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260313.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, March 13, 2026, Vol. 30, No. 72 Headlines 12-14 WEST: SHC Lending Wins Bid for Stay Relief 2315 LOMA VISTA: Seeks Cash Collateral Access 286 GRAND AVENUE: Unsecureds to be Paid in Full in Plan 30-85 31ST PROPERTY: Voluntary Chapter 11 Case Summary 301 W NORTH: Seeks to Sell Chicago Property at Auction 307 COLLISION: Seeks to Use Cash Collateral 3UILT TACOMA: Seeks Chapter 7 Bankruptcy in Washington 4 BY 4 BREWING: U.S. Trustee Unable to Appoint Committee 41 MARINER: Voluntary Chapter 11 Case Summary 63 SPRING LAFAYETTE: Voluntary Chapter 11 Case Summary 8973 GRANTLINE: Case Summary & Five Unsecured Creditors 99 CENTS: Court Upholds Order Disallowing Chan Claims A-1 GRADING: Bankruptcy Administrator Unable to Appoint Committee A2K FASHION: Aleida Martinez Molina Named Subchapter V Trustee ABBOS INC: Seeks Chapter 7 Bankruptcy in Pennsylvania AES CORP: Moody's Affirms 'Ba1' Junior Subordinate Rating ALL PRONTO CLEANING: Seeks Cash Collateral Access ALTAMAHA D.M.E.: Seeks Cash Collateral Access ALTISOURCE PORTFOLIO: Posts $1.9M Profit, Clears Revolving Debt AMC ENTERTAINMENT: Moody's Rates New First Lien Term Loan 'B3' AMERICA'S LISTING: Commences Chapter 11 Bankruptcy in Florida AMK PROPERTIES: Seeks Cash Collateral Access ASPIRING SOLUTIONS: Seeks to Use Cash Collateral AVENGER FLIGHT: Bid Rules for Flight Training Business Sale OK'd AXE TACTICAL: Case Summary & 19 Unsecured Creditors AXON ENTERPRISE: Moody's Ups CFR to Ba2, Alters Outlook to Stable AYA SERVICE 1: Secured Party Sets March 16, 2026 Auction BAER & ASSOCIATES: U.S. Trustee Unable to Appoint Committee BEE & G: Gets Interim OK to Use Cash Collateral Until March 17 BIO-KEY INTERNATIONAL: Secures $1.04MM Biometric License Renewal BIOLARGO INC: Posts $15.2M Net Loss for FY2025; Going Concern Stays BISHOP OF FRESNO: Seeks to Hire M C Real Estate Corp as Broker BLAKK SMOKE: Melissa Haselden Named Subchapter V Trustee BREWTIFUL PROPERTIES: U.S. Trustee Unable to Appoint Committee BRIGHT CARE: Has Deal on Cash Collateral Access BRINK'S COMPANY: Fitch Affirms BB+ LongTerm IDR, Outlook Stable BUILDERS FIRSTSOURCE: S&P Alters Outlook to Stable, Affirms BB- ICR BY HOTEL SPE-3: Case Summary & 20 Largest Unsecured Creditors BY HOTEL: Seeks to Hire Stretto as Claims and Noticing Agent C & S RESTAURANT: Case Summary & 12 Unsecured Creditors CALDERIA LLC: April 16 Hearing Set on Chapter 7 Conversion CANACOL ENERGY: Receives Subsequent Advance Under DIP Financing CANO HEALTH: Moody's Cuts CFR to 'Ca', Outlook Stable CANTONI ENTERPRISES: Claims to be Paid from Future Income CARBO CERAMICS: 5th Circuit Reverses Rulings in Tax Dispute CAROLINA INTERNATIONAL: S&P Lowers Revenue Bond Rating to 'BB' CASCADES INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR CBRM REALTY: White & Case Slams Wind-Down Officer's Resignation Bid CEDAR VALLEY: Gets Interim OK for DIP Financing From Realty Peach CELSIUS NETWORK: Court Narrows Claims in Lawsuit v. Compund Labs CENTURY ALUMINUM: Moody's Ups CFR to B1, Outlook Remains Positive CERA TILE: Case Summary & 20 Largest Unsecured Creditors CHARLES & COLVARD: Commences Voluntary Chapter 11 Restructuring CHARLES & COLVARD: OKs $406K Expense Reimbursement to Shareholders CHERISHED LAND: Fine-Tunes Plan Documents CHOATE ENGINEERING: U.S. Trustee Unable to Appoint Committee CITY TOWERS: Voluntary Chapter 11 Case Summary COOPER-STANDARD HOLDINGS: Redeems Existing Notes w/ $1.1B Proceeds CORE NATIONAL: Moody's Ups CFR to Ba3 & Alters Outlook to Stable CORNERSTONE CLASSICAL: Moody's Affirms Ba3 on Revenue Bonds COURTESY SCREENING: Wins Bid to Sell Ford Vehicle COW CREEK: Seeks to Extend Plan Exclusivity to May 6 CUMULUS MEDIA: Gets Interim OK to Use Cash Collateral DAWKINS GARDENS: Seeks Interim Cash Collateral Access DEAN DAIRY: Ky Appeals Court Affirms Dismissal of Stone Case DEDICATION & EVERLASTING: Seeks Cash Collateral Access DEL MONTE: Modesto Plant, Hughson Facility Union Agreement Okayed DELLA RAGIONE: Initiates Chapter 11 Bankruptcy in Pennsylvania DIOCESE OF ALEXANDRIA: Sexual Abuse Claim Filing Set for June 8 DIOCESE OF EL PASO: Case Summary & 20 Largest Unsecured Creditors EAD CONSTRUCTORS: Corbion Wins Bid for Automatic Stay Relief ENTECCO FILTER: Bankruptcy Auction to End on March 19 ERIN J KIRBY: April 13 Hearing Set for Motion to Avoid Lien ERIN J KIRBY: Can't File Combined Disclosure Statement & Plan ESCAMBIA OPERATING: Ch. 7 Trustee Wins Bid to Substitute Plaintiff F4 PHANTOM: Case Summary & 14 Unsecured Creditors FAIR ISAAC: S&P Rates Proposed $1BB Senior Unsecured Notes 'BB+' FORESIGHT ENERGY: Moody's Cuts CFR to 'Caa2', Outlook Negative FTAI INFRASTRUCTURE: Moody's Withdraws 'B3' Corporate Family Rating FTI CONSULTING: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable G2 TECHNOLOGIES: Bankruptcy Administrator Cannot Appoint Committee GALAXY TREE: Case Summary & 20 Largest Unsecured Creditors GATES CORP: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable GBS BARR HOLDINGS: Seeks Cash Collateral Access GENESIS HEALTHCARE: Court Okays Overend Settlement Agreement GEO GROUP: Fitch Affirms 'B+' IDR, Outlook Stable GO FREEDOM: Case Summary & One Unsecured Creditor GOLDEN IMAGE: Seeks Cash Collateral Access GOLIATH VENTURES: Prestige Wants Fellow Insol's Hoebeke as Receiver GRAN TIERRA: S&P Downgrades Rating on Notes Due 2029 to 'B-' GRAVITY CONSTRUCTION: Voluntary Chapter 11 Case Summary HAIN CELESTIAL: Closes $111M Sale of North American Snacks Business HRONIS INC: Case Summary & 20 Largest Unsecured Creditors HUBBARD RADIO: S&P Cuts ICR To 'CCC-' on Potential Covenant Breach HULL STREET: Trigild IVL's Ian Lagowitz Appointed as Receiver HUNTSMAN CORP: Fitch Lowers LongTerm IDR to BB+, Outlook Negative I-SARANG USA: Commences Chapter 7 Bankruptcy in California ICP GROUP: Moody's Assigns 'Caa2' CFR, Outlook Stable IMPRO SYNERGIES: Seeks to Hire GulkoSchwed as Special Counsel INSPIREMD INC: Dismisses COO Tommasoli; Departure Set for September JAMMER LIMITED: Seeks Chapter 11 Bankruptcy in Michigan JASNIA REALTY: Gets Court OK to Use Cash Collateral Until April 2 JAY4 INC: Gets Extension to Access Cash Collateral JDM PROPERTIES: Taps Melissa Powers CPA & Associates as Accountant JELD-WEN INC: Moody's Cuts CFR to Caa1, Outlook Negative JGA DEVELOPMENT: Fine-Tunes Plan Documents JIC CONTRACTING: Lender Seeks to Prohibit Cash Collateral Access JMG VENTURES: Kapitus's Inventory Must Be Valued at Wholesale Price JOURNEY PERSONAL: Moody's Alters Outlook on 'B3' CFR to Positive JSMITH CIVIL: Court Narrows Claims in Clancy & Theys, et al. Case KAISER ALUMINUM: Moody's Alters Outlook on 'B1' CFR to Positive KAL FREIGHT: Co-Owner Wins Summary Judgment in Vanguard Case KC 117 LLC: Voluntary Chapter 11 Case Summary KC TRANSPORT: Court OKs Dump Trailer Sale to Wildcat Trucking KODIAK GAS: S&P Rates New $750MM Senior Unsecured Notes 'BB-' LA GEOTHERMAL: Court Extends Cash Collateral Access to April 24 LA SALLE UNIVERSITY: Fitch Lowers IDR to 'B+', Outlook Stable LAKEVIEW VILLAGE: Fitch Alters Outlook on 'BB+' IDR to Positive LANDERS DEVELOPMENT: Plan Exclusivity Period Extended to March 29 LILA KATE TRUCKING: Files Emergency Bid to Use Cash Collateral LINDBLAD EXPEDITIONS: Moody's Ups CFR to B2, Outlook Remains Stable LIVE FREE: Case Summary & Three Unsecured Creditors LUCKY STRIKE: Moody's Lowers CFR to B3, Outlook Remains Stable LURIN REAL: Two Additional Subsidiaries File Chapter 11 Cases MATADOR RESOURCES: Moody's Rates New $750MM Unsecured Notes 'B1' MATTHEWS 350: Case Summary & 20 Largest Unsecured Creditors MELPRO LLC: Taps Realty One Group Performance as Real Estate Broker MEYER BURGER: April 21 Plan Confirmation Hearing Set MG LOGISTICS: Seeks to Extend Plan Exclusivity to June 1 MOOG INC: Moody's Ups CFR to 'Ba1', Outlook Remains Stable MOTOS AMERICA: Seeks Cash Collateral Access MSS INC: Ellen Lighting Wins Summary Judgment in Adversary Case NATHAN SPENCER: John-Patrick Fritz Named Subchapter V Trustee NATHAN SPENCER: Seeks Cash Collateral Access NAVAJO SMILES: Case Summary & 20 Largest Unsecured Creditors NCL CORP: S&P Alters Outlook to Stable, Affirms 'B+' ICR NCR ATLEOS: Fitch Puts 'BB-' LongTerm IDR on Watch Positive NCR ATLEOS: Moody's Puts 'B1' CFR on Review for Upgrade NEARSHORE NETWORKS: Case Summary & 20 Largest Unsecured Creditors NINE ENERGY: FY25 Revenues Reach $561.9M, Net Loss Widens to $51.3M OCUGEN INC: FY25 Loss Widens to $67.8MM; Going Concern Doubt Stays OCUGEN INC: Petitions Court to Confirm Validity of Share Increase OCUGEN INC: Registers 12.5MM Shares for 2019 Equity Incentive Plan ODYSSEY MARINE: Greywolf Capital Holds 10.9% Equity Stake OFFICE PROPERTIES: Inks Settlements With UCC, 2027 Ad Hoc Groups ONYX BUSINESS: Files Emergency Bid to Use Cash Collateral OWLATES CHILDCARE: Seeks Cash Collateral Access PARAMOUNT GLOBAL: Moody's Puts 'Ba1' Rating on Review for Downgrade PARAMOUNT SKYDANCE: Fitch Lowers LongTerm IDR to BB+, On Watch Neg. PAT MCGRATH: Available Cash & Exit Loan Proceeds to Fund Plan PENN ENTERTAINMENT: S&P Rates $500MM Senior Unsecured Notes 'B-' PILGRIM'S PRIDE: Moody's Alters Outlook on 'Ba2' CFR to Positive PMK CAPITAL: Case Summary & One Unsecured Creditor POST HOLDINGS: Moody's Rates New Sr. Unsecured Notes Add-on 'B2' PRESENTATION MEDIA: Seeks to Use Cash Collateral PRIMEMED MARKETING: Voluntary Chapter 11 Case Summary PROG HOLDINGS: Moody's Confirms B1 CFR & Alters Outlook to Negative PROJECT PIZZA NOE: Case Summary & 20 Largest Unsecured Creditors PRPM 2026-NQM1: Fitch Assigns 'B(EXP)sf' Rating on Class B2 Certs R.V. MULLENS: Case Summary & 10 Unsecured Creditors R.V. MULLENS: Hires Johnson Legal Services as Bankruptcy Counsel RACKSPACE TECHNOLOGY: Moody's Cuts CFR to Caa2, Outlook Negative RACKSPACE TECHNOLOGY: S&P Downgrades ICR to 'CCC+', Outlook Neg. RAILHEAD INC: Seeks to Use Cash Collateral Thru May 23 RAINMAKER CIDER: Gets Interim OK to Use Cash Collateral RAS DATA: Plan Exclusivity Period Extended to March 31 RB MARKETPLACE: Case Summary & 20 Largest Unsecured Creditors RENDITIONS LLC: Files Emergency Bid to Use Cash Collateral RIVAL COMMERCIAL: Claims to be Paid from Continued Operations ROOSEVELT UNIVERSITY: Moody's Affirms B2 Issuer & Bond Ratings RTB HOSPITALITY: Seeks Chapter 11 Bankruptcy in California SAKS GLOBAL: Committee Seeks to Hire Cole Schotz as Local Counsel SAKS GLOBAL: Committee Taps Morrison & Foerster as General Counsel SANDY PINES: Senior Lender Seeks Chapter 11 Trustee Appointment SAVAGE COMPANIES: Fitch Puts 'B+' LongTerm IDR on Watch Negative SDLOMO LLC: Seeks to Hire J. Gleason Associates as Accountant SEASONS HOSPITALITY: Voluntary Chapter 11 Case Summary SERNA'S TRUCKING: Commences Chapter 11 Bankruptcy in Texas SILENT HERO: Gets Interim OK to Use Cash Collateral Until March 27 SJW AUTOMOTIVE: Seeks to Hire WH Law as General Bankruptcy Counsel SKYLARK HOTELS: Seeks to Hire Tang & Associates as Legal Counsel SMITH MICRO: Timothy Huffmyer to Succeed Bill Smith as CEO March 31 SONI HOLDINGS: Court Tosses Mead Law Firm's Bid to Intervene SOUTHDOWN PROPERTIES: Seeks Chapter 11 Bankruptcy in Pennsylvania SPENCER SPIRIT: Moody's Ups CFR to 'B1', Outlook Stable SPIRIT AIRLINES: OK'd for $533MM Baseline Bid In April Jet Auction SPOKANE INDUSTRIES: U.S. Trustee Appoints Creditors' Committee SQA MAHADEV: Commences Chapter 11 Bankruptcy in Tennessee SSP WASTE: Seeks Cash Collateral Access STAY LLC: Hires Harris Law Practice as General Bankruptcy Counsel STERLING HEALTHCARE: Seeks Approval of AISLIC Claims Distribution STOLI GROUP: Court Okays Appointment of Chapter 11 Trustee STOLI GROUP: Lender Slams Committee's Bid to Oust Ch. 11 Trustees TALLGRASS ENERGY: Fitch Alters Outlook on BB LongTerm IDR to Stable TECH READY: Seeks to Tap CENTURY 21 HomeStar as Real Estate Broker TECHNICAL ARTS: Rob Toma Seeks Chapter 11 Trustee Appointment TECHNIMARK HOLDINGS: $100MM Loan Add-on No Impact on Moody's B3 CFR TERRA PROPERTY: Hires Restructuring Advisors Amid Note Exchange THOMAS ST. JOHN: Lawrence Adversary Case Heads to Mediation THUY & BACH-YEN: Gets Interim OK to Use Cash Collateral TKO WORLDWIDE: $900MM Loan Add-on No Impact on Moody's 'Ba2' CFR TLC OPERATIONS: Hires Gregory Stern and Monica O'Brien as Counsel TM36 LLC: Case Summary & 30 Largest Unsecured Creditors TMC MAINTENANCE: Seeks to Tap Jones & Walden as Bankruptcy Counsel TR BELL TRUCKING: Commences Chapter 7 Bankruptcy in Pennsylvania TREASURE VALLEY: Moody's Affirms 'Ba3' Rating on Revenue Bonds TREEHOUSE DEVELOPMENT: Unsecureds Will Get 24% over 120 Months TSUNAMI RESTAURANTS: Seeks Chapter 11 Bankruptcy in Louisiana TURNER DEVELOPMENT: U.S. Trustee Unable to Appoint Committee TUTOR PERINI: Moody's Upgrades CFR to B1, Alters Outlook to Stable VERASTEM INC: Improved Cash Position Alleviates Going Concern Doubt VIRIDIS CHEMICAL: Case Summary & 30 Largest Unsecured Creditors VIRIDIS CHEMICAL: Seeks to Tap Epiq as Claims and Noticing Agent WABNO HOSPITALITES: Seeks Chapter 11 Bankruptcy in New York WARNER BROS: Moody's 'Ba1' Ratings Remain on Review for Downgrade WASHINGTON REGIONAL: Moody's Lowers Revenue Bond Rating to Ba1 WC425X LLC: Voluntary Chapter 11 Case Summary WEST DAUPHIN: Voluntary Chapter 11 Case Summary WEST TECHNOLOGY: Moody's Cuts CFR to Ca, Outlook Negative WESTSIDE TOW: Seeks to Use Cash Collateral WISHPOND TECHNOLOGIES: Inks Forbearance w/ Lender After Asset Sale XWELL INC: Eliminates Series G Preferred Stock via $9MM Repurchase XWELL INC: Raises $31.3MM in Series H Preferred Stock Deal XYTEL CORP: Receivership Sale of Plant Equipment Ends March 17 YELLOW CAB: Dismissal of Cimino Personal Injury Case Affirmed ZIVIEA INC: Case Summary & 15 Unsecured Creditors [] Fitch Affirms Ratings on 10 Building Products Issuers [] Fitch Affirms Ratings on 11 NA Aerospace & Defense Companies [] Fitch Affirms Ratings on Eight North American Services Cos. [] Seward & Kissel Launches Financial Risk Management Practice [] U.S. Foreclosures Up 20% Year Over Year in February [^] BOOK REVIEW: A History of the New York Stock Market ********* 12-14 WEST: SHC Lending Wins Bid for Stay Relief ------------------------------------------------ Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts will grant the motion filed by SHC Lending, LLC, a secured creditor of 12-14 West Street LLC, for relief from stay or in the alternative dismissal of the case Re: 212 University Avenue, Davis, California. The order will be stayed for 45 days from entry. As shared by the Troubled Company Reporter, Debtor is the obligor pursuant to a promissory note dated May 26, 2023, in the original principal amount of $6,775,000. To secure the Note, Debtor executed and delivered a Construction Deed of Trust, Assignment of Leases, Security Agreement and Fixture Filing in favor of SHC Lending LLC dated May 26, 2023, and encumbering the property located at 212 University Avenue, Davis, California 95616. There is no other collateral to secure the Note Prior to the filing of the Debtor's Chapter 11 Plan, the Lender had provided the Debtor with numerous extensions to payoff Lender to no avail and the Debtor has remained delinquent in payment to the Lender, being past due on the Notes for several years. To date, no payments under the Note have been made by the Debtor and the Note has now matured. In addition, property taxes are also delinquent. Prior to the filing of this Chapter 11 Plan, the Debtor executed a Deed in Lieu of Foreclosure of which recording was stayed due to the filing of this Chapter 11 case. The Lender filed the motion requesting relief from the automatic stay to enforce its rights against the Debtor's real estate located at 212 University Avenue, Davis, California, 95616, in accordance with its mortgage, security agreement, promissory note, and ancillary loan documents, including pursuing the foreclosure of the property, which was stayed when the Debtor filed its petition. The Lender argues "cause" exists to grant stay relief to the Lender or in the alternative dismissal of this case based on, among other particulars, the lack of adequate protection, the futility of the filing, the unfeasibility of a Plan and the Debtor's failure to file a viable feasible Plan or Reorganization. Additionally, it contends the Debtor lacks equity in the Real Property, which is not necessary to an effective reorganization because the Debtor has no prospect of reorganization. For these reasons, the Lender requests that the Court enter an order granting stay relief related to the Lender's in rem mortgage on the Real Property so that it can consummate its foreclosure action. The Lender also requests a waiver of the stay imposed by Bankruptcy Rule 4001(a)(4) because of the deteriorating condition of the Property in its uncompleted state. As an alternative, the Lender requests dismissal of this case. A copy of the motion is available at https://urlcurt.com/u?l=bLukxe from PacerMonitor.com. The court's order is available at https://urlcurt.com/u?l=QY3agK from PacerMonitor.com. 12-14 West Street LLC filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 25-12107) on October 2, 2025, listing under $1 million in both assets and liabilities. 2315 LOMA VISTA: Seeks Cash Collateral Access --------------------------------------------- 2315 Loma Vista, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. The Debtor filed a Chapter 11 petition on Feb. 27 to restructure its debts and preserve its principal real property at 2315 Loma Vista Place, Los Angeles, CA 90039. The company, managed solely by Mariati Situmorang, invests in real estate and owns the property subject to secured debt with Center Street Lending holding the first lien position. Financial difficulties arose after a neighbor's legal challenge in 2023 halted planned renovations, compounded by the dismissal of a prior Chapter 11 case filed in May 2025. The Debtor requests authorization to grant post-petition first-priority liens and adequate protection payments to Center Street Lending to prevent any diminution in its collateral value. The Debtor emphasizes that use of cash collateral is essential to maintain operations, including mortgage payments, property maintenance, supplies, insurance, and taxes, without which tenant obligations would be breached, operations would cease, and the estate’s value would decline. The Debtor projects monthly rental income of $6,200 and intends to apply these funds strictly per the budget from April through October 2026. No creditors’ committee has been appointed, and the Debtor contends that alternative post-petition financing is unavailable. Relief is requested to continue operations, maximize property value, maintain tenant relationships, and facilitate a successful reorganization. A copy of the motion is available at https://urlcurt.com/u?l=miGJm5 from PacerMonitor.com. About 2315 Loma Vista LLC 2315 Loma Vista LLC owns a property located at 2315 Loma Vista PL, Los Angeles, CA 90039, with an appraised value of $1.40 million. 2315 Loma Vista LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13989) on May 13, 2025. In its petition, the Debtor reports total assets of $1,399,000 and total liabilities of $716,656. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtors are represented by Thomas B. Ure, Esq. at URE LAW FIRM. 286 GRAND AVENUE: Unsecureds to be Paid in Full in Plan ------------------------------------------------------- 286 Grand Avenue LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement pertaining to Plan of Reorganization dated March 2, 2026. The Debtor owns four condominium units (Units 4, 5, 6, and 8) located at the Casino Wharf Condominium in Falmouth, Massachusetts (the "Property"). The Debtor is not engaged in an operating business other than owning, maintaining, and marketing these units for sale, and (to the extent applicable) renting them pending sale. In 2023, the Debtor acquired all nine condominium units at Casino Wharf with the intention of performing cleanup and repairs to the property and then selling the units individually. The Debtor successfully sold five of the nine units. However, the 2025 market proved extremely challenging, with few showings notwithstanding asking prices below appraised values. The Plan is a liquidating plan designed to maximize value through a controlled marketing and sale process for the remaining units, while paying operating expenses and servicing oversecured secured claims pending sale. The Debtor anticipates that all allowed secured, priority, and unsecured claims will be paid in full no later than twenty four months after confirmation, subject to market conditions and other risks. The Debtor also possesses two unencumbered assets it will liquidate to fund the plan. The first is an option agreement on the one commercial unit in the Casino Wharf which the Debtor sold in 2024 (the "Option Asset"). Under the contractual provisions of the Option the counterparty is required to subdivide the unit and convey approximately half of it to the Debtor, which would have a value of approximately $2,500,000 on or before December 2026. If the owner fails to do so, they must pay the Debtor $2,500,000 (the owner has indicated he plans to make the payment rather than subdivide). The second unencumbered asset is a second mortgage arising from seller financing provided by the Debtor on one of the units it sold pre-petition to an entity owned by Vatche Manoukian and Linda Haytayan (the "Mortgage Asset"). The Debtor values this between $950,00 and $0.00 because the obligors are in payment default and upon information and belief are being foreclosed upon by the first lienholder. The Plan provides for marketing and sale of units 4, 5, 6, and 8 over a twenty-four-month period and for payment of claims from operating income, sale proceeds of the Property, and from liquidation of the Option Asset and the Mortgage Asset. The operating income shown in the Plan Projections is derived from the short-term rentals of the Property. These rentals are somewhat limited under the condominium's governing documents in that only unit 4 may be leased without restrictions. The other units are limited to two non-owner rentals per year, so the Debtor will endeavor to rent for longer-term leases. Class 7 consists of General Unsecured Non Insider Claims (including deficiency claims). Paid in full upon sale of the last of the remaining four units, or earlier as cash flow allows. The allowed unsecured claims total $2,662,848. This Class is impaired. Class 8 consists of Unsecured Insider Claims Paid in full upon sale of the last of the remaining four units, or earlier as cash flow allows. The allowed unsecured claims total $8,628. This Class is impaired. Class 9 consists of equity membership interest of Senne Development, LLC. Senne Development, LLC retains its equity interest; any residual value after payment of all claims will be distributed in accordance with the Debtor’s governance documents and applicable law. The Plan will be implemented through the continued ownership, maintenance, marketing, and sale of Units 4, 5, 6, and 8. The Debtor will use net proceeds and available cash flow to pay operating expenses and to make the payments required under the Plan. The Debtor expects to begin marketing the remaining units immediately and to complete sales such that all allowed claims are paid in full within twenty four months after confirmation, subject to market conditions. A full-text copy of the Disclosure Statement dated March 2, 2026 is available at https://urlcurt.com/u?l=qkVmgf from PacerMonitor.com at no charge. Counsel to the Debtor: Peter N. Tamposi, Esq. Tamposi Law Group PC 159 Main Street Nashua, NH 03060 Telephone: (603) 204-5513 Facsimile: (603) 204-5515 E-mail: peter@thetamposilawgroup.com About 286 Grand Avenue LLC 286 Grand Avenue LLC is a real estate holding company with properties in Boston and Falmouth, Massachusetts. 