In re Red River Talc LLC. Epiq
Corporate Restructuring, LLC is serving as balloting and
solicitation agent for LLT.
On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP
and Jones Day serve as counsel in the new Chapter 11 case. Epiq is
the claims agent.
Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.
REIGN ROOFING: 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 Reign Roofing 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 Reign Roofing LLC
Reign Roofing LLC, based in Sugar Land, Texas, provides residential
roofing services across the Greater Houston area, including
Richmond, Katy, Missouri City, Greatwood, Rosenberg, and Cinco
Ranch. The company offers roof repair, replacement, and maintenance
solutions for metal, shingle, and flat roofing, specializing in
storm damage restoration. With over 20 years of experience, Reign
Roofing emphasizes customer service, professional craftsmanship,
and industry-recognized warranties in the roofing sector.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31034) on Feb. 17,
2026, with $184,908 in assets and $1,188,971 in liabilities. Joel
Pond, owner, signed the petition.
Judge Eduardo V. Rodriguez presides over the case.
Vicky M. Fealy, Esq. at The Fealy Law Firm, PC represents the
Debtor as bankruptcy counsel.
RK PARISI: Seeks Cash Collateral Access Thru May 15
----------------------------------------------------
RK Parisi Enterprises, Inc. asks the U.S. Bankruptcy Court for the
District of New Hampshire for authority to use cash collateral and
provide adequate protection, consistent with a newly filed budget
covering March, April, and May 2026.
Pursuant to the prior order, each Record Lienholder is granted
replacement liens on postpetition property of the same type as
their prepetition collateral, maintaining the same validity,
priority, and enforceability as of the petition date. These
replacement liens are deemed perfected and are senior to
subsequently granted liens or superpriority claims but do not
attach to Chapter 5 avoidance actions.
The order expressly preserves all parties' rights to contest lien
validity, priority, value, or other disputes and does not
constitute a final determination of such issues. Professional fees
may not be paid absent court approval of retention and
compensation. The order also includes a “winding down”
provision permitting the Court to ensure payment of certain unpaid
administrative claims if authorized cash collateral usage
terminates.
A copy of the motion is available at https://urlcurt.com/u?l=9ApHgD
from PacerMonitor.com.
About RK Parisi Enterprises
Inc.
RK Parisi Enterprises, Inc., operating as PoshHaus, sells home
improvement and home-furnishing products, including kitchen and
bathroom fixtures, cabinetry, lighting, appliances, and flooring,
through an online platform and a physical showroom in Keene, New
Hampshire. The company targets homeowners, builders, and interior
designers homeowners, builders, and interior designers homeowners,
builders, and interior designers seeking products for residential
renovations.
RK Parisi Enterprises sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10842) on December
1, 2025, with $1 million to $10 million in assets and liabilities.
Robert M. Parisi, Jr., president and owner of RK Parisi
Enterprises, signed the petition.
Judge Kimberly Bacher presides over the case.
William J. Amann, Esq., at Amann Burnett, PLLC represents the
Debtor as legal counsel.
ROE PAINTING: Seeks to Tap Russell Van Beustring as Legal Counsel
-----------------------------------------------------------------
Roe Painting Co., LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Russell Van Beustring
PC as counsel.
The firm's services include:
(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 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 attorneys and staff will be paid at these hourly rates:
Russell Van Beustring, Attorney $425
Associate $250
Legal Assistants $175
Support Staff $75
The firm received a retainer on or about January 12, 2026, in the
amount of $25,000 from the Debtor.
Mr. Beustring 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:
Russell Van Beustring, Esq.
Russell Van Beustring PC
5110 Waterbeck St.
Weston Lakes, TX 77441
Telephone: (713) 973-6650
About Roe Painting Co. LLC
Roe Painting Co., LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-80048) on
January 29, 2026, listing up to $500,000 in assets and up to $1
million in liabilities.
Judge Alfredo R. Perez oversees the case.
Russell Van Beustring, Esq., at Russell Van Beustring PC represents
the Debtor as counsel.
RURAL CONNECT: Case Summary & Four Unsecured Creditors
------------------------------------------------------
Debtor: Rural Connect, LLC
1378 N. Cavalier Dr.
Alamo, TN 38001
Business Description: Rural Connect, LLC provides wireless
broadband internet services to residential and business customers
in rural areas of West Tennessee, using fixed wireless technology
that connects customer premises equipment to local transmission
towers. The company operates from Alamo, Tennessee and focuses on
delivering internet connectivity in communities with limited access
to traditional cable or fiber networks.
Chapter 11 Petition Date: March 5, 2026
Court: United States Bankruptcy Court
Western District of Tennessee
Case No.: 26-10328
Judge: Hon. Jimmy L Croom
Debtor's Counsel: Thomas H Strawn, Esq.
STRAWN LAW FIRM
400 W Masonic Street
Dyersburg, TN 38024
Tel: 731-285-3375
Fax: 731-285-3392
E-mail: tstrawn42@bellsouth.net
Total Assets: $1,919,876
Total Liabilities: $2,237,385
The petition was signed by Leslie Williams as manager.
A full-text copy of the petition, which includes a list of the
Debtor's four unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/BRUYWRQ/Rural_Connect_LLC__tnwbke-26-10328__0001.0.pdf?mcid=tGE4TAMA
SABLE OFFSHORE: Ham, Langston & Brezina Raises Going Concern Doubt
------------------------------------------------------------------
Sable Offshore Corp., formerly known as Flame Acquisition Corp.,
filed its Annual Report on Form 10-K with the U.S. Securities and
Exchange Commission for the fiscal year ended December 31, 2025,
reporting a net loss of $410.2 million, compared to $617.3 million
for the period February 14-December 31, 2024.
The Company's independent auditor, Ham, Langston & Brezina, L.L.P.,
based in Houston, Texas, and serving since 2024, included a "going
concern" qualification in its report dated February 27, 2026,
citing that uncertainties related to obtaining the remaining
regulatory approvals necessary to resume sales of production, along
with the uncertainty of obtaining additional financing, or
refinancing the Senior Secured Term Loan raise substantial doubt
about the Company's ability to continue as a going concern.
-- On November 2, 2022, the Company entered into an agreement
and plan of merger, dated as of November 2, 2022, with Sable
Offshore Corp., a Texas corporation, and Sable Offshore Holdings,
LLC, a Delaware limited liability company and the parent company of
SOC. Pursuant to the Merger Agreement, on February 14, 2024:
(i) Holdco merged with and into Flame, with Flame surviving
such merger and
(ii) Legacy Sable merged with and into Flame, with Flame
surviving such merger.
On November 1, 2022, SOC, entered into a purchase and sale
agreement with Exxon Mobil Corporation and Mobil Pacific Pipeline
Company pursuant to which SOC agreed to acquire from EM certain
assets constituting the Santa Ynez field in Federal waters offshore
California and associated onshore processing and pipeline assets.
The aggregate of the onshore processing and storage facilities and
the offshore and onshore pipeline assets is considered the "Santa
Ynez Pipeline System."
On February 14, 2024, the Company consummated the Merger and
related transactions (the "Business Combination") contemplated by
the Merger Agreement, following which Flame was renamed "Sable
Offshore Corp.".
Pursuant to the terms and subject to the conditions set forth in
the Sable-EM Purchase Agreement, the transactions contemplated by
the Sable-EM Purchase Agreement were also consummated on February
14, 2024, immediately after the Business Combination, as a result
of which Sable purchased the SYU Assets, effective as of January 1,
2022. On February 15, 2024, Sable's shares of Common Stock, par
value $0.0001 per share and warrants to purchase Common Stock at an
exercise price of $11.50 per share began trading on NYSE under the
symbols, "SOC" and "SOC.WS," respectively.
Since the Business Combination the Company has been strictly
focused on recommencing oil sales from the SYU Assets, including
capital expenditures to repair and maintain the SYU Assets. Much
like other pre-revenue companies, the Company has experienced
losses from operations and has negative cash flows from operations
since inception. The Company have addressed near-term capital
funding needs with proceeds from the First PIPE Investment, the
Second PIPE Investment, the exercise of Warrants, the 2025
Offering, and the Third PIPE Investment. However, the Company's
plans for recommencement of sales of production are contingent upon
approvals from federal, state and local regulators.
As of December 31, 2025, the Company reported unrestricted cash of
$97.7 million, total debt of $921.6 million, and an accumulated
deficit of $1.1 billion. On November 20, 2025 the maturity date was
successfully extended upon the effectiveness of the Second Debt
Amendment to the earlier of:
(i) March 31, 2027 or
(ii) the date falling 90 days after first sales of
Hydrocarbons.
If the Company estimates of the costs to reach first sales via the
Santa Ynez Pipeline System or the OS&T are less than the actual
amounts necessary to do so, it may have insufficient funds
available to operate its business prior to first sales of
production and will need to raise additional capital. If the
Company are unable to raise additional capital, it may be required
to take additional measures to conserve liquidity, which could
include, among other things, reducing overhead expenses.
Due to the uncertainty regarding the Company's resumption of sales
of production volumes, and lack of assurance that new financing, or
refinancing of the Senior Secured Term Loan, will be available to
the Company on commercially acceptable terms, if at all substantial
doubt exists about the Company's ability to continue as a going
concern.
About Sable Offshore Corp.
Sable Offshore Corp. (formerly known as Flame Acquisition Corp. is
an independent oil and gas company headquartered in Houston, Texas.
Flame was initially formed as a special purpose acquisition company
for the purpose of entering into a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses.
As of December 31, 2025, the Company had $1.7 billion in total
assets, $1.2 billion in total liabilities, and $534.3 million in
total stockholders' equity.
SEASON 2 CONSIGN: Tarek Kiem Named Subchapter V Trustee
-------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq.,
at Kiem Law, PLLC as Subchapter V trustee for Season 2 Consign,
LLC.
Mr. Kiem will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Kiem declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tarek Kiem, Esq.
Kiem Law, PLLC
8461 Lake Worth Road, Suite 114
Lake Worth, FL 33467
Tel: (561) 600-0406
tarek@kiemlaw.com
About Season 2 Consign LLC
Season 2 Consign, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12407) on Feb.
26, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Brian K. McMahon, Esq. represents the Debtor as legal counsel.
SENSEONICS HOLDINGS: Posts $69.1M 2025 Loss, Going Concern Persists
-------------------------------------------------------------------
Senseonics Holdings, Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $69.1 million for the fiscal year ended December 31, 2025,
compared to a net loss of $78.6 million for 2024.
Total revenues were $35.3 million for the fiscal year ended
December 31, 2025, compared to $22.5 million for 2024.
As of December 31, 2025, the Company had $126.3 million in total
assets and $65.2 million in total liabilities, and total
stockholders' equity of $61 million.
Liquidity, Capital Resources, and Going Concern
Baltimore, Maryland-based KPMG LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 2, 2026, citing that the Company has determined that it may
not meet its covenants as early as the third quarter of 2026.
Further, the Company will require additional liquidity to continue
its operations over the next 12 months. Therefore, the Company
concluded that substantial doubt exists about its ability to
continue as a going concern for the one-year period following the
date the consolidated financial statements are issued.
The Company's operations are subject to certain risks and
uncertainties including, among others, current and potential
competitors with greater resources, limited operating history as a
commercial-stage company and uncertainty of future profitability.
Since inception, the Company has suffered substantial operating
losses, principally from expenses associated with the Company's
research and development programs and commercial launch of the
Eversense(R) 365 CGM System (for use up to one-year) in the United
States, the Eversense(R) E3 (for use up to six months) in Europe
and expenses incurred for our legacy product versions.
The Company has not generated significant profit from the sale of
products and its ability to generate revenue and achieve
profitability largely depends on the Company's ability to
successfully expand the commercialization of Eversense, continue
the development of its products and product upgrades, and to obtain
necessary regulatory approvals or certifications for the sale of
those products. These activities including the costs associated
with our plans to transition the commercial activities back to the
Company will require significant uses of working capital through
2026 and beyond.
The Company generated total net loss of $69.1 million for the 12
months ended December 31, 2025 and had an accumulated deficit of
$1.0 billion at December 31, 2025. To date, the Company has funded
its operations principally through the issuance of preferred stock,
common stock, warrants, convertible notes and debt. As of December
31, 2025, the Company had unrestricted cash, cash equivalents and
marketable securities of $94.0 million.
The accompanying consolidated financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States of America assuming the Company will
continue as a going concern, which contemplates the realization of
assets and satisfaction of liabilities in the normal course of
business. The consolidated financial statements do not include any
adjustments to the carrying amounts and classification of assets,
liabilities, and reported expenses that may be necessary if the
Company were unable to continue as a going concern.
Based on the Company's current operating plan including expected
capital investments required to assume commercialization and
distribution responsibilities, existing unrestricted cash, cash
equivalents and marketable securities, minimum cash requirements
and satisfaction of performance milestones to comply with debt
covenants under its Amended Loan and Security Agreement, the
Company has determined that it may not meet its debt covenants as
early as the third quarter of 2026.
Further, the Company will require additional liquidity to continue
its operations over the next twelve months. Therefore, the Company
has concluded that substantial doubt exists regarding its ability
to continue as a going concern for the one-year period following
the date these consolidated financial statements are issued. The
Company is currently evaluating strategies to obtain the required
additional funding for future operations. The Company anticipates
that the principal uses of cash in the future will be primarily
fund our operations, working capital needs, capital expenditures
and other strategic initiatives. The Company's ability to continue
to fund our operations and meet capital needs will depend on the
ability to successfully obtain funding from public or private debt
and equity financings and other sources of capital. There can be no
assurance that additional capital will be available on acceptable
terms, or at all.
Actions taken by the Company with regards to liquidity and to
manage our cash flows during the years ended December 31, 2025 and
2024, included, but were not limited to the following:
On September 8, 2023, the Company entered into a loan agreement
with the several institutions or entities party thereto and
Hercules Capital, Inc., a Maryland corporation in its capacity as
administrative agent and collateral agent for itself and the
Lenders, pursuant to which the Lenders agreed to make available to
the Company up to $50.0 million in senior secured term loans,
consisting of:
(i) an initial term loan of $25.0 million, which was funded on
the Effective Date and
(ii) two additional tranches of term loans in the amounts of up
to $10.0 million and $15.0 million, respectively, which will become
available to the Company upon the Company's satisfaction of certain
terms and conditions set forth in the Loan and Security Agreement.
In December 2023, we met the terms and conditions to draw on the
Tranche 2 Loan and the loan was funded on January 2, 2024 in an
amount of $10.0 million.
On September 3, 2025, the Company amended the Loan and Security
Agreement with the Lenders and Hercules. The 2025 Amended Loan and
Security Agreement increased the total loan commitment under the
facility from $50.0 million to $100.0 million and made certain
other modifications to the terms and conditions of the arrangement,
as further described in Note 13. The 2025 Term Loans mature on
September 3, 2029.
In August 2025, the Company entered into an at-the-market sales
agreement with TD Securities (USA) LLC, under which the Company
could offer and sell, from time to time, at its sole discretion,
shares of its common stock having an aggregate offering price of up
to $100.0 million through TD Cowen as its sales agent in an "at the
market" offering. TD Cowen will receive commissions up to 3.0% of
the gross proceeds of any common stock sold through TD Cowen under
the Sales Agreement. The shares were offered and sold pursuant to
an effective shelf registration statement on Form S-3, which was
originally filed with the Securities and Exchange Commission on
August 6, 2025. During the year ended December 31, 2025, the
Company received approximately $2.4 million proceeds from the sale
of 334,330 shares under the Sales Agreement, after deducting sales
commissions and offering expenses.
On May 15, 2025, the Company entered into an underwriting agreement
withseveral underwriters for the sale of 5,000,000 shares of its
common stock, at a public offering price of $10.00 per share.
Under the terms of the Underwriting Agreement, the Company also
granted the underwriters a 30-day option to purchase up to an
additional 750,000 shares of common stock at the Public Offering
Price, which the underwriters exercised in full. The Company
received aggregate gross proceeds from the Public Offering of $57.5
million.
The Company also entered into a securities purchase agreement with
Abbott Laboratories pursuant to which the Company agreed to issue
and sell 2,026,963 shares of its common stock substantially
concurrently with the Public Offering, at the Public Offering
Price, to Abbott for an aggregate purchase price of approximately
$20.3 million in a private placement. The Public Offering and
Private Placement closed on May 19, 2025 and May 20, 2025,
respectively, and the Company received net proceeds of
approximately $52.1 million and $20.1 million, respectively, after
deducting underwriting discount, commissions, and offering
expenses.
On October 24, 2024, the Company entered into a securities purchase
agreement with certain institutional investors to issue and sell:
(i) in a registered direct offering an aggregate of 2,285,714
shares of the Company's common stock, $0.001 par value per share
and
(ii) in a concurrent private placement, warrants to purchase an
aggregate of 2,285,714 shares of common stock.
The combined purchase price of each RD Share and accompanying PP
Warrant was $7.00 per share for total gross proceeds of $16.0
million. The RD Shares and the PP Warrants were immediately
separable and were issued separately. The PP Warrants have an
exercise price of $7.00 per share, were non-exercisable for the
first six months after issuance and expire five years from the date
of initial exercisability.
The offering closed on October 28, 2024, and the Company received
proceeds of approximately $14.8 million after payment of fees to
the placement agent, but before payment of any additional expenses
incurred by the Company in connection with the transaction. The
proceeds were allocated to the RD Shares and PP Warrants based on
the relative fair values of the instruments themselves at the time
of issuance.
In August 2023, the Company entered into an Equity Distribution
Agreement with Goldman Sachs & Co. LLC, under which the Company
could offer and sell, from time to time, at its sole discretion,
shares of its common stock having an aggregate offering price of up
to $106.6 million through GS as its sales agent in an "at the
market" offering. GS received commissions up to 3.0% of the gross
proceeds of any common stock sold through GS under the Equity
Distribution Agreement. The shares were offered and sold pursuant
to an effective shelf registration statement on Form S-3, which was
originally filed with the Securities and Exchange Commission on
August 10, 2023.
On October 24, 2024, the Company amended the Equity Distribution
Agreement with GS to reduce the maximum amount of shares issuable
thereunder to $55.0 million. From March 2024 through March 2025,
the Company received approximately $30.8 million in net proceeds
from the sale of 2,006,528 shares under the Equity Distribution
Agreement, after deducting sales commissions and offering expenses.
On May 15, 2025, in connection with the Public Offering and Private
Placement, the Equity Distribution Agreement was terminated.
On November 9, 2020, the Company entered into an Equity Line
Agreement with Energy Capital (the "Equity Line Agreement"),
pursuant to which Energy Capital committed to purchase up to an
aggregate of $12.0 million of shares of our newly designated Series
B convertible Preferred Stock ("Series B Preferred Stock"), at our
request from time to time during the 24-month term of the Equity
Line Agreement.
Beginning on January 1, 2022, since there had been no sales of the
Series B Preferred Stock pursuant to the Equity Line Agreement,
Energy Capital had the right, at its sole discretion to purchase up
to $12.0 million of Series B Preferred Stock under the Equity Line
Agreement at a purchase price of $1,000 per share of Series B
Preferred Stock initially convertible into common stock, beginning
six months after the date of its issuance, at a conversion price of
$7.90 per share.
On November 7, 2022, Energy Capital exercised in full its right to
purchase $12.0 million of Series B Preferred Stock. In the first
quarter of 2025, Energy Capital converted its Series B Preferred
Stock in full into 1,518,602 shares of common stock.
If the Company is unable to secure additional capital on acceptable
terms or at all, it may be required to significantly reduce or
cease its operations, pursue strategic alternatives, or consider
other actions which could result in a loss to investors of their
investment in our securities.
Management Comments
Tim Goodnow, PhD, President and Chief Executive Officer of
Senseonics said, "In 2025, we took strategic actions to set the
Company up for long term growth. Successfully bringing commercial
operations in-house and investing heavily in DTC marketing, we
built the foundations necessary to achieve the full potential of
the world's first and only year-long CGM. We delivered encouraging
commercial results last year, and expect this momentum to continue.
In 2026 we plan to expand Eversense 365 compatibility with AID
systems, launch in Europe and complete the Gemini pivotal trial, an
important milestone for our exciting innovation pipeline. These
efforts, coupled with improved margins, set Senseonics up for
continued strong performance this year and beyond. We expect these
efforts, coupled with improved margins, will set Senseonics up for
continued strong performance this year and beyond."