286 Grand Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11722) on Aug. 20, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Peter N. Tamposi, at THE TAMPOSI LAW GROUP, P.C. 30-85 31ST PROPERTY: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: 30-85 31st Property LLC 1834 127th Street College Point, NY 11356 Business Description: 30-85 31st Property LLC is a real estate holding company that owns and operates a multi-story residential and commercial property in Astoria, Queens, New York. The company derives revenue from leasing residential units and limited commercial space and operates in the real estate leasing and property management industry. Chapter 11 Petition Date: March 5, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41058 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 E-mail: hberger@bfslawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bo Lin as managing member. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AY5MPCQ/30-85_31st_Property_LLC__nyebke-26-41058__0001.0.pdf?mcid=tGE4TAMA 301 W NORTH: Seeks to Sell Chicago Property at Auction ------------------------------------------------------ 301 W North Avenue, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor’s primary asset is a mixed-use real estate development commonly known as the North Park Pointe Apartments, located at 301 W. North Avenue, Chicago, Illinois 60610, at the southwest corner between North Avenue and North Park Avenue in the Old Town neighborhood. The Property consists of a 7-story high-rise building with a partial 8th level, that contains 69 residential units and 4,268 square feet of retail space. On or about September 23, 2020, BDS III Mortgage Capital J LLC, an affiliate of the Debtor's current mortgage lender, BDS III Mortgage Capital G LLC, made a loan to the Debtor in the original principal amount of $26,000,000. BDS, pursuant to a series of assignments, became the successor-in-interest to Loan, Mortgage and other related loan documents. As of January 26, 2026, the Debtor was indebted to BDS in the amount of at least $33,666,625.85, as more particularly described in BDS' proof of claim filed on June 19, 2025, in this Bankruptcy Case. On or about September 11, 2025, the Debtor and BDS entered into a certain Settlement Agreement. The Debtor and BDS filed a joint motion to approve the Settlement Agreement on October 17, 2025. Pursuant to the Alternative Sale Process, BDS has tendered to the Debtor an offer to purchase the Property pursuant to the terms of the Purchase and Sale Agreement. The Purchase Agreement provides for the sale of the Property to BDS free and clear of all liens, claims, encumbrances, licenses and interests, under the following terms and conditions: a. The price for purchase of the Property shall be $27,000,000.00 and shall consist of a credit bid and cash (in part) at closing to cover certain fees and expenses of closing, including but not limited to a broker's commission and $2,400,000.00 to be placed into the Mechanic’s Lien Escrow, b. The Debtor shall file this Motion seeking the approval of the Sale and entry of the Bidding Procedures Order, c. The Sale to BDS shall be subject to higher bids at auction, with BDS' initial offer contained in the Purchase Agreement being the stalking horse offer, d. Any other competing and qualified bid must be submitted on or before April 30, 2026, e. The Auction must be held on or before May 5, 2026, f. The hearing to approve the Sale to BDS or another winning bidder must occur on or before May 13, 2026. g. The entry of the Sale Order approving the Sale must occur on or before May 20, 2026. h. The closing of the Sale must occur on or before 30 days after entry of the Sale Order approving the Sale to BDS or another winning bidder. The Debtor proposes that the terms, conditions and procedures contained in the Motion should govern the Sale and the Auction, and that the Bankruptcy Court should enter an order approving the Bidding Procedures and approve the form of notice of the Bidding Procedure. After the Debtor has determined which party is the Successful Bidder and the Alternate Successful Bidder, the Debtor shall present the Successful Bid to the Bankruptcy Court and request the entry of the Sale Order containing all approvals and authorizations. The Debtor also request that the Bankruptcy Court enters an order permitting the Debtor to enter into an alternative purchase agreement with a Qualified Bidder (other than BDS), with the consent of BDS, that otherwise satisfies the Bidding Procedures, and also allows such Qualified Bidder to replace BDS as the Stalking Horse. In addition, the Debtor proposes that such Alternative Stalking Horse Bidder be entitled to a fee payable at the closing of the Sale to another Qualified Bidder not to exceed 2% of the applicable offer and the Minimum Overbid shall be adjusted accordingly. The Debtor has demonstrated a sound business justification for the proposed sale of the Property pursuant to the sale procedures. The Debtor submits that the Auction will provide fair and reasonable consideration to the Debtor's estate. The Auction process will ensure that the Debtor’s estate will receive the highest and best value for the Property. The Auction of the Property will be conducted at arm’s length and therefore will be carried out in good faith. About 301 W North Avenue 301 W North Avenue LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â N.D. Ill. Case No. 25-05275) onÂ April 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. HonorableÂ Bankruptcy JudgeÂ Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq. ROBERT GLANTZ MUCH SHELIST, P.C. BDS III Mortgage Capital G LLC, as creditor, is represented by Steven Yachik, Esq., William S. Gyves, Esq., Benjamin Feder, Esq., and Philip A. Weintraub, Esq., at KELLEY DRYE & WARREN LLP, in New York. 307 COLLISION: Seeks to Use Cash Collateral ------------------------------------------- 307 Collision Center, Inc. asks the U.S. Bankruptcy Court for the District of Wyoming for authority to use cash collateral and provide adequate protection. The company's revenue derives from auto body repair services, and it contends that without access to its cash and receivables it will be unable to continue operating, to the detriment of creditors. The Debtor identifies four creditors asserting interests in cash collateral: the U.S. Small Business Administration, which holds a first-priority lien predating other lenders, and three merchant cash advance lenders—ODK Capital, LLC d/b/a OnDeck, Samson MCA LLC, and Simply Funding LLC—each claiming security interests in accounts receivable. The Debtor proposes to use cash collateral to pay ordinary operating expenses, including payroll, suppliers, and utilities, pursuant to a six-month projected budget. The budget includes a proposed $1,200 monthly adequate protection payment to the SBA. As additional adequate protection, secured creditors would receive replacement liens on post-petition receivables, equipment, and deposit accounts to the same extent, priority, and amount as existed on the petition date, and only to the extent of any diminution in collateral value. A copy of the motion is available at https://urlcurt.com/u?l=WwmH32 from PacerMonitor.com. About 307 Collision Center, Inc. 307 Collision Center, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 26-20025) on January 21, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Cathleen D. Parker oversees the case. Clark Stith is Debtor's legal counsel. 3UILT TACOMA: Seeks Chapter 7 Bankruptcy in Washington ------------------------------------------------------ On March 03, 2026, 3uilt Tacoma LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 3uilt Tacoma LLC 3uilt Tacoma LLC is a business entity engaged in commercial operations in Tacoma, Washington. The company operates within its industry sector providing services and products to customers in its local market. 3uilt Tacoma LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40560) on March 03, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The debtor is represented by Maria S. Stirbis, Esq. of Liberty Law LLC. 4 BY 4 BREWING: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 13 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 4 by 4 Brewing Company, LLC. About 4 By 4 Brewing Company LLC 4 By 4 Brewing Company, LLC is a craft brewing company based in Springfield, Missouri, that produces and sells beer through brewery taprooms in Fremont Hills and Galloway. It operates local brewing facilities and two on-site taprooms, each with 22 taps, serving retail customers with house-brewed beers. 4 by 4 Brewing Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60027) on January 15, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Brian T. Fenimore oversees the case. The Desai Law Firm, LLC is proposed as the Debtor's legal counsel. 41 MARINER: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: 41 Mariner LLC 41 Mariner Way Monsey NY 10952 Business Description: 41 Mariner LLC is a real estate company that owns and manages a single property, focusing on property operations and asset management within its portfolio. Chapter 11 Petition Date: March 9, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-22231 Judge: Hon. Kyu Young Paek Debtor's Counsel: Barry D. Haberman, Esq. BARRY D. HABERMAN, ESQ. 254 South Main Street, #404 New City, NY 10956 Tel: 845-638-4294 E-mail: bdhlaw@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Michael Goldstein as managing member. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SPAKRVY/41_Mariner_LLC__nysbke-26-22231__0001.0.pdf?mcid=tGE4TAMA 63 SPRING LAFAYETTE: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: 63 Spring Lafayette LLC 700 Bangs Avenue, Suite 4 Asbury Park, NJ 07712 Business Description: 63 Spring Lafayette LLC is a single-asset real estate company that owns a mixed-use property at 63 Spring Street in New York, New York, comprising residential and commercial space. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-12619 Debtor's Counsel: Eric H. Horn, Esq. A.Y. STRAUSS, LLC 290 West Mount Pleasant Avenue Suite 3260 Livingston, New Jersey 07039 Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mark Taub as authorized representative of the Debtor. 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/XXXLKJA/63_Spring_Lafayette_LLC__njbke-26-12619__0001.0.pdf?mcid=tGE4TAMA 8973 GRANTLINE: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: 8973 Grantline, LLC 221 Walnut Creek Drive Danville CA 94506 Business Description: 8973 Grantline, LLC is an investment entity classified as a Single Asset Real Estate business under 11 U.S.C. Section 101(51B), engaged in the ownership and leasing of a single property. Chapter 11 Petition Date: March 4, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-21179 Judge: Hon. Christopher M Klein Debtor's Counsel: Kevin Hughey, Esq. HUGHEY LAW, APC 500 Capitol Mall, Suite 2350 Sacramento CA 95814 Tel: 916-758-2100 E-mail: khughey@hugheylaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was submitted without any signature in the designated section. A copy of the Debtor's list of its five unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KBCDM6Y/8973_Grantline_LLC__caebke-26-21179__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/STDIUKQ/8973_Grantline_LLC__caebke-26-21179__0001.0.pdf?mcid=tGE4TAMA 99 CENTS: Court Upholds Order Disallowing Chan Claims ----------------------------------------------------- Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware denied the motion of Catarina Cux Chan seeking to reconsider, or alternatively, clarify the Court' Order Sustaining the 99 Cents Creditors' Liquidating Trust's Third Omnibus Objection (Non-Substantive) to Certain Claims (Late Filed Personal Injury Claims) and Order Granting Motion of the 99 Cents Creditors' Liquidating Trust for Entry of an Order, Pursuant to 11 U.S.C. Secs. 105(a) and 502(c), Authorizing (I) Fixing Certain Personal Injury Claims Pursuant to the Plan, and (II) Lifting the Plan Injunction to Allow Certain Personal Injury Claimants to Liquidate Claims (the "Procedures Order"). The Motion seeks reconsideration under Fed. R. Bankr. P. 9024. Safety National Casualty Corporation opposes the Motion arguing that it is both legally and procedurally deficient and should be denied. Order Disallowing Claims The Order Disallowing Claims disallowed proof of claim 2227, asserted by Ms. Chan, against Debtor 99 Cents Only Stores LLC, in the amount of $500,000, as late filed. Movant does not dispute receipt of the notice of claims bar date (the "Bar Date Notice" or "Notice"), but argues that the Notice bearing the Numbers Holding, Inc. case caption, and not the 99 Cents Only Stores LLC ("99 Cents Stores") case caption, was deficient and attributed to the late filed claim. At the hearing on the Motion, counsel argued that Ms. Chan did not have adequate or reasonable due process to understand that the notice applied to her (who asserts an injury against 99 Cents Stores). Movant seeks reconsideration of the Order Disallowing Claims based on the "excusable neglect" provision of Fed. R. Civ. P. 60. According to the Court, neither Ms. Chan, nor the law firm that filed the untimely proof of claim on her behalf, provided any evidence to support the assertion that the Bar Date Notice was misleading and attributed to the late filed claim. Also, Ms. Chan did not respond to the objection to her claim. No other grounds or evidence were set forth to support an excusable neglect finding for reconsideration. Based on these facts, Movant has not met her heavy burden, and the request to reconsider disallowance of the claim is denied. Procedures Order Movant also requests reconsideration or clarification of the Procedures Order so that she can seek relief from the Plan Injunction to pursue a claim against the insurer for amounts above the SIR. Specifically, Movant wants to pursue a claim in state court against Safety National for the $200,000 surplus above the $300,000 SIR. Movant maintains she is not seeking anything against the Debtors' estates, which she cannot, because she does not have a claim against the Debtors and their estates. Safety National opposes reconsideration, arguing, in part, that Movant waived the right to seek reconsideration because she failed to oppose the relief sought in the initial Procedures Motion or raise the issue at the hearing. The Court says the Motion fails to state any grounds or legal argument for reconsideration of the Procedures Order. Because no circumstances are presented for the Court's consideration, Movant has failed to meet her burden and the request to reconsider the Procedures Order is denied. The Procedures Order (1) estimates personal injury claims, (2) sets up a process whereby claimants can assert a claim amount for estimation purposes, and (3) provides a process by which certain categories of claims can seek relief from the Plan Injunction. Movant argues it is unclear whether she, whose late claim was disallowed, is permitted to pursue the claim against available insurance -- the amount above the self-insured retention or SIR. Ms. Chan's claim was disallowed as late filed. As a result, Movant does not have a claim against the Debtor's estate, the Court concludes. Simply stated, if a claim is disallowed, the party asserting the disallowed claim does not have a claim against the estate and is barred from lifting the Plan Injunction to proceed with litigation against the Debtors. A copy of the Court's Letter Ruling dated March 6, 2026, is available at https://urlcurt.com/u?l=vo38wt from PacerMonitor.com. About Number Holdings Founded in 1982, 99 Cents Only Stores LLC -- http://www.99only.com/ -- operate over 370 "extreme value" retail stores in California, Arizona, Nevada and Texas under the business names "99Â¢ Only Stores" and "The 99 Store." The Company offers its customers a wide array of quality products -- from everyday household items, to fresh produce, deli, and other grocery items, to an assortment of seasonal and party merchandise -- many of which are still priced at or below 99.99 cents. The Company's stores are primarily located in urban areas and underserved communities, many of which lack close access to traditional grocery stores. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10719) on April 7, 2024. In the petition signed by Christopher J. Wells, as chief restructuring officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge J. Kate Stickles oversees the case. The Debtors tapped Milbank LLP as general bankruptcy counsel, Morris, Nichols, Arsht & Tunnel LLP as Delaware bankruptcy counsel, Jefferies LLC as investment banker, Alvarez & Marsal North America, LLC as financial advisor, Hilco Merchant Resources, LLC and Hilco Real Estate, LLC as retail consultant and real estate consultant, and Kroll Restructuring Administration LLC as claims and noticing agent. A-1 GRADING: Bankruptcy Administrator Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of A-1 Grading, Inc. About A-1 Grading Inc. A-1 Grading, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.R.D. Case No. 26-00593) on February 9, 2026, listing assets of between $100,001 and $500,000 in assets and liabilities of between $1 million and $10 million. Judge Hon. Pamela W. Mcafee oversees the case. The Debtor is represented by Danny Bradford, Esq., at Paul D. Bradford, PLLC. A2K FASHION: Aleida Martinez Molina Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for A2K Fashion Corp. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12400) on Feb. 26, 2026, with $68,190 in assets and $1,953,338 in liabilities. Tae Hwan Kim, CFO, signed the petition. Judge Larel M. Isicoff presides over the case. Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. represents the Debtor as legal counsel. ABBOS INC: Seeks Chapter 7 Bankruptcy in Pennsylvania ----------------------------------------------------- On March 06, 2026, ABBOS Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About ABBOS Inc. ABBOS Inc. is a trucking and freight transportation company headquartered in Morrow, Ohio. The company functions as an interstate carrier authorized to transport property and general freight for commercial clients. ABBOS Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10923) on March 06, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The debtor is represented by Alla Kachan, Esq. of Law Offices of Alla Kachan P.C. AES CORP: Moody's Affirms 'Ba1' Junior Subordinate Rating --------------------------------------------------------- Moody's Ratings affirmed AES Corp's (AES) ratings, including its Baa3 senior unsecured rating, Ba1 Junior Subordinate rating, and P-3 commercial paper rating. The affirmation follows the company's announcement that it has agreed to be acquired by a consortium of private equity investors. The consortium has indicated that, following the acquisition, it intends to continue AES's existing business strategy and maintain its investment grade credit profile. Upon closing, AES will suspend fixed quarterly dividends and adopt a more flexible dividend policy going forward that is supportive of credit profile and growth objectives. AES's outlook remains stable. The ratings and outlooks of AES subsidiaries, including but not limited to IPALCO Enterprises, Inc. (Baa3 negative), Indianapolis Power & Light Company (Baa1 negative), DPL LLC (Ba1 stable), Dayton Power & Light Company (Baa3 stable), and AES Andes S.A. (Baa3 stable), remain unchanged. Under the terms of the transaction, AES will not incur incremental debt or back leverage to finance the acquisition. Financial close is expected in late 2026 or early 2027. RATINGS RATIONALE "From a business standpoint, AES has historically prioritized maintaining an investment grade profile for competitive reasons, viewing such a rating as enhancing its credibility and competitiveness when bidding for offtake contracts and engaging construction contractors, as well as reducing borrowing costs and facilitating the monetization of tax credits. Moody's believes these considerations will remain unchanged regardless of whether the company is publicly listed or privately owned." Said Toby Shea, Vice President – Senior Credit Officer. From a financial governance perspective, the consortium's sponsors have long track records of owning and operating energy and infrastructure assets. Based on Moody's experiences, these types of infrastructure investors, unlike leveraged buyout firms, have generally not pursued aggressive debt-funded strategies to enhance returns following acquisitions. Following the acquisition, AES is expected to face reduced dividend pressure, which is credit positive. Lower dividend obligations will enhance financial flexibility by reducing reliance on alternative funding measures—such as asset sales—to support investment needs while maintaining leverage consistent with an investment grade profile. Increased retention of earnings and free cash flow will have a direct deleveraging effect. In addition, the elimination of approximately $500 million in annual dividend payments would improve AES's retained cash flow (RCF) to debt ratios by roughly 200 basis points. AES's credit profile benefits from low business risk, underpinned by a large and diversified portfolio of contracted and regulated assets. Although consolidated FFO to net debt leverage is high at approximately 12% – 14%, Moody's views this as acceptable given the predominance of non-recourse project finance and utility-level debt, which accounts for roughly 80% of total debt, and the adequacy and diversification of residual cash flows available to service parent-level obligations. Rating Outlook AES's stable outlook reflects the consistent performance of its large and diversified portfolio of non recourse energy projects, along with its demonstrated ability to successfully execute new project development. The outlook also incorporates Moody's expectations that AES' consolidated FFO to net debt will be sustained in the 12% – 14% range and parent-only cash flows to holding company debt in the low 20% range. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade The prospect for upgrade is limited while the company is undergoing a period of high capital expenditures, while maintaining a relatively low consolidated FFO to net debt ratios. Factors that Could Lead to a Downgrade AES' rating could come under pressure if its consolidated FFO to net debt ratios fall below 12% on a sustained basis. LIST OF AFFECTED RATINGS Issuer: AES Corporation, (The) Affirmations: Junior Subordinated, Affirmed Ba1 Commercial Paper, Affirmed P-3 Senior Unsecured, Affirmed Baa3 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ALL PRONTO CLEANING: Seeks Cash Collateral Access ------------------------------------------------- All Pronto Cleaning Service, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral and provide adequate protection. The Debtor was founded in 2012 and primarily provides commercial cleaning and janitorial services to businesses in the northern metro-Atlanta area. Its clients include offices, retail stores, medical facilities, warehouses, schools, and churches. The company operates from an office in Suwanee, Georgia. The business employs both W-2 employees and independent contractors (1099 workers). The owners, Ms. Yolanda Perotti and her husband, manage customer service, administrative work, and day-to-day operations, while independent contractors typically perform the cleaning services for clients. The Debtor emphasizes that if employees and contractors are not paid, the business would be forced to shut down because workers would leave and the owners would need to seek other employment. The Debtor's financial problems began during the COVID-19 pandemic when many client businesses shifted to remote work and reduced the need for commercial cleaning services. To survive the downturn, the Debtor obtained two Economic Injury Disaster Loans from the Small Business Administration totaling $500,000. Although the loans helped the company remain operational during the crisis, the required monthly payments have made it difficult for the company to maintain sufficient cash flow. As a result, the Debtor filed for bankruptcy in order to restructure and better manage these loan obligations while continuing to operate the business. A search of Uniform Commercial Code financing statements shows that BayFirst National Bank (formerly First Home Bank) filed a UCC-1 financing statement in 2019 asserting a security interest in the Debtor’s property. The Small Business Administration also filed a UCC-1 financing statement in 2021 relating to the EIDL loans. In addition, Gwinnett County filed tax liens for business inventory and equipment related to unpaid taxes for the 2023 and 2024 tax years. These liens could potentially give the creditors claims against certain assets of the Debtor, although the Debtor disputes whether those interests extend to post-petition revenues. The Debtor offers to grant replacement liens to creditors with the same priority and extent as their pre-petition liens. The company's cash flow is regenerative because the business continuously performs services, generates new receivables, and collects payments from clients. Therefore, even though funds are spent for operating costs, new revenue will replenish the collateral on an ongoing basis. In addition, the Debtor proposes limiting the use of cash collateral to specific categories of expenses listed in the budget, allowing limited variance for ordinary fluctuations in costs. A copy of the motion is available at https://urlcurt.com/u?l=fx7eLD from PacerMonitor.com. About All Pronto Cleaning Service, LLC All Pronto Cleaning Service, LLC provides commercial cleaning and janitorial services to businesses in the northern metro-Atlanta area. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-52844-pwb) on March 2, 2026. In the petition signed by Yolanda Perotti, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Paul W. Bonapfel oversees the case. Michael D Robl, Esq., at Robl & Bowen LLC, represents the Debtor as legal counsel. ALTAMAHA D.M.E.: Seeks Cash Collateral Access --------------------------------------------- Altamaha D.M.E., Inc. asks the U.S. Bankruptcy Court for the Southern District of Georgia, Brunswick Division, for authority to use cash collateral in which multiple lenders and creditors claim security interests, including accounts receivable, inventory, and equipment. The Debtor operates a medical device sales business with three storefront locations in Jesup, Brunswick, and Pooler, Georgia, and relies on ongoing revenue to sustain operations. Having filed for bankruptcy on February 24, 2026, Altamaha asserts that without immediate access to cash collateral, it cannot meet payroll, pay vendors, maintain insurance, or cover other essential operating expenses necessary to preserve its going-concern value. No trustee or creditors’ committee has been appointed. As adequate protection, the Debtor will maintain insurance, pay post-petition taxes, repair and preserve collateral, grant replacement liens, and make adequate protection payments if collateral value diminishes. Altamaha argues that continued operations will preserve and potentially enhance collateral value, benefiting all stakeholders. A copy of the motion is available at https://urlcurt.com/u?l=H2ByKh from PacerMonitor.com. About Altamaha D.M.E. Inc. Altamaha D.M.E., Inc. operates a medical device sales business with three storefront locations in Jesup, Brunswick, and Pooler, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 26-20053-MJK) on February 24, 2026. In the petition signed by Teresa L. Brake, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michele J. Kim oversees the case. Thomas B. Norton, Esq., at Stone & Baxter, LLP, represents the Debtor as legal counsel. ALTISOURCE PORTFOLIO: Posts $1.9M Profit, Clears Revolving Debt --------------------------------------------------------------- Altisource Portfolio Solutions S.A. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net income of $1.9 million for the fiscal year ended December 31, 2025, compared to a net loss of $35.4 million for the fiscal year ended December 31, 2024. Revenues were $171 million for the fiscal year ended December 31, 2025, compared to $160.1 million for 2024. As of December 31, 2025, the Company had $139.8 million in total assets, $249.3 million in total liabilities ($47.1 million in total current liabilities, $189.9 million in long-term debt, $8.6 million in deferred tax liabilities, and $3.7 million in other non-current liabilities), and $109.5 million in total deficit. Liquidity Altisource's primary source of liquidity has historically been cash flow from operations, cash proceeds from sales of businesses, cash proceeds from the sale of equity securities and cash on hand. However, primarily due to lower delinquency and foreclosure rates, and higher home equity, revenue has declined significantly compared to pre-pandemic levels (although revenue grew in 2025 compared to 2024 and in 2024 compared to 2023). The lower revenue, partially offset by efficiency initiatives and cost savings initiatives, has resulted in negative operating cash flow from operations. The Company believes lower interest expense as a result of the February 2025 Debt Exchange Transactions, more recent revenue growth from the renovation business launched in 2024, the anticipated improvement in the default market, on-boarding sales wins, converting sales prospects to wins and revenue mix together with its reduced cost structure, should help improve operating cash flow. According to the Company, it seeks to deploy cash generated in a disciplined manner. Principally, it intends to use cash to develop and grow complementary services and businesses that the Company believes will generate attractive margins in line with its core capabilities and strategy and fund negative operating cash flow, if necessary. The Company also uses cash for repayments of its long-term debt and capital investments. In addition, from time to time the Company may consider and evaluate business acquisitions, dispositions, closures, sales of equity securities or other similar actions that are aligned with its strategy. Revolving Loan Agreement In connection with the Company's Renovation business, on June 3, 2024 Altisource Solutions, Inc., an indirect subsidiary of Altisource Portfolio Solutions S.A, entered into a revolving loan agreement with a then related party, Altisource Asset Management Corporation. Under the terms of the Revolving Loan Agreement, AAMC will make loans to Altisource from time to time, as may be requested by Altisource. The Revolving Loan Agreement provides Altisource the ability to borrow an initial aggregate amount of up to $1.0 million, with the potential for this to be increased up to $3.0 million at the option of AAMC. Amounts that are repaid may be re-borrowed in accordance with the limitations... The maturity date of the Revolving Loan Agreement was June 3, 2025 and can be automatically extended for one year on each anniversary of the maturity date. During any extension period, AAMC may terminate the Revolving Loan Agreement upon 150 days prior written notice and the loan will mature upon such termination. During the second quarter of 2025 the Revolving Loan Agreement was renewed, extending the maturity date to June 3, 2026. The outstanding balance on the Revolving Loan Agreement is due and payable on such maturity date. Borrowings under the Revolving Loan Agreement bear interest of 12.00% per annum in cash and are payable monthly in arrears on the first business day of each calendar month. Altisource will pay AAMC a monthly unused commitment fee in an amount equal to 0.25% per annum of the average amount of the unused available credit under the Revolving Loan Agreement. Altisource's obligation under the Revolving Loan Agreement is secured by certain receivables related to the Company's residential real estate renovation services business. As of December 31, 2025, there was no outstanding debt under the Revolving Loan Agreement. Management Comments "We are pleased with our full year and fourth quarter 2025 performance driven by disciplined execution, reduced interest expense and strong sales wins. For the year, we grew Service revenue by $10.9 million, or 7%, to $161.3 million, Adjusted EBITDA(1) by $0.9 million, or 5%, to $18.3 million and significantly improved our GAAP loss before income taxes by $18.7 million to $14.1 million. The sales wins, including fourth quarter wins estimated to generate $13.2 million in stabilized annual revenue, should put us in a strong position to mitigate the impact of anticipated legacy revenue losses, materially diversify Altisource's revenue base and support our growth. Our first quarter 2026 progress onboarding fourth quarter wins provides increased visibility on our potential ability to grow as we move through 2026," said Chairman and Chief Executive Officer William B. Shepro. Mr. Shepro further commented, "For 2026, based on our current business and market assumptions, we are forecasting Service revenue of $165 million to $185 million, representing 8.5% growth over 2025 at the midpoint, Adjusted EBITDA(1) of $15 million to $20 million and positive operating cash flow." A full text copy of the Company's Annual Report is available at https://tinyurl.com/y3yb2cjf About Altisource Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. -- https://www.Altisource.com/ -- is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. As of September 30, 2025, the Company had $139.91 million in total assets, $243.38 million in total liabilities, and $103.47 million in total deficit. * * * In March 2025. S&P Global Ratings raised its Company credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'. S&P said, "We also assigned our 'B' issue-level rating and '1' recovery rating to the new $12.5 million senior secured debt (super senior facility), 'CCC-' issue-level rating and '6' recovery rating to the new $160 million senior subordinated debt (new first lien loan), and withdrew our ratings on the company's exchanged senior secured term loan, which was rated 'D'. "The stable outlook reflects our expectation that over the next 12 months, while we expect Altisource to generate positive cash flow from operations, we believe its liquidity will remain constrained and the company will remain dependent on favorable financial and economic conditions to meet its financial commitments. AMC ENTERTAINMENT: Moody's Rates New First Lien Term Loan 'B3' -------------------------------------------------------------- Moody's Ratings assigned B3 ratings to a new Senior Secured First-Lien Term Loan B Facility (AMC TLB) due 2031 at AMC Entertainment Holdings, Inc. (AMC or the company) and Backed Senior Secured First Lien Notes due 2031 at Muvico, LLC (Muvico), a wholly owned subsidiary of AMC. Moody's downgraded the Senior Secured First-Lien Notes at AMC (AMC PIK notes) rating to Caa3 from Caa2 and affirmed all other credit ratings including AMC's Caa2 Corporate Family Rating, Caa2-PD Probability of Default Rating, existing B3 rated Senior Secured First-Lien Term Loan Facility at AMC (AMC TL), B3 Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), Caa3 rated Senior Secured First-Lien Notes (7.5% Notes) at AMC, Caa3 rated Backed Senior Secured Notes (Exchangeable Notes) at Muvico, and the Ca rated Senior Subordinated Notes (Sub Notes) at AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all issuers remains stable. On February 17, the company announced [1] that it plans to issue a new 5-year, Senior Secured First-Lien Term Loan B (TLB) facility due 2031 and on February 23, announced [2] that it plans to issue new 5-year, Backed Senior Secured First-Lien Notes due 2031 with AMC and Muvico as borrowers, respectively. The obligations will be guaranteed by certain of AMC's direct and indirect subsidiaries (including certain Odeon subsidiaries (Odeon Group)) and secured by a first priority interest in all or substantially all tangible and intangible assets (including the capital stock of directly owned subsidiaries) of the borrower and guarantors. In connection with this transaction, the (unrated) 1.5% exchangeable notes at Muvico which have a 1.25 lien claim on Muvico assets will receive a first-lien on the Odeon Group assets while the AMC PIK noteholders will receive a second lien in the collateral of the Odeon group with respect to assets acquired after this transaction (e.g. after-acquired collateral) but will not have a lien on existing Odeon collateral. Moody's expects materially all proceeds, net of transaction fees and expenses, from these transactions will be used to refinance all existing indebtedness of the same class of instruments including the existing senior secured obligations rated B3 (the Odeon Notes and AMC TL). There are no financial maintenance covenants expected in the TLB facility. Moody's views the transaction as credit neutral to the corporate credit profile. On a pro forma basis, Moody's expects the weighted average interest cost and maturity profile of debt (in aggregate) to be materially unchanged as a result of the transaction while leverage could increase marginally with incremental debt raised to cover transaction fees and expenses. However, as a result of the different lien priorities granted on existing and after-acquired Odeon Group collateral, Moody's believes the pro forma claim structure causes the AMC PIK creditors to be subordinated to a weaker position in the event of a default scenario. More specifically, given the larger amount of first lien claims against existing Odeon Group Collateral as a result of this transaction, Moody's believes the AMC PIK creditors (which do not have a first lien on Odeon Group assets) are in a weaker position (e.g. their recovery is likely to be lower) than prior to this transaction. RATINGS RATIONALE AMC's Caa2 CFR reflects the company's declining but still high leverage (7.2x LTM, Moody's adjusted and 12.7x excluding Moody's standard adjustment for leases) and sub-scale position relative to significant fixed costs including capex, rent, and borrowing costs which constrains operating leverage and results in recurring annual negative free cash flow. Liquidity is also weak, constrained by reduced cash balances and no revolver capacity. A history and continued high risk of debt restructurings and distressed exchanges to manage debt maturities and resulting complexity in the organizational and capital structure are risks reflected in the CIS-5 Credit Impact Score and G-5 Issuer Profile Score. The company is also challenged by a number of unfavorable industry dynamics and risks including (i) a slow and uneven recovery from the 2020 pandemic with the North American box office well below pre-pandemic levels, (ii) the potential for industry strikes in 2026 which could cause a significant market disruption as was the case in the 2023 strikes which substantially weakened the slate in 2024 and into 2025), (iii) a structural shift to a much shorter theatrical window, (iv) the shift to streaming movies direct-to-consumer (DTC), and (v) inherent volatility and unpredictability of box office attendance / success. Offsetting these weaknesses is the company's moderate geographic diversity and position as the world's largest movie exhibitor with a stabilized low 20% share of the North American box office. The consistent rise in ticket prices and very high gross margins in admissions and in particular, food and beverages, are also supportive. The stable outlook reflects Moody's views of an improving box office, a strong and stable market share, sustained and very strong gross profit margins, and the expectation for good growth in both revenue and earnings over the next 12-18 months. Despite these supporting factors, Moody's believes AMC could continue to manage its debt maturities and debt service costs with forms of financing which could be structured as a distressed exchange which Moody's views as a default. Moody's also expects the company's liquidity to remain weak and under pressure with persistently, and significantly negative annual free cash flow due to the current sub-scale of the company relative to its high fixed-costs. Liquidity is weak, reflected in the SGL-4. The company's cash balance fell to $429 million at the end of 2025 (from $632 million at the end of the prior year) and has no revolving credit facility. Negative annualized free cash flows over the next 12-15 months will weaken liquidity, requiring continued reliance on the capital markets to raise additional sources of liquidity including equity to remain solvent. The company is not subject to financial maintenance covenants, but Moody's believes there is limited alternate liquidity given the secured capital structure and lack of equity cushion. STRUCTURAL CONSIDERATIONS The B3 rating on the existing Odeon Notes due 2027 reflects a first-lien claim on Odeon's assets which includes certain international assets that Moody's estimates are very significant relative to the outstanding debt. These lenders have no lien on the assets of Muvico or AMC. Moody's expects this rating to be withdrawn upon full repayment of the obligation with the proceeds from the planned refinancing. The existing B3 rated AMC TL due 2029 (Muvico as co-borrower) benefits from a first priority claim on the assets of Muvico which Moody's believes contains a significant portion of high-quality assets of the consolidated entity. It also has a first-lien claim on the assets of AMC (excluding certain international assets) which it shares with the AMC senior secured first-lien lenders (including the 1.5% exchangeable notes, AMC PIK notes, Exchangeable Notes and the 7.5% Notes). The existing AMC TL does not have a direct lien on Odeon assets but does have a lien on an intercompany note which is secured by the equity of an Odeon holding company. The existing AMC TL is also supported by the loss absorption in a default scenario provided by a substantial amount of more junior claims with weaker (or no) lien positions at AMC and Muvico. Moody's expects this rating to be withdrawn upon full repayment of the obligation with the proceeds from the planned refinancing. The new B3 rated AMC TLB due 2031 and Backed Senior Secured First-Lien Notes at Muvico due 2031 will contain the same liens as the existing B3 rated AMC TL but will additionally have guarantees from the Odeon Group and a first lien against certain of their assets. Moody's do not rate the 1.5% exchangeable notes at Muvico. The noteholders under such 1.5% exchangeable notes have a 1.25 lien claim on Muvico assets, effectively a second lien behind the AMC TL and share – on a pari passu basis - in the recoveries of AMC on a first-lien basis. In connection with entering into the AMC TLB, existing turnover provisions that require the 1.5% exchangeable notes to turnover proceeds to the AMC first-lien lenders are expected to be terminated and the 1.5% exchangeable notes will receive a first lien on certain assets of the Odeon Group. These noteholders benefit from the loss-absorption of more junior claims at Muvico, AMC and Odeon. These noteholders can elect to exchange their debt for equity over a certain period when AMC's stock price reaches a certain level. Given the structure and the conditions of the terms, notably a very low 1.5% interest rate, a soft call and mandatorily redeemable feature, Moody's expects these notes to be converted to equity over the near term. The Caa3 rated AMC PIK notes shares – on a pari passu basis - in the recoveries of AMC on a first-lien basis and benefits from 1.5 liens on Muvico assets (effectively the third claim priority at Muvico) and is supported by more junior claims including the 7.5% Notes and Sub Notes, which both don't have a lien on Muvico. In connection with the closing of the AMC TLB, the AMC PIK noteholders will receive a second priority lien on after-acquired assets of the Odeon Group (effective as of February 24). They will not have a lien on existing assets of the Odeon Group. The Caa3 rated Exchangeable Notes due 2030 at Muvico reflects their position behind all other lenders at Muvico (effectively a fourth lien), but shares – on a pari passu basis - in the recoveries of AMC on a first-lien basis. These creditors do not have a lien on the Odeon Group. The Caa3 rated 7.5% Notes due 2029 at AMC shares in the recoveries of all other AMC first-lien creditors but do not have a lien on the assets at Muvico or the Odeon Group, putting them in the weakest position, other than the Ca rated Sub Notes. The Ca rated Sub Notes due 2027 are the most junior claims in the capital structure reflecting the unsecured nature of the claims, with no liens on any of the asset pools including AMC, Muvico or the Odeon Group assets. Moody's instrument ratings reflect both the probability of default, as reflected in the Caa2-PD probability of default rating, and an average expected family recovery rate of 50% at default. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of (a) $290 million and (b) 75% of consolidated EBITDA, plus unlimited amounts subject to first-lien leverage ratio less than or equal to 4.5x, provided that the maturity date of the incremental facility is not earlier than the term loan maturity date and the weighted average life to maturity of the incremental facility is not shorter than the remaining weighted average life to maturity of the term loans. No credit party may make any disposition or investment of material property to any non-credit party (other than any bona fide operational joint venture established for legitimate business purposes). The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that contractually subordinate the debt and/or liens unless such lenders can ratably participate in such priming debt. No amount of unused debt capacity (by way of general RP baskets, ratio-based RP carve-outs, general junior debt prepayment baskets, general investment baskets or any other basket) may be reallocated to incur debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Moody's expects a lower risk of debt restructuring and distressed exchanges with well-managed debt maturities, improved liquidity supported by free cash flow trending nearer break-even, sustained growth in revenue and earnings, and a more sustainable capital structure with lower leverage and or interest cost. Ratings could be downgraded if Moody's believes the risk of insolvency or bankruptcy is increasing, evidenced by weak operating performance or declining liquidity. Headquartered in Leawood, Kansas, AMC Entertainment Holdings, Inc. is the largest movie exhibitor in the US and globally, owning, operating or with interests in 855 movie theatres with around 9,640 screens in 11 countries across the US and Europe. Revenue totaled approximately $4.9 billion for the twelve months ended December 31, 2025. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. AMC's Caa2 corporate family rating is three notches below the scorecard-indicated outcome of B2. The difference primarily reflects the high risk of a continued distressed exchanges given the company's weak liquidity and history of using these transactions to manage debt obligations. AMERICA'S LISTING: Commences Chapter 11 Bankruptcy in Florida ------------------------------------------------------------- On February 27, 2026, America's Listing Leaders, LLC filed for Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1-49 creditors. About America's Listing Leaders, LLC America's Listing Leaders, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01576) on February 27, 2026. In its petition, the Debtor reports estimated assets in the range of $100,001-$1,000,000 and estimated liabilities in the range of $1,000,001-$10,000,000. The Honorable Bankruptcy Judge presiding over the case handles the matter. The Debtor is represented by Alberto F. Gomez, Jr., Esq. of Johnson Pope Bokor Ruppel & Burns, LLP. AMK PROPERTIES: Seeks Cash Collateral Access -------------------------------------------- AMK Properties, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for authority to use cash collateral and provide adequate protection. The Debtor's business was founded in 2007 by Amin Abdul Maliek with members including Vaseem Maliek, Amina Maliek, and Sophia Makhani, and it expanded steadily until 2020. After Abdul Maliek's death in 2016, operational control shifted informally to Amin Makhani through his wife Sophia Makhani. Ongoing disputes among the parties regarding control and transactions are currently being litigated in a Texas state court action. A major dispute triggering the bankruptcy filing concerns transactions involving Makhani Properties, LLC, an entity largely owned and operated by Amin Makhani and currently in its own bankruptcy proceeding. In 2022, that company purchased two truck stops in Dimmit County and McMullen County financed by Security State Bank & Trust. As additional collateral for that loan, Amin Makhani pledged two improved parcels owned by AMK Properties located in Mason County and McMullen County. When Makhani Properties defaulted and failed to service the debt, the lender accelerated the loan and scheduled foreclosure not only on the truck stops purchased with the loan but also on AMK's pledged collateral. AMK attempted unsuccessfully to prevent foreclosure on those properties, and the impending foreclosure sale scheduled for March 3 prompted the filing of this Chapter 11 case to preserve the value of the collateral for the bankruptcy estate. Aside from this dispute, the Debtor asserts that its business operations have generally remained profitable and current on most obligations. The Debtor identifies two primary secured creditors whose loans financed its property acquisitions. Jefferson Bank holds approximately $11.2 million in secured debt backed by properties located at Jones Maltsberger Road in San Antonio and an Interstate 10 property in Flatonia, Texas. Citizens State Bank holds roughly $325,000 secured by a gas station property on Nacogdoches Road in San Antonio. In addition to those obligations, AMK's properties in Mason County, Batesville, and Devine serve as additional collateral for the loan owed by Makhani Properties to Security State Bank & Trust, even though AMK itself did not receive rental income from those truck stops and was not responsible for making the loan payments. The Debtor reports relatively minimal unsecured debt—less than $20,000—along with a potential equity claim by Sophia and Amin Makhani and no known priority tax obligations. As adequate protection for the secured lenders, the Debtor proposes granting replacement liens on post-petition collateral, including inventory, equipment, accounts receivable, real estate, and general intangibles, to the same extent and priority as the lenders' prepetition liens. Additionally, the Debtor proposes continuing monthly payments to Jefferson Bank and Citizens State Bank during the case. A copy of the motion is available at https://urlcurt.com/u?l=xC8BaA from PacerMonitor.com. About AMK Properties, LLC AMK Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. 26-50554-cag) on March 2, 2026. In the petition signed by Vaseem Maliek, managing member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Craig A. Gargotta oversees the case. Ronald Smeberg, Esq., at The Smeberg Law Firm, represents the Debtor as legal counsel. ASPIRING SOLUTIONS: Seeks to Use Cash Collateral ------------------------------------------------ Aspiring Solutions, LLC asks the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for authority to use cash collateral and provide adequate protection. The Debtor operates under the brand name GillyGro, a founder-led U.S.-based startup lifestyle brand focused on multifunctional travel and parenting products designed to support organized mobility. The company sells travel gear such as backpacks and related products through a hybrid retail and manufacturing model, with most of its sales historically conducted through Amazon Seller Central in the U.S. The Debtor needs to use cash collateral in order to fund the ordinary and necessary expenses required to continue business operations during the Chapter 11 proceeding. The proposed expenses, outlined in the budget, include costs such as marketing, telecommunications, insurance, and other operational expenses necessary to maintain the company's ability to produce, market, and sell its products. The Debtor argues that access to these funds is essential to preserving the value of the business as a going concern and maintaining revenue generation during the restructuring process. Without access to the cash collateral, the Debtor asserts it would be unable to continue operating, which would likely result in the loss of employees, customers, and market presence, ultimately forcing the company to cease operations and reducing potential recovery for creditors. Zions Bancorporation as the primary secured creditor affected by the proposed use of cash collateral. Zions holds an estimated secured claim of approximately $148,622 arising from a Small Business Administration loan dated February 14, 2025, secured by a UCC-1 financing statement. The Debtor's contractual monthly payment on this loan is $1,437. According to the Debtor's bankruptcy schedules, the total estimated value of the company’s assets is $112,560. As adequate protection for the secured creditor's interest, the Debtor proposes continuing to make monthly payments of $1,437 and granting Zions a replacement lien on all post-petition assets with the same priority and validity as its prepetition security interests, to the extent any diminution in collateral value occurs due to the Debtor's use of the cash collateral. About Aspiring Solutions, LLC Aspiring Solutions, LLC operates under the brand name GillyGro, a founder-led U.S.-based startup lifestyle brand focused on multifunctional travel and parenting products designed to support organized mobility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50328) on March 2, 2026. In the petition signed by $500,000 in both assets and liabilities. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. AVENGER FLIGHT: Bid Rules for Flight Training Business Sale OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has permitted Avenger Flight Group LLC and its affiliates to conduct bidding procedures to sell Property, free and clear of liens, claims, interests, and encumbrances. FG LLC and its affiliates operate as a global leader in commercial aviation simulation and flight training. Avenger provides a full suite of advanced flight simulator training solutions to their customers, which include blue-chip passenger airlines, low-cost carriers (LCCs), regional airlines, charter operators, and training operators. As of the Petition Date, the Company operates across 11 training centers in four countries, specifically (a) 50 full-flight simulators, of which 23 are owned by the Company, 12 are leased, 11 are housed and maintained, and four are subject to servicing agreements; and 15 flight training devices, of which six are owned and nine are serviced by the Company. The Court has authorized the Debtor to conduct bidding procedures for the sale of its Property and the bid protections in connection with the Debtor's entry into the Stalking Horse Asset Purchase Agreement. The Debtors have demonstrated compelling and sound business reasons for this Court to approve the Stalking Horse APA and the Debtors' designation of AFG Topco LP as the Stalking Horse Bidder for the Assets set forth in the Stalking Horse Bid. The Stalking Horse APA was negotiated in good faith and at arm's-length by the Debtors and the Stalking Horse Bidder. The Stalking Horse APA represents the highest or otherwise best offer the Debtors have received to date to purchase the Assets designated for purchase thereunder. The Debtors have articulated good and sufficient reasons for, and the best interests of its estates and stakeholders will be served by, the Court scheduling or fixing dates pursuant to the Order for, among other things, the Bid Deadline; Sale Objection Deadline; Auction; and Sale Hearing. The Stalking Horse Bidder and its counsel and advisors have acted in "good faith" within the meaning of Section 363(m) of the Bankruptcy Code in connection with the Stalking Horse Bidder's negotiation of the Bid Procedures and entry into the Stalking Horse APA. The Bid Procedures are designed to solicit the highest or otherwise best value for the Assets. The Bid Procedures represent the best method for maximizing the realizable value of the Assets for the benefit of the Debtors' estates. The Sale Hearing will be held before this Court on April 7, 2026 at 2:00 p.m. (prevailing Eastern Time). Bidders seeking to submit Bids for the Assets must do so in accordance with the terms of the Bid Procedures and the Order. The deadline for all Potential Bidders to submit a Qualified Bid (other than the Stalking Horse Bidder's deemed Qualified Bid) is March 27, 2026 at 5:00 p.m., as set forth in the Bid Procedures. As set forth in the Bid Procedures, if at least one Qualified Bid other than the Stalking Horse Bid is received by the Bid Deadline, the Debtors will hold the Auction beginning on April 2, 2026 at 10:00 a.m. (prevailing Eastern Time) in accordance with the Bid Procedures at the location designated by the Debtors in the Auction Notice. On or before April 3, 2026, the Debtors will file with the Court and serve on the Sale Notice Parties and on all Contract Counterparties to Transferred Contracts included in the Successful Bid(s), the Notice of Successful Bidder. About Avenger Flight Group LLC Avenger Flight Group LLC provide low-cost training solutions for clients while preserving value, a high degree of quality and customer service at all times. It has tailor-made its services toward rapidly growing Low Cost Carriers (LCC) which had been neglected in many occasions by other training providers. AFG has become the preferred training center for many US and international airlines, especially LCCs. Avenger Flight sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank.D.Dela. Case No. 26-10183) on February 11, 2026. Steven W. Golden at Pachulski Stang Ziehl & Jones LLP represents the Debtor as legal counsel. AXE TACTICAL: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Axe Tactical, LLC d/b/a Gun Gallery 10268 Beach Blvd Jacksonville, FL 32246 Business Description: Axe Tactical LLC operates a firearms retail store and shooting range under the Gun Gallery brand in Jacksonville, Florida. The company sells firearms, ammunition, and related accessories and provides services including firearm transfers, gunsmithing, and regulated firearm processing. It also operates indoor shooting ranges and offers firearm training and concealed weapon licensing courses. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00935 Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com Total Assets: $260,692 Total Liabilities: $4,485,415 The petition was signed by Joseph Williams as managing member. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HEZDXGA/Axe_Tactical_LLC__flmbke-26-00935__0001.0.pdf?mcid=tGE4TAMA AXON ENTERPRISE: Moody's Ups CFR to Ba2, Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings upgraded the corporate family rating of Axon Enterprise, Inc. (Axon) to Ba2 from Ba3. Ratings on the senior unsecured notes were also upgraded to Ba2 from Ba3 and the probability of default rating was upgraded to Ba2-PD from Ba3-PD. The SGL-1 Speculative Grade Liquidity (SGL) rating was unchanged, and the outlook was revised to stable from positive. The ratings upgrade reflects better than expected top line growth over the next year as well as full repayment of the convertible notes and related $1.3 billion redemption premium. Governance is a key driver, and Moody's expects Axon will continue to adhere to disciplined financial policies while investing in growth and expanding new revenue streams. RATINGS RATIONALE The Ba2 CFR reflects Axon's leading position in the global public safety sector, significant barriers to entry for its TASER devices, strong growth across segments (29% growth for Connected Devices in 2025 combined with 40% growth for Software and Services), as well as expanded product offerings and greater geographic diversification. These credit strengths support double digit percentage increases in revenue and free cash flow over the next couple of years. Organic growth, exceeding Moody's initial expectations, plus revenue contributions from recent acquisitions will result in Axon's top line increasing nearly 70% to roughly $3.5 billion in 2026, compared to revenues when Moody's assigned debt ratings last year. In addition, adjusted free cash flow to debt will recover to 20% or more despite a $1 billion increase in funded debt. Although improved following full redemption of the convertible notes due 2027, debt to EBITDA will remain elevated at 8x (Moody's adjusted, or just above 2x adding back stock-based compensation to EBITDA) by the end of 2026 given funded debt balances more than doubled in 2025 and adjusted EBITDA margins will remain flat due to ongoing growth investments, global tariffs, increasing component costs, including memory, and the impact of recent acquisitions that are still scaling. Mitigating constraints that come with high financial leverage, Moody's expects free cash flow will exceed $350 million in 2026 given the non-cash impact related to stock compensation. Adjusted debt to EBITDA will improve to less than 7x by the end of 2027 (or below 2.0x adding back stock-based compensation to EBITDA) driven by ongoing double digit percentage top line growth. Similarly, free cash flow to debt will continue improving to greater than 30% of current adjusted debt balances. In the last two years, Axon completed four acquisitions for an aggregate $1.9 billion. This sizable increase in M&A activity comes with uncertainties related to the integration and scaling of the new drone and 911 businesses as well as future performance. Unlike Taser, which is a clear leader in the conducted energy devices (CED) space, the new drone and 911 operations of Axon face competition from established providers or deep-pocketed rivals. Nevertheless, the company delivered solid growth with the businesses acquired in 2024, including drone operations of Dedrone, and Moody's expects continued good performance in 2026 for Dedrone under the Axon umbrella. The Ba2 CFR reflects Axon's solid market position within the global public safety sector. Although the company relies on local, state, and federal budgets for the majority of revenues, Axon's offerings focus on safety or providing cost savings, which should remain in demand when local, state, or federal budgets are constrained. Axon's offerings represent a small portion of overall spending on police forces, which Moody's believes will be prioritized over items that represent a larger portion of department budgets or are deemed less critical. Over 95% of revenues are tied to customers on subscription plans under multi-year contracts with high net retention rates. Despite annual stock-based compensation increasing to over $600 million, which dilutes the shareholder base by 2% - 3%, Axon has never repurchased shares and there are no plans to fund buybacks or initiate dividends over the near term. As a result, Axon, will continue to generate significant excess cash that is available for debt repayment or ongoing growth investments. Governance is a key consideration, and Moody's expects Axon will continue to adhere to disciplined financial policies while investing in growth and expanding new revenue streams. The company will need to continue demonstrating financial discipline as a rated debt issuer. Axon has very good liquidity with $1.7 billion of cash and short-term investments as of December 2025, which is more than sufficient to fund historical levels of strategic investments over the next year, including the February 2026 acquisition of Carbyne for $625 million plus potential outlays for the company's new headquarters. Moody's expects adjusted free cash flow to debt will return to the 20% range in 2026. The company has a $300 million revolver (unrated) expiring in 2030 with ample room under the two financial covenants. Moody's expects the revolver will be largely undrawn. The Ba2 rating on Axon's senior unsecured notes is in line with the CFR given effectively all funded debt is unsecured. The company's capital structure includes the $300 million unsecured revolver facility (unrated) and $1.75 billion of senior unsecured notes. Neither Axon nor its operating subsidiaries guarantee the notes; however, the notes have a springing guarantee that is activated when any of Axon's present or future subsidiaries (direct or indirect) provide a guarantee under the credit agreement or certain other debt. The stable outlook reflects Moody's expectations that Axon will continue to generate annual revenue growth exceeding 20% supported by sustained demand for public safety offerings globally. Adjusted EBITDA margins will be flat in 2026 followed by gradual expansion driven by growing contributions from higher margin revenue streams, good progress integrating recent acquisitions, and efficiencies from greater scale. Moody's do not expect dividends nor share repurchases over the next year, despite sizable levels of stock-based compensation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Moody's expects revenues will continue to grow organically with improving profit margins reflecting benefits of expanding contributions from higher margin operations and increasing scale. Debt to EBITDA (Moody's adjusted) would need to be sustained below 5x (or less than 1.5x adding back stock based compensation to EBITDA). Liquidity would also need to remain very good with ample cash balances and increasing free cash flow to debt. Axon would also need to continue demonstrating prudent financial policies. Ratings could be downgraded if revenue growth or profit margins