Full Year 2026 Financial Outlook
Senseonics expects full-year 2026 global net revenue to be
approximately $58-$62 million, representing year-over-year growth
of 65% to 76%, as the Company completes the transition of Eversense
commercialization from Ascensia and brings the entire sales and
marketing infrastructure in-house. Gross margins are expected to be
approximately 50% for the full year. The financial outlook takes
into consideration the following factors:
(i) refined plans for commercial transition from Ascensia to
Senseonics and the roll-out of Eversense 365 outside the United
States,
(ii) plans with respect to spending on the DTC marketing
campaigns to generate leads,
(iii) the status of other sales and marketing initiatives, and
(iv) utilization of the patient assistance programs for
Eversense 365.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/mpk44bwf
About Senseonics Holdings, Inc.
Senseonics Holdings, Inc. is a commercial-stage medical technology
company focused on the development and manufacturing of glucose
monitoring products designed to transform lives in the global
diabetes community with differentiated, long-term implantable
glucose management technology.
SHIVSANYA CORP: Danville Secured Claim Unimpaired in Plan
---------------------------------------------------------
Shivsanya Corp. submitted a Second Amended Disclosure Statement
describing Second Amended Plan of Reorganization dated February 27,
2026.
The Debtor was formed in 2016 and purchased the unimproved
commercial real estate that it currently owns. The Debtor has
contacted a commercial real estate agent to help value and list its
sole asset for sale.
The Debtor has no post-petition operations and will commence
interest payments to Ameris Bank by February, 2026. Ameris Bank
filed a secured claim to which the Debtor might object. It has
requested information from Ameris Bank as to application of prior
foreclosure sale proceeds.
The Debtor's sole asset is its unimproved real estate upon which
Ameris Bank has a lien. It is unclear at this time whether the
value is sufficient to pay Ameris Bank, as the Debtor may still
object to that claim. The Debtor has no unsecured creditors.
Class 2 consists of the City of Danville Secured Claim. The City of
Danville has filed a secured claim for real estate taxes in the
amount of $423.30. The Debtor will pay the Class 2 Claim in full,
in addition to timely paying its post confirmation real estate tax
payments, as follows: Pay in full on or before the Effective Date
This class is unimpaired.
Like in the prior iteration of the Plan, the Debtor will list and
sell its unimproved commercial real estate that is the collateral
for the Ameris Bank secured claim. The Debtor reserved the right to
object to the bank's claims.
The Debtor's equity holders shall retain their equity in the Debtor
but shall not receive any distribution on equity until such time as
the Debtor's obligations to its Class 2 and 3 creditors are fully
satisfied.
The Debtor shall list and sell its commercial real estate as
described in this Plan.
A full-text copy of the Second Amended Disclosure Statement dated
February 27, 2026 is available at https://urlcurt.com/u?l=DlBEkR
from PacerMonitor.com at no charge.
Counsel to the Debtor:
Andrew S. Goldstein, Esq.
MAGEE GOLDSTEIN LASKY & SAYERS, P.C.
PO Box 404
Roanoke, VA 24003-0404
Tel: (540) 529-1609
Fax: (540) 343-9898
EMail: agoldstein@mglspc.com
About Shivsanya Corp.
Shivsanya Corp. is a single-asset real estate company that leases
residential and nonresidential buildings.
Shivsanya Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61245) on Oct. 15,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge handles the case.
The Debtor is represented byAndrew S. Goldstein, Esq. of MAGEE
GOLDSTEIN LASKY & SAYERS, P.C.bout Shivsanya Corp.
Shivsanya Corp. is a single-asset real estate company that leases
residential and nonresidential buildings.
Shivsanya Corp. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No.
25-61245) on October 15, 2025, listing $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Paresh K. Suthar as president.
Andrew S. Goldstein, at MAGEE GOLDSTEIN LASKY & SAYERS, P.C., is
the Debtor's counsel.
SINGH BROS: Court Nixes All Track Transport Appeal
--------------------------------------------------
The U.S. Bankruptcy Appellate Panel of the Ninth Circuit dismissed
the appeal styled ALL TRACK TRANSPORT USA, INC., Appellant, v.
SINGH BROS EXPRESS LLC; SINGH BROS TRANSPORT, LLC; SINGH BROS
TRUCKING, LLC, Appellees, BAP No. WW-25-1043.
On February 23, 2026, the parties filed a stipulated motion to
dismiss the appeal. The motion is granted. Each party must bear its
own fees and costs on appeal.
As reported by the Troubled Company Reporter on Feb. 25, 2025,
Judge Mary Jo Heston of the United States Bankruptcy Court for the
Western District of Washington denied All Track Transport USA
Inc.'s motion seeking relief from stay with respect to the registry
funds in a pending state court litigation against
Kuldip Singh, Surjit Singh and Singh Bros Express LLC.
All Track Transport USA Inc., filed a motion under 11 U.S.C. Sec.
362(d)(1) and (2) in the chapter 11 cases of corporate debtors
Singh Bros Express LLC, Singh Bros Transport LLC, and Singh Bros
Trucking LLC jointly administered under Singh Bros Express LLC,
Bankr. Case No. 24-42600, seeking entry of an order authorizing All
Track to take immediate custody and control of the approximately
$3,266,000 ("Registry Funds") deposited in connection with state
court litigation pending before the Washington State Pierce County
Superior Court, Department 1, under Cause No. 23-2-08438-7.
All Track filed an identical motion seeking the same relief
in the bankruptcy cases of individual debtors Kuldip Singh and
Surjit Singh (collectively "Individual Debtors") being jointly
administered under Kuldip Singh, et al., Bankr. Case No. 24-42602
(collectively, the Corporate Debtors and Individual Debtors will be
referred to as "Debtors" or "Singh Brothers").
The Corporate Debtors filed a motion, which was joined by
the Individual Debtors, seeking relief from stay solely to permit
them to proceed with the consolidated appeals, pending in the
Washington State Court of Appeals, Division II.
In May 2023, the Debtors, Transport and Trucking, sold
substantially all their assets, including semi-truck tractors and
trailer chassis, to All Track under a written Asset Purchase and
Sale Agreement for a total purchase price of $3,474,858. Express
was not a party to the APA. The business broker, Transition360,
LLC, was to be paid a success fee out of the escrow account from
the sale proceeds of 10% of the total selling price. Before
closing, All Track deposited the Purchase Price into an escrow
account maintained by Des Moines Escrow.
The sale closed on or around May 23, 2023, and most of the funds
were distributed from the Escrow Account to Transport and
Trucking.
Shortly after the APA closed, All Track discovered that the
emissions control systems in at least 30 of 36 semi-trucks
purchased under the APA had been tampered with. According to All
Track, the tampering constituted a violation of the Clean Air Act,
which prohibits any seller from altering emissions control systems.
On July 18, 2023, after discovering the defects, All Track notified
Transport, Trucking, and the Debtors' principals, Kuldip Singh,
Surjit Singh , of its intent to terminate the APA, demanded a
return of the purchase price plus damages and attorneys' fees, and
stated it was ready to turn over the vehicles upon payment.
On July 24, 2023, All Track sued the Debtors, Kuldip, and Surjit in
Pierce County Superior Court, Department 1 in an action styled All
Track Transport USA Inc. v. Singh Bros Transport LLC, et al., Cause
No. 23-2-08438-7, seeking rescission of the APA and monetary
damages.
On Sept. 23, 2024, after a three-week bench trial, Department 1
entered its Findings of Facts and Conclusions of Law, all in favor
of All Track on its Rescission Lawsuit. On Sept. 23, 2024,
Department 1 also entered a money judgment in favor of All Track
for $5,736,404.08 with interest accruing at 12% against the Singh
Defendants.
On Oct. 4, 2024, the court entered an amended judgment on the
Rescission Lawsuit, setting the money judgment at $6,765,693.39 as
to Transport, Trucking, Kuldip and Surjit, jointly and severally,
and $218,000 as to Express.
The Singh Defendants appealed the Amended Judgment by filing their
notice of appeal on Oct. 28, 2024.
On Nov. 15, 2024, Express, Kuldip, and Surjit each filed
chapter 11 petitions; on Nov. 22, 2024, Transport and Trucking each
filed chapter 11 petitions. Bankr. Case Nos. 24-42600-MJH;
24-42602-MJH; 24-42603-MJH; 24-42676-MJH; 24-42678-MJH. Thereafter,
the Debtors filed their schedules, each reflecting some interest
either in the Registry Funds, in the Appeals, or both.
On Jan. 3, 2025, All Track filed its Motions seeking relief from
stay with respect to the Registry Funds.
All Track's Motions requested that the Court enter an order
granting it relief from stay with respect to the Registry Funds
under Sec. 362(d)(1) for cause based on its assertion that the
Registry Funds are not property of the estate and that, therefore,
the automatic stay does not apply. All Track also sought relief
from stay under Sec. 362(d)(2), asserting that the Debtors lack
equity in the Registry Funds and such funds are not necessary for
an effective reorganization.
The Court agreed that the Registry Funds are necessary for the
Debtors' reorganization under either scenario. The Court found that
the Debtors have established a reasonable possibility of a
successful reorganization within a reasonable time and that the
Registry Funds are necessary for that reorganization. Accordingly,
All Track is not entitled to relief from stay under Sec.
362(d)(2).
A copy of the Court's Order dated February 27, 2026, is available
at https://urlcurt.com/u?l=xCpIfb from PacerMonitor.com.
About Singh Bros Express
Singh Bros Express, LLC, operates in the general freight trucking
industry.
Singh Bros Express and its affiliates, Singh Bros Transport, LLC,
and Singh Bros Trucking, LLC, filed Chapter 11 petitions (Bankr.
W.D. Wash. Lead Case No. 24-42600) on Nov. 15, 2024. At the time
of the filing, Singh Bros Express reported $1 million to $10
million in both assets and liabilities.
Judge Mary Jo Heston handles the cases.
The Debtors are represented by Jane E. Pearson, Esq., at
Polsinelli, PC.
SIQ HOLDINGS: Blackstone Secured Marks $227,000 1L Loan at 30% Off
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $227,000 loan
extended to Siq Holdings III Corp. to market at $160,000 or 70% of
the outstanding amount, according to Blackstone Secured's Form 10-K
for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Siq Holdings III Corp. The Loan accrues interest
at a rate of SOFR + 4.75%, 9.23% per annum. The Loan matures on
Dec. 19, 2030.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212)503-2100
About SIQ Holdings III Corp.
SIQ Holdings III Corp. is a corporate borrower financed through a
floating-rate loan structure, indicating a leveraged capital
profile typical of middle-market or private equity-backed
companies.
SLY MANAGEMENT: Nat Wasserstein Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Nat Wasserstein, Esq., at
Lindenwood Associates, LLC as Subchapter V trustee for Sly
Management, Inc.
Mr. Wasserstein 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. Wasserstein declared that he is a disinterested person
according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Nat Wasserstein, Esq.
Lindenwood Associates, LLC
328 North Broadway, 2nd Floor
Upper Nyack, New York 10960
Telephone: (845) 398-9825
Facsimile: (212) 208-4436
Email: nat@lindenwoodassociates.com
About Sly Management Inc.
Sly Management, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22177) on Feb. 24,
2026, with $50,001 to $100,000 in assets and $0 to $50,000 in
liabilities.
Judge Sean H. Lane presides over the case.
Robert S. Lewis, Esq. represents the Debtor as legal counsel.
SSI PRODUCTS: SSI Unsecureds to Get $2,500 Per Month over 60 Months
-------------------------------------------------------------------
SSI Products, LLC and Terrence Patrick Treacy filed with the U.S.
Bankruptcy Court for the Northern District of Texas a Disclosure
Statement describing Joint Plan of Reorganization dated Feb. 27,
2026.
This Disclosure Statement is provided pursuant to Section 1125 of
the Code to all the Debtors' known Creditors and other parties in
interest in connection with the solicitation of acceptance of its
plan of reorganization, as amended or modified.
SSI filed its case due to an inability to service debt obligations
resulting from a previous comptroller's agreement to pay exorbitant
penalties and give free merchandise to one customer; large
deductions charged by that customer on certain items supplied that
exceeded product invoices; a failure by the former comptroller to
properly record transactions resulting in further losses; large,
post-COVID shipping costs that customers refused to absorb; and the
online theft by an overseas hacking entity of a large payment to a
supplier .
The collective effect of these factors coupled with the very short
term payment schedules related to payroll and payment on delivery
of supplies siphoned large amounts of operating funds from the
business that allowed payment on interest but not on principal
amounts owed. Continuing to do so is not sustainable in the long
run and negatively impacts SSI's business. An agreement to allow
one of the Secured Lenders to establish a receivership to operate
the business for a period of up to three months was ignored, and
that receiver, upon appointment immediately froze the Debtor's
operating funds and moved to sell the Debtor's assets.
SSI's bankruptcy case was filed to halt such actions and give the
Debtor the opportunity to reorganize its debt obligations which was
to have been the purpose of the aforementioned receivership.
Treacy's Bankruptcy Case was necessitated by personal guarantees
given on certain debt obligations belonging to the business.
Class 5 consists of Allowed General Unsecured Claims. Class 5
Claimants shall be paid prorata $2,500.00 monthly on a pro-rata
basis over 60 months from the Effective Date, without interest.
These Claims will be paid in equal monthly installments commencing
on the first day of the first month following the Effective Date
and continuing on the first day of each month thereafter. These
Claims are Impaired, and the holders of these Claims are entitled
to vote to accept or reject the Plan.
SSI Class 6 Equity Interests. Class 7 Equity Interests shall be
retained. No equity interests shall be paid until the distributions
to SSI Classes 1-6 have been paid in full.
Treacy Class 2 consists of Allowed General Unsecured Claims against
Treacy. Treacy Class 2 Claimants shall be paid $2,750.00 on a
pro-rata basis over 60 months from the Effective Date, without
interest. These Claims will be paid in equal monthly installments
commencing on the first day of the first month following the
Effective Date and continuing on the first day of each month
thereafter. These Claims are Impaired, and the holders of these
Claims are entitled to vote to accept or reject the Plan.
The Debtors intend to make all payments required under the Plan
from the net profits earned from the operation of the Debtor SSI
Products, LLC's business and from income paid by that business to
Debtor Terrence P. Treacy (and his non-debtor spouse, Amy Treacy)
as income earned in their management capacity of SSI Products,
LLC.
A full-text copy of the Disclosure Statement dated Feb. 27, 2026 is
available at https://urlcurt.com/u?l=94fDn0 from PacerMonitor.com
at no charge.
Counsel to the Debtors:
Laurance C. Boyd, Esq.
THE LAW OFFICE OF LAURANCE C. BOYD, PLLC
12740 Hillcrest Road, Suite 138
Dallas, TX 75230
Telephone: (972) 460-5600
E-mail: larry@lcboyd-law.com
About SSI Products
Based in Fort Worth, Texas, SSI Products, LLC manufactures and
distributes laboratory consumables, including various grades of
glass microfiber filters, oil and grease filters, cellulose
filters, syringe filters, and aluminum weighing pans. Founded in
2008, the company serves environmental laboratories, water
treatment plants, and industrial manufacturers across the United
States, providing products designed to enhance laboratory
performance while reducing operational costs.
SSI Products filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43542) on
September 16, 2025, listing $1 million to $10 million in both
assets and liabilities. Terry Treacy signed the petition as
authorized representative of the Debtor.
Judge Edward L Morris presides over the case.
Laurance C. Boyd, Esq., at The Law Office of Laurance C. Boyd, PLLC
represents the Debtor as bankruptcy counsel.
SSP WASTE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: SSP Waste, Inc.
480 Sioux Trail
Pine, CO 80470
Business Description: SSP Waste, Inc. is a Colorado-based
company that provides residential and commercial trash removal,
recycling, and dumpster rental services in and around Pine,
Colorado. Its operations include managing roll-off dumpsters,
residential pickups, and other local waste disposal solutions for
roughly 6,700 customers.
Chapter 11 Petition Date: March 4, 2026
Court: United States Bankruptcy Court
District of Colorado
Case No.: 26-11311
Judge: Hon. Michael E Romero
Debtor's Counsel: David V. Wadsworth, Esq.
WADSWORTH GARBER WARNER CONRARDY, P.C.
2580 West Main Street
Suite 200
Littleton, CO 80120
Tel: 303-296-1999
E-mail: dwadsworth@wgwc-law.com
Total Assets: $946,202
Total Liabilities: $3,012,093
The petition was signed by Adam Shirley as president.
A copy of the Debtor's list of its 20 largest unsecured creditors
is available for free on PacerMonitor at:
https://www.pacermonitor.com/view/WQWQXZI/SSP_Waste_Inc__cobke-26-11311__0004.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/WPZLQJQ/SSP_Waste_Inc__cobke-26-11311__0001.0.pdf?mcid=tGE4TAMA
STANDARD FREIGHT: Seeks to Hire Bryan K. Mickler as Attorney
------------------------------------------------------------
Standard Freight Logistics Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Bryan
K. Mickler, a professional practicing law in Jacksonville, FLorida,
as its attorney.
Mr. 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.
The professional will be paid an hourly rate of $300 to $400.
Mr. Mickler assured the court that he has no interest adverse to
the Debtor or the estate in any of the matters upon which he is to
be engaged.
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 Standard Freight Logistics Inc.
Standard Freight Logistics Inc. is an interstate trucking provider
located in4222 Iona Way in Knoxville, Tennessee. It transports
private goods including furniture and appliances and also carries
freight for government entities at the federal, state, and local
levels.
Standard Freight Logistics sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00730) on
February 23, 2026. In its petition, the Debtor reports estimated
assets and liabilities between $100,000 and $1 million.
Honorable Bankruptcy Judge Jacob A. Brown handles the case.
The Debtor is represented by Bryan K. Mickler, Esq.
STG LOGISTICS: Committee Taps Kelley Drye & Warren as Co-Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of STG Logistics,
Inc. and its affiliates seek approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Kelley Drye & Warren
LLP as co-counsel.
The firm will render these services:
(a) advise the Committee with respect to New Jersey local
rules and procedures, including with respect to preparation,
filing, and service of pleadings and Court appearances;
(b) appear before the Court, and any other federal, state or
appellate court on behalf of the Committee;
(c) prepare any pleadings, including motions, memoranda,
complaints, objections, and responses to any of the foregoing;
(d) advise the Committee with respect to its rights, duties
and powers in the Cases;
(e) assist and advise the Committee in its consultations with
other parties in connection with the administration of the Cases;
(f) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors;
(g) assist the Committee in connection with the proposed plan
process;
(h) assist the Committee in analyzing the claims of the
Debtors' creditors; and
(i) advise and represent the Committee in connection with
matters generally arising in the Cases.
Kelley Drye's current standard hourly rates are:
Partners $900 to $1,360
Special Counsel $585 to $1,135
Associates $605 to $1,015
Paraprofessionals $165 to $485
The following responds to questions estate professionals are
requested to answer under 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?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: 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 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.
Answer: N/A. Kelley Drye did not represent the Committee in the
12 months prepetition.
Question: Has your client approved your prospective budget and
staffing plan and, if so, for what budget period.
Answer: Kelley Drye is working with McDermott to provide an
appropriate budget in line with the carve out approved by the
Committee professionals under the DIP budget. Kelley Drye will
provide the Committee with a budget and staffing plan covering the
period from February 1, 2026, through May 31, 2026, which will be
submitted in connection with Kelley Drye's first interim fee
application.
James S. Carr, a member of Kelley Drye & Warren 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:
Jason R. Adams, Esq.
Kelley Drye & Warren LLP
3 World Trade Center
175 Greenwich Street
New York, NY 10007
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: Committee Taps McDermott Will & Schulte as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of STG Logistics,
Inc. and its affiliates seek approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ McDermott Will &
Schulte LLP as counsel.
The firm's services include:
(a) advising the Committee regarding its rights, powers, and
duties in the Chapter 11 Cases;
(b) assisting and advising the Committee in its consultations
and negotiations with the Debtors and other parties in interest in
connection with the administration of the Chapter 11 Cases;
(c) soliciting information from and providing information to
the Debtors' unsecured creditors as a group;
(d) assisting the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and
negotiating with holders of claims against and interests in the
Debtors;
(e) assisting the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and their insiders and of the operation of the Debtors'
businesses;
(f) assisting the Committee in its analysis of, and
negotiations with, the Debtors and other parties in matters related
to, among other things, the assumption or rejection of executory
contracts and unexpired leases, the sale or other disposition of
property of the Debtors' estates, the financing of other
transactions, and the terms of one or more plans of reorganization
or liquidation of the Debtors and accompanying disclosure
statements and related plan documents;
(g) assisting and advising the Committee on its communications
with the Debtors' unsecured creditors as a group regarding
significant matters in the Chapter 11 Cases;
(h) intervening and monitoring the adversary proceedings
involving the Debtors and property of the Debtors' estates;
(i) representing the Committee at all hearings and other
proceedings before the Court;
(j) reviewing and analyzing applications, orders, statements
of operations, and schedules filed with the Court and advising the
Committee as to their propriety and, to the extent deemed
appropriate by the Committee, support, join, or object thereto;
(k) advising and assisting the Committee with respect to any
legislative, regulatory, or governmental activities;
(l) assisting the Committee in its review and analysis of the
Debtors' various agreements;
(m) preparing, on behalf of the Committee, any pleadings,
including, without limitation, motions, memoranda, complaints,
objections, or comments in connection with any matter related to
the Debtors or the Chapter 11 Cases;
(n) investigating and analyzing any claims belonging to the
Debtors' estates; and
(o) performing such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's rights, powers, and duties, as set
forth in the Bankruptcy Code, the Bankruptcy Rules, the Local
Rules, and other applicable law.
McDermott's hourly rates are:
Partners/Counsel $1,700 to $2,795
Associates $1,125 to $1,595
Non-Lawyer Professionals $325 to $1,465
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The following is provided in response to the request for additional
information set forth in Paragraph D.1 of the U.S. Trustee
Guidelines:
Question 1: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this engagement?
Response: No.
Question 2: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question 3: 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: McDermott did not represent the Committee prior to
these Chapter 11 Cases.
Question 4: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: The Committee and McDermott expect to develop a
prospective budget and staffing plan to comply with the U.S.
Trustee's requests for information and additional disclosures, and
any other orders of the Court, recognizing that in the course of
these Chapter 11 Cases there may be unforeseeable fees and expenses
that will need to be addressed by the Committee and McDermott.
Darren Azman, Esq., a partner at McDermott Will & Schulte 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:
Darren Azman, Esq.
Kristin K. Going, Esq.
Gregg Steinman, Esq.
Joel C. Haims, Esq.
MCDERMOTT WILL & SCHULTE LLP
One Vanderbilt Avenue
New York, New York 10017-3852
Telephone: (212) 547-5400
Facsimile: (212) 547-5444
Email: dazman@mcdermottlaw.com
kgoing@mcdermottlaw.com
gsteinman@mcdermottlaw.com
jhaims@mcdermotlaw.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: Committee Taps Province LLC as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors of STG Logistics,
Inc. and its affiliates seek approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Province, LLC as its
financial advisor.
The firm's services include:
a. becoming familiar with and analyzing the Debtors' DIP/Cash
Collateral budget, assets and liabilities, and overall financial
condition;
b. reviewing financial and operational information furnished
by the Debtors;
c. monitoring the sale process, interfacing with the Debtors'
professionals, and advising the Committee regarding the process;
d. scrutinizing the economic terms of various agreements,
including, but not limited to, various professional retentions;
e. analyzing the Debtors' proposed business plans and
developing alternative scenarios, if necessary;
f. assessing the Debtors' various pleadings and proposed
treatment of unsecured creditor claims therefrom;
g. preparing, or reviewing as applicable, avoidance action and
claim analyses;
h. assisting the Committee in reviewing the Debtors' financial
reports, including, but not limited to, SOFAs, Schedules, budgets,
and Monthly Operating Reports;
i. advising the Committee on the current state of the Chapter
11 Cases;
j. advising the Committee in negotiations with the Debtors and
third parties as necessary;
k. if necessary, participating as a witness in hearings before
the bankruptcy court with respect to matters upon which Province
has provided advice; and
l. other activities as are approved by the Committee, the
Committee's counsel, and as agreed to by Province.
Province’s current hourly rates are:
Managing Directors and Partners $900 to $1,600
Vice Presidents, Directors,
and Senior Directors $700 to $1,050
Analysts, Associates,
and Senior Associates $370 to $750
Paraprofessional/Admin /Interns $270 to $380
Paul Navid, a partner with Province, LLC, assured the court that
the firm is a "disinterested person" within the meaning of 11
U.S.C. Sec. 101(14).
The firm can be reached through:
Paul Navid
Province, LLC
2360 Corporate Circle, Suite 340
Henderson, NV 89074
Phone: (702) 685-5555
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.
STOUT HEARTED: Neema Varghese Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 11 appointed Neema Varghese of NV
Consulting Services as Subchapter V trustee for Stout Hearted LLC.
Ms. Varghese will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Varghese declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Neema T. Varghese
NV Consulting Services
701 Potomac, Ste. 100
Naperville, IL 60565
Tel: (630) 697-4402
Email: nvarghese@nvconsultingservices.com
About Stout Hearted LLC
Stout Hearted LLC owns and leases a commercial property located at
403-19 W Lincoln Hwy, Chicago Heights, IL 60411-2479.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03470) on Feb. 27,
2026, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Nicholas K. Cerniauskas, manager, signed
the petition.
Judge David D. Cleary presides over the case.
J. Kevin Benjamin, Esq. at Benjamin Legal Services, PLC represents
the Debtor as bankruptcy counsel.
SUNOCO LP: Fitch Rates Proposed Senior Unsecured Notes 'BB+'
------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating and Recovery Rating of
'RR4' to Sunoco LP's (SUN) proposed issuance of senior unsecured
notes. Proceeds are expected to be used to repay in full the NuStar
Logistics, L.P. (NuStar) notes due in 2026 and Sunoco LP notes due
in 2027.
Fitch has reviewed preliminary documentation for the new offering
and expects no material changes in the final terms.
SUN's rating reflects its business line and geographic diversity,
resilient cash flows and strong leverage for its rating category.
This is weighed against volumetric risk on portions of the business
that are not under minimum volume contracts or structurally
exclusive.
The Stable Outlook reflects Fitch's expectation for supportive
fundamentals underlying the business. Fitch anticipates resilient
demand for refined products across North America, continued crude
oil production growth in the Permian Basin and further increased
demand for renewable fuels.
Key Rating Drivers
Good Business Mix and Geographic Diversity: SUN has good business
line diversity, with almost 50% of EBITDA coming from fuel
distribution, 35% from its pipeline systems segment, and 15% from
its terminals segment at YE 2025. These numbers include around two
months of Parkland assets. While SUN mainly offers services for
motor fuels, crude oil and refined products, it also provides
ammonia transportation and renewable fuel storage.
The company has substantial operations in the U.S. Northeast, Gulf
Coast and Midwest, with some smaller operations on the West Coast
and internationally in Europe and the Caribbean. The Parkland
assets expand SUN's footprint into Canada and increase its presence
in the Caribbean. Having business line and geographic diversity is
a credit positive because it helps insulate SUN from idiosyncratic
risks in certain businesses or regions.
Fuel Distribution Provides Resilient Cash Flows: In its fuel
distribution segment, SUN's contract with 7-Eleven, Inc. has over
seven years remaining and ensures a fixed price for a set number of
gallons annually. This base gallonage is 20% to 25% of the
partnership's total run rate, which does not include the newly
acquired Parkland assets.
The fuel distribution segment's value chain stretches from retail
stores (where SUN is a lessor and occasionally a retailer) to its
core wholesale operations, making for resilient margins. The
product is a daily necessity for many Americans, and the value
chain adjusts selling prices when volumes fall, as seen during the
pandemic, to maintain gross margin dollar value.
Pipeline and Terminals Contribute Steady EBITDA: In the pipeline
systems and terminals segments, EBITDA is made up of the following:
take-or-pay contracts with largely high creditworthy or large
private/international counterparties, fixed-fee contracts for the
only pipelines into and out of location-advantaged and highly
utilized Valero Energy Corporation (BBB/Stable) refineries and
fixed-fee volume exposed contracts that are almost entirely exposed
to Permian Basin crude oil dynamics.
Leverage Forecast: Fitch calculates SUN's YE 2025 leverage around
6.9x, which is above Fitch's previously set leverage sensitivity
band. Fitch expects leverage will return within range over the
medium term supported by SUN's 4.0x long term-leverage target
policy. SUN's leverage calculation differs from Fitch's because SUN
uses net leverage. Additionally, Fitch includes SUN's preferred
equity when calculating debt, which receives 50% equity credit.
Fitch notes that SUN has a history of deleveraging back to its
target leverage as demonstrated by the recent NuStar acquisition.
Fragmented Motor Fuel Distribution Sector: SUN is the largest
independent distributor of motor fuels in the U.S., within a highly
fragmented sector that includes both independents and
non-independents. SUN's operations in the sector span a broad
spectrum, from serving as the bridge between credit card banks and
SUN credit card customers to wholesaling to other wholesalers at
its terminals. Fitch believes the sector will present new
acquisition opportunities. Fitch will monitor acquisition multiples
and financing plans for any new deals that SUN pursues.
Parent-Subsidiary Linkage: SUN's ratings reflect its Standalone
Credit Profile with no express linkage to its parent company. Fitch
believes Energy Transfer LP (ET; BBB/Stable), the general partner
and owner of a meaningful minority stake in the limited partnership
units, has the stronger credit profile of the two based on its size
and scale, as well as its geographic, operational, and cash flow
diversity. SUN's ratings do not receive uplift from the linkage,
because strategic, operational and legal (e.g., cross-defaults)
incentives to provide support are weak.
Rating Equalization: Following Fitch's Parent-Subsidiary Linkage
criteria, the rating of the senior unsecured debt at NuStar is
equalized with SUN's rating as a result of Fitch's determination of
SUN as a strong parent with high legal incentives and medium
strategic and operational incentives to support. SUN's debt
assumption agreement on Logistics' unsecured notes is of high
importance in Fitch's assessment.
Peer Analysis
SUN's closest peer is Plains All American Pipeline, L.P. (Plains;
BBB/Stable). Within Fitch's coverage, SUN's combination of
wholesale motor fuel distribution, pipeline systems and terminals
segments make it unique in Fitch's North American midstream energy
coverage.
Like SUN, Plains operates across many regions, covering all major
production basins and most of the critical demand centers in the
U.S. and Canada. Both SUN and Plains have similar scale, with
annual EBITDA ranging from about $2 billion to $3 billion.
About 20% of Plains' EBITDA comes from natural gas liquids (NGLs),
while the remainder comes from a crude oil segment with a large
Permian presence and an asset base spanning the entire crude oil
midstream value chain. SUN's EBITDA largely comes from wholesale
motor fuel distribution and crude oil and refined products
terminals and pipelines.
Both companies have fairly predictable cash flows. Plains has
substantial operations in the strongest U.S. basin, while SUN sells
gasoline, a high-demand product, and benefits from some MVCs and
structural exclusivity in its portfolio.
Fitch forecasts Plains' leverage at 4.3x at YE 2025, improving to
about 3.6x at YE 2026, within its 3.25x-3.75x net leverage target.
Over the forecast period, Fitch expects the Parkland acquisition to
temporarily increase SUN's leverage above Fitch's previously set
leverage sensitivity band before declining back within range over
the medium term. Due to higher business risk and higher leverage,
SUN is rated two notches below Plains.
Fitch’s Key Rating-Case Assumptions
- Fitch's oil price deck, which bears, over the long term, a
relationship to the price of motor fuels and production of crude
and refined products;
- Maintenance capex and growth capex generally in line with
management's guidance;
- Some small acquisitions in the wholesale motor fuel distribution
segment;
- Increasing distributions to unitholders;
- Base interest rates in line with Fitch's Global Economic
Outlook.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb+,
Moderate), Market & Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb+, Higher), Profitability (bb,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb, Lower).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bb+'.
To derive the IDR:
- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a standalone approach.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA leverage expected to be at or above 4.8x on a sustained
basis;
- Sustained deterioration in motor fuel margins;
- An acquisition or pursuit of an organic growth strategy that
significantly increases business risk.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage expected to be at or below 3.8x on a sustained
basis;
- A meaningful increase in the percentage of EBITDA coming from
take-or-pay type contracts.
Liquidity and Debt Structure
As of Dec. 31, 2025, SUN had over $3.3 billion in available
liquidity. SUN's $2.5 billion unsecured revolving credit agreement
(RCF) maturing in June 2030 was undrawn, aside from $26 million in
letters of credit outstanding. The company also had about $891
million of cash and cash equivalent on its balance sheets. Fitch
expects SUN's maturity schedule to be manageable over the forecast
period.
SUN does not meaningfully use its revolver in the normal course of
business.
The revolving credit agreement requires the partnership to maintain
a net leverage ratio below 5.5x and an interest coverage ratio
above 2.25x. As of Dec. 31, 2025, SUN was in compliance with its
covenants and Fitch believes that SUN will remain in compliance
with its covenants through its forecast period.
Issuer Profile
SUN is a wholesale motor fuels distributor, provides pipeline
transportation and storage of crude oil and refined products, and
transports anhydrous ammonia. The company's assets are located in
the U.S., Canada, Europe and the Caribbean.
Summary of Financial Adjustments
For unconsolidated investees, Fitch incorporates in EBITDA
distributions from such entities, not equity-method income or pro
rata EBITDA. SUN's preferred shares receive 50% equity credit.
Date of Relevant Committee
30-Jan-2026
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for Sunoco LP.
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
----------- ------ --------
Sunoco LP
senior unsecured LT BB+ New Rating RR4
T-4 FARM LLC: Case Summary & Two Unsecured Creditors
----------------------------------------------------
Debtor: T-4 Farm, LLC
306 W. 7th Street, Suite 401
Fort Worth, TX 76102
Business Description: T-4 Farm, LLC owns and manages
agricultural and ranch real estate in Tarrant County, Texas. The
company's principal asset is a farm and ranch property located near
Fort Worth that includes agricultural land, residential
improvements, and facilities supporting livestock and recreational
land uses.
Chapter 11 Petition Date: March 3, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-40986
Debtor's Counsel: Joseph F. Postnikoff, Esq.
ROCHELLE MCCULLOUGH, LLP
300 Throckmorton Street, Suite 520
Fort Worth, TX 76102
Tel: (817) 347-5261
E-mail: jpostnikoff@romclaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gregory S. Thomas as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's two unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HWWWQXQ/T-4_Farm_LLC__txnbke-26-40986__0001.0.pdf?mcid=tGE4TAMA
TECHPRECISION CORP: Liquidity Tightens as Debt Default Continues
----------------------------------------------------------------
TechPrecision Corporation filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1.5 million for the three months ended December 31,
2025, compared with a net loss of $799,000 for the three months
ended December 31, 2024.
For the nine months ended December 31, 2025, the Company reported a
net loss of $1.2 million, compared to a net loss of $2.9 million
for the same period in 2024.
Total revenues for the three months ended December 31, 2025 and
2024, were $7.1 million and $7.6 million, respectively. For the
nine months ended December 31, 2025 and 2024, the Company had total
revenues of $23.6 million and $24.6 million, respectively.
As of December 31, 2025, the Company had $747,000 in total
available liquidity, consisting of $697,000 in undrawn capacity
under its revolver loan, and $50,000 in cash and cash equivalents.
As of March 31, 2025, the Company had $1.5 million in total
available liquidity, consisting of $195,000 in cash and cash
equivalents, and $1.3 million in undrawn capacity under its
revolver loan. Its working capital was negative at December 31,
2025 and March 31, 2025 because of the reclassification of its
long-term debt from noncurrent to current in the condensed
consolidated balance sheet.
The Company acknowledges that a certain event of default has
occurred and is continuing under the Loan Agreement as a result of
the Company's failure to satisfy the balance sheet leverage
covenant as of December 31, 2025. As of March 31, 2025, the Company
failed to satisfy the debt service coverage ratio and balance sheet
leverage covenant. The lender reserves any and all rights and
remedies available to it under the Loan Agreement, including,
without limitation, its right to choose to accelerate and demand
the outstanding indebtedness evidenced by the loan documents, and
to seek immediate repayment in full. The lender could also stop
honoring drawdowns under the revolver loan.
There was $6.7 million and $7.4 million outstanding under the Loan
Agreement on December 31, 2025 and March 31, 2025. Without a
waiver, the lender has the right, but not the obligation, to demand
repayment from the Company for noncompliance with the debt
covenants. In addition, the Bank retains the right to act on
covenant violations that occur after the date of delivery of any
waiver. The lender has not granted the Company a waiver. As such,
the Company needs to seek alternative financing to pay these
obligations as the Company does not have existing facilities or
sufficient cash on hand to satisfy these obligations. It is also
probable that the Company will not be in compliance with the same
debt covenants at subsequent measurement dates within the next 12
months. As a result, all of the Company's long-term debt has been
classified as current in its condensed consolidated balance sheet.
The Company is exploring various means of strengthening its
liquidity position and ensuring compliance with its debt financing
covenants by making Stadco operations profitable, renewing its
revolver loan, or entering into alternative debt facilities.
On January 12, 2026, the Company entered into a Thirteenth
Amendment to Amended and Restated Loan Agreement and Ninth
Amendment to Second Amended and Restated Promissory Note to extend
the maturity date of the Revolver Loan to May 15, 2026.
In order for the Company to continue operations beyond the next 12
months and to be able to discharge its liabilities and commitments
in the normal course of business, the Company must renew its
revolver loan or seek alternative financing by May 15, 2026. The
Bank retains the right to act on covenant violations and is under
no obligation to allow draws on the revolver through the expiration
date. The Company must mitigate its recurring operating losses at
its Stadco subsidiary, efficiently increase utilization of its
manufacturing capacity at Stadco and improve the manufacturing
process. The Company plans to closely monitor its expenses and, if
required, reduce operating costs to enhance liquidity.
The uncertainty associated with the recurring operating losses at
Stadco, the revolver loan renewal, the need for alternative
financing, and compliance with debt covenants at subsequent
measurement dates raise substantial doubt about the Company's
ability to continue as a going concern for at least one-year after
the date of the condensed consolidated financial statements
included in this Quarterly Report on Form 10-Q are issued.
The condensed consolidated financial statements for the nine months
ended December 31, 2025, were prepared on the basis of a going
concern which contemplates that the Company will be able to realize
assets and discharge liabilities in the normal course of business.
Accordingly, they do not give effect to adjustments that would be
necessary should it be required to liquidate assets. The Company's
ability to satisfy its current liabilities and to continue as a
going concern is dependent upon the Company's compliance with the
debt covenants, renewing the revolver loan, and its ability to grow
revenue and reduce costs at Stadco.
A full text copy of the Company's Form 10-Q is available at
https://tinyurl.com/5epw2hrh
About TechPrecision
TechPrecision Corporation is a custom manufacturer of precision,
large-scale fabrication components and precision, large-scale
machined metal structural components. The components that the
Company manufactures are customer designed. The Company sells to
customers in two main industry sections: defense and precision
industrial markets.
In its audit report dated July 30, 2025, CBIZ CPAs P.C. included a
"going concern" qualification, noting that the Company has
experienced substantial losses, is in default on its debt
obligations due to noncompliance with its debt covenants and is
expected to remain noncompliant, and its revolving line of credit
matures within the year, requiring renewal or additional financing.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
As of December 31, 2025, the Company had $32.8 million in total
assets, $24.8 million in total liabilities, and $8 million in total
stockholders' equity.
TEZCAT LLC: Hires William G. Haeberle CPA PLLC as Accountant
------------------------------------------------------------
Tezcat, LLC d/b/a Tepeyolot Cerveceri seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
William G. Haeberle, CPA, PLLC as accountant.
The Debtor needs an accountant to prepare its monthly operating
reports and perform other accounting services.
The accountant will charge $300 per month for the monthly operating
reports.
The firm received a retainer of $2,000 from the Debtor.
As disclosed in the court filing, William G. Haeberle, CPA, PLLC is
a "disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
William G. Haeberle, CPA
William G. Haeberle, CPA, PLLC
4446-1A, Suite 245
Jacksonville, FL 32207
Telephone: (904) 245-1304
About Tezcat, LLC d/b/a Tepeyolot Cerveceri
Tezcat, LLC, doing business as Tepeyolot Cerveceria, operates a
brewpub and restaurant in Jacksonville, Florida, offering freshly
prepared Mexican cuisine alongside craft lagers brewed on-site, as
well as margaritas, sangria, wine, and other mixed drinks. The
Company provides dine-in service, catering, special events, and
online ordering, and its operations are centered at 2130 Kings
Avenue.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04520) on December 5,
2025, with $63,946 in assets and $1,128,462 in liabilities. Luis
Melgarejo II, manager, signed the petition.
Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler, LLP
represents the Debtor as bankruptcy counsel.
THAI EXPRESS: Robbin Messerli Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 13 appointed Robbin Messerli as
Subchapter V trustee for Thai Express, Inc.