become pressured reflecting execution missteps, delays integrating acquisitions, competitive challenges, or changes to the regulatory environment in key regions. Aggressive financial policies resulting in debt to EBITDA (Moody's adjusted) being sustained above 7.5x (or roughly 2.5x adding back stock-based compensation to EBITDA) could also result in a downgrade. Weakening liquidity demonstrated by a sustained reduction in cash, revolver availability, or adjusted free cash flow to debt deteriorating to the low double digit percentage range could also pressure ratings. Axon Enterprise, Inc., headquartered in Scottsdale, AZ, provides law enforcement technology solutions. The company operates under two segments: Software and Services - develops and manufactures cloud-based Software-as-a-Service ("SaaS") solutions that leverage AI and enable customers to capture, securely store, manage, share, and analyze video as well as other digital evidence; Connected Devices – develops and manufactures integrated hardware solutions, including conducted energy devices ("CEDs") sold under the TASER brand, body cameras, fixed and in-car cameras, as well as drone and counter-drone technologies. Axon is publicly traded, and Moody's expects revenues for Axon will approach $3.5 billion over the next year. The principal methodology used in these ratings was Diversified Technology published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AYA SERVICE 1: Secured Party Sets March 16, 2026 Auction -------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code by virtue of default under a pledge agreement dated Nov. 27, 2024, executed by AYA Service 1 LLC ("pledgor") and 47 West LLC ("secured party"), the Secured Party will offer for sale at public auction the right, title and interest of AYA Service 1 LLC ("pledgor") in and to 100% of the membership interests and other equity interests, including, but not limited to, all economic rights and governance rights associated therewith, in and to 321-323-325 West 42nd Street LLC ("issuer") which owns the real property known as 321, 323, and 325 West 42nd Street, New York, New York ("property") ("collateral"). The rights secured by the secured party are subject to a senior loan and first priority mortgage on the property and the obligations and liabilities set forth in the senior loan documents. In order to satisfy the amounts due to the secured party in the amount of $3,648,639.28 plus accrued interest and fees, including default interest at the rate of 24% per annum from Nov. 19, 2025, plus costs and disbursements and less any credits being held by the lender, if any, and less a $100,000 payment received on Jan. 15, 206, to reduce the principal, the public auction will be held on March 16, 2026, at 3:30 p.m. EST, and will be conducted by Matthew D. Mannion of Mannion Auctions LLC, virtually via following Zoom meeting link: https://us06web.zoom.us/j/83931696257?pwd=BgrvalFx2lJoygzuoFUuAHuQFPAl72.1 Meeting ID: 839 3169 5258 Passcode: 582050 or by Phone at +1 (646) 931-3860 The secured party reserves the right to credit bid. Any Individual or entity interested in bidding on the collateral must contact Mr. Mannion at mdmannion2jpandr.com or by phone at +1 (212) 267-6698, to obtain a copy of the terms of sale and information regarding bidding instructions. Upon execution of a confidentiality and non-disclosure agreement, additional documentation and information will be made available. The relevant UCC was filed on Nov. 27, 2024, and refiled on Nov. 19, 2025, in the state of Delaware, whereby AYA Service 1 LLC, as pledgor, pledged its 100% interest in 321-323-325 West 42nd Street LLC, as the sole member, to the Secured Party. Attorney for the Secured Party: Evan M. Newman, Esq. Jacobowitz Newman Tversky LLP 377 Persall Avenue, Suite C Cedarhurst, NY 11516 Tel: (516) 545-0996 Fax: (212) 671-1883 BAER & ASSOCIATES: 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 Baer & Associates, Inc. About Baer & Associates Inc. Baer & Associates, Inc. based in Prairie Village, Kansas, provides custom and innovative packaging solutions for manufacturers and businesses across various industries. The company offers sustainable and specialized packaging products, emphasizing supply chain support, food safety, and client-focused service. Founded in 1981, it serves both stock and custom packaging needs through its U.S. Operations. Baer & Associates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20151) on February 4, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Patrick M. Loftus, president of Baer & Associates, signed the petition. Judge Dale L. Somers oversees the case. Gary Mardian, Esq., at Weisner & Frackwiak, LC, represents the Debtor as legal counsel. BEE & G: Gets Interim OK to Use Cash Collateral Until March 17 -------------------------------------------------------------- Bee & G Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Washington, to use cash collateral. The court authorized the Debtor to use cash collateral through March 17 to pay operating expenses in accordance with its budget. The approved budget includes necessary operating expenses such as payroll, taxes, fuel, repairs, and payments to owner-operators. The Debtor may exceed certain expense categories -- fuel, repairs, owner-operator pay, payroll, and payroll taxes -- by up to 10% without court approval, but any greater variance requires notice and consent from the bank. To protect the lender's interests, the court granted adequate protection in the form of replacement liens to Heritage Bank on the Debtor's post-petition cash, accounts receivable, and inventory, as well as the proceeds of those assets. Additional secured creditors, including Headway Capital, LLC represented by CT Corporation System, were also granted replacement liens, preserving their rights to the same extent as their pre-petition security interests. A final hearing is scheduled for March 17. As of the petition date, the Debtor held approximately $11,022 in cash and $427,299 in accounts receivable, totaling about $438,321 in cash collateral. Four UCC-1 financing statements are on file, but Heritage Bank holds the senior secured interest in accounts receivable and proceeds, with a claim of approximately $1.99 million. The order is available at X from PacerMonitor.com. About Bee & G Enterprises LLC Bee & G Enterprises, LLC, based in Tacoma, Washington, operates as a motor carrier under the doing-business-as name Four Ports Logistics, providing general freight transportation including fresh produce, refrigerated goods, and intermodal container shipments. The company is registered with the U.S. Department of Transportation and conducts its operations within the freight and logistics industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40385) on February 14, 2026. In the petition signed by Julie Bollmann, managing member, the Debtor disclosed up $1,418,597 in total assets and $3,362,581 in total liabilities. Judge Mary Jo Heston oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as bankruptcy counsel. BIO-KEY INTERNATIONAL: Secures $1.04MM Biometric License Renewal ---------------------------------------------------------------- BIO-key International, Inc. announced that it has secured a $1.04M license renewal and expansion order for its biometric identification solution from a foreign retail bank, a customer since 2015. Reflecting the customer's ongoing expansion of the solution's deployment, the value of the one-year renewal increased 30% over the prior year. BIO-key also disclosed that based on its year-end cash position of $2.7M, anticipated license renewal activity including today's announcement, and anticipated receivables collections, it believes it has sufficient cash and anticipated cash inflows to support its growth plans internally. Michael DePasquale, BIO-key's Chairman and CEO, commented, "We are extremely encouraged by our growing traction in larger scale deployments which we expect to bolster our financial results and working capital position moving forward. We entered 2026 on a solid financial footing with approximately $2.7M in cash and improving visibility on both renewal activity and business development opportunities. These factors, combined with our spending discipline, provide a sound working capital outlook to internally fund our growth initiatives. The bank's biometric identification technology deployment has grown from an initial BIO-key rollout of 7M enrolled clients in 2015 to over 30M today. With ten fingerprints enrolled per client, the program now manages more than 300M fingerprints to support fast, consistent bank client identification and verification for in-branch interactions at teller stations, assisted kiosks and ATMs/automated service points. The renewal incorporates anticipated growth of 5% in client enrollment over the coming year. In addition, approximately 10,000 bank employees use BIO-key's fingerprint technology to authenticate themselves during daily branch operations and transaction processing, helping the bank enforce strong controls and reduce the risk of unauthorized activity. The system is designed to help extend the trust established during client onboarding into everyday banking. As part of the bank's know-your-customer processes, client fingerprints are verified against the national identity verification system. The certainty of that client identity proofing event is then tied to their BIO-key enrollment and used for positive client identification in subsequent interactions. This helps banks maintain a durable chain of trust that strengthens protection against impersonation, account takeover and fraud. "Identity assurance is becoming the control point for modern banking. As client service and operations become more automated and AI-assisted, it is essential for banks to deploy robust systems to authenticate customer interactions which can be audited. We are proud to support a 'biometric chain of identity trust' that helps connect day-to-day interactions, whether automated or in person, back to the bank's original identity proofing," said Jim Sullivan, BIO-key's SVP of Strategy and Chief Legal Officer. "BIO-key is proud to provide a scalable biometric platform that has supported this customer's extraordinary growth over the last decade." About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 23, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10,113,313 in total assets, $4,068,235 million in total liabilities, and $6,045,078 million in total stockholders' equity. BIOLARGO INC: Posts $15.2M Net Loss for FY2025; Going Concern Stays ------------------------------------------------------------------- BioLargo, 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. Hacker, Johnson & Smith PA (the Company's independent registered public accounting firm since 2023 and headquartered in Tampa, Florida) included an explanatory paragraph in its audit report dated March 4, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company he Company has suffered recurring losses from operations, has negative cash flow from operations and has a significant accumulated deficit. These matters raise substantial doubt about the Company's ability to continue as a going concern. During the year ended December 31, 2025, the Company generated revenues of $7,765,000, had a net loss of $15,189,000 (compared to 4,347,000 in 2024), and used $8,297,000 cash in operations. At December 31, 2025, the Company had working capital of $51,000, and current assets of $5,114,000. The Company does not believe gross profits in the year ending December 31, 2026 will be sufficient to fund its current level of operations. The Company has been, and anticipates that it will continue to be, limited in terms of its capital resources. As of December 31, 2025, the Company's cash and cash equivalents totaled $3,883,000, and its total liabilities included $2,079,000 debt, of which $1,814,000 was owed by Clyra Medical and of that amount, $1,395,000 is due within one year. Therefore, it intends to continue to raise investment capital through the sale of its securities and the securities of its subsidiaries. To meet the Company's cash obligations during the year-ended December 31, 2025, it: (i) sold $2,122,000 of its common stock to Lincoln Park Capital Fund, LLC, (ii) sold $215,000 of its common stock and warrants to accredited investors, (iii) sold $2,339,000, of Clyra Medical common stock and sold $2,145,000 Clyra Medical Series B Preferred stock, and (iv) sold $425,000 of BETI common stock. To reduce the Company's operational cash burdens, it regularly issues officers and vendors stock or options in lieu of cash and anticipate that it will continue to be able to do so in the future. Since January 1, 2026, through March 4, 2026, Clyra Medical has received $1,705,000 and issued three-year promissory notes in that amount, BETI has sold $462,000 of its common stock, and BioLargo Inc. sold $170,704 of common stock to Lincoln Park (prior to the February 1, 2026 expiration of the Company's Purchase Agreement with Lincoln Park). These factors raise substantial doubt about the Company's ability to continue as a going concern, unless the Company is able to continue to rely on an institutional equity line such as its arrangement with Lincoln Park or other private financings, and in the long term, attain a reasonable threshold of operating efficiencies and achieve profitable operations by licensing or otherwise commercializing products incorporating its technologies. A full text copy of the Company's Annual Report is available at https://tinyurl.com/yjmb6df9 About BioLargo Inc. Headquartered in Westminster, Calif., BioLargo, Inc. -- www.BioLargo.com -- is a cleantech and life sciences innovator and engineering services solution provider. The Company's core products address PFAS contamination, achieve advanced water and wastewater treatment, control odor and VOCs, improve air quality, enable energy-efficiency and safe on-site energy storage, and control infections and infectious disease. Its approach is to invent or acquire novel technologies, develop them into product offerings, and extend their commercial reach through licensing and channel partnerships to maximize their impact. As of December 31, 2025, the Company had $8,311,000 in total assets, $6,785,000 in total liabilities, and $1,526,000 in total stockholders' deficit. BISHOP OF FRESNO: Seeks to Hire M C Real Estate Corp as Broker -------------------------------------------------------------- The Roman Catholic Bishop of Fresno seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ M C Real Estate Corp. as real estate broker. The Debtor needs a real estate broker to market and sell its parcels of real estate located at: (a) 56418 Road 226, North Fork, Calif.; (b) 2564 E. Floradora Ave., Fresno, Calif.; (c) 2202 S. Nicholas Ave., Fresno, Calif. The firm will receive a commission of 3 percent of the gross sales price for the Nicholas Avenue Property, plus an additional 3 percent of the gross sales price if the buyer is unrepresented. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: M C Real Estate Corp. 4672 W. Jennifer Ave., Ste. 106 Fresno, CA 93722 Telephone: (559) 222-1167 About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BLAKK SMOKE: Melissa Haselden Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Blakk Smoke, Inc. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Blakk Smoke Inc. Blakk Smoke operates an online retail platform that sells nicotine-free and tobacco-free hookah and vaping products, including hookah pens, fruit shisha, bundles and related accessories. The company markets flavored inhalation products directly to adult consumers through its e-commerce website, positioning itself within the alternative smoking products industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31222) on Feb. 25, 2026, with $83,841 in assets and $3,299,132 in liabilities. Cardell Bradley, CEO, 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 legal counsel. BREWTIFUL PROPERTIES: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 13 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Brewtiful Properties, LLC. About Brewtiful Properties LLC Brewtiful Properties, LLC is a Missouri-based real estate holding company engaged in the ownership and management of commercial property assets. Brewtiful Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60083) on February 5, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Brian T. Fenimore handles the case. The Debtor is represented by Spencer P. Desai, Esq., of The Desai Law Firm, LLC. BRIGHT CARE: Has Deal on Cash Collateral Access ----------------------------------------------- Bright Care Veterinary Hospital, Inc. and Bright Care Veterinary Group, Inc. and Live Oak Banking Company, advise the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, that they have reached an agreement regarding the Debtors' use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The agreement arises in a jointly administered Chapter 11 bankruptcy proceeding in which the Debtors continue to operate their veterinary businesses as debtors in possession. Because Live Oak holds security interests in most of the Debtors' assets, the Debtors cannot use the proceeds of those assets, which qualify as cash collateral under bankruptcy law, without the lender's consent or authorization from the bankruptcy court. The Debtors owe Live Oak money under three major loan agreements. First, in March 2021 the Debtors and a related entity executed a Small Business Administration–backed loan for $5,000,000, repayable over 26 years at a variable interest rate. To secure repayment, the Debtors granted Live Oak a security interest in nearly all of their personal property assets, including equipment, inventory, accounts receivable, documents, deposit accounts, and other business assets. Live Oak perfected these interests by filing UCC-1 financing statements with the California Secretary of State. Second, in August 2023 the Debtors executed another promissory note for $900,000 with similar collateral and security agreements. Third, in December 2023 BCVG executed an additional $1,800,000 promissory note in favor of Live Oak, also secured by substantially all of BCVG's personal property. As of the bankruptcy petition date the amounts owed to Live Oak were approximately $4.94 million under the SBA loan, about $892,000 under the smaller loan, and roughly $1.81 million under the BCVG note. Because these loans are secured by most of the Debtors’ property, Live Oak asserts that proceeds from those assets constitute its cash collateral. Earlier in the bankruptcy case the parties had already entered into two prior stipulations permitting temporary use of cash collateral—first in May 2025 and then again in August 2025. The current stipulation extends those arrangements for a third period, allowing the Debtors to continue using cash collateral from January 1 through March 31. The terms are largely consistent with the previous stipulations but include additional protections for Live Oak because certain adequate protection payments owed to the lender between October 2025 and March 2026 were deferred. Although the Debtors remain obligated to make the monthly payments required under the loan documents, those payments are postponed during this third cash-collateral period. Any Chapter 11 reorganization plan later proposed by the Debtors must include provisions to repay all of the deferred payments in full. Under the stipulation, the Debtors are allowed to use cash collateral only for ordinary operating expenses necessary to maintain their veterinary business operations. These expenses must follow a detailed operating budget attached to the agreement. All cash collateral generated by the Debtors must be deposited into debtor-in-possession bank accounts, and funds may be withdrawn only to pay expenses listed in the approved budget unless Live Oak provides written consent or the bankruptcy court authorizes additional spending. The Debtors may exceed budgeted expense categories by no more than 15% in any month, and any request for additional spending must be submitted to Live Oak for review. To protect Live Oak's secured position while the Debtors use the collateral, it will receive replacement liens on all of the Debtors' post-petition assets, including newly acquired property and post-petition cash collateral, with the same priority as its pre-petition liens. The lender is also granted liens on the debtor-in-possession accounts holding the cash collateral. In addition, the agreement provides Live Oak with a second lien on real property owned by a related non-debtor entity, Monterey Ave Palm Desert LLC, located on Monterey Avenue in Palm Desert, California. This lien is junior only to an existing deed of trust already securing obligations to Live Oak. The Debtors' principal, Dr. Alirez Gorgi, must cooperate in granting and documenting this lien and is responsible for covering certain legal and recording costs associated with it. The stipulation also requires that the Monterey property be marketed and sold. Within fifteen days of filing the stipulation, Dr. Gorgi must retain a broker to list the property for sale. If the property is sold in an arm's-length transaction approved by Live Oak, the lender will release its lien as long as the sale proceeds—after reasonable closing costs—are paid to Live Oak. The proceeds will first be applied to repay obligations secured by the existing deed of trust, then to the deferred cash-collateral payments owed to the lender, and any remaining funds will be deposited into a reserve account controlled by Live Oak. Funds in that reserve account will be used to cover half of the Debtors' future adequate protection payments during the bankruptcy case, while the Debtors must fund the other half from operating revenue. After confirmation of a reorganization plan, Live Oak may retain a security interest in the reserve account to secure plan payments or to cover any payment deficiencies. A copy of the stipulation is available at https://urlcurt.com/u?l=UEehV8 from PacerMonitor.com. About Bright Care Veterinary Hospital Inc. Bright Care Veterinary Hospital Inc., dba CASE is a veterinary facility in Anaheim, CA, offering 24/7 emergency care and specialized veterinary services. Its services include neurology and neurosurgery, cardiology, internal medicine, oncology, surgery, and advanced imaging. The hospital emphasizes compassionate and comprehensive