Mr. Messerli will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Messerli declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robbin L. Messerli
6917 Tomahawk Rd.
P.O. Box 8686
Prairie Village, KS 66208-2618
Phone: 913.662.3524
Email: rob.messerli@gunrockvp.com
About Thai Express Inc.
Thai Express, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60130) on Feb. 25,
2026, with $50,001 to $100,000 in assets and $100,001 to $500,000
in liabilities.
Judge Brian T. Fenimore presides over the case.
Robert Baran, Esq. represents the Debtor as legal counsel.
THAI EXPRESS: Seeks to Hire Conroy Baran as Bankruptcy Counsel
--------------------------------------------------------------
Thai Express, Inc. filed an amended application seeking approval
from the U.S. Bankruptcy Court for the Western District of Missouri
to hire Conroy Baran as bankruptcy counsel.
The firm will provide the customary services required in
representing a Chapter 11 Debtor-in-Possession.
The firm's current hourly rates are:
Robert Baran $325
Paralegals $95 to $168
Conroy Baran has received a retainer in the amount of $31,000
including the filing fee of $1,738.
Robert S. Baran, Esq., a member of Conroy Baran, assured the court
that his firm is a "disinterested person" within the meaning of 11
U.S.C. Sec. 101(14).
The firm can be reached through:
Robert S. Baran, Esq.
Ryan E. Shaw, Esq.
CONROY BARAN
1316 Saint Louis Ave., 2nd FL
Kansas City, MO 64101
Phone: (816) 616-5009
Email: rbaran@conroybaran.com
Email: rshaw@conroybaran.com
About Thai Express, Inc.
Thai Express, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
26-60130) on February 25, 2026, listing $50,001 to $100,000 in
assets and $100,001 to $500,000 in liabilities.
Judge Brian T Fenimore presides over the case.
Robert Baran, Esq. at Conroy Baran serves as the Debtor's counsel.
TITAN INVESTMENT: Blackstone Marks $40.8M 1L Loan at 23% Off
------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $40,839,000 loan
extended to Titan Investment Company, Inc. to market at $31,242,000
or 77% of the outstanding amount, according to Blackstone Secured's
10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Titan Investment Company, Inc. The Loan accrues
interest at a rate of SOFR + 5.75 %, 9.87 % per annum. The Loan
matures on March 20, 2027.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Titan Investment Company, Inc.
Titan Investment Company, Inc. is a financial services firm engaged
in investment or capital deployment activities that has obtained
floating-rate loan financing from institutional credit providers.
TMC MAINTENANCE: Hires Jones & Walden LLC as Bankruptcy Counsel
---------------------------------------------------------------
TMC Maintenance Co., LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Jones & Walden
LLC as counsel.
The firm will provide these services:
(a) prepare pleadings and applications;
(b) conduct of examination;
(c) advise the Debtor of its rights, duties and obligations;
(d) consult with the Debtor and represent it with respect to a
Chapter 11 plan;
(e) perform those legal services incidental and necessary to
the day-to-day operations of the Debtor's business; and
(f) take any and all other action incident to the proper
preservation and administration of the Debtor's estate and
business.
The firm will be paid at these hourly rates:
Attorneys $225 - $500
Paralegals and Law Clerks $150 - $250
In addition, the firm will seek reimbursement for expenses
incurred.
Leslie Pineyro, Esq., a partner at Jones & Walden, 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:
Leslie M. Pineyro, Esq.
Jones & Walden, LLC
699 Piedmont Avenue, NE
Atlanta, GA 30308
Telephone: (404) 564-9300
Email: lpineyro@joneswalden.com
About TMC Maintenance Co., LLC
TMC Maintenance Co., LLC, based in Winder, Georgia, provides
commercial and industrial heating, ventilation and air conditioning
(HVAC) maintenance and repair services, including chilled water
systems, refrigeration, grease hoods, waste oil systems and
preventive maintenance programs. The company also offers
consulting, design, construction and retrofit services for
commercial and institutional facilities.
TMC Maintenance Co., LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
26-20266) on February 24, 2026, listing $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Jeffrey W. Guthrie as authorized representative.
Adam E. Ekbom, Esq. at JONES & WALDEN LLC serves as the Debtor's
counsel.
TONIX PHARMACEUTICALS: Uplists to Nasdaq Global Select Market
-------------------------------------------------------------
Tonix Pharmaceuticals Holding Corp. has received approval from
Nasdaq to transfer the listing of its common stock from the Nasdaq
Capital Market to the Nasdaq Global Select Market. Trading on the
Nasdaq Global Select Market under the Company's existing ticker
symbol "TNXP."
The uplisting to the Nasdaq Global Select Market reflects the
Company's compliance with the Nasdaq Global Select Market's higher
financial and corporate governance standards. The transition to
this higher tier of the Nasdaq market may enhance the Company's
visibility among institutional investors, improve liquidity and
broaden market recognition.
"Uplisting to the Nasdaq Global Select Market is an important
milestone for Tonix," said Seth Lederman, M.D., Chief Executive
Officer of Tonix Pharmaceuticals. "We look forward to leveraging
this enhanced platform to drive growth and create value for our
shareholders. We're grateful for the support that has brought us
here and excited about what's ahead."
The Nasdaq Global Select Market is the highest of the three Nasdaq
market tiers and is designed for companies that meet higher
financial, liquidity and corporate governance requirements than
those of the Nasdaq Capital Market and the Nasdaq Global Market.
The Company believes that trading on this tier will further enhance
its reputation with customers, partners and investors. Companies at
this level may experience increased trading volumes and greater
access to institutional investors. Meeting the Global Select
Market's higher financial and corporate governance standards may
also signal to the market that a company has achieved financial and
operational growth.
About Tonix Pharmaceuticals
Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through
its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully
integrated biopharmaceutical company focused on developing and
commercializing therapeutics to treat and prevent human disease and
alleviate suffering.
As of September 30, 2025, the Company had $252.4 million in total
assets, $21.3 million in total liabilities, and $231.1 million in
total stockholders' equity.
Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 18, 2025, citing that the Company has continuing losses and
negative cash flows from operating activities that raise
substantial doubt about its ability to continue as a going concern.
TRAXX CONSTRUCTION: Seeks to Extend Plan Exclusivity to June 18
---------------------------------------------------------------
Traxx Construction, Inc., asked the U.S. Bankruptcy Court for the
Central District of California to extend its exclusivity period to
file disclosure statement and plan of reorganization to June 18,
2026.
The Debtor explains that its largest secured creditor is the U.S.
Small Business Administration with a claim of $1,950,700.15. The
Debtor has obtained authority to use cash collateral and continues
to operate as a Debtor-in-Possession, but needs additional time to
determine which equipment and vehicles it can surrender while still
operating, and to formulate a plan to provide for the sizeable
secured and priority claims in the case, and to determine what
general unsecured creditors can be paid.
The Debtor claims that it has been operating on a shoestring budget
since filing the petition, while working on collecting past due
payments and trying to generate new business. The Debtor's counsel
has filed a motion to withdraw. The Debtor, and any new counsel it
retains, needs additional time to analyze its ongoing income and
determine if a confirmable plan can be proposed.
The Debtor asserts that it is not seeking an extension of time to
file a plan to pressure any of its creditors to submit to the
Debtor's reorganization demands. On the contrary, the Debtor has
been involved in good faith negotiations with various contractors
and subcontractors to try and resolve contractual disputes and gain
access to critical funding.
Traxx Construction Inc is represented by:
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 Traxx Construction Inc.
Traxx Construction Inc. operates in the construction and
engineering sector, delivering services for residential,
commercial, and industrial projects. Its offerings include project
planning, general contracting, site development, and infrastructure
construction.
Traxx Construction Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November
21, 2025. In its petition, the Debtor reports estimated assets and
estimated liabilities of $1 million-$10 million each.
Judge Julia W. Brand oversees the case.
The Debtor is represented by Michael Jay Berger, Esq.
TRINITY AUTO: Dealership Business Sale to A. Guelcher & J. Williams
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey has
permitted Trinity Auto LLC d/b/a Trinity Cadillac to sell
automobile dealership business to the highest bidder, free and
clear of liens, claims, interests, and encumbrances.
The Debtor operates a Cadillac automobile dealership located in
Englewood Cliffs, New Jersey. Its business consists primarily of
the retail sale of new and used vehicles, together with related
financing, warranty, and service offerings. As of the Petition
Date, the Debtor has ceased selling new automobiles and focuses on
its service and parts operations.
The Court has authorized the Debtor to sell the dealership business
to Andrew Guelcher and Jon Williams or their designee or assignee.
The Debtor s authorized to sell l the Purchased Assets to the
Purchaser, including the Assumed Contracts, free and clear of all
liens, claims, encumbrances, and other interests.
The Court held that the Debtor is permitted to assume and assign to
the Purchaser the Assumed Contracts, subject to and in accordance
with the Assumption and Assignment Procedures, with any cure
obligations established.
The Debtor having determined, after due deliberation and in the
exercise of its sound business judgment, that the Purchaser
submitted the highest or otherwise best bid and is the Winning
Bidder pursuant to the Bidding Procedures.
The Assumption Notice is appropriate and reasonably calculated to
provide each non- Debtor counterparty to the applicable Contracts
with proper notice of the potential assumption and assignment of
the applicable Contract, the proposed Cure Amount, and the
Assumption and Assignment Procedures.
The Debtor's performance under the Asset Purchase Agreement is
approved in all respects. Subject to the approval rights of General
Motors LLC as acknowledged in the Asset Purchase Agreement, the
Debtor is authorized to assume and perform under the Asset Purchase
Agreement.
The Debtor has demonstrated good, sufficient, and sound business
reasons and justifications for entering into the Sale and the
performance of its obligations under the Asset Purchase Agreement.
The Sale must be approved and consummated in order to maximize the
value of the Debtor's estate.
About Trinity Auto LLC
Trinity Auto LLC, doing business as Trinity Cadillac, operates an
automotive dealership in Englewood Cliffs, New Jersey, selling new
and pre-owned Cadillac vehicles and offering related services. The
Company provides vehicle maintenance and repair, parts, and
financing services to customers in the northern New Jersey area.
Trinity Auto LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bnakr. D.N.J. Case No. 25-10018)
on January 2, 2026, listing $1,549,669 in assets and $14,824,684 in
liabilities. The petition was signed by Jose Collado as dealer
principal and managing partner.
Judge Stacey L Meisel presides over the case.
Daniel M. Stolz, Esq. at GENOVA BURNS LLC serves as the Debtor's
counsel.
TRINSEO PLC: Faces New York Stock Exchange Delisting Proceedings
----------------------------------------------------------------
Trinseo PLC disclosed in a regulatory filing that it received
written notice from the New York Stock Exchange that the NYSE had
determined to commence proceedings to delist the Company's ordinary
shares.
As stated in the March 2 Notice, the NYSE reached its decision to
delist the Company's securities pursuant to Section 802.01B of the
NYSE Listed Company Manual because the Company had fallen below the
NYSE continued listing standard requiring listed companies to
maintain an average market capitalization over a 30-trading day
period of at least $15 million. The Notice also stated that trading
in the Company's ordinary shares would be suspended immediately.
As previously disclosed in the Company's Current Report on Form 8-K
filed with the Securities and Exchange Commission on December 12,
2025, the Company received written notice from the NYSE that it was
no longer in compliance with Section 802.01B of the NYSE Listed
Company Manual due to the fact that the Company's average total
market capitalization over a consecutive 30 trading-day period was
less than $50 million and, at the same time, its stockholders'
equity was less than $50 million. In addition, the Company also
received written notice from the NYSE indicating that it was not in
compliance with the NYSE's continued listing standard set forth in
Section 802.01C because its average closing share price had fallen
below $1.00 per share for 30 consecutive trading days.
As stated in the Notice, the NYSE will file a Form 25 with the SEC
to delist the Company's ordinary shares from the NYSE upon
completion of applicable procedures. The delisting will be
effective 10 days after the filing of the Form 25. None of the
Notice, suspension of trading or delisting from the NYSE is
expected to affect the Company's business operations, its
relationships with partners or employees or its current SEC
reporting obligations.
Upon suspension of trading and delisting of the Company's ordinary
shares from the NYSE, transfers of ordinary shares will be subject
to Irish stamp duty at a rate of 1% of the higher of the purchase
price or the market value of the shares, unless an exemption or
relief is available to the purchaser. The Company's clearing and
settlement agent, Depository Trust Company, has notified the
Company that as a result of the application of Irish stamp duty it
will cease clearing or settling trades in the Company's ordinary
shares and will transfer all positions to the Company's transfer
agent. Therefore, shareholders may not be able to continue to trade
the Company's ordinary shares without transferring their shares to
another clearing and settlement agent, or into a registered
position directly with the Company's transfer agent.
Following suspension of trading on the NYSE, the Company's ordinary
shares may begin trading on the OTC Pink Limited Market operated by
OTC Markets Group, Inc., a substantially more limited market than
the NYSE. However, the Company can provide no assurance that its
ordinary shares will traded or be quoted on this market or any
other market, or, if such trading or quotation does commence, that
such trading will continue, whether broker-dealers will continue to
provide public quotes of its ordinary shares on any market, or
whether the trading volume of its ordinary shares will be
sufficient to provide for an efficient trading market for existing
and potential holders of its ordinary shares. Shareholders are
advised to consult with their own tax and legal counsel regarding
the potential issues related to trading the ordinary shares
following the suspension of trading and delisting from the NYSE or
Irish stamp duty application.
Shareholders are advised to consult with their brokers to inquire
about the process to register their ordinary shares into a direct
position in their name with the Company's transfer agent,
Computershare Trust Company, N.A., if they wish to sell their
shares in the Company.
About Trinseo
Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com
-- a specialty material solutions provider, partners with companies
to bring ideas to life in an imaginative, smart, and sustainably
focused manner by combining its premier expertise, forward-looking
innovations, and best-in-class materials to unlock value for
companies and consumers. From design to manufacturing, Trinseo taps
into decades of experience in diverse material solutions to address
customers' unique challenges in a wide range of industries,
including building and construction, consumer goods, medical, and
mobility.
As of September 30, 2025, the Company had $22.5 million in total
assets, $15.7 million in total liabilities, and $6.8 million in
total stockholders' equity.
* * *
In December 2025, S&P Global Ratings lowered its issuer credit
rating on specialty materials solutions provider Trinseo PLC to
'CCC' from 'CCC+', its issue-level rating on its senior secured
super-priority revolving credit facility (RCF) and senior secured
term loan to 'B-' from 'B', its issue-level rating on its senior
secured term loan B to 'CCC' from 'CCC+', and its issue-level
rating on its senior secured second-lien notes to 'CC' from 'CCC-'.
S&P's recovery ratings on the company's debt are unchanged.
TURING HOLDCO: Blackstone Secured Marks $21.4MM 1L Loan at 19% Off
------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $21,423,000 loan
extended to Turing Holdco, Inc. to market at $17,299,000 or 81% of
the outstanding amount, according to Blackstone Secured's 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Turing Holdco, Inc. The Loan accrues interest at a
rate of SOFR + 6.00%, 10.10% (including 2.50% PIK) per annum. The
Loan matures on Oct. 14, 2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Turing Holdco, Inc.
Turing Holdco, Inc. is a holding company structure typically used
to own and finance one or more operating businesses, often in a
private equity-sponsored leveraged buyout.
TURING HOLDCO: Blackstone Secured Marks $4.5MM 1L Loan at 19% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $4,531,000 loan
extended to Turing Holdco, Inc. to market at $3,659,000 or 81% of
the outstanding amount, according to Blackstone Secured's 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Turing Holdco, Inc. The Loan accrues interest at a
rate of SOFR + 6.00%, 10.10% (including 2.50% PIK) per annum. The
Loan matures on Oct. 14, 2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Turing Holdco, Inc.
Turing Holdco, Inc. is a holding company structure typically used
to own and finance one or more operating businesses, often in a
private equity-sponsored leveraged buyout.
TURING HOLDCO: Blackstone Secured Marks $9.1MM 1L Loan at 19% Off
-----------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $9,113,000 loan
extended to Turing Holdco, Inc. to market at $7,359,000 or 81% of
the outstanding amount, according to Blackstone Secured's 10-K for
the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities
and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Turing Holdco, Inc. The Loan accrues interest at a
rate of SOFR + 6.00%, 9.94% (including 2.50% PIK) per annum. The
Loan matures on Oct. 14, 2028.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About Turing Holdco, Inc.
Turing Holdco, Inc. is a holding company structure typically used
to own and finance one or more operating businesses, often in a
private equity-sponsored leveraged buyout.
TWINLAB CONSOLIDATED: Posts $9.5M 2025 Loss, Going Concern Persists
-------------------------------------------------------------------
Twinlab Consolidated Holdings, Inc. filed with the U.S. Securities
and Exchange Commission its Annual Report on Form 10-K reporting a
net loss of $9.5 million for the fiscal year ended December 31,
2025, compared to a net loss of $13.7 million for 2024.
Net sales were $11.7 million for the fiscal year ended December 31,
2025, compared to $13.6 million for 2024.
Lehi, Utah-based Tanner LLP, the Company's auditor since 2026,
issued a "going concern" qualification in its report dated March 3,
2026, citing that the Company has negative working capital, has
incurred operating losses, and has accumulated a large deficit.
These conditions, among others, raise substantial doubt about the
Company's ability to continue as a going concern.
At December 31, 2024, the Company had an accumulated deficit of
approximately $379.6 million. Historical losses are primarily
attributable to lower than planned sales resulting from low fill
rates on demand due to limitations of the Company's working
capital, delayed product introductions and postponed marketing
activities, merger-related and other restructuring costs, and
interest and refinancing charges associated with the Company's debt
refinancing, and impairment of the Company's goodwill and
intangible assets. Losses have been funded primarily through
issuance of common stock and third-party or related party debt.
The Company is currently a defendant in litigation... The plaintiff
seeks damages of approximately $963.4 million, which significantly
exceeds the Company's available liquidity. The potential exposure
from the litigation, if resolved unfavorably, could materially
exceed the Company's available financial resources. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern within the next 12 months after March
3, 2026, which is the date these financial statements are issued.
Management is evaluating various strategic alternatives, including
settlement negotiations, additional capital raising, refinancing
arrangements, and other restructuring options. There can be no
assurance that these efforts will be successful.
Management is addressing operating issues through the following
actions: focusing on growing the highest grossing products and
brands, reducing remaining operating costs, exploring bankruptcy
options, and continuing to negotiate lower prices from major
suppliers.
The company believes that it will need additional capital to
execute its business plan. If additional funding is required, there
can be no assurance that sources of funding will be available when
needed on acceptable terms or at all.
Wind-Down Activities and Asset Abandonments
In response to ongoing liquidity constraints, recurring operating
losses, and the Company's inability to access sufficient capital to
support historical operating levels, management has undertaken
actions to wind down certain operations and reduce the Company's
cost structure. These actions have included the cessation of
operations of NutraScience Labs, Inc., the abandonment or
forfeiture of leased facilities, workforce reductions, and the
elimination of certain operating activities that were no longer
economically viable.
During 2023, the Company ceased operations associated with NSL. As
part of this cessation, assets associated with NSL were determined
to have minimal or no remaining economic value to the Company and
were disposed of through abandonment. The operating results of NSL
have been presented as discontinued operations in the accompanying
consolidated financial statements. Assets and liabilities
associated with discontinued operations are separately classified
on the consolidated balance sheets as of December 31, 2024 and
2023.
In addition, during 2024 and subsequent to year‑end, the Company
surrendered or forfeited multiple leased office facilities as it no
longer had the ability or intent to continue occupying those
locations. As a result, the Company recorded charges related to the
impairment of right‑of‑use assets and continues to reflect
remaining lease liabilities on the consolidated balance sheets.
Certain of these lease obligations are in default, and the Company
is subject to claims by landlords for unpaid rent and related
costs...
The carrying amounts of assets subject to abandonment or impairment
were evaluated based on their estimated recoverability, taking into
consideration the Company's decision to cease or significantly
curtail related operations, the absence of alternative uses, and
the Company's current financial condition. No amounts have been
capitalized in anticipation of future operating recoveries or
restructuring outcomes.
These wind‑down actions reflect management's efforts to reduce
ongoing cash outflows and preserve liquidity; however, the Company
continues to have significant obligations, including lease
liabilities, accrued interest, and debt obligations that are
classified as current due to existing defaults. The Company's
ability to satisfy these obligations is subject to significant
uncertainty.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/ytdj595k
About Twinlab
Twinlab Consolidated Holdings, Inc. is a marketer, distributor, and
direct-to-consumer retailer of branded nutritional supplements and
other natural products sold to and through domestic health and
natural food stores, mass market retailers, specialty store
retailers, on-line retailers, and websites. Internationally, the
Company markets and distributes branded nutritional supplements and
other natural products to and through health and natural product
distributors and retailers.
As of December 31, 2025, the Company had $6 million in total assets
and $154.5 million in total liabilities, and total stockholders'
deficit of $148.5 million.
UMEWORLD INC: Liquidity Pressure Triggers Going Concern Doubt
-------------------------------------------------------------
UMeWorld Inc. submitted its Quarterly Report on Form 10-Q to the
U.S. Securities and Exchange Commission for the quarterly period
ended December 31, 2025. The report contains a going-concern
qualification, noting that there is substantial doubt regarding the
Company's ability to continue as a going concern.
For the quarter ended December 31, 2025, the Company incurred a net
loss of $138,727. As of December 31, 2025, the Company had an
accumulated deficit of $32,068,371 and a working capital deficiency
of $462,599. These conditions, together with recurring operating
losses and reliance on external financing, raise substantial doubt
about the Company's ability to continue as a going concern within
the next 12 months after, February 24, 2026, the date which the
consolidated financial statements are available to be issued.
Net cash used in operating activities for the three months ended
December 31, 2025 primarily reflected the net loss for the period,
increases in inventory associated with initial distributor stocking
and channel availability, and payment of professional and advisory
fees. These uses of cash were partially offset by advances from
related parties and increases in accounts payable and accrued
expenses.
For the three months ended December 31, 2024, net cash used in
operating activities primarily reflected operating expenses and
working capital changes, as the Company had minimal revenue and
lower inventory purchases during that period. The increase in cash
used in operating activities in 2025 compared to 2024 was primarily
attributable to higher inventory purchases and operating expenses
associated with expanded commercial activity, as well as repayments
of $6,280 to related parties during the period.
During the quarter, the Company increased finished goods inventory
levels to support distributor orders and marketplace availability.
Management expects inventory levels to fluctuate based on
distributor demand, purchase timing, and logistics planning.
The Company expects that it will need additional capital to support
operations, working capital requirements, and business development
activities. Management is evaluating financing alternatives, which
may include related-party funding, private placements, and other
capital raising transactions. There can be no assurance that
additional financing will be available on acceptable terms, or at
all.
Management's plans to alleviate this substantial doubt include:
* pursuing additional business arrangements and growth
opportunities in the functional nutrition and health-and-wellness
markets through Dagola;
* expanding distribution channels and product offerings to
increase revenues; and
* seeking additional capital through promissory notes, private
placements, and other financing transactions.
There can be no assurance that these plans will be successful, or
that additional financing will be available on acceptable terms, or
at all.
A full text copy of the Company's Report is available at
https://tinyurl.com/eemknhma
About UMeWorld Inc.
UMeWorld Inc. is a holding company focused on functional nutrition
and lipid-based consumer products and conducts its operations
through wholly owned subsidiaries in the United States and
Asia-Pacific. The Company's primary operating subsidiary, Dagola
Inc., conducts the sales, distribution, and marketing of DAGola(R)
branded diacylglycerol-based cooking oil products in the United
States through online marketplace and direct-to-consumer channels.
As of December 31, 2025, the Company had $1,748,847 in total
assets, $2,211,446 in total liabilities, and $462,599 in total
stockholders' deficit.
VANDERBILT MINERALS: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------------
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Vanderbilt
Minerals, LLC.
The committee members are:
1. Kathleen Dole, represented by Adam Dreksler
Adreksler@weitz.lux.com
Weitz & Luxenberg, P.C.
700 Broadway
New York, NY 10003
(212) 558-5681
2. Charles Kamprad, represented by Lauren Williams
Lauren@swmwlaw.com
SWMW Law, LLC
701 Market Street, Suite 1000
St. Louis, MO 63101
(314) 480-5180
3. Frank Richard Kurzynske, represented by Ethan Early
eearly@elslaw.com
Early Lucarelli, Sweeney & Meisenkothen, LLC
265 Church Street, 11th Floor
New Haven, CT 06525
(203) 777-7799
4. Heather Colding
Estate of Rebecca Sherman, represented by Chris McKean
cmckean@mrhfmlaw.com
MRHFM, 1015 Locust Street, Suite 1200
St. Louis, MO 63101
(314) 241-2003
5. Donna Franklin
Special Administrator for the Estate of Phillip Franklin
represented by Christopher Guinn
cguinn@gorilaw.com
The Gori Law Firm
156 N. Main St.
Edwardsville, IL 62025
(618) 659-9833
6. Lisa Miller
Administrator of the Estate of Joseph E. Okolish
represented by Thomas Bevan & Anjali Mehta
tbevan@bevanlaw.com
amehta@bevanlaw.com
Bevan & Associates L.P.A., Inc.
Bevan Professional Building
6555 Dean Memorial Parkway
Boston Heights, OH 44236
(330) 650-0088
7. Linda Weaver
Executor of the Estate of Anna Bishop Joseph Belluck
jbelluck@bellucklaw.com
Belluck Law, LLP
546 Fifth Avenue, 5th Floor
New York, NY 10036
(212) 681-1575
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 Vanderbilt Minerals LLC
Vanderbilt Minerals, LLC mines, processes, and distributes
industrial minerals, primarily clays, for use in pharmaceutical,
agricultural, personal care, coating, adhesive, construction,
industrial, and household products, serving over 800 customers in
roughly 60 countries.
Vanderbilt Minerals sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60110) on Feb. 16,
2026. In the petition signed by Dean Vomero, chief restructuring
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
The Debtor tapped Bond, Schoeneck & King, PLLC as legal counsel and
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
as claims and noticing agent.
VIKING CRUISES: S&P Upgrades ICR to 'BB+', Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on river and
ocean cruise operator Viking Cruises Ltd. to 'BB+' from 'BB'.
S&P said, "At the same time, we raised our issue-level rating on
the company's senior secured notes to 'BBB-' from 'BB+' and our
issue-level rating on its senior unsecured debt to 'BB+' from
'BB'.
"The stable outlook reflects our expectation that Viking's
forward-booked position will support increasing EBITDA and cash
flow, enabling it to continue deleveraging below 1x in 2026, even
after incorporating its new ship deliveries. We believe this level
of leverage provides the company with an ample cushion relative to
our 3x downgrade threshold to accommodate expected new ship
deliveries, modest operating volatility, and potential acquisitions
or shareholder returns."
S&P expects that river and ocean cruise operator Viking Cruises
Ltd. will likely maintain significant liquidity and modest leverage
over the next several years, consistent with its policy of
preserving cash to absorb potential operating volatility.
The continued strength of the company's forward-booked position, as
well as its higher pricing, provides it with good revenue and cash
flow visibility. Therefore, S&P forecasts Viking improves its
leverage below 1x in 2026, which will provide it with a significant
cushion relative to our 3x upgrade threshold.
S&P said, "The upgrade reflects our belief Viking will sustain
leverage well below our 3x upgrade threshold. The company's 2026
advanced bookings for both its river and ocean cruise segments
currently exceed its 2025 levels. As of Feb. 15, 2026, Viking had
sold 86% of its total capacity for the 2026 season, including 85%
of its river capacity and 87% of its ocean capacity. The company's
cumulative advance bookings reflect a 13% improvement relative to
the same period in 2025. We believe Viking will also benefit from
new ship deliveries, including 10 new river ships and 2 new ocean
in 2026, that will boost its capacity. Therefore, we anticipate the
company's strong forward-booked position and increased capacity
will enable to expand its EBITDA and reduce its leverage below 1x
in 2026.
"Moreover, we expect Viking will add to its sizable cash balances,
most of which we net against its debt, and increase its financial
flexibility. On its public earnings calls, management indicated it
intends to maintain significant cash balances to preserve
liquidity, enabling it to absorb potential operating volatility and
future ship orders. Therefore, we expect the company will maintain
an ample cushion relative to our 3x leverage threshold for the 'BB'
rating, which supports an upgrade.
"We believe Viking's forward-booked position and excess cash
balances mitigate its potential operating volatility. The demand
for future cruise bookings could decline due to stock market or
other asset class volatility that negatively effects the finances
of its target customer demographic, which would reduce their
discretionary spending on high-end travel. However, given the
company's strong booked position and long booking window (typically
11 months), we anticipate it would most likely face volume and
pricing risks later in 2026 and into 2027 amid a slowing economy.
Our macroeconomists believe the current Middle East conflict
increases the risk of an energy shock that would reduce consumer
spending. Higher gasoline and utility bills act like a tax on real
incomes, typically by compressing consumers' discretionary
consumption and delaying big-ticket purchases. Energy inflation
also acts like a regressive tax because it hits necessities, which
have limited short-run substitutes, and absorbs a larger share of
the budgets of lower-income consumers. Escalating geopolitical
conflicts could also affect consumers' willingness to travel,
especially on river cruises that require them to fly to overseas
destinations, which could cause customers to cancel their current
2026 and 2027 bookings. Nevertheless, we expect the company will
preserve a material portion of its $3.8 billion cash balance to
weather potential operating volatility and maintain low leverage.
"Future ship deliveries and potential shareholder returns or
acquisitions pose leveraging risks. We expect Viking will
prioritize reinvesting in the business, mainly by ordering new
ships, to increase its organic revenue. However, the company's
leverage could increase relative to our base-case forecast if it
returns capital to shareholders or pursues acquisition
opportunities. Viking maintains significant cash balances, which
provides it with financial flexibility; however, it does not
maintain a public leverage target. Although we don't assume any
acquisitions or shareholder returns in our forecast, the company
could pursue an acquisition if it identifies a suitable
opportunity, which could increase its leverage. Nevertheless, we
believe Viking will maintain prudent liquidity to absorb potential
operating volatility and take a balanced approach toward capital
allocation such that its leverage remains below 3x."
Future ship deliveries could exacerbate the leveraging impact of a
slowing economy. Viking will add two ocean ships and 10 river ships
in 2026 and one ocean ship and eight river ships in 2027. S&P
expects the company will finance its purchases of ocean ships and
some river ships with incremental debt, which could weaken its
credit measures if a slowing economy reduces its EBITDA.
S&P said, "The stable outlook reflects our expectation that
Viking's forward-booked position will support increasing EBITDA and
cash flow, enabling it to continue deleveraging below 1x in 2026.
We believe this level of leverage provides the company with an
ample cushion relative to our 3x downgrade threshold to accommodate
expected new ship deliveries, modest operating volatility, and
potential acquisitions or shareholder returns."
S&P could lower its rating on Viking if it believes it will
sustain:
-- S&P Global Ratings-adjusted leverage of more than 3x; and
-- Funds from operations (FFO) to debt of below 30%.
S&P said, "Given our forecast the company's leverage will provide
it with a significant cushion relative to our downgrade threshold,
we believe this would most likely occur due to the implementation
of a more aggressive financial policy that includes leveraging
acquisitions or shareholder returns. An underperformance relative
to our base case, due to escalating geopolitical conflicts or
increased competitive pressures that significantly reduce the
demand for cruising, could also exacerbate the decline in Viking's
credit measures.
"We view an upgrade as unlikely given Viking's lack of a leverage
target. However, we could raise our rating on the company by one
notch if we believe it will maintain S&P Global Ratings-adjusted
leverage of below 2x, FFO to debt of more than 45%, and EBITDA
interest coverage of more than 10x after incorporating a moderate
to severe cyclical downturn. This would most likely occur due to an
unexpected and publicly articulated shift in the company's
financial policy."
VIRGINIA PARK: Available Cash & Exit Facility to Fund Plan Payments
-------------------------------------------------------------------
Virginia Park 1, LLC, and its Debtor Affiliates filed with the U.S.
Bankruptcy Court for the Eastern District of Michigan a Combined
Plan of Reorganization and Disclosure Statement dated Feb. 27,
2026.
The Debtors are entities within a real estate development group led
by New York-based Studio Castellano Architect, P.C., a multi
disciplinary firm established by Ron Castellano as its principal.
Mr. Castellano is the Member of Castellano Member, LLC, a manager
of VP1 and VP2. Mr. Castellano is also the sole member of Herman
Kiefer Member, LLC, which is the sole member of HKD. Mr. Castellano
does not receive a salary from any of the Debtors.
Each of the VP Entities is an operating company responsible for the
development of each development phase of the Virginia Park
neighborhood sites, including the payment of utilities, security,
insurance, repair/maintenance, materials and supplies, consultants,
contractors, property taxes, and bank and filing fees concerning
the development of the neighborhood sites.
The Debtors commenced the Chapter 11 Cases because they were facing
liquidity challenges, legal judgments, and litigation expenses
caused by the ongoing disputes with the City and the DLBA. As of
the date hereof, 56 proofs of claim have been filed against the
Debtors, and the total amount claimed is $6,680,120.74. The Debtors
have also scheduled 59 creditors.
The Plan contemplates, among other things, the payment of all
Allowed Claims in full through the consummation of the Exit
Facility as provided in the Exit Facility Documents. The Debtors
and their advisors will be commencing a marketing process to raise
capital and will be reaching out to parties regarding a potential
capital raise. The amount of such new capital and in what form will
depend on a number of factors. The Debtors will disclose the terms
of any such new capital raise in a plan supplement and make any
necessary amendments to the Plan.
Additionally, due to the significant value of the Property, which
is the Debtors' primary asset, the Debtors anticipate that, after
paying their creditors in full through the Exit Facility, the
Reorganized Debtors will continue to pursue their ongoing marketing
process of the Property in earnest under the supervision of the
Bankruptcy Court for the benefit of all stakeholders and to satisfy
any Disputed Claims that may later become Allowed Claims.
Class 3 consists of all General Unsecured Claims. Except to the
extent that a Holder of an Allowed General Unsecured Claim has
agreed with the Debtors to a different treatment of such Claim,
each such Holder shall receive, in full satisfaction of such
Allowed General Unsecured Claim, Cash in an amount equal to such
Allowed General Unsecured Claim, on or as soon as reasonably
practicable after the later of (i) the Effective Date; and (ii) the
date the General Unsecured Claim becomes an Allowed Claim,
including if such General Unsecured Claim becomes Allowed after the
Effective Date.
Class 3 is Unimpaired under the Plan. A Holder of an Allowed
General Unsecured Claim in Class 3 is conclusively presumed to have
accepted the Plan pursuant to Section 1126(f) of the Bankruptcy
Code. Therefore, a Holder of an Allowed General Unsecured Claim is
not entitled to vote to accept or reject the Plan.
Class 4 consists of all Holders of Interests in the Debtors. On the
Effective Date, each Holder of an Allowed Interest in the Debtors
shall receive interests in the Reorganized Debtors in the same
number, proportion or percentage, as applicable, and with identical
rights with respect to the Reorganized Debtors as the Allowed
Interests such Holder held in the Debtors as of the Effective Date.
Class 4 is Unimpaired under the Plan.
The Debtors shall fund distributions and satisfy applicable Allowed
Claims and Allowed Interests under the Plan with respect to the
Reorganization Transaction with Cash on hand and the Exit
Facility.
A full-text copy of the Combined Plan and Disclosure Statement
dated Feb. 27, 2026 is available at https://urlcurt.com/u?l=ithWRl
from PacerMonitor.com at no charge.
Co-Counsel to the Debtors:
GLENN AGRE BERGMAN & FUENTES, LLP
Andrew K. Glenn, Esq.
Jed I. Bergman, Esq.
Richard Ramirez, Esq.
Malak S. Doss, Esq.
1185 Avenue of the Americas
22nd Floor
New York, New York 10036
Telephone: (212) 970-1600
Email: aglenn@glennagre.com
jbergman@glennagre.com
rramirez@glennagre.com
mdoss@glennagre.com
-and-
STEVENSON & BULLOCK, P.L.C.
Charles D. Bullock, Esq.
Kimberly Bedigian, Esq.
Elliot G. Crowder, Esq.
26100 American Drive, Suite 500
Southfield, MI 48034
Phone: (248) 354-7906
Facsimile: (248) 354-7907
Email: cbullock@sbplclaw.com
Email: kbedigian@sbplclaw.com
Email: ecrowder@sbplclaw.com
About Virginia Park 1 LLC
Virginia Park 1 LLC provides real estate-related services,
including property management and support activities, in connection
with properties in Michigan.
Virginia Park 1 LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11308) on June
10, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $500,000 and $1 million.
Bankruptcy Judge Martin Glenn handles the case.
The Debtors tapped Glenn Agre Bergman & Fuentes LLP as bankruptcy
counsel and Stevenson & Bullock, PLC, as local counsel.
VIVOSIM LABS: Ongoing Liquidity Risks Raise Going Concern Doubt
---------------------------------------------------------------
VivoSim Labs, Inc. submitted its Quarterly Report on Form 10-Q to
the U.S. Securities and Exchange Commission for the quarterly
period ended December 31, 2025. The report contains a going-concern
qualification, noting that there is substantial doubt regarding the
Company's ability to continue as a going concern.
As of December 31, 2025, the Company had cash and cash equivalents
of approximately $4.3 million, restricted cash of approximately
$0.1 million and an accumulated deficit of approximately $350.2
million. The restricted cash was pledged as collateral for a letter
of credit that the Company is required to maintain as a security
deposit under the terms of the lease agreements for its facilities.
The Company also had negative cash flows from operations of
approximately $8.6 million during the nine months ended December
31, 2025. As of December 31, 2025, the Company had total current
assets of approximately $6.0 million and current liabilities of
approximately $2.5 million, resulting in working capital of $3.5
million.
Through December 31, 2025, the Company has financed its operations
primarily through the sale of common stock through public and
at-the-market offerings, the private placement of equity
securities, from revenue derived from the licensing of intellectual
property, products and research-based services, grants, and
collaborative research agreements, and from the sale of convertible
notes. During the nine months ended December 31, 2025, the Company
issued 701,729 shares of its common stock through its ATM facility,
for net proceeds of approximately $1.8 million.
On March 25, 2025, the Company sold its FXR program for $10.0
million, with $9.0 million paid at closing and $1.0 million held in
escrow for a period of 15 months, with future milestones of up to
$50.0 million to be paid if the lead asset, FXR314, hits key
regulatory and commercial milestones. As of December 31, 2025, the
$1.0 million held in escrow receivable was considered a current
asset on the condensed consolidated balance sheet.
Based on the Company's current operating plan and available cash
resources, the Company will need substantial additional funding to
support future operating activities. The Company has concluded that
the prevailing conditions and ongoing liquidity risks faced by the
Company raise substantial doubt about its ability to continue as a
going concern for at least one year following February 11, 2026,
the date these condensed consolidated financial statements were
issued.
As the Company continues its operations and is focusing its efforts
on services, research, and development, the Company will need to
raise additional capital to implement this business plan. The
Company cannot predict with certainty the exact amount or timing
for any future capital raises. The Company will seek to raise
additional capital through debt or equity financings, or through
some other financing arrangement.
However, the Company cannot be sure that additional financing will
be available if and when needed, or that, if available, it can
obtain financing on terms favorable to its stockholders. Any
failure to obtain financing when required will have a material
adverse effect on the Company's business, operating results, and
financial condition.
A full text copy of the Company's Report is available at
https://tinyurl.com/4hc7syp9
About VivoSim Labs Inc.
San Diego, Calif.-based VivoSim Labs, Inc., formerly known as
Organovo Holdings, Inc., is a pharmaceutical and biotechnology
services company that is focused on providing testing of drugs and
drug candidates in three-dimensional human tissue models of liver
and intestine.
As of December 31, 2025, the Company had $6.96 million in total
assets, $2.52 million in total liabilities, and $4.44 million in
total stockholders' equity.
WABNO HOSPITALITIES: Hires Genova Malin & Trier as Legal Counsel
----------------------------------------------------------------
WABNO Hospitalities, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Genova, Malin &
Trier, LLP as legal counsel.
The firm's services include:
(a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business;
(b) take necessary action to void liens against the Debtor's
property;
(c) prepare and/or amend, on behalf of the Debtor, necessary
petitions, schedules, orders, pleadings and other legal papers;
and
(d) perform all other legal services for the Debtor which may
be necessary.
The firm will be paid at these hourly rates:
Partner $450
Paralegal $200
The firm received a retainer of $35,000 from the Debtor.
Michelle Trier, Esq., an attorney at Genova, Malin & Trier,
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:
Michelle L. Trier, Esq.
Genova, Malin & Trier, LLP
1136 Route 9
Wappinger Falls, NY 12590
Telephone: (845) 298-1600
Email: michelle@gmtllp.com
About WABNO Hospitalities, Inc.
WABNO Hospitalities, Inc., operates a hotel and conference facility
in Newburgh, New York.