care, working collaboratively with primary case veterinarians to improve the quality of life for pets. CASE state-of-the-art facility ensures the latest technology and equipment, focusing on pet safety and comfort. Bright Care Veterinary Hospital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10900) on April 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by David B. Golubchik, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. Live Oak Banking Company, as lender, is represented by Christopher J. Harayda, Esq at STINSON LLP. BRINK'S COMPANY: Fitch Affirms BB+ LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed The Brink's Company's (BCO) Long-term Issuer Default Rating (IDR) at 'BB+', senior secured credit facilities at 'BBB-' with a Recovery Rating of 'RR2' and senior unsecured bonds at 'BB+'/'RR4'. These actions follow BCO's announcement that it plans to acquire NCR Atleos Corporation (BB-/Stable; NATL). The Rating Outlook is Stable. Fitch believes the acquisition will maintain BCO's cash flow stability and support growth through a large installed base and recurring revenues. Financial discipline will be necessary to achieve EBITDA leverage below 4.0x within two years post-close. The ratings reflect BCO's recurring, contract-based services and strong market position in transit operations, digital and managed solutions. NATL benefits from its significant market position in ATM manufacturing and independent ATM network operations. The ratings also reflect transaction and integration risks from the acquisition's size and vertical integration as well as potential for long-tail secular pressures in global cash utilization. Key Rating Drivers NCR Atleos Neutral to Ratings: The transaction adds significant scale in the ATM managed services, furthering BCO's vertical integration and potential to enhance its value proposition via suite of offerings. The deal also strengthens BCO's growth profile via cross-selling and access to under-penetrated markets. Long-term operating profile benefits may emerge over time with strong commercial and operational execution. However, Fitch has not yet incorporated a significant improvement on the pro forma operating profile beyond execution on cost synergies. Fitch will monitor post-transaction integration and execution risks such as adhering to stated leverage polices and capital allocation plans. Fitch will also assess the impact of integrating new offerings on Brink's long-run cash flow profile. Fitch expects BCO will fund the approximately $6.6 billion transaction with a significant portion of equity and pre-payable debt supporting flexibility to meet policies. No significant regulatory requirements to closing are assumed. Sub-4.0x Leverage Achievable: Fitch forecasts EBITDA leverage of 4.0x at YE27 on a full year basis and with early synergy execution, before trending to the mid-to-high 3.0x. This is generally consistent with BCO's stated policy of 2.0-3.0x net leverage on a company-calculated basis. EBITDA leverage in 2025 is approximately 3.7x. CFO-Capex/Debt is expected to remain in the 8%-10% range over the medium term on a pre- and post-acquisition basis. This considers BCO's stated post-transaction financial policies and earnings predictability. Over the long term Fitch expects consistent capital allocation policies of balancing M&A and share repurchases within its stated financial policy supporting leverage consistent with the 'BB+' rating tolerances. FCF Supports Financial Flexibility: Fitch expects BCO annual FCF of about $250 million prior to acquisition which could expand to $600 million - $700 million over the two years post-closing. The expectation considers a growth trajectory of 3%-5%, modestly over 100bps of margin improvement from cost synergy execution and favorable revenue mix trend and incremental integration costs. Consistent Demand Fundamentals: BCO's multi-year, recurring contracts provide stable earnings, strong retention and visibility while limiting exposure to fluctuations in customer profits. These contracts link to service stops and monthly fees rather than value in transit. The global balance of cash in circulation continues to rise, despite proliferation of non-cash payment methods. The addition of digital retail solutions also allows BCO to access lower-volume customers, presenting another growth opportunity. Market Position Supports Retention and Pricing: BCO is a leading global provider of cash management services with a good competitive position supporting customer retention and pricing strength. Its position is backed by an established reputation and track record to manage customers' cash and valuable items, and a global network. BCO's scale also provides an opportunity to leverage new services such as ATM management and digital solutions across regions. Risks Associated with International Operations: BCO's high proportion of international operations introduces some risks, though Fitch believes the impact is largely translational given its regional revenue and cost alignment. There are long-term risks associated with a stronger USD relative to other currencies given the high proportion of USD-denominated debt. BCO has a portion of balance sheet cash held in foreign accounts though Fitch believes the company has decent access and is not expected to be a liquidity concern. Peer Analysis Fitch compares BCO to cash management and security peer, Garda World Security Corp (Garda; B+/Negative), ATM producer and network operator, NCR Atleos (BB-/Stable; NATL) and other transportation companies such as XPO, Inc. (BB+/Stable). BCO's business profile benefits from steady and contracted revenue streams, which tend to be less cyclical many transportation issuers like XPO. BCO, Garda and NATL offer services linked to cash in circulation, however; BCO's business model offers a range of services and products with relatively less reliance on ATM hardware than NATL. Fitch expects BCO to manage leverage below 4.0x over the long term with a consistent FCF profile, while Garda operates with above 7.0x and EBITDA interest coverage in the mid-to-1.0x as a result of high growth investment. NATL's leverage has been trending lower from the high-3.0x following its spin off in 2023, while XPO is expected to manage to the low-to-mid 2.0x. Fitch’s Key Rating-Case Assumptions Key Operating Assumptions: - Organic growth in the 3-5% range over the medium term on a BCO-only and combined basis; - BCO-only EBITDA margins expand but remain around 17% and on a combined basis reach 19%, incorporating cost savings and continued favorable mix shift; - Capital intensity on a pre-and post- acquisition basis remains around 4%; - BCO maintains financial and capital allocation policies, including prioritizing 2.0-3.0x net leverage (BCO calculated basis) post transaction; - Cash on BCO's balance sheet increases with growth in the DRS business. Key Transaction Assumptions: - NCR Atleos is acquired in line with publicly announced terms including $6.6 billion transaction price and primarily utilizing debt financing, but with a large portion of equity and pre-payable debt.; - No significant regulatory requirements; - The transaction closes around early 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 34% weight for the forecast year 2027, 33% for the forecast year 2028 and 33% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment 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 - A financial policy shift that leads to gross EBITDA leverage sustained above 4.0x; - A change in capital allocation plan that reduces financial flexibility; - A change in strategy or operating challenges that leads to heightened variability or constrains BCO's cash flow profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Management adopts a balanced capital allocation policy that retains financial flexibility; - Financial policies, including balancing M&A with leverage, that sustain gross EBITDA leverage below 3.5x; - Adherence to an operating strategy that maintains FCF stability; - Transition to a less encumbered capital structure. Liquidity and Debt Structure BCO had comfortable liquidity at Dec. 31, 2025 including $1.6 billion of cash, after $106 million held by BCO's cash management services, and $580 million of availability under the $1.0 billion revolving credit facility. Fitch believes a minority portion of BCO's cash balance is held at customer sites, but under BCO's title, creating a timing difference between deposit and collection. Fitch believes BCO has good accessibility to these balances. Issuer Profile The Brink's Company is a global leader in cash management services. It serves customers including financial institutions, retailers, government agencies and other commercial operations around the world. 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 Brink's. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- The Brink's Company LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR2 BBB- BUILDERS FIRSTSOURCE: S&P Alters Outlook to Stable, Affirms BB- ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based building materials distributor Builders FirstSource Inc. (BFS) to stable from positive and affirmed the 'BB-' issuer credit rating and all debt ratings. The stable outlook reflects S&P views that BFS will maintain S&P Global Ratings-adjusted leverage of 2x-3x in normal business conditions despite being temporarily above 3x in 2026. Subdued new residential construction and repair-and-remodeling spending will continue. S&P said, "We expect housing starts will remain roughly flat in 2026 at 1.35 million and 2027 at 1.38 million. Given that Builders FirstSource depends on single-family residential construction for about 68% of its business, we expect these trends will continue to weigh on performance. In addition, Harvard's Leading Indicator of Remodeling Activity estimates the expansion in residential remodeling will slow to 1.6% in 2026 from 2.7% in 2025." Although BFS has significant scale and breadth of products, it depends almost entirely on residential investment--including new construction and repair and remodeling. The demand for housing materials has been weak for many reasons, including persistently high mortgage rates and affordability issues, which have led to lower construction activity and remodeling spending. S&P said, "Leverage will remain elevated over the next 12 months. S&P Global Ratings-adjusted leverage reached 3.2x in 2025 (compared to the company's leverage calculation of 2.7x), and we expect continued soft demand will keep it near there in 2026. We revised our outlook to stable to reflect that BFS is unlikely to significantly reduce leverage below 2x quickly, a key factor that previously supported the positive outlook. "While its free cash flow position remained solid in 2025 due to working capital inflow, we expect working capital to unwind in 2026. We anticipate operating cash flow (OCF) to debt will be under 25% but that cyclical pressures in the industry will ease by 2027, when cash flow should recover close to 30%. "Prudent risk management and disciplined capital allocation will help sustain the rating. Leverage sits just above our 3x downgrade threshold, but we believe this is temporary. S&P Global Ratings-adjusted leverage was between 0.8x and 2x every year from 2020-2024, and we believe it will trend toward the company's 1x-2x target once operating conditions improve. Operational efficiencies, including product initiatives and automation efforts, and a targeted $100 million in cost savings planned for the year further support this view. "Our stable outlook assumes BFS will pull back on acquisitions and share repurchases, prioritizing balance sheet strength at least until market headwinds ease. However, the rating could be pressured if market conditions worsen, operational execution suffers, or it makes leveraging acquisitions or share repurchases. "The stable outlook on BFS reflects our expectation that leverage will be modestly above 3x temporarily, but that it will maintain S&P Global Ratings-adjusted leverage of 2x-3x in most economic conditions. Our outlook assumes a disciplined financial policy, which will allow balance sheet strength despite the difficult operating environment." S&P could lower the rating in the next 12 months if: -- Operating conditions worsen, further deteriorating earnings and sustaining leverage above 3x; -- Financial policy prioritizes shareholder buybacks or expensive mergers and acquisitions (M&A) that aren't immediately accretive to earnings; or -- OCF to debt drops below 25% on a sustained basis, even in a normal operating environment. Given the industry backdrop, S&P believes a higher rating is unlikely soon. However, S&P could raise its rating within the next 12 months if performance and financial policy actions demonstrate an ability to maintain: -- S&P Global Ratings-adjusted leverage under 2x; and -- OCF to debt above 35% in more normalized business conditions. BY HOTEL SPE-3: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: BY Hotel SPE-3 LLC 806 N York Rd Hinsdale, IL 60521 Business Description: BY Hotel SPE-3 LLC and affiliated entities own a portfolio of hotel properties in Chicago, Illinois. Two hotels, a Hilton at 1101 South Wabash Avenue and a Best Western at 1100 South Michigan Avenue, are subject to Chapter 11 bankruptcy and are owned by Wabash 11th, LLC, 1101 Wabash Development LLC, and Pacific Tai, LLC. The group operates in the hospitality and real estate development sector. Chapter 11 Petition Date: March 8, 2026 Court: United States Bankruptcy Court District of Delaware Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- BY Hotel SPE-3 LLC (Lead Case) 26-10324 1101 Wabash Development Mezz 26-10325 Wabash 11th Mezz LLC 26-10326 Pacific Tai Mezz LLC 26-10327 1101 Wabash Development SPE LLC 26-10328 Wabash 11th LLC 26-10329 1101 Wabash Development LLC 26-10330 Pacific Tai, LLC 26-10331 SB Yen's Management Group, Inc. 26-10332 Judge: Hon. J Kate Stickles Debtors' Bankruptcy Counsel: Rafael X. Zahralddin, Esq. LEWIS BRISBOIS BISGAARD & SMITH, LLP 500 Delaware Ave, Suite 700 Wilmington, DE 19801 Tel: 302-985-6004 Email: Rafael.Zahralddin@lewisbrisbois.com Debtors' Financial Advisor: GETZLER HENRICH & ASSOCIATES LLC, a Hilco Global Company 295 Madison Avenue 20th Floor New York, NY 10017 Debtors' Claims/ Noticing Agent: STRETTO Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Su-Mei Yen as owner. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MUESGQI/BY_Hotel_SPE-3_LLC__debke-26-10324__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. City of Chicago- Taxes $1,718,210 Chicago Business Direct 121 N LaSalle St Chicago, IL 60602 Maritely Diaz Phone: 312-745-0457 Email: maritely.diaz@cityofchicago.org 2. Illinois Department of Revenue Taxes $1,660,708 PO Box 19006 Springfield, IL 62794 Benjamin Henson Phone: 217- 524-5349 ext. 37395 Email: benjamin.henson@illinois.gov 3. Hilton Professional $894,030 4649 Paysphere Circle Services Chicago, IL 60674 Email: uscorpar@acctrec.hilton.com 4. Cook County Department Taxes $692,492 of Revenue 118 N Clark St Chicago, IL 60602 Yessica Hartline Phone: 312-603-3597 Email: yessica.hartline@cookcountyil.gov 5. Best Western International, Inc. Professional $88,472 PO Box 842700 Services Los Angeles, CA 90084-2700 Email: pamela.alvarado@bwh.com 6. City of Chicago - Water Utilities $52,641 PO Box 6330 Chicago, IL 60680 7. Windy City Laundry Professional $52,391 2643 W 19th St Services Chicago, IL 60608 Email: aj@windycitylaundry.com 8. Sysco Chicago, Inc. Professional $33,531 PO Box 5037 Services Des Plaines, IL 60017-5037 Email: claire.aknox@sysco.com 9. Dynergy Energy Services Utilities $28,651 27679 Network Place Chicago, IL 60673 Email: derrick.turner@vistracorp.com 10. Suburban Elevator Company Professional $18,745 PO Box 93050 Services Chicago, IL 60673-3050 Email: joe@elevator411.com 11. Daikin Comfort Technologies Professional $15,771 Manufacturing, L.P. Services PO Box 660063 Dallas, TX 75266-0063 Email: earnestine.volley@daikincomfort.com 12. HD Supply Facilities Professional $14,255 Maintenance, Ltd. Services PO Box 509058 San Diego, CA 92150-9058 Email: danielle.bialecki@hdsupply.com 13. Guest Supply Professional $12,467 PO Box 6771 Services Somerset, NJ 08875-6771 Email: jzapata@guestsupply.com 14. Redwood Systems, Inc. Professional $7,932 18635 West Creek Dr Services Tinley Park, IL 60477 Email: bdowers@redwoodsystemsgroup.com 15. Peoples Gas Utilities $7,571 PO Box 6050 Carol Stream, IL 60197-6050 16. Schindler Elevator Corporation Professional $5,988 PO Box 93050 Services Chicago, IL 60673-3050 Email: joe@elevator411.com 17. Republic Services #710 Utilities $5,735 PO Box 713502 Chicago, IL 60677-0052 For Allied Waste Transportation Email: arcenterchi@republicservices.com 18. Central Pension Fund Professional $5,032 PO Box 223115 Services Pittsburgh, PA 15251-2115 Email: ybrown@cpfiuoe.org 19. Grainger Professional $4,805 Dept 887168251 Services Palatine, IL 60038-0001 Email: financialservices@grainger.com 20. US Hospitality Publishers, Inc. Professional $4,258 dba Uniguest Services PO Box 7410716 Chicago, IL 60674-0716 Email: accounts.receivable@uniguest.com BY HOTEL: Seeks to Hire Stretto as Claims and Noticing Agent ------------------------------------------------------------ BY Hotel SPE-3 LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as claims and noticing agent. Stretto 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. Prior to the petition date, the Debtors provided Stretto an advance in the amount of $15,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 About BY Hotel SPE-3 LLC BY Hotel SPE-3 LLC is a hospitality investment company specializing in the ownership and management of hotel properties. As a special purpose entity, the company focuses on managing hotel-related assets and supporting hospitality operations. By Hotel SPE-3 LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10324) on March 8, 2026. In its petition, By Hotel SPE-3 disclosed estimated assets and liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. The Debtors tapped Rafael Xavier Zahralddin-Aravena, Esq., as counsel and Stretto, Inc. as claims and noticing agent. C & S RESTAURANT: Case Summary & 12 Unsecured Creditors ------------------------------------------------------- Debtor: C & S Restaurant Group, LLC Buster's Sports Tavern 16681 McGregor Blvd. Suite 401 For Myers FL 33908 Business Description: C & S Restaurant Group, LLC operates Buster's Sports Tavern, a casual full-service restaurant and sports tavern in Fort Myers, Florida, offering made-to-order meals, alcoholic beverages, and a sports-oriented dining experience. The company is registered in Florida as a limited liability company and manages its restaurant operations from its main location on McGregor Boulevard. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00517 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Joseph Trunkett, Esq. TRUNKETT LAW FIRM, LLC DBA GULF COAST BANKRUPTCY LAW FIRM 1533 Hendry Street Suite 300 Fort Myers, FL 33901 Tel: 239-790-4529 Fax: 239-790-5404 E-mail: jtrunkett@trunkettlaw.com Total Assets: $70,681 Total Liabilities: $1,528,291 The petition was signed by Scott T Iannelli as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DIYAMBI/C__S_Restaurant_Group_LLC__flmbke-26-00517__0001.0.pdf?mcid=tGE4TAMA CALDERIA LLC: April 16 Hearing Set on Chapter 7 Conversion ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts will continue on April 16 the hearing on the motion filed by U.S. Trustee Richard King to convert Calderia, LLC's bankruptcy case to Chapter 7 for "cause" under 11 U.S.C. Sec. 1112(b)(4). The Debtor filed its first case on October 8, 2025 (In re Calderia, LLC, Case No. 25-41068-EDK). It claimed to own three residences located at: -- 4 Nook Road, Plymouth, MA; -- 230 Summer Street, Plymouth, MA; and -- 117 South Ridge Avenue, Kannapolis, North Carolina The Court dismissed the Debtor's first case for failure to provide the United States Trustee with evidence of appropriate insurance on its real estate assets and operations. After reinstatement, the Court dismissed it a second time, on November 19, 2025, for failure to comply with an update order. The Debtor filed the voluntary chapter 11 petition commencing this case 30 days later, on December 19, 2025. It claimed to own the same three residences identified in its first petition plus a fourth located at 211 West Second Avenue, Gastonia, North Carolina. Vanderburgh House, LLC is the sole tenant in the Properties. Until recently, it paid rent to a management company called Calderia Management, LLC. Calderia Management, LLC was supposed to pay the Debtor's mortgage debt service, real estate taxes and property insurance premiums and then remit what was left over to the Debtor. But the U.S. Trustee cannot confirm this, because the Debtor has neither filed its December, 2025 monthly operating report nor provided evidence that it has opened a DIP bank account nor provided reconciliations of cash receipts and disbursements from Calderia Management, LLC (or any other property manager) nor requested authorization to use cash collateral. The Debtor also failed to comply with the Court's December 19, 2025 update order directing that it file the disclosure of ownership required by Fed. R. Bankr. P. 7001 by January 2, 2026. The U.S. Trustee argues these facts establish "cause" either to convert the Debtor's chapter 11 case to chapter 7 under 11 U.S.C. Sec. 1112(b)(4)(B) (gross mismanagement of the estate), (D) (unauthorized use of cash collateral substantially harmful to one or more creditors), (E) (failure to comply with a court order) and (H) (failure timely to provide information reasonably requested by the United States Trustee) or, alternatively, to appoint a chapter 11 trustee under 11 U.S.C. Sec. 1112(b)(1). The U.S. Trustee contends conversion or the appointment of a chapter 11 trustee is in the best interests of creditors and the estate. A copy of the motion is available at http://urlcurt.com/u?l=RIPU2a from PacerMonitor.com. About Calderia, LLC Calderia, LLC is a holding company whose principal assets consist of four real estate properties located in Plymouth, Massachusetts, and in Kannapolis and Gastonia, North Carolina. Calderia, LLC in Worcester, MA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Mass. Case No. 25-41363) on Dec. 19, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Dawna Thomas-Foote as manager, signed the petition. Ehrhard & Associates, P.C. serve as the Debtor's legal counsel. CANACOL ENERGY: Receives Subsequent Advance Under DIP Financing --------------------------------------------------------------- Canacol Energy Ltd. refers to its prior announcement regarding the Company's agreement for debtor-in-possession financing and related documentation. In that announcement, the Company disclosed entry into a commitment letter governing the DIP Financing with an ad hoc group of holders of the Company's 5.75% senior unsecured notes due 2028 and/or their affiliates, funds, and accounts that agreed to provide credit support in connection with the DIP Financing. The DIP Financing and DIP Commitment Letter were approved by the Alberta Court of King's Bench pursuant to an Order of the Canadian Court dated December 11, 2025. The Second Amended and Restated CCAA Initial Order was recognized by the United States Bankruptcy Court for the Southern District of New York pursuant to a recognition order of the U.S. Court dated December 18, 2025, in the Company's recognition proceedings under Chapter 15 of title 11 of the United States Bankruptcy Code. The Company also refers to its prior announcement on January 7, 2026 announcing the closing and receipt of net proceeds from the initial advance under the DIP Commitment Letter. The Company announces the closing of the first subsequent advance under the DIP Commitment Letter after the satisfaction or waiver of all conditions precedent to such advance set out in the DIP Commitment Letter. The Company continues to work with its advisors, KPMG Inc., in its capacity as the court-appointed Monitor of the Company in its CCAA Proceedings and the DIP Lenders and their advisors towards satisfying the conditions precedent to additional subsequent advances under the DIP Commitment Letter. In connection with the Company's ongoing reporting obligations under the DIP Commitment Letter, the Company confirms that certain material non-public information regarding the Company and its affairs was provided to the DIP Lenders. The MNPI has been posted to the website of the Monitor, at: https://kpmg.com/ca/canacol, where such information is available for review by all persons. Investors should continue to monitor the Monitor's website for material updates and other important information regarding Canacol, its business, operations and results, and its insolvency proceedings. About Canacol Energy Ltd. Canacol Energy Ltd. is a Canadian natural gas explorer. Canacol Energy Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on Nov. 18, 2025. The Debtor is represented by Steven William Golden, Esq. of Pachulski Stang Ziehl & Jones LLP. CANO HEALTH: Moody's Cuts CFR to 'Ca', Outlook Stable ----------------------------------------------------- Moody's Ratings downgraded CANO HEALTH, LLC's (Cano Health) corporate family rating to Ca from Caa3 and probability of default rating to Ca-PD from Caa3-PD. Moody's also downgraded the ratings on the backed senior secured bank credit facilities including the senior secured first-out delayed draw term loan, second-out PIK delayed draw term loan, and initial exchange PIK term loan to Caa1 from B3, the backed senior secured delayed draw term loan and senior secured second-out delayed draw term loan to Caa3 from Caa2, and the backed senior secured term loan and senior secured initial exchange term loan to C from Ca. The outlook is maintained at stable. The ratings downgrade reflects Moody's expectations that Cano Health's EBITDA will remain negative over the next 12 months, which weakens recovery prospects for the company overall and, as such, its outstanding debt. Given that Cano's liquidity needs exceed its external liquidity capacity in the near-term, Moody's views the likelihood of debt restructuring or a transaction Moody's would consider a distressed exchange as very high. RATINGS RATIONALE Cano Health's Ca CFR reflects its moderate scale, negative earnings and execution risks in stabilizing the company's business since emergence from bankruptcy. Moody's anticipates that the company's EBITDA will remain negative and that the company will continue to burn cash in 2026 due to limited earnings generation relative to cash needs, which will exhaust its available external liquidity. An inherent challenge within Cano Health's business model is that it requires the company to manage the cost of patient care and other expenses because it earns revenue on a capitated basis from Medicare Advantage plan providers. The ratings are also constrained by the company's geographic concentration in Florida, where it generates all of its revenue. The company's rating benefits from its strong presence in many of the largest Medicare Advantage markets in Florida with favorable industry demographics. Cano Health also will benefit from improved Medicare Advantage reimbursement rates in 2026 and steps to improve profitability including documentation accuracy, medical cost management, and initiatives around membership retention and growth. Moody's expects that Cano Health will operate with weak liquidity over the next 12-18 months. Moody's projects the company to generate negative free cash flow in 2026, resulting in material cash burn and full utilization of its external liquidity sources. As of December 31, 2025 the company had about $19 million in cash on the balance sheet. While the company does not have a revolving credit facility, external liquidity includes a $60 million first-out delayed draw term loan, less a $15.7 million cash interest waiver, and $27.5 million of available capacity on the $50 million second-out delayed draw term loan as of December 31, 2025. Moody's anticipates that Cano Health will substantially draw on these facilities over the next 12-18 months to support operations. The stable outlook reflects Moody's views that the likelihood of debt restructuring is very high. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company defaults or Moody's expectations on recovery rates changes. While Moody's do not expect to upgrade the ratings in the near term, considerations for ratings upgrade include a reduction in the likelihood of default and demonstrated improvement in liquidity and operating performance. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Cano Health's Ca CFR is two notches below the scorecard-indicated outcome of Caa2 reflecting Moody's considerations of a high probability of default and weak expected recovery. CANO HEALTH, LLC provide primary care health services in Florida across its 68 medical centers and 196 physician group affiliates. Cano Health generated about $1.9 billion in revenue for the fiscal year ended December 31, 2025. CANTONI ENTERPRISES: Claims to be Paid from Future Income --------------------------------------------------------- Cantoni Enterprises, LLC, filed with the U.S. Bankruptcy Court for the Northern District of West Virginia a Subchapter V Plan dated March 2, 2026. The Debtor's primary business is a pizza restaurant in Fairmont West Virginia. That business is, and has historically been, profitable. The Debtor is a single member LLC owned by Jason Cantoni. In the spring and summer of 2025, the Debtor and the Debtor's principal entered a new business venture with Wright Dawgs of West Virginia LLC. The Debtor invested money in Wright Dawgs, but the business venture was not successful enough to timely repay merchant cash advances that were taken on the Debtor's future receivables. As a result, the Debtor experienced a liquidity crisis that led to its Chapter 11 bankruptcy filing. Classes 7.1 to 7.4 consists of Non-Priority Unsecured Claims. Unsecured claims against the Debtor will be paid after all professional administrative claims and priority claims are paid in full, and after payment of secured claims, if any. The Gross Plan Base may be raised or lowered, as necessary to pay all unsecured claims in full. Undisputed and allowed non-priority claims that are not separately classified will be paid pro rata, in full. The Debtor shall submit all or such portion of the future income or other future income of the Debtor to the Plan as is necessary for the execution of the Plan. The monthly payments listed in this section are estimates of the Debtor's aggregate annual average cash flow, after paying operating expenses, draws and taxes (as applicable), and are based on the yearly projections provided by the Debtor in Part 18 of this Plan. The actual monthly payment amount may be different pursuant to the cyclical or irregular nature of the Debtor's business income and expenses, and the accuracy of the Debtor's projections. If this Plan is consensually confirmed, property of the estate will vest in the Debtor upon entry of the order confirming this Plan, unless otherwise specifically provided for in this Plan or in the order confirming this Plan. After confirmation of this Plan, the property dealt with by this Plan is free and clear of all claims and equity interests of creditors, equity security holders, and of general partners in the Debtor. If this Plan is not consensually confirmed, property of the estate includes, in addition to the property specified in Section 541 of the Bankruptcy Code, all property of the kind specified in that section that the Debtor acquires, as well as earnings from services performed by the Debtor, after the date of commencement of the case but before the case is closed, dismissed, or converted to a case under Chapter 7, 12, or 13 of the Bankruptcy Code, whichever occurs first. Except as provided in Section 1185 of the Bankruptcy Code, this Plan, or the order confirming this Plan, the Debtor shall remain in possession of all property of the estate and the property of the estate. A full-text copy of the Subchapter V Plan dated March 2, 2026 is available at https://urlcurt.com/u?l=gFdsBc from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan W. Johnson, Esq. Johnson Legal Services, PLLC 1049 Market Street Wheeling, WV 26003 Telephone: (304) 212-4950 E-mail: Johnson.legal.services.pllc@gmail.com About Cantoni Enterprises Cantoni Enterprises, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. W.Va. Case No. 25-bk-681) on Nov. 26, 2025. The Honorable Judge David L. Bissett oversees the case. Johnson Legal Services, PLLC, is the Debtor's legal counsel. CARBO CERAMICS: 5th Circuit Reverses Rulings in Tax Dispute ----------------------------------------------------------- In the appeal styled Carbo Ceramics, Incorporated, Appellant, versus Board of Tax Assessors for Wilkinson County, Georgia; Wilkinson County, Georgia, Appellees, No. 24-20439 (5th Cir.), Judges Edith H. Jones, James E. Graves Jr. and Fernando Rodriguez, Jr. of the U.S. Court of Appeals for the Fifth Circuit reversed the judgments of the the United States Bankruptcy Court for the Southern District of Texas and the United States District Court for the Southern District of Texas in favor of the Wilkinson County Board of Tax Assessors with respect to Carbo Ceramics, Inc.'s unpaid ad valorem taxes. The case is remanded for further proceedings consistent with this opinion. For years, business was booming for CARBO Ceramics. In 2014, however, CARBO lost its largest client and experienced significant economic downturn. Facing a devastating downturn, CARBO turned to a force majeure clause found in the 2008 MOU. Under this clause, each year's job goals were subject to reduction upon the occurrence of a "force majeure." For each year that a force majeure existed, CARBO's job goals would "be reduced by the number of jobs" that "were not filled as a result." In 2015, CARBO alleged that this economic decline was a force majeure event that excused it from meeting its job goals under the 2008 MOU. CARBO also alleged that the machinery and equipment at the facilities should be assessed at a lower value because of "obsolescence and inutility" caused by this drop in demand. Instead of agreeing, however, the Wilkinson County Board of Tax Assessors -- the entity responsible for appraising CARBO's taxable property for Wilkinson County ad valorem taxes -- stopped giving tax abatements or incentives to CARBO. After a couple of years, CARBO appealed the Assessor's valuation for tax years 2015, 2016, and 2017, arguing that a force majeure event had taken place. Ultimately, in July 2017, the parties entered into a settlement agreement, whereby the Assessors agreed to "assess all properties related to this Settlement Agreement at their fair market values" going forward. But the disputes continued for each tax year starting with 2018. CARBO contested tax years 2019 through 2022 and attempted to appeal in Georgia. Despite the disputes, CARBO still paid tax at the agreed-upon 2017 amount in each of the following years. Before CARBO appealed the Assessor's valuations of tax years 2021 and 2022, CARBO filed for Chapter 11 reorganization in the Southern District of Texas in March 2020. The Assessors and the Authority then filed a Proof of Claim in the bankruptcy court for unpaid ad valorem taxes covering tax years 2018–2020. Around eight months later, CARBO initiated this adversary proceeding in which it: (1) objected to the Assessors' claims for unpaid taxes, (2) sought a refund for its overpayments, and (3) claimed that the Assessors denied CARBO due process by refusing to forward CARBO's appeals to the Board of Equalization as Georgia law requires. CARBO sought a refund of $2,616,399.38, and the Assessors sought an additional tax payment of $1,723,545.89. The bankruptcy court ruled against CARBO, holding that CARBO could not take additional depreciation for economic obsolescence or inutility under the 2008 MOU. CARBO unsuccessfully moved for reconsideration. Then, the bankruptcy court applied its interpretation of the MOU and concluded that CARBO owed the County $3,395,872.59 -- more than the County sought -- but it did not owe attorneys' fees. With pre-judgment interest, CARBO's liability tops $4,400,000. CARBO appealed to the district court, and finding no relief there, CARBO appealed to this court. The parties dispute whether the 2008 MOU allows CARBO to claim inutility or economic obsolescence. CARBO argues that, by incorporating the Department of Revenue regulations and the Appraisal Procedures Manual's cost approach into the 2008 MOU, the MOU required the Assessors to consider obsolescence and inutility when determining the fair market value of the machinery and equipment. The Assessors contend that the MOU's incorporation of the Department of Revenue regulations did not specifically mention the cost approach and that other provisions of the MOU expressly foreclose consideration of obsolescence. According to the panel, "The 2008 MOU requires the Assessors to consider obsolescence for three reasons. First, the 2008 MOU textually incorporates the APM's cost approach. Second, the APM's cost approach requires the Assessors to consider obsolescence. And third, the 24-hour-perday provision does not preclude the Assessors from considering obsolescence." The panel concludes, "The 2008 MOU by its terms requires the Assessors to consider obsolescence and inutility when appraising CARBO's property for the challenged tax years. The bankruptcy court's and district court's contrary interpretations were incorrect." A copy of the Court's Opinion dated March 5, 2026, is available at https://urlcurt.com/u?l=wX3pRF About CARBO Ceramics CARBO Ceramics Inc. -- https://carboceramics.com/ -- is a global technology company providing products and services to the oil and gas, industrial, and environmental markets. CARBO offers oilfield ceramic technology products, base ceramic proppant, and frac sand proppant for use in the hydraulic fracturing of oil and natural gas wells. Asset Guard Products Inc., a subsidiary of CARBO, offers products intended to protect operators' assets, minimize environmental risks, and lower lease operating expenses through spill prevention, containment, and countermeasure systems for the oil and gas industry. StrataGen, Inc., another subsidiary, offers fracture consulting and data services and provides a suite of stimulation software solutions used for designing fracture treatments and for on-site real-time analysis to assist E&P companies in the efficient completion of wells and enhancement of oil and natural gas production. CARBO Ceramics Inc. and its subsidiaries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-31973) on March 29, 2020. At the time of the filing, the Debtors were estimated to have assets of between $100 million and $500 million and liabilities of the same range. Judge Marvin Isgur oversees the cases. The Debtors tapped Vinson & Elkins LLP as bankruptcy counsel; Okin Adams LLP as special counsel; Perella Weinberg Partners L.P. and Tudor Pickering, Holt & Co. as investment banker; FTI Consulting, Inc. as financial advisor; Ernst & Young LLP, KPMG LLP, and Weaver and Tidwell L.L.P. as accountants and tax advisors. Prime Clerk, the claims agent, maintains this website https://dm.epiq11.com/case/crc/info The Office of the U.S. Trustee appointed a committee of unsecured creditors on April 14, 2020. The committee is represented by Foley & Lardner LLP. GlassRatner Advisory & Capital Group, LLC is the committee's financial advisor. CAROLINA INTERNATIONAL: S&P Lowers Revenue Bond Rating to 'BB' -------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the Public Finance Authority, Wis.' series 2013 and 2018 education revenue bonds, issued for Carolina International School (CIS), to 'BB' from 'BB+'. The outlook is stable. The downgrade reflects CIS' recent operating deficits for the past three fiscal years, which have resulted in sustained weak lease-adjusted maximum annual debt service (MADS) coverage, in addition to declining liquidity metrics. S&P said, "We analyzed CIS' environmental, social, and governance factors and consider them to be neutral in our credit rating analysis. "The stable outlook reflects our expectation that enrollment will continue to steadily grow in line with budgeted expectations and that management will achieve at least balanced operations and annual debt service coverage in line with covenant requirements, while stabilizing liquidity. We do not expect CIS will issue additional debt over the one-year outlook period. "We could consider a negative rating action if financial deficits and weak lease-adjusted MADS coverage persist or if there is a substantial deterioration in liquidity or a material decline in enrollment and demand. We would also view negatively the issuance of additional debt without a commensurate increase in financial resources. "We could consider a positive rating action over time if CIS achieves and sustains positive operating margins and improved lease-adjusted MADS coverage above 1x, while strengthening its liquidity position to levels in line with those of higher-rated peers, and maintains positive enrollment trends in line with budgeted expectations." CASCADES INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on Cascades Inc. to stable from negative and affirmed all its ratings on the company, including the 'BB-' long-term issuer credit rating. S&P said, "The stable outlook reflects our expectation that Cascades' credit measures will modestly strengthen over the next couple of years, with S&P Global Ratings-adjusted debt to EBITDA approaching 3x. This is based on our assumptions that Cascades will generate relatively flat earnings and operating cash flows, modestly reduce debt, and maintain sufficient liquidity or market access to address its debt maturities in late 2027 and early 2028. "Cascades Inc.'s leverage is trending about half a turn lower than we had assumed due to favorable containerboard pricing and material costs (particularly old corrugated carboard; OCC) and debt reduction in recent quarters. We now expect its adjusted debt to EBITDA leverage will remain below 3.5x over the next couple of years. "The outlook revision reflects our expectation for Cascades' adjusted debt to EBITDA leverage to remain below 3.5x, supported by relatively flat EBITDA generation and modest debt reduction. The company's leverage increased to the mid- to high-4x area in 2024 and remained elevated through the first half of 2025. This was in large part due to capital investments in Bear Island that had been ramping up production since mid-2023 and elevated raw material costs (particularly OCC) that reduced profit margins within the company's containerboard segment. Since we revised our outlook on the company to negative in May 2025, average OCC prices in 2025 declined by 30%-40% from 2024, while Cascades was able to increase containerboard prices. This contributed to a recovery in EBITDA and EBITDA margins in 2025 (up about 30% and 280 basis points, respectively) along with higher operating cash flow generation, a portion of which was used by the company to reduce debt outstanding. As a result, adjusted debt to EBITDA has declined to 3.4x in 2025, about half a turn lower than we had previously assumed. "We estimate OCC costs will increase gradually over the next few years as supply/demand fundamentals rebalance, which we estimate will contribute to modest margin compression within Cascades' packaging segment. We assume this will be offset in large part by earnings growth in the company's tissue segment as price increases and efficiency gains at its mills drive margin expansion. On a consolidated basis, we assume annual adjusted EBITDA generation to be relatively flat at just below C$600 million over the next couple of years, with adjusted free operating cash flow (FOCF) of C$270 million–C$290 million per year, a portion of which we assume will be used to further reduce debt. As a result, we forecast further deleveraging, with adjusted debt to EBITDA approaching 3x by the end of 2027. In addition, the company is targeting asset disposals that could raise up to C$100 million in 2026 on top of the C$60 million we assume in our forecast for this year. If Cascades reaches this target, it could lead to further debt reduction and stronger credit measures. "We expect Cascades to maintain adequate liquidity to address significant debt maturities in 2027 and 2028. As of Dec. 31, 2025, Cascades had about C$1.1 billion of its debt maturing in late 2027 and early 2028, representing about 60% of its capital structure. This included a US$260 million term loan due December 2027, US$445 million senior unsecured notes due January 2028, and C$156 million drawn on its revolving credit facility at its subsidiary, Greenpac Mill LLC due June 2028. In our view, the company's upcoming debt maturities are manageable based on our expectation for Cascades to generate more than C$270 million of annual FOCF and the full availability under the company's C$750 million revolving facility due in July 2029. Furthermore, we consider Cascades well positioned to access capital markets to refinance its upcoming debt maturities if the need arises later this year. "The stable outlook reflects our expectation that Cascades' credit measures will modestly strengthen over the next couple of years, with S&P Global Ratings-adjusted debt to EBITDA approaching 3x. This reflects our assumptions that Cascades will generate relatively flat earnings and operating cash flows, modestly reduce debt, and maintain sufficient liquidity or market access to address its debt maturities in late 2027 and early 2028. "We could lower our rating on Cascades over the next 12 months if we expect the company to sustain S&P Global Ratings-adjusted debt to EBITDA above 4x. This could occur if the company's profitability is weaker than anticipated, potentially due to higher input costs or weaker demand for its products. "We could upgrade Cascades in the next 12 months if we expect the company to sustain S&P Global Ratings-adjusted debt to EBITDA below 3x. In our view, this would likely follow a period of stronger-than-expected earnings and cash flow, including reduced risk of margin compression from rising input costs or higher debt that materially increases its leverage." CBRM REALTY: White & Case Slams Wind-Down Officer's Resignation Bid ------------------------------------------------------------------- Emily Lever of Law360 reports that the bankruptcy case of CBRM Realty Inc. has taken another turn after White & Case LLP challenged a motion filed by the debtor's wind-down officer seeking to resign. The firm argued that stepping down at this stage of the Chapter 11 case could disrupt the ongoing administration of the estate. The wind-down officer had asked the court to approve his resignation while the company continues to address its financial issues through the bankruptcy process. White & Case countered that the officer still holds key responsibilities tied to the company's wind-down activities and creditor recoveries, the report states. In its objection, the firm urged the bankruptcy court to deny or closely scrutinize the request, stressing that stable oversight is necessary to ensure that the debtor's restructuring and asset liquidation proceed smoothly, according to report. About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CEDAR VALLEY: Gets Interim OK for DIP Financing From Realty Peach ----------------------------------------------------------------- Cedar Valley Cypress TX, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to obtain debtor-in-possession financing to get through bankruptcy. The interim order, signed by Judge Stacey Jernigan, authorized the Debtors to obtain an initial $500,000 from Realty Peach State Associates, LLC, which has committed to provide up to $1.25 million in DIP financing pursuant to a negotiated DIP term sheet and budget. The remaining funds will be available upon entry of a final order. The DIP facility becomes fully due and payable on the later of May 1 (unless extended in writing by the DIP lender) or the date the Debtors obtain regulatory approval for a disposition (no later than June 1 unless extended in writing with the DIP lender's approval), or earlier upon an event of default. The Debtors are required to comply with these milestones: 1. Not later than March 20, the Debtors must file either a motion seeking the court's approval of the transition of all of the Debtors' operations to a new operator; the disposition; or a plan containing the same disposition terms. 2. Either (i) not later than 24 calendar days after filing a disposition motion (or such other date as the court's calendar will allow for a hearing to approve the disposition motion), the Debtors must have obtained entry of an order approving the disposition; or (ii) not later than 28 calendar days after filing a plan (or such other date as the court's calendar will allow for a hearing to confirm the plan), the Debtors must have obtained entry of, a disposition order. 3. No later than the later of (i) May 1 (unless an extension is requested by the Debtors to the DIP lender in writing and approved by the DIP lender) or (ii) the date that the Debtors obtain regulatory approval for a disposition (which must be no later than June 1, unless an extension is requested by the Debtors in writing and approved by the DIP lender), the disposition must be completed and closed or the plan must become effective, as may be applicable, in accordance with the disposition order. The financing includes superpriority administrative expense claims under section 364(c)(1), liens on unencumbered assets under sections 364(c)(2) and (3), and, upon final approval, potential liens on chapter 5 causes of action on a last-look basis. Use of Cash Collateral The Debtors also received approval to use cash collateral, grant replacement liens, waive surcharge rights under section 506(c), pay a 2% origination fee, modify the automatic stay to permit lien perfection and enforcement upon default, and obtain a good-faith finding under section 364(e). The Debtors said the DIP facility resulted from arm's-length, good-faith negotiations and represents the only actionable financing proposal available. The Debtors operate a 100-bed skilled nursing and rehabilitation facility in Georgia and filed chapter 11 petitions on October 13, 2025. They assert that immediate access to liquidity is essential to continue operations, fund administrative expenses, and pursue an exit strategy through a sale, new lease, transition to a new operator, or plan confirmation. The interim DIP order is available at https://is.gd/r4sHYF from PacerMonitor.com. About Cedar Valley Cypress TX LLC Cedar Valley Cypress TX LLC and affiliates form a network of for-profit healthcare companies that own and manage skilled nursing and rehabilitation centers. The group oversees facilities such as Cedar Valley Nursing & Rehabilitation Center in Cedartown, Georgia, and operates through related entities providing administrative and clinical support. The companies share common ownership under the Cypress structure, which manages nursing home operations in Texas, New York, and Georgia. Cedar Valley Cypress TX sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34017) on October 13, 2025. In its petition, the Debtor reported between $50,000 and $100,000 in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Jason S. Brookner, Esq., at Gray Reed. Melanie S. McNeil is the patient care ombudsman appointed in the Debtor's case. Realty Peach State Associates, LLC, as DIP Lender, is represented by: Annmarie Chiarello, Esq. WINSTEAD PC 500 Winstead Building 2728 N. Harwood Street Dallas, TX 75201 Telephone: (214) 745-5400 Facsimile: (214) 745-5390 achiarello@winstead.com -and- Stephen M. Pezanosky, Esq. HAYNES AND BOONE, LLP 301 Commerce Street, Suite 2600 Fort Worth, TX 76102 Telephone: (817) 647-6601 Facsimile: (817) 348-2370 Stephen.Pezanosky@haynesboone.com -and- Daniel M. Simon, Esq. MCDERMOTT WILL & SCHULTE LLP 1180 Peachtree Ste. NE, Suite 3350 Atlanta, GA 30309 Telephone: (404) 260-8554 Facsimile: (817) 666-1970 dsimon@mwe.com -and- Emily C. Keil, Esq. MCDERMOTT WILL & SCHULTE LLP 444 West Lake Street Suite 4000 Chicago, IL 60606 Telephone: (312) 372-2000 Facsimile: (312) 984-7700 keil@mwe.com CELSIUS NETWORK: Court Narrows Claims in Lawsuit v. Compund Labs ---------------------------------------------------------------- Judge Jennifer L. Rochon of the U.S. District Court for the Southern District of New York granted in part and denied in part the motion to dismiss filed by Defendants Compound Labs, Inc., Robert Leshner and Geoffrey Hayes in the case captioned as MOHSIN Y. MEGHJI, Litigation Administrator, as Representative for the Post-Effective Date Debtors, Plaintiff, -against- COMPOUND LABS, INC., COMPOUND DAO, ROBERT LESHNER, and GEOFFREY HAYES, Defendants, Case No. 25-cv-00926-JLR (S.D.N.Y.). Defendant Compound Labs, Inc. is a technology company whose purported purpose is to establish properly functioning money markets for blockchain assets. Individual defendants Robert Leshner and Geoffrey Hayes are its cofounders. One of Compound Labs's products is the Compound Protocol, a peer-to-peer borrowing system for blockchain assets. In addition to holding deposited assets and facilitating loans, the Protocol issues two crypto tokens of its own: cTokens and Compound tokens ("COMP"). COMP is a governance token that gives its holders the power to suggest and vote on actions affecting the Protocol. Compound created COMP as part of its effort to transfer control over the Protocol from itself to a soon-to-be formed Decentralized Autonomous Organization (the "Compound DAO"). On July 13, 2022, Celsius filed a voluntary Chapter 11 Petition with the Southern District of New York Bankruptcy Court. Meghji was appointed the Litigation Administrator for Celsius and its affiliated debtors. In that capacity, on July 12, 2024, Meghji filed a complaint against only Compound, alleging negligence, negligent misrepresentations, and professional malpractice in connection with the liquidation of Celsius's collateral. The Original Complaint alleged that Celsius had deposited collateral onto the Protocol to engage in borrowing; that the Protocol based its valuation of that collateral on only one pricing source, despite the Whitepaper's representation that valuation was based on ten pricing sources; that a temporary error in that pricing source led to the liquidation of Celsius's collateral; and that governance of the Protocol began with centralized control, but that Compound intended to transition to community and stakeholder control. On November 1, 2024, Meghji filed an amended complaint against Compound, the Individual Defendants, and Compound DAO. In it, Meghji added Compound DAO to Celsius's negligence claim, and added the Individual Defendants to its negligent misrepresentation and professional malpractice claims. Meghji also pleaded two additional causes of action: violation of Rule 10b-5 against all Defendants, and breach of fiduciary duty against the Moving Defendants. The FAC alleges that Compound Labs breached its duty by exposing its users to the volatility of one, and only one, source for pricing data to set the value of its collateral for purposes of the Protocol's collateral ratio. The complaint further alleges that this pricing data determined whether Protocol users' collateral was subject to immediate liquidation; that Compound Labs failed to protect against any of the risks" arising from that single-sourcing; and that these risks materialized in the flash price spike on Coinbase in November 2020. The Court finds that together, these allegations sufficiently plead an unreasonable risk taken by Compound Labs with respect to holding Celsius's collateral and, thus, a breach of Compound Labs' duty. The Moving Defendants argue that the FAC's negligent misrepresentation and professional malpractice claims against the Individual Defendants, and its new claims against the Moving Defendants, must all be dismissed because they are barred by the applicable statutes of limitations and do not relate back to the Original Complaint. Meghji does not contest that these new claims are outside the applicable statutes of limitations, but instead argues that they relate back because they "all arise out of the same conduct, transaction, or occurrence as alleged in the Original Complaint and seek recovery from parties that are united in interest with original Defendant Compound." The Court agrees in part with Meghji, and in part with the Moving Defendants. The FAC alleges that: (1) Compound Labs stated in the Whitepaper that the Protocol determined collateral values by pooling prices from the top 10 exchanges; (2) in fact, at all times relevant in the FAC, Protocol's asset valuation tool was tied solely to pricing data on Coinbase Pro; (3) Celsius relied on the Whitepaper statement in deploying assets on Compound Labs; (4) although the Whitepaper was initially issued in February 2019, Compound continued to publish its operative version on its website, even to the present day; and 5) Celsius was harmed by the wrongful liquidation of its collateral assets, which was caused by the Coinbase "price spike" and which would not have occurred if the Whitepaper statement had been true. The Court finds that these allegations adequately plead negligent misrepresentation. According to the Court, the FAC's allegation that Compound Labs continued to publish the Whitepaper without correction, and that the Whitepaper contained misstatements concerning valuation both initially and on an ongoing basis, sufficiently pleads a breach of that duty. And for the same reasons the FAC adequately alleges proximate cause in its negligence claim, it adequately alleges proximate cause in its negligent misrepresentation claim. The FAC also sufficiently pleads Celsius's justifiable reliance on the Whitepaper's misrepresentation. Celsius's final common-law claim against Compound Labs is for professional malpractice. Defendants argue that, under New Jersey law, professional malpractice is a statutory claim limited to certain categories of licensed professionals" that do not include Compound Labs, and that Meghji has failed to establish an applicable professional standard of care. The Court agrees with the Moving Defendants' first argument, to which Meghji does not respond, and finds on that basis that Meghji has failed to state a professional malpractice claim. According to the Court, the FAC does not allege Compound Labs to be such a licensed professional, and Meghji offers no authority indicating that professional malpractice liability extends to Compound Labs as a member of the financial technology industry. The mere fact that a defendant works in a profession does not automatically render that defendant liable to theories of professional malpractice. The Court entered an Order as as follows: 1. Count I (negligence) is dismissed as to the Compound DAO; 2. Count II (negligent misrepresentation) is dismissed as to the Individual Defendants; 3. Count III (professional malpractice) is dismissed in its entirety; 4. Count IV (Rule 10b-5 violation) is dismissed in its entirety; and 5. Count V (breach of fiduciary duty) is dismissed in its entirety. The motion to dismiss is otherwise denied. A copy of the Court's Opinion and Order dated March 4, 2026, is available at https://urlcurt.com/u?l=qN5QJ8 from PacerMonitor.com. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CENTURY ALUMINUM: Moody's Ups CFR to B1, Outlook Remains Positive ----------------------------------------------------------------- Moody's Ratings upgraded Century Aluminum Company's ("Century Aluminum" or "Century") corporate family rating to B1 from B2, its probability of default rating to B1-PD from B2-PD and its senior secured notes rating to B2 from B3. The Speculative Grade Liquidity rating (SGL) was upgraded to SGL-1 from SGL-2. The ratings outlook remains positive. "The upgrade of Century Aluminum's ratings and the positive outlook reflects Moody's expectations for robust operating earnings and cash flows and strengthening credit metrics over the next 12-18 months. This will be supported by the benefit of tax credits and higher LME aluminum prices and Midwest premiums resulting from higher import tariffs and improved demand," said Michael Corelli, Moody's Ratings' Senior Vice President and lead analyst for Century Aluminum Company. RATINGS RATIONALE Century Aluminum's B1 corporate family is supported by its strong market position in the US as the largest domestic primary aluminum producer but also incorporates its relatively high-cost position and modest scale versus other global aluminum companies. Its relatively high-cost structure makes the company's earnings and cash flow very sensitive to incremental changes in aluminum prices, and this along with periodic operational issues, have led to wide historical fluctuations in its operating performance, cash flows and credit metrics. Although, Moody's anticipates strong operating results and cash flows and materially strengthening credit metrics over the next 12-18 months supported by tax credits, higher LME aluminum prices and Midwest premiums driven by higher aluminum import tariffs and improved demand. Century Aluminum's credit profile also considers the stability of the company's offtake arrangements, with most of its volumes under contract with Glencore plc (A3 stable), which owns 36.6% of Century's outstanding common stock. The credit profile also reflects the ESG risks faced by primary aluminum producers. These risk exposures are tempered by the growing share of low-carbon aluminum products in the company's portfolio and aluminum's role in lightweighting and carbon transition investments such as electric vehicles and renewable energy infrastructure. Century's operating performance moderately improved in 2025 with adjusted EBITDA of about $275 million versus $218 million in 2024. This was due to significantly higher LME aluminum prices and Midwest premiums due to the implementation of 50% Section 232 import tariffs and improved demand along with the benefit of Inflation Reduction Act (IRA) manufacturing production credits. These factors more than offset lower volumes and elevated costs which were mostly attributable to multiple transformer failures at the company's facility in Iceland. Moodys-adjusted EBITDA is significantly lower than the adjusted EBITDA reported by the company since Moody's do not add back some items the company considers one-time such as share based compensation. The company's adjusted leverage ratio (debt/EBITDA) remained strong for its rating at only about 2.3x in December 2025. The company generated about $85 million in free cash flow in 2025 despite accrued tax credits and working capital investments, which raised its cash balance to $134 million. Century's earnings are likely to materially strengthen in 2026 since LME aluminum prices and premiums strengthened in 2025 as the year progressed. It will also benefit from the restart of more than 50,000 MT of idled production at its Mt. Holly facility which should be at full production by mid-year, insurance proceeds related to business interruption and damaged equipment at its Iceland facility, the restart of the idled Iceland production by mid-year along with a new power turbine at its Jamalco operation that will lower production costs by avoiding power grid costs. The company should be able to generate substantial free cash flow in 2026, assuming no further production issues and continued elevated aluminum prices and premiums. Moody's anticipates the company may use a portion of its free cash flow or the proceeds from the sale of its Hawesville facility site to pay down its revolver borrowings. It will also likely build up its cash balance to fund its portion of the cost of a new aluminum smelter. Century announced in late January 2026 that it entered into a joint development agreement with Emirates Global Aluminum (EGA) to build a new 750,000 tonne per year primary aluminum production facility in Inola, Oklahoma. EGA will own 60 percent of the JV and Century will own 40 percent. The project will be the first new primary aluminum smelter built in the United States since 1980 and will likely be much more efficient and lower cost than existing plants when it commences production in a few years. Nevertheless, it will also more than double existing US aluminum production and its success and the impact it will have on existing domestic Century facilities will be somewhat contingent on the level of future import tariffs. The company did not provide details on project funding but indicated it will benefit from a $500 million grant from the US Department of Energy. The company announced in early February 2026 the sale of its idled Hawesville, Kentucky site for $200 million in cash and a 6.8% non-dilutive minority equity interest in Raylan Data Holdings LLC which intends to develop and own a high-performance computing/artificial intelligence data center on the property. Century has the right to require Raylan Data to purchase its minority interest starting on the first anniversary of the data center's commencement of operations. The company is confident that this equity stake should provide returns well in excess of the initial cash payment. This appears to be a positive transaction for the company as the restart of this old and historically underperforming facility would have involved operational risks, significant upfront investment and the hiring of several hundred employees. Century's SGL-1 speculative grade liquidity rating considers Moody's expectations for the company's liquidity position to strengthen in 2026 as it generates substantial positive free cash flow and for it to maintain a very good liquidity profile. The company had $134 million of unrestricted cash and about $284 million of borrowing availability under the US and Iceland revolving credit facilities and the Vlissingen credit facility with Glencore as of December 2025. The $250 million US ABL facility has a springing financial covenant that requires the company to maintain a fixed charge coverage ratio of at least 1x when availability is less than or equal to $25 million or 10% of the borrowing base but not less than $17.85 million ($205.3 million available as of December 2025). Century should remain easily in compliance with all covenants in 2026. The B2 rating on the $400 million senior secured notes reflects their weaker position in the capital structure behind the company's $250 million US and $100 million Iceland revolving credit facilities (both unrated). The secured notes benefit from a second priority lien on all domestic assets, stock of domestic subsidiaries, and 100% of stock of foreign subsidiaries. Because the company does not currently have domestic first lien funded debt other than the ABL, the secured notes effectively have a first lien claim on the domestic assets not pledged to the ABL. The Company also has $86.3 million of convertible notes (not rated) due 2028 that are effectively junior to the secured debt and are currently redeemable. The positive ratings outlook reflects Moody's expectations for improved operating results