WABNO Hospitalities, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
26-35202) on February 27, 2026, listing $7,360,708 in assets and
$5,133,999 in liabilities. The petition was signed by Asif Javaid
as vice president.
Judge Kyu Young Paek presides over the case.
Michelle L. Trier, Esq. at GENOVA, MALIN & TRIER, LLP serves as the
Debtor's counsel.
WABNO HOSPITALITIES: Seeks Cash Collateral Access
-------------------------------------------------
Wabno Hospitalities, Inc, asks the U.S. Bankruptcy Court for the
Southern District of New York, Poughkeepsie Division, for authority
to use cash collateral and provide adequate protection.
At the time of filing, the Debtor was obligated under a note and
security agreement with Hudson Valley Credit Union (HVCU) in the
approximate amount of $3,417,858. HVCU holds a first mortgage lien
on the hotel property as well as a security interest in
substantially all of the Debtor's personal property, including
accounts, receivables, inventory, and equipment. The Debtor
asserts, based in part on a prepetition purchase offer of $7
million for the property, that HVCU is oversecured and protected by
a substantial equity cushion. The Debtor also owes approximately
$500,000 to the U.S. Small Business Administration but takes the
position that the SBA is wholly unsecured and intends to file a
motion under section 506 to determine the extent of that claim.
The Debtor seeks entry of both interim and final orders authorizing
it to use cash collateral—specifically, rents and income
generated from the property—to fund ongoing operating expenses.
These expenses include insurance, utilities, repairs and
maintenance, garbage removal, landscaping, and other ordinary costs
necessary to operate the hotel and conference center, as reflected
in an attached monthly budget. The Debtor argues that without
access to cash collateral, it would suffer irreparable harm, be
unable to maintain operations, and ultimately fail in its
reorganization efforts.
The Debtor contends that HVCU's interest is adequately protected
because the value of the property exceeds the amount owed, creating
a significant equity cushion, and because the Debtor will maintain
insurance coverage and continue operating the property in a manner
that preserves its value. To further protect HVCU, the Debtor
proposes to make interim monthly adequate protection payments of
$10,000 pending confirmation of a Chapter 11 plan. The Debtor
asserts that the automatic stay and the proposed use of cash
collateral will not decrease the value of HVCU's liens and that
continued operations will help preserve and potentially enhance the
estate’s value for all stakeholders.
A court hearing is set for March 17.
A copy of the motion is available at https://urlcurt.com/u?l=ksj4NQ
from PacerMonitor.com.
About Wabno Hospitalities Inc.
Wabno Hospitalities, Inc., doing business as Newburgh Inn & Suites,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. N.Y. Case No. 26-35202-kyp) on February 27, 2026. In
the petition signed by Asif Javaid, vice president, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Kyu Young Paek oversees the case.
Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, represents
the Debtor as legal counsel.
WATER ENERGY: To Sell Bowie Property to Texcrude Services
---------------------------------------------------------
Water Energy Services, LLC seeks permission from the U.S.
Bankruptcy Court for the Western District of Texas, San Antonio
Division, to sell Property free and clear of liens, claims,
interests, and encumbrances.
The Debtor's Property constitutes of 7.15 acres located at 1135
Polk Road, Bowie, Texas 76230.
The Debtor wants to sell the Property to Texcrude Services LLC, a
Domestic Limited Liability Company.
The Debtor employs Hilco Real Estate, LLC as the Debtor's
cooperating broker to market the Property.
After negotiation, the Debtor and Purchaser have agreed to a total
sale price of $90,000.00.
The general terms of the Sale Contract can be found at:
https://urlcurt.com/u?l=NqN7Zr
The Debtor is aware of purported liens against the Property,
including those held by:
a. Montague County Appraisal District;
b. Community Bank & Trust – West Georgia;
c. SitePro, Inc.;
d. BTG, LLC; and
e. OSC Energy, LLC.
Sitepro has recorded a Mineral Contractor’s Lien in Montague
County, however, the lien does not purport to attach to the
Property subject to the Motion.
The Debtor proposes to sell the Property for $90,000.00, free and
clear of all liens, claims, and encumbrances.
At closing, the Debtor seeks authority to pay:
a. Rivers Edge Realty commission in the amount of $2,500.00;
b. Hilco commission in the amount of $4,700.00, consistent with the
Court's prior order approving Hilco's employment;
c. Montague CAD in the amount of $11,104.95;
d. CB&T in the amount of $62,500.00; and
e. Miscellaneous closing costs in the estimated amount of
$2,300.00.
The remainder, approximately $6,895.05, which is a carve out from
CB&T's lien and therefore not subject to any other liens, goes to
the Debtor.
The Debtor further requests that the remaining sale proceeds be
used as cash collateral in accordance with the Court-approved
budget. Because CB&T's lien exceeds the sale price and CB&T is
agreeing that the portion to be remitted to the Debtor is being
carved out of BTG’s lien, the approximately $6,895.05 remaining
after the foregoing distributions is CB&T's cash collateral and not
the cash collateral of any other party in interest.
The Debtor believes that the Sale Contract is the highest and best
offer that will be received for the Property
The Debtor believes the Purchase Price is reasonable and fair. The
Debtor chose this offer based on the price offered and the belief
that the Purchaser can close under the contracted terms.
The Debtor further notes that any party may make a higher offer for
the subject Property, and that any such party should appear at the
hearing on the Motion.
About Water Energy Services
Water Energy Services, LLC, is a San Antonio-based company
operating in the oil and gas extraction industry.
Water Energy Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March
21, 2025. In its petition, the Debtor reported between $1 million
and $10 million in assets and between $10 million and $50 million
in liabilities.
Judge Michael M. Parker handles the case.
The Debtor is represented by Herbert C Shelton, II, Esq., at
Hayward, PLLC.
WHCG PURCHASER: Blackstone Secured Marks $17.8MM 1L Loan at 58% Off
-------------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $17,820,000 loan
extended to WHCG Purchaser III, Inc. to market at $7,484,000 or 42%
of the outstanding amount, according to Blackstone Secured's 10-K
for the fiscal year ended Dec. 31, 2025, filed with the U.S.
Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to WHCG Purchaser III, Inc. The Loan accrues interest
at a rate of 10.00% 10.00% PIK per annum. The Loan matures on June
30, 2030.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212) 503-2100
About WHCG Purchaser III, Inc.
WHCG Purchaser III, Inc. is a corporate borrower whose specific
business operations were not detailed in the filing.
WINDOWS ACQUISITION: Blackstone Marks $52.7M 1L Loan at 18% Off
---------------------------------------------------------------
Blackstone Secured Lending Fund has marked its $52,750,000 loan
extended to Windows Acquisition Holdings, Inc. to market at
$43,387,000 or 82% of the outstanding amount, according to
Blackstone Secured's Form 10-K for the fiscal year ended Dec. 31,
2025, filed with the U.S. Securities and Exchange Commission.
Blackstone Secured Lending Fund is a participant in a first lien
loan extended to Windows Acquisition Holdings, Inc. The 1L Loan
accrues interest at a rate of SOFR + 6.50%, 10.32%, per annum. The
1L Loan matures on Dec. 29, 2026.
Blackstone Secured Lending Fund is a closed-end, externally
managed, non-diversified management investment company that
primarily invests in secured debt of U.S. middle-market companies.
The Fund is led by Brad Marshall as Co-Chief Executive Officer
(Principal Executive Officer) and Trustee and Jonathan Bock as
Co-Chief Executive Officer (Principal Executive Officer).
The Fund can be reached at:
Brad Marshall
Blackstone Secured Lending Fund
345 Park Avenue
New York, NY 10154
Telephone: (212)503-2100
About Windows Acquisition Holdings, Inc.
Windows Acquisition Holdings, Inc. is a building products company
focused on windows and related materials for construction and
renovation markets.
[] Fitch Affirms Ratings on 12 NA Diversified Industrial Cos.
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings for the 12 North American
diversified industrial and manufacturing companies and their
subsidiaries:
1. APi Group Corporation
2. Arsenal AIC Parent LLC
3. Astro Holdco, LLC
4. Cleanova Holdco 3 Limited
5. GPGI, Inc.
6. CoorsTek, Inc.
7. Copeland Holding LP
8. Hillman Solutions Corp.
9. Hobbs & Associates, LLC
10. Park-Ohio Holdings Corp.
11. Summit Companies
12. Westinghouse Electric Company
These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and
Outlooks were unaffected by the criteria changes.
Corporate Rating Tool Inputs and Scores
APi Group Corporation
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bbb,
Lower), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bbb,
Lower), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb+, Lower).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a+' results in no
adjustment.
- The SCP is 'bb+'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'BB+'
Arsenal AIC 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+, Lower), Sector Characteristics (b+,
Moderate), Market and Competitive Positioning (bb+, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (b+,
Moderate), Financial Structure (b+, Higher), and Financial
Flexibility (bb, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 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:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'BB-'.
Astro Holdco, LLC
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (b+,
Moderate), Market and Competitive Positioning (bb+, Higher),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (b+, Moderate), Profitability (a+,
Lower), Financial Structure (b-, Higher), and Financial Flexibility
(b, Higher).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the forecast year 2026,
40% for the forecast year 2027 and 20% for the forecast year 2028.
- B+ to CC considerations apply in its analysis and result in no
adjustment.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'a+' results in no
adjustment.
- The SCP is 'b'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'B'.
Cleanova Holdco 3 Limited
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (b+, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb-, Moderate), Profitability (a+,
Lower), Financial Structure (b, Higher), and Financial Flexibility
(b, Higher).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 50% weight for the forecast year 2025
and 50% for the forecast year 2026.
- B+ to CC considerations apply in its analysis and result in no
adjustment.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a+' results in no
adjustment.
- The SCP is 'b'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'B'.
GPGI, Inc.
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb, Moderate), Sector Characteristics
(bb+, Lower), Market and Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (bb-, Higher), Company
Operational Characteristics (bb+, Moderate), Profitability (a+,
Lower), Financial Structure (bb-, Higher), and Financial
Flexibility (bb+, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the forecast year 2026,
40% for the forecast year 2027 and 20% for the forecast year 2028.
- The Governance Impact assessment of 'Some Deficiencies' results
in an adjustment of -1 notch(es).
- The Operating Environment Impact assessment of 'a+' results in no
adjustment.
- The SCP is 'bb-'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'BB-'.
CoorsTek, Inc.
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (b,
Lower), Financial Structure (bb, Higher), and Financial Flexibility
(bb+, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a+' results in no
adjustment.
- The SCP is 'bb'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'BB'.
Copeland Holding 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+, Lower), Sector Characteristics (bbb+,
Lower), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (a-,
Lower), Financial Structure (b-, Higher), and Financial Flexibility
(b, Higher).
- 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.
- B+ to CC considerations apply in its analysis and result in no
adjustment.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a+' results in no
adjustment.
- The SCP is 'b+'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'B+'.
Hillman Solutions Corp.
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (b+, Higher), Company Operational
Characteristics (bb-, Moderate), Profitability (a-, Lower),
Financial Structure (bbb, Higher), and Financial Flexibility (bbb+,
Lower).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'a+' results in no
adjustment.
- The SCP is 'bb'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'BB'.
Hobbs & Associates, LLC
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bb+,
Lower), Financial Structure (b, Higher), and Financial Flexibility
(b+, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.
- B+ to CC considerations apply in its analysis and result in no
adjustment.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'b+'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'B+'.
Park-Ohio Holdings Corp.
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (bbb-,
Lower), Market and Competitive Positioning (b, Higher),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (b+, Moderate), Profitability (bb,
Lower), 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 historical year
2024, 20% for the forecast year 2025, 20% for the forecast year
2026, 20% for the forecast year 2027 and 20% for the forecast year
2028.
- B+ to CC considerations apply in its analysis and result in no
adjustment.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a+' results in no
adjustment.
- The SCP is 'b+'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'B+'.
Summit Companies
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bbb,
Lower), Market and Competitive Positioning (bb-, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (bbb+,
Lower), Financial Structure (b, Higher), and Financial Flexibility
(bb, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the forecast year 2025,
45% for the forecast year 2026 and 45% for the forecast year 2027.
- B+ to CC considerations apply in its analysis and result in no
adjustment.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'b+'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'B+'.
Westinghouse Electric Company
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (a-,
Lower), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (b+, Higher), Company Operational
Characteristics (bbb, Moderate), Profitability (bb, Lower),
Financial Structure (b+, Higher), and Financial Flexibility (bb,
Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 40% for the forecast year 2026 and 40% for the forecast year
2027.
- B+ to CC considerations apply in its analysis and result in no
adjustment.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a+' results in no
adjustment.
- The SCP is 'b+'.
To derive the IDR:
- Fitch has made no adjustments to the SCP, resulting in an IDR of
'B+'.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Copeland Holding LP
LT IDR B+ Affirmed B+
Watt New Aggregator LP
LT IDR B+ Affirmed B+
Arsenal AIC Parent LLC
LT IDR BB- Affirmed BB-
senior secured LT BB+ Affirmed RR2 BB+
APi Group DE, Inc.
LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed RR4 BB+
senior secured LT BBB- Affirmed RR1 BBB-
Pinnacle Parent, LLC
LT IDR B+ Affirmed B+
EMRLD Borrower LP
LT IDR B+ Affirmed B+
senior secured LT BB Affirmed RR2 BB
senior secured LT BB+ Affirmed RR1 BB+
The Hillman Group, Inc.
LT IDR BB Affirmed BB
senior secured LT BB+ Affirmed RR2 BB+
Park-Ohio Industries, Inc.
LT IDR B+ Affirmed B+
senior secured LT BB+ Affirmed RR1 BB+
senior secured LT B+ Affirmed RR4 B+
Hillman Solutions Corp.
LT IDR BB Affirmed BB
Cleanova US
Holdings LLC
LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
WEC US Holdings Inc.
LT IDR B+ Affirmed B+
senior secured LT BB+ Affirmed RR1 BB+
senior secured LT BB- Affirmed RR3 BB-
CompoSecure Holdings, L.L.C
LT IDR BB- Affirmed BB-
senior secured LT BB+ Affirmed RR1 BB+
Hobbs & Associates, LLC
LT IDR B+ Affirmed B+
senior secured LT BB- Affirmed RR3 BB-
CompoSecure, L.L.C.
LT IDR BB- Affirmed BB-
Astro Acquisition, LLC
LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
Park-Ohio Holdings Corp.
LT IDR B+ Affirmed B+
APi Group Corporation
LT IDR BB+ Affirmed BB+
CoorsTek, Inc.
LT IDR BB Affirmed BB
senior secured LT BB+ Affirmed RR2 BB+
GPGI, Inc.
LT IDR BB- Affirmed BB-
Pinnacle Buyer, LLC
LT IDR B+ Affirmed B+
senior secured LT BB- Affirmed RR3 BB-
Cleanova Holdco 3
Limited
LT IDR B Affirmed B
Husky Holdings LLC
LT IDR BB- Affirmed BB-
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Kevin Garcia Originals, LLC
Bankr. N.D. Ga. Case No. 26-51961
Chapter 11 Petition filed February 13, 2026
See
https://www.pacermonitor.com/view/RM44FDY/Kevin_Garcia_Originals_LLC__ganbke-26-51961__0001.0.pdf?mcid=tGE4TAMA
represented by: Will Geer, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
E-mail: wgeer@rlkglaw.com
In re Soleile at Bowie LLC
Bankr. D. Md. Case No. 26-11706
Chapter 11 Petition filed February 19, 2026
See
https://www.pacermonitor.com/view/RXH33MY/Soleile_at_Bowie_LLC__mdbke-26-11706__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Bleu Rose Residential LLC
Bankr. S.D. Ind. Case No. 26-00864
Chapter 11 Petition filed February 20, 2026
See
https://www.pacermonitor.com/view/5D3BPAA/Bleu_Rose_Residential_LLC__insbke-26-00864__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re P Y T-Shirts Silk Screening Co. Inc.
Bankr. C.D. Cal. Case No. 26-11613
Chapter 11 Petition filed February 22, 2026
See
https://www.pacermonitor.com/view/FOWSHKQ/P_Y_T-Shirts_Silk_Screening_Co__cacbke-26-11613__0001.0.pdf?mcid=tGE4TAMA
represented by: Stella Havkin, Esq.
STELLA HAVKIN
E-mail: shavkinesq@gmail.com
In re Gee Concepts LLC
Bankr. D. Ariz. Case No. 26-01629
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/MY324QY/Gee_Concepts_LLC__azbke-26-01629__0001.0.pdf?mcid=tGE4TAMA
represented by: Ronald J. Ellett, Esq.
ELLETT LAW OFFICES, P.C.
E-mail: rjellett@ellettlaw.com
In re Eric Paul Doricko
Bankr. C.D. Cal. Case No. 26-11639
Chapter 11 Petition filed February 23, 2026
In re Ahad Shahbaz
Bankr. N.D. Cal. Case No. 26-50266
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/67XZEEQ/Ahad_Shahbaz__canbke-26-50266__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert G. Harris, Esq.
BINDER MALTER HARRIS ROME-BANKS LLP
E-mail: rob@bindermalter.com
In re Richard M Alvarez
Bankr. S.D. Cal. Case No. 26-00618
Chapter 11 Petition filed February 23, 2026
represented by: Bruce Wilson, Esq.
In re Modern Medical Aesthetics, LLC
Bankr. M.D. Fla. Case No. 26-01368
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/MINQABY/Modern_Medical_Aesthetics_LLC__flmbke-26-01368__0001.0.pdf?mcid=tGE4TAMA
represented by: Jake C. Blanchard, Esq.
BLANCHARD LAW, P.A.
E-mail: jake@jakeblanchardlaw.com
In re Pavo Fresh, LLC
Bankr. M.D. Fla. Case No. 26-01375
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/HYVJHSA/PAVO_FRESH_LLC__flmbke-26-01375__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Standard Freight Logistics Inc.
Bankr. M.D. Fla. Case No. 26-00730
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/NKEGROY/STANDARD_FREIGHT_LOGISTICS_INC__flmbke-26-00730__0001.0.pdf?mcid=tGE4TAMA
represented by: Bryan K. Mickler, Esq.
LAW OFFICES OF MICKLER & MICKLER, LLP
E-mail: bkmickler@planlaw.com
In re Yahweh Group, LLC
Bankr. M.D. Fla. Case No. 26-01350
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/5NPHVAQ/Yahweh_Group_LLC__flmbke-26-01350__0001.0.pdf?mcid=tGE4TAMA
represented by: Buddy D. Ford, Esq.
FORD & SEMACH, P.A.
E-mail: All@tampaesq.com
In re Two Deluna, LLC
Bankr. N.D. Fla. Case No. 26-30173
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/MRAXP7Y/Two_Deluna_LLC__flnbke-26-30173__0001.0.pdf?mcid=tGE4TAMA
represented by: Melanie A. Foley, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
E-mail: mfoley@srbp.com
In re Country Air And Refrigeration LLC
Bankr. S.D. Fla. Case No. 26-12197
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/LVIPSBQ/Country_Air_And_Refrigeration__flsbke-26-12197__0001.0.pdf?mcid=tGE4TAMA
represented by: Julianne Frank, Esq.
JULIANNE FRANK P.A.
E-mail: julianne@jrfesq.com
In re Brian Robert LaGrua
Bankr. S.D. Fla. Case No. 26-12194
Chapter 11 Petition filed February 23, 2026
represented by: Robert Furr, Esq.
In re Scott Rowland Storick
Bankr. S.D. Fla. Case No. 26-12148
Chapter 11 Petition filed February 23, 2026
represented by: Jordan Rappaport, Esq.
In re Mora Oak Park LLC
Bankr. N.D. Ill. Case No. 26-03137
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/TGJ4Q4A/Mora_Oak_Park_LLC__ilnbke-26-03137__0001.0.pdf?mcid=tGE4TAMA
represented by: David Herzog, Esq.
DAVID R. HERZOG
E-mail: drh@dherzoglaw.com
In re Paul J Massey, Jr.
Bankr. D. Mass. Case No. 26-10363
Chapter 11 Petition filed February 23, 2026
represented by: David Madoff, Esq.
MADOFF & KHOURY LLP
In re Tez Wingz, LLC
Bankr. W.D. Okla. Case No. 26-10518
Chapter 11 Petition filed February 23, 2026
See
https://www.pacermonitor.com/view/XV2FEFI/Tez_Wingz_LLC__okwbke-26-10518__0001.0.pdf?mcid=tGE4TAMA
represented by: Gary D Hammond, Esq.
HAMMOND LAW FIRM
E-mail: gary@okatty.com
In re Theresa Lynn Oswald
Bankr. D.S.C. Case No. 26-00777
Chapter 11 Petition filed February 23, 2026
represented by: Robert Cooper, Esq.
In re Guillermo NMN Beltran Sanchez
Bankr. W.D. Va. Case No. 26-70175
Chapter 11 Petition filed February 23, 2026
represented by: H. David Cox, Esq.
In re David McArdle and Megan McArdle
Bankr. N.D. Ala. Case No. 26-80402
Chapter 11 Petition filed February 24, 2026
represented by: Stuart Maples, Esq.
THOMPSON BURTON, PLLC
Email: smaples@thompsonburton.com
In re Covina Corral, Inc.
Bankr. C.D. Cal. Case No. 26-11709
Chapter 11 Petition filed February 24, 2026
See
https://www.pacermonitor.com/view/7KHLSQQ/Covina_Corral_Inc__cacbke-26-11709__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Altagen, Esq.
ROBERT S ALTAGEN
E-mail: robertaltagen@altagenlaw.com
In re Aloria Vineyards, LLC
Bankr. E.D. Cal. Case No. 26-10737
Chapter 11 Petition filed February 24, 2026
See
https://www.pacermonitor.com/view/NC6LCFA/Aloria_Vineyards_LLC__caebke-26-10737__0001.0.pdf?mcid=tGE4TAMA
represented by: David Foyil, Esq.
EQUAL JUSTICE LAW GROUP
E-mail:
davidfoyil@equaljusticelawgroup.com
In re Antoine Deone Stokes and Idalice Marie Stokes
Bankr. M.D. Fla. Case No. 26-01379
Chapter 11 Petition filed February 24, 2026
represented by: Buddy Ford, Esq.
In re 4010 THOR Collision Corp.
Bankr. S.D. Fla. Case No. 26-12210
Chapter 11 Petition filed February 24, 2026
See
https://www.pacermonitor.com/view/HHURBMY/4010_THOR_COLLISION_CORP__flsbke-26-12210__0001.0.pdf?mcid=tGE4TAMA
represented by: Stephen Breuer, Esq.
BREUER LAW, PLLC
E-mail: stephen@breuer.law
In re Sly Management, Inc.
Bankr. S.D.N.Y. Case No. 26-22177
Chapter 11 Petition filed February 24, 2026
See
https://www.pacermonitor.com/view/VRLNGOI/Sly_Management_Inc__nysbke-26-22177__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Lewis, Esq.
ROBERT S LEWIS PC
E-mail: Robert.lewlaw1@gmail.com
In re William M. Schiffmiller and Elizabeth Recto Arreglado
Bankr. S.D.N.Y. Case No. 26-10382
Chapter 11 Petition filed February 24, 2026
represented by: Jacqulyn Loftin, Esq.
In re Edwards Logging, LLC
Bankr. N.D. Ala. Case No. 26-40193
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/PG6AK7Q/Edwards_Logging_LLC__alnbke-26-40193__0001.0.pdf?mcid=tGE4TAMA
represented by: Frederick M. Garfield, Esq.
SPAIN & GILLON, LLC
E-mail: fgarfield@spain-gillon.com
In re C & S Market Research LLC
Bankr. E.D. Cal. Case No. 26-10743
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/PHPDI4A/C__S_Market_Research_LLC__caebke-26-10743__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
Email: michael.berger@bankruptcypower.com
In re Omy's Couture Hair Design LLC
Bankr. M.D. Fla. Case No. 26-01451
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/PAU4WYQ/Omys_Couture_Hair_Design_LLC__flmbke-26-01451__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Rey Arellano
Bankr. D. Kan. Case No. 26-20233
Chapter 11 Petition filed February 25, 2026
represented by: Elizabeth Lynch, Esq.
In re Thai Express, Inc.
Bankr. W.D. Mo. Case No. 26-60130
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/AM42IYA/Thai_Express_Inc__mowbke-26-60130__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Baran, Esq.
CONROY BARAN
E-mail: rbaran@conroybaran.com
In re 1020 Harding Road, LLC
Bankr. D.N.J. Case No. 26-11988
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/HSZDQ6A/1020_Harding_Road_LLC__njbke-26-11988__0001.0.pdf?mcid=tGE4TAMA
represented by: Bruce H. Levitt, Esq.
LEVITT & SLAFKES, P.C.
In re Harry William Murphy
Bankr. E.D.N.C. Case No. 26-00837
Chapter 11 Petition filed February 25, 2026
represented by: George Oliver, Esq.
In re TW Electric Service, Inc.
Bankr. E.D.N.C. Case No. 26-00840
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/7W3VKRQ/TW_Electric_Service_Inc__ncebke-26-00840__0001.0.pdf?mcid=tGE4TAMA
represented by: Rebecca Redwine Grow, Esq.
HENDREN, REDWINE & MALONE, PLLC
E-mail: rredwine@hendrenmalone.com
In re Brink Investments, Inc.
Bankr. D. Ore. Case No. 26-30628
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/TJSSGCI/Brink_Investments_Inc__orbke-26-30628__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Recoleta LLC
Bankr. D.P.R. Case No. 26-00749
Chapter 11 Petition filed February 25, 2026
See
https://www.pacermonitor.com/view/HU3XV5Q/RECOLETA_LLC__prbke-26-00749__0001.0.pdf?mcid=tGE4TAMA
represented by: Jose M Prieto Carballo, Esq.
JPC LAW OFFICE
E-mail: jpc@jpclawpr.com
In re Jason Thomas Palmer
Bankr. S.D. Ala. Case No. 26-10550
Chapter 11 Petition filed February 26, 2026
represented by: J. Willis Garrett, III, Esq.
In re Daniel Lee and Chou Yi Chao
Bankr. N.D. Cal. Case No. 26-30163
Chapter 11 Petition filed February 26, 2026
represented by: Arasto Farsad, Esq.
In re Kate Maller Jewelry, LLC
Bankr. D. Colo. Case No. 26-11128
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/DP5EYZA/Kate_Maller_Jewelry_LLC__cobke-26-11128__0001.0.pdf?mcid=tGE4TAMA
represented by: Jonathan M. Dickey, Esq.
KUTNER BRINEN DICKEY RILEY, P.C.
E-mail: jmd@kutnerlaw.com
In re The Tavern Bar & Tacos, LLC
Bankr. M.D. Fla. Case No. 26-01318
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/FBM553Y/The_Tavern_Bar__Tacos_LLC__flmbke-26-01318__0001.0.pdf?mcid=tGE4TAMA
represented by: L. William Porter III, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
E-mail: bporter@lathamluna.com
In re Shoreline Junk and Haul, LLC
Bankr. N.D. Fla. Case No. 26-50043
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/2HYOXQY/Shoreline_Junk_and_Haul_LLC__flnbke-26-50043__0001.0.pdf?mcid=tGE4TAMA
represented by: Byron W. Wright III, Esq.
BRUNER WRIGHT, P.A.
E-mail: twright@brunerwright.com
In re New Pipe Plumbing Inc.
Bankr. S.D. Fla. Case No. 26-12382
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/F47I7OI/New_Pipe_Plumbing_Inc__flsbke-26-12382__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Stiberman, Esq.
STIBERMAN LAW, P.A.
E-mail: ariel@stibermanlaw.com
In re Season 2 Consign, LLC
Bankr. S.D. Fla. Case No. 26-12407
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/D46SAKA/Season_2_Consign_LLC__flsbke-26-12407__0001.0.pdf?mcid=tGE4TAMA
represented by: Brian K. McMahon, Esq.
BRIAN K. MCMAHON, PA
E-mail: briankmcmahon@gmail.com
In re Travis R. Walker
Bankr. S.D. Fla. Case No. 26-12375
Chapter 11 Petition filed February 26, 2026
represented by: Travis Walker, Esq.
In re Audrey P Doorn
Bankr. E.D.N.Y. Case No. 26-40899
Chapter 11 Petition filed February 26, 2026
represented by: Vivian Williams, Esq.
In re Bronx River Strategies, LLC
Bankr. E.D.N.Y. Case No. 26-40882
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/L7AM3HQ/Bronx_River_Strategies_LLC__nyebke-26-40882__0001.0.pdf?mcid=tGE4TAMA
represented by: Muhammad Ikhlas, Esq.
DAVIS NDANUSA IKHLAS & SALEEM LLP
Email: mikhlas@dnislaw.com
In re Emanuh Entities Inc.
Bankr. E.D.N.Y. Case No. 26-40913
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/LQJ2QOI/Emanuh_Entities_Inc__nyebke-26-40913__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Yulia Yakovenko
Bankr. E.D.N.Y. Case No. 26-40927
Chapter 11 Petition filed February 26, 2026
represented by: Alla Kachan, Esq.
In re Parker & Sons Grading Co. Inc.
Bankr. W.D.N.C. Case No. 26-40062
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/WDBAT5A/Parker__Sons_Grading_Co_Inc__ncwbke-26-40062__0001.0.pdf?mcid=tGE4TAMA
represented by: Richard S. Wright, Esq.
MOON WRIGHT & HOUSTON, PLLC
E-mail: rwright@mwhattorneys.com
In re Country Cmns LLC
Bankr. D. Ore. Case No. 26-30649
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/BBSOAQY/Country_Cmns_LLC__orbke-26-30649__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Latour Homes, LLC
Bankr. D.S.C. Case No. 26-00837
Chapter 11 Petition filed February 26, 2026
See
https://www.pacermonitor.com/view/3TFAFIY/Latour_Homes_LLC__scbke-26-00837__0001.0.pdf?mcid=tGE4TAMA
represented by: Jason M Ward, Esq.
JASON WARD LAW, LLC
E-mail: Jason@WardLawSC.com
In re Brent Keith Carpenter
Bankr. E.D. Ark. Case No. 26-10722
Chapter 11 Petition filed February 27, 2026
represented by: Kyle Havner, Esq.
In re 2315 Loma Vista LLC
Bankr. C.D. Cal. Case No. 26-11876
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/WZ3EWPQ/2315_Loma_Vista_LLC__cacbke-26-11876__0001.0.pdf?mcid=tGE4TAMA
represented by: Onyinye N Anyama, Esq.
ANYAMA LAW FIRM, APC
Email: onyi@anyamalaw.com
In re George Karibyants
Bankr. C.D. Cal. Case No. 26-10420
Chapter 11 Petition filed February 27, 2026
represented by: Michael Berger, Esq.
In re Nathan Spencer Home LLC
Bankr. C.D. Cal. Case No. 26-10422
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/ZASNTBA/Nathan_Spencer_Home_LLC__cacbke-26-10422__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
Email: michael.berger@bankruptcypower.com
In re Michael J. Moroni
Bankr. D. Colo. Case No. 26-11194
Chapter 11 Petition filed February 27, 2026
represented by: Jeffrey Brinen, Esq.
KUTNER BRINEN DICKEY RILEY, P.C.
In re Iulian Cosiuc
Bankr. M.D. Fla. Case No. 26-01376
Chapter 11 Petition filed February 27, 2026
represented by: Daniel Velasquez, Esq.
In re D 'n A Heating and Air, Inc
Bankr. M.D. Ga. Case No. 26-40151
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/HOJOJJA/D_n_A_Heating_and_Air_Inc__gambke-26-40151__0001.0.pdf?mcid=tGE4TAMA
represented by: Fife M Whiteside, Esq.
FIFE M. WHITESIDE PC
Email: whitesidef@mindspring.com
In re David Kollie, Jr
Bankr. N.D. Ga. Case No. 26-52690
Chapter 11 Petition filed February 27, 2026
Filed Pro Se
In re HCH Property Investments, LLC
Bankr. E.D. La. Case No. 26-10433
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/6HFNPTY/HCH_Property_Investments_LLC__laebke-26-10433__0001.0.pdf?mcid=tGE4TAMA
represented by: Derek Russ, Esq.
BANKRUPTCY CENTER OF LOUISIANA
Email: russlawfirmllc@gmail.com
In re Douglas Bernard Dasilva
Bankr. D. Nev. Case No. 26-11276
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/3SCKFKI/DOUGLAS_BERNARD_DASILVA__nvbke-26-11276__0001.0.pdf?mcid=tGE4TAMA
represented by: David Winterton, Esq.
DAVID WINTERTON & ASSOCIATES, LTD
Email: autumn@davidwinterton.com
In re All County Wholesale, Inc.
Bankr. D.N.J. Case No. 26-12151
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/ZJRRTLI/All_County_Wholesale_Inc__njbke-26-12151__0001.0.pdf?mcid=tGE4TAMA
represented by: Stephen A. Schwimmer, Esq.
THE KELLY FIRM, P.C.
Email: sschwimmer@kbtlaw.com
In re Hops on Main, LLC
Bankr. D.N.J. Case No. 26-12190
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/VFCHERI/Hops_on_Main_LLC__njbke-26-12190__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel Straffi, Jr., Esq.
STRAFFI AND STRAFFI LLC
Email: bkclient@straffilaw.com
In re Empire Facility Management LLC
Bankr. N.D.N.Y. Case No. 26-30137
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/CNSSHFI/Empire_Facility_Management_LLC__nynbke-26-30137__0001.0.pdf?mcid=tGE4TAMA
represented by: Jeb Singer, Esq.
J. SINGER LAW GROUP, PLLC
Email: jsinger@jsingerlawgroup.com
In re Oryx Systems, Inc.
Bankr. W.D.N.C. Case No. 26-30244
Chapter 11 Petition filed February 27, 2026
See
https://www.pacermonitor.com/view/IINETIA/Oryx_Systems_Inc__ncwbke-26-30244__0001.0.pdf?mcid=tGE4TAMA
represented by: John C. Woodman, Esq.
ESSEX RICHARDS PA
Email: jwoodman@essexrichards.com
In re Phillip Glen Gold and Jamie Linn Gold
Bankr. N.D. Tex. Case No. 26-40908
Chapter 11 Petition filed February 27, 2026
represented by: Craig Davis, Esq.
In re East Philadelphia Furniture Services
Bankr. E.D. Pa. Case No. 26-10823
Chapter 11 Petition filed February 28, 2026
See
https://www.pacermonitor.com/view/ZKRPCQI/EAST_PHILADELPHIA_FURNITURE_SERVICES__paebke-26-10823__0001.0.pdf?mcid=tGE4TAMA
represented by: Maggie Soboleski, Esq.
CENTER CITY LAW OFFICES, LLC
Email: msoboles@yahoo.com
In re Compandsave.com, Inc.
Bankr. N.D. Cal. Case No. 26-40418
Chapter 11 Petition filed March 1, 2026
See
https://www.pacermonitor.com/view/DUB3TYI/COMPANDSAVECOM_INC__canbke-26-40418__0001.0.pdf?mcid=tGE4TAMA
represented by: Ruth Auerbach, Esq.
RUTH AUERBACH
Email: ruth.auerbach.esq@gmail.com
In re Urban Red LLC
Bankr. D. Del. Case No. 26-10283
Chapter 11 Petition filed March 1, 2026
See
https://www.pacermonitor.com/view/NCB7TKA/Urban_Red_LLC__debke-26-10283__0001.0.pdf?mcid=tGE4TAMA
represented by: Maria Aprile Sawczuk, Esq.
GOLDSTEIN & MCCLINTOCK LLLP
E-mail: marias@goldmclaw.com
In re Flourish and Thrive III Inc.
Bankr. E.D.N.Y. Case No. 26-40970
Chapter 11 Petition filed March 1, 2026
See
https://www.pacermonitor.com/view/6SRQOIQ/Flourish_and_Thrive_III_Inc__nyebke-26-40970__0001.0.pdf?mcid=tGE4TAMA
represented by: H Bruce Bronson, Esq.
BRONSON LAW OFFICES PC
E-mail: hbbronson@bronsonlaw.net
In re 5404 Black St PA, LLC
Bankr. W.D. Pa. Case No. 26-20571
Chapter 11 Petition filed March 1, 2026
See
https://www.pacermonitor.com/view/U2GSEXQ/5404_Black_St_PA_LLC__pawbke-26-20571__0001.0.pdf?mcid=tGE4TAMA
represented by: Rodney D. Shepherd, Esq.
LAW OFFICES OF RODNEY SHEPHERD
Email: rodsheph@cs.com
In re IndiTex Ventures LLC
Bankr. S.D. Tex. Case No. 26-31376
Chapter 11 Petition filed March 1, 2026
See
https://www.pacermonitor.com/view/U2P256A/IndiTex_Ventures_LLC__txsbke-26-31376__0001.0.pdf?mcid=tGE4TAMA
represented by: William Haddock, Esq.
PENDERGRAFT & SIMON LLP
E-mail: whaddock@pendergraftsimon.com
In re Route 95 Wood Products, LLC
Bankr. N.D. W.Va. Case No. 26-00126
Chapter 11 Petition filed March 1, 2026
See
https://www.pacermonitor.com/view/MAJSFGY/Route_95_Wood_Products_LLC__wvnbke-26-00126__0001.0.pdf?mcid=tGE4TAMA
represented by: Ryan W. Johnson, Esq.
JOHNSON LEGAL SERVICES, PLLC
E-mail:
ryanjohnson@johnsonlegalservicespllc.com
In re 540 Van, LLC
Bankr. C.D. Cal. Case No. 26-10433
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/YOVTI5A/540_VAN_LLC__cacbke-26-10433__0001.0.pdf?mcid=tGE4TAMA
represented by: Mark Goodfriend, Esq.
LAW OFFICES OF MARK GOODFRIEND
E-mail: markgoodfriend@yahoo.com
In re Big Valley Cold Storage LLC
Bankr. E.D. Cal. Case No. 26-10888
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/H7PTLNA/Big_Valley_Cold_Storage_LLC__caebke-26-10888__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Aspiring Solutions LLC
Bankr. N.D. Cal. Case No. 26-50328
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/M3BBTPQ/Aspiring_Solutions_LLC__canbke-26-50328__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
E-mail:
michael.berger@bankruptcypower.com
In re Carlos Alberto Garcia Manzanares
Bankr. N.D. Cal. Case No. 26-30187
Chapter 11 Petition filed March 2, 2026
In re Citrus Enterprises LLC
Bankr. M.D. Fla. Case No. 26-01447
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/O6CQX7A/Citrus_Enterprises_LLC__flmbke-26-01447__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re North Florida Adult Training Center, LLC
Bankr. N.D. Fla. Case No. 26-40118
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/6ZHQTRI/North_Florida_Adult_Training_Center__flnbke-26-40118__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C. Bruner, Esq.
BRUNER WRIGHT, P.A.
E-mail: rbruner@brunerwright.com
In re Lamila, LLC
Bankr. S.D. Fla. Case No. 26-12592
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/343TPFA/Lamila_LLC__flsbke-26-12592__0001.0.pdf?mcid=tGE4TAMA
represented by: James Alan Poe, Esq.
JAMES ALAN POE, P.A.
E-mail: jpoe@jamesalanpoepa.com
In re Veronica Ann Wilson
Bankr. S.D. Fla. Case No. 26-12634
Chapter 11 Petition filed March 2, 2026
represented by: Susan Lasky, Esq.
In re Jessie Wrenn and Amy Christina Wrenn
Bankr. M.D. Ga. Case No. 26-30115
Chapter 11 Petition filed March 2, 2026
represented by: Paul Marr, Esq.
PAUL REECE MARR, P.C.
Email: paul.marr@marrlegal.com
In re All Pronto Cleaning Service, LLC
Bankr. N.D. Ga. Case No. 26-52844
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/MTOWFCA/All_Pronto_Cleaning_Service_LLC__ganbke-26-52844__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael D Robl, Esq.
ROBL & BOWEN LLC
E-mail: michael@roblgroup.com
In re Ellis International Holdings LLC
Bankr. N.D. Ga. Case No. 26-52837
Chapter 11 Petition filed March 2, 2026
Filed Pro Se
In re Thomas E. Halperin
Bankr. C.D. Ill. Case No. 26-80164
Chapter 11 Petition filed March 2, 2026
represented by: Sumner Bourne, Esq.
In re Ferdimarc Umbay
Bankr. C.D. Ill. Case No. 26-11975
Chapter 11 Petition filed March 3, 2026
In re Connie L Pearson
Bankr. W.D. Ky. Case No. 26-10166
Chapter 11 Petition filed March 2, 2026
represented by: Robert Chaudoin, Esq.
In re Edward William Davis
Bankr. E.D. La. Case No. 26-10465
Chapter 11 Petition filed March 2, 2026
represented by: Robin DeLeo, Esq.
In re Dai Yon, LLC
Bankr. M.D. La. Case No. 26-10175
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/SS3B7YY/Dai_Yon_LLC__lambke-26-10175__0001.0.pdf?mcid=tGE4TAMA
represented by: H. Kent Aguillard, Esq.
H. KENT AGUILLARD
E-mail: kent@aguillardlaw.com
In re Kabuki, LLC
Bankr. M.D. La. Case No. 26-10173
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/QSDWE3I/Kabuki_LLC__lambke-26-10173__0001.0.pdf?mcid=tGE4TAMA
represented by: H. Kent Aguillard, Esq.
H. KENT AGUILLARD
E-mail: kent@aguillardlaw.com
In re Tsunami Restaurants, LLC
Bankr. M.D. La. Case No. 26-10176
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/RIFOLQQ/Tsunami_Restaurants_LLC__lambke-26-10176__0001.0.pdf?mcid=tGE4TAMA
represented by: H. Kent Aguillard, Esq.
K. KENT AGUILLARD
E-mail: kent@aguillardlaw.com
In re Hairando, LLC
Bankr. M.D. La. Case No. 26-10174
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/WON2KDQ/Hairando_LLC__lambke-26-10174__0001.0.pdf?mcid=tGE4TAMA
represented by: H. Kent Aguillard, Esq.
H. KENT AGUILLARD
E-mail: kent@aguillardlaw.com
In re Linda Robinson Cave
Bankr. D. Md. Case No. 26-12182
Chapter 11 Petition filed March 2, 2026
represented by: David E. Cahn, Esq.
LAW OFFICE OF DAVID CAHN, LLC
In re Rahsheila Irons
Bankr. N.D. Miss. Case No. 26-10682
Chapter 11 Petition filed March 2, 2026
In re Miami City Homeshares LLC
Bankr. D.N.J. Case No. 26-12326
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/IMEC6JQ/City_Homeshares_LLC_Miami_City__njbke-26-12326__0001.0.pdf?mcid=tGE4TAMA
represented by: David C. Steinmetz, Esq.
STEINMETZ, LLC
E-mail: david@steinmeitzlawllc.com
In re 40 Halstead St LLC
Bankr. D.N.J. Case No. 26-12305
Chapter 11 Petition filed March 2, 2026
Filed Pro Se
In re Paramount Roofing LLC, A New Mexico LLC
Bankr. D.N.M. Case No. 26-10274
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/COVKFLQ/Paramount_Roofing_LLC_A_New_Mexico__nmbke-26-10274__0001.0.pdf?mcid=tGE4TAMA
represented by: Joseph Yar, Esq.
VELARDE & YAR
E-mail: joseph@velardeyar.com
In re New York Media Holdings Corp.
Bankr. E.D.N.Y. Case No. 26-40986
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/HW7LAMY/New_York_Media_Holdings_Corp__nyebke-26-40986__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Joshua L. Allen and Brittany M. Allen
Bankr. E.D.N.C. Case No. 26-00958
Chapter 11 Petition filed March 2, 2026
represented by: Laurie Biggs, Esq.
In re Blueprint East, LLC
Bankr. E.D. Pa. Case No. 26-10838
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/BZCUHMY/Blueprint_EastLLC__paebke-26-10838__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Enterprise Management Group, Incorporated
Bankr. E.D. Pa. Case No. 26-10849
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/M7XXIHI/Enterprise_Management_Group_Incorporated__paebke-26-10849__0001.0.pdf?mcid=tGE4TAMA
represented by: Zachary Perlick, Esq.
LAW OFFICE OF ZACHARY PERLICK
E-mail: perlick@verizon.net
In re Della Ragione, Inc.
Bankr. M.D. Pa. Case No. 26-00572
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/PDMUNKQ/Della_Ragione_Inc__pambke-26-00572__0001.0.pdf?mcid=tGE4TAMA
represented by: Craig A. Diehl, Esq.
LAW OFFICES OF CRAIG A. DIEHL
In re James Edward Sneson, Jr
Bankr. N.D. Tex. Case No. 26-40958
Chapter 11 Petition filed March 2, 2026
represented by: Joyce Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
In re Minced Meal Prep LLC
Bankr. N.D. Tex. Case No. 26-30895
Chapter 11 Petition filed March 2, 2026
See
https://www.pacermonitor.com/view/DY6TS6I/Minced_Meal_Prep_LLC__txnbke-26-30895__0001.0.pdf?mcid=tGE4TAMA
represented by: Joyce Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
E-mail: joyce@joycelindauer.com
In re Eden Garden Enterprises LLC
Bankr. S.D. Tex. Case No. 26-31384
Chapter 11 Petition filed March 2, 2026
Filed Pro Se
In re Andrea Louise Valentine
Bankr. S.D. Tex. Case No. 26-80144
Chapter 11 Petition filed March 2, 2026
represented by: Larry Vick, Esq.
In re Jacob Paul Smith
Bankr. D. Utah Case No. 26-21041
Chapter 11 Petition filed March 2, 2026
represented by: Geoffrey Chesnut, Esq.
In re Rashida Nailah West
Bankr. W.D. Va. Case No. 26-50113
Chapter 11 Petition filed March 2, 2026
represented by: Laurrie Morris, Esq.
In re Cleansteam, Inc.
Bankr. C.D. Cal. Case No. 26-11973
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/HNQ3UMI/Cleansteam_Inc__cacbke-26-11973__0001.0.pdf?mcid=tGE4TAMA
represented by: Kevin Tang, Esq.
TANG & ASSOCIATES
E-mail: kevin@tang-associates.com
In re The Brothers and Sisters Cosmo Academy
Bankr. N.D. Cal. Case No. 26-40434
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/I2UWP5I/The_Brothers_and_Sisters_Cosmo__canbke-26-40434__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Jiten Maganlal Patel and Vaishali Jiten Patel
Bankr. N.D. Cal. Case No. 26-30191
Chapter 11 Petition filed March 3, 2026
represented by: James Shepherd, Esq.
In re Overall Home Remodeling LLC
Bankr. M.D. Fla. Case No. 26-01465
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/ECGVV7Y/Overall_Home_Remodeling_LLC__flmbke-26-01465__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Continental Television Broadcasting Inc.
Bankr. S.D. Fla. Case No. 26-12681
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/JUC237A/Continental_Television_Broadcasting__flsbke-26-12681__0001.0.pdf?mcid=tGE4TAMA
represented by: Eric Yankwitt, Esq.
ERIC YANKWITT
E-mail: yankwittlawfirm@gmail.com
In re 128 S Main Street LLC
Bankr. N.D. Ga. Case No. 26-52908
Chapter 11 Petition filed March 3, 2026
Filed Pro Se
In re 1385 Plaza LLC
Bankr. N.D. Ga. Case No. 26-10336
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/ID2W5TY/1385_Plaza_LLC__ganbke-26-10336__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 7855 Rivertown Rd LLC
Bankr. N.D. Ga. Case No. 26-52916
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/HJKSB5A/7855_Rivertown_Rd_LLC__ganbke-26-52916__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Bellvilla Services, LLC
Bankr. N.D. Ga. Case No. 26-52901
Chapter 11 Petition filed March 3, 2026
Filed Pro Se
In re Megaslab, Inc.
Bankr. N.D. Ga. Case No. 26-52937
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/K6I4LKY/MEGASLAB_INC__ganbke-26-52937__0001.0.pdf?mcid=tGE4TAMA
represented by: Henry F. Sewell, Jr., Esq.
LAW OFFICES OF HENRY F. SEWELL, JR., LLC
E-mail: hsewell@sewellfirm.com
In re The Jammer Limited Liability Company
Bankr. E.D. Mich. Case No. 26-30523
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/YO2N53Q/The_Jammer_Limited_Liability_Company__miebke-26-30523__0001.0.pdf?mcid=tGE4TAMA
represented by: Edward J. Gudeman, Esq.
GUDEMAN & ASSOCIATES, PC
E-mail: ecf@gudemanlaw.com
In re PZ168 CORP
Bankr. S.D.N.Y. Case No. 26-10455
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/ZLULTRA/PZ168_CORP__nysbke-26-10455__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Thuy & Bach-Yen, Inc.
Bankr. E.D.N.C. Case No. 26-00971
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/Y3BH2ZQ/Thuy__Bach-Yen_Inc__ncebke-26-00971__0001.0.pdf?mcid=tGE4TAMA
represented by: Danny Bradford, Esq.
PAUL D. BRADFORD, PLLC
E-mail: dbradford@bradford-law.com
In re Aron Goldberger
Bankr. M.D. Pa. Case No. 26-00574
Chapter 11 Petition filed March 3, 2026
In re 1925 Belt Line Road LLC
Bankr. E.D. Tex. Case No. 26-40733
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/IDYRT6Q/1925_Belt_Line_Road_LLC__txebke-26-40733__0001.0.pdf?mcid=tGE4TAMA
represented by: Manolo Santiago, Esq.
HERRIN LAW, PLLC
E-mail: Msantiago@herrinlaw.com
In re X & N Ventures Inc
Bankr. N.D. Tex. Case No. 26-40982
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/KPXRZCA/X__N_Ventures_Inc__txnbke-26-40982__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Gregory Scott Thomas
Bankr. N.D. Tex. Case No. 26-40987
Chapter 11 Petition filed March 3, 2026
represented by: Joseph Postnikoff, Esq.
In re Rodriguez & Ramirez Development Consulting And Construction
Group LLC
Bankr. S.D. Tex. Case No. 26-31452
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/EHI3EII/RODRIGUEZ__RAMIREZ_DEVELOPMENT__txsbke-26-31452__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Owlates Childcare, LLC
Bankr. W.D. Tex. Case No. 26-50569
Chapter 11 Petition filed March 3, 2026
See
https://www.pacermonitor.com/view/XYM3H4Y/Owlates_Childcare_LLC__txwbke-26-50569__0001.0.pdf?mcid=tGE4TAMA
represented by: William R. Davis, Jr., Esq.
LANGLEY & BANACK, INC.
E-mail: wrdavis@langleybanack.com
In re Esmeralda Rubio-Acosta
Bankr. C.D. Cal. Case No. 26-12011
Chapter 11 Petition filed March 4, 2026
represented by: Michael Totaro, Esq.
In re APM Construction Corp.
Bankr. M.D. Fla. Case No. 26-01510
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/PWIXSVY/APM_Construction_Corp__flmbke-26-01510__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
E-mail: dvelasquez@lathamluna.com
In re Todd Daniel Benortham and Sonya Lynn Benortham
Bankr. M.D. Fla. Case No. 26-01763
Chapter 11 Petition filed March 6, 2026
represented by: Buddy Ford, Esq.
FORD & SEMACH, P.A.
In re David Lawrence Diamond
Bankr. M.D. Fla. Case No. 26-01506
Chapter 11 Petition filed March 4, 2026
represented by: Ro'Shaila Williams, Esq.
In re Estate Building Services, LLC
Bankr. M.D. Fla. Case No. 26-00888
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/O3VKDDI/Estate_Building_Services_LLC__flmbke-26-00888__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re White Star International Inc.
Bankr. M.D. Fla. Case No. 26-01491
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/WLMBXCA/White_Star_International_Inc__flmbke-26-01491__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Construct Group S.E. Inc.
Bankr. N.D. Fla. Case No. 26-40125
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/WLP7HAY/Construct_Group_SE_Inc__flnbke-26-40125__0001.0.pdf?mcid=tGE4TAMA
represented by: Byron W. Wright III, Esq.
BRUNER WRIGHT, P.A.
E-mail: twright@brunerwright.com
In re Frank King, IV and Kelly E. King
Bankr. N.D. Fla. Case No. 26-50049
Chapter 11 Petition filed March 4, 2026
represented by: Byron Wright, Esq.
In re Atrium Court Village Home Condominium Association
Bankr. N.D. Ill. Case No. 26-03850
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/RTLOKDY/Atrium_Court_Village_Home_Condominium__ilnbke-26-03850__0001.0.pdf?mcid=tGE4TAMA
represented by: Richard G Larsen, Esq.
SPRINGERLARSEN, LLC
E-mail: rlarsen@springerbrown.com
In re Good Will Asset, LLC
Bankr. D.N.J. Case No. 26-12441
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/PK4N4SQ/Good_Will_Asset_LLC__njbke-26-12441__0001.0.pdf?mcid=tGE4TAMA
represented by: Scott J Goldstein, Esq.
LAW OFFICES OF WENARSKY & GOLDSTEIN LLC
E-mail: scott@wg-attorneys.com
In re 101 W 55th Restaurant Inc.
Bankr. S.D.N.Y. Case No. 26-10463
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/AQG5MZA/101_W_55th_Restaurant_Inc__nysbke-26-10463__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert L. Rattet, Esq.
DAVIDOFF HUTCHER & CITRON LLP
E-mail: rlr@dhclegal.com
In re Garret Riley Robert Shafer and Danielle Renee Shafer
Bankr. W.D. Wash. Case No. 26-10664
Chapter 11 Petition filed March 4, 2026
represented by: Masafumi Iwama, Esq.
In re Richard Khatibi
Bankr. C.D. Cal. Case No. 26-10454
Chapter 11 Petition filed March 5, 2026
represented by: Michael Kwasigroch, Esq.
In re Alpha Group Inc.
Bankr. E.D. Cal. Case No. 26-21163
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/J76NVHI/Alpha_Group_Inc__caebke-26-21163__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 3326 Chestnut LLC
Bankr. N.D. Cal. Case No. 26-40445
Chapter 11 Petition filed March 4, 2026
See
https://www.pacermonitor.com/view/YQYX2EA/3326_Chestnut_LLC__canbke-26-40445__0001.0.pdf?mcid=tGE4TAMA
represented by: Lewis Phon, Esq.
LAW OFFICE OF LEWIS PHON
E-mail: lewisphon@att.net
In re Zephyr Hospitality LLC
Bankr. N.D. Cal. Case No. 26-10132
Chapter 11 Petition filed March 5, 2026
See
https://www.pacermonitor.com/view/5SMJVCI/Zephyr_Hospitality_LLC__canbke-26-10132__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Franklin Flight Service Inc
Bankr. D. Del. Case No. 26-10297
Chapter 11 Petition filed March 5, 2026
See
https://www.pacermonitor.com/view/XQQUM5I/Franklin_Flight_Service_Inc__debke-26-10297__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Charles E. Cook, Jr.
Bankr. N.D. Ill. Case No. 26-03979
Chapter 11 Petition filed March 5, 2026
represented by: Scott Clar, Esq.
In re 599 Liberty Ave LLC
Bankr. E.D.N.Y. Case No. 26-41070
Chapter 11 Petition filed March 5, 2026
See
https://www.pacermonitor.com/view/BIA6RSA/599_Liberty_Ave_LLC__nyebke-26-41070__0001.0.pdf?mcid=tGE4TAMA
represented by: H Bruce Bronson, Esq.
BRONSON LAW OFFICES PC
E-mail: hbbronson@bronsonlaw.net
In re Kshitij Inc.
Bankr. E.D.N.Y. Case No. 26-70902
Chapter 11 Petition filed March 5, 2026
See
https://www.pacermonitor.com/view/XVN7YSI/Kshitij_Inc__nyebke-26-70902__0001.0.pdf?mcid=tGE4TAMA
represented by: Gary C. Fischoff, Esq.
BFSNG LAW GROUP, LLP
E-mail: gfischoff@bfslawfirm.com
In re MB Equities LLC
Bankr. E.D.N.Y. Case No. 26-41080
Involuntary Chapter 11 Petition filed March 5, 2026
See
https://www.pacermonitor.com/view/HAKKHZA/MB_Equities_LLC__nyebke-26-41080__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Copper Ridge Landscape & Design, LLC
Bankr. W.D. Pa. Case No. 26-20622
Chapter 11 Petition filed March 5, 2026
See
https://www.pacermonitor.com/view/WHWNQJA/Copper_Ridge_Landscape__Design__pawbke-26-20622__0001.0.pdf?mcid=tGE4TAMA
represented by: Dennis J. Spyra, Esq.
DENNIS J. SPYRA, ESQ.
E-mail: dennis@spyralawoffice.com
In re Huntington Glen Swng TIC 2 LLC
Bankr. D. Del. Case No. 26-10316
Chapter 11 Petition filed March 6, 2026
See
https://www.pacermonitor.com/view/SW3UW7I/Huntington_Glen_Swng_TIC_2_LLC__debke-26-10316__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Busenkell, Esq.
GELLERT SEITZ BUSENKELL & BROWN, LLC
E-mail: mbusenkell@gsbblaw.com
In re Huntington Glen Swng TIC 1 LLC
Bankr. D. Del. Case No. 26-10315
Chapter 11 Petition filed March 6, 2026
See
https://www.pacermonitor.com/view/SLY6CGI/Huntington_Glen_Swng_TIC_1_LLC__debke-26-10315__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Busenkell, Esq.
GELLERT SEITZ BUSENKELL & BROWN, LLC
E-mail: mbusenkell@gsbblaw.com
In re Larry H Joel
Bankr. W.D. Ky. Case No. 26-30573
Chapter 11 Petition filed March 6, 2026
represented by: James Guilfoyle, Esq.
In re Ecosystem Renewal LLC
Bankr. W.D. La. Case No. 26-50182
Chapter 11 Petition filed March 6, 2026
See
https://www.pacermonitor.com/view/2Q4JYJY/Ecosystem_Renewal_LLC__lawbke-26-50182__0001.0.pdf?mcid=tGE4TAMA
represented by: H. Kent Aguillard, Esq.
H. KENT AGUILLARD
E-mail: kent@aguillardlaw.com
In re Bubbles and Bakes Buffalo, LLC
Bankr. W.D.N.Y. Case No. 26-10249
Chapter 11 Petition filed March 6, 2026
See
https://www.pacermonitor.com/view/WLOYODY/BUBBLES_AND_BAKES_BUFFALO_LLC__nywbke-26-10249__0001.0.pdf?mcid=tGE4TAMA
represented by: Raymond C. Stilwell, Esq.
LAW OFFICES OF RAYMOND C. STILWELL
E-mail: rcstilwell@roadrunner.com
In re Diva Builders LLC
Bankr. N.D. Ohio Case No. 26-10953
Chapter 11 Petition filed March 6, 2026
See
https://www.pacermonitor.com/view/GBK4VII/Diva_Builders_LLC__ohnbke-26-10953__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re John Allen Kirby
Bankr. M.D. Tenn. Case No. 26-01034
Chapter 11 Petition filed March 6, 2026
represented by: Jay Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ, PLLC
In re Saig Laundry LLC
Bankr. N.D. Tex. Case No. 26-30980
Chapter 11 Petition filed March 6, 2026
See
https://www.pacermonitor.com/view/HWKIWTQ/Saig_Laundry_LLC__txnbke-26-30980__0001.0.pdf?mcid=tGE4TAMA
represented by: Manolo Santiago, Esq.
HERRIN LAW, PLLC
E-mail: Msantiago@herrinlaw.com
In re R.E.M. US, LLC
Bankr. S.D. Tex. Case No. 26-31561
Chapter 11 Petition filed March 6, 2026
See
https://www.pacermonitor.com/view/PQV7SDA/REM_US_LLC__txsbke-26-31561__0001.0.pdf?mcid=tGE4TAMA
represented by: Donald Wyatt, Esq.
ATTORNEY DONALD WYATT PC
E-mail: don.wyatt@wyattpc.com
In re Anthony A Williams
Bankr. D. Ariz. Case No. 26-02126
Chapter 11 Petition filed March 9, 2026
represented by: D Lamar Hawkins, Esq.
GUIDANT LAW, PLC
In re Noushin Motavassel
Bankr. C.D. Cal. Case No. 26-12197
Chapter 11 Petition filed March 9, 2026
represented by: Vanessa Haberbush, Esq.
In re Terry A. Dichter and Judith D. Dichter
Bankr. C.D. Cal. Case No. 26-10483
Chapter 11 Petition filed March 9, 2026
represented by: Joseph McCarty, Esq.
In re Necole Marie Kucinski and Bridger Gene Kucinski
Bankr. D. Colo. Case No. 26-11428
Chapter 11 Petition filed March 9, 2026
represented by: Keri Riley, Esq.
In re Brett Forgich and Amanda Forgich
Bankr. M.D. Fla. Case No. 26-00973
Chapter 11 Petition filed March 9, 2026
represented by: Thomas Adam, Esq.
In re Michael Kenneth Garcia
Bankr. N.D. Fla. Case No. 26-10078
Chapter 11 Petition filed March 9, 2026
represented by: Lisa Cohen, Esq.
In re Aaron Martell
Bankr. W.D. Wash. Case No. 26-40622
Chapter 11 Petition filed March 9, 2029
represented by: Christopher Coyle, Esq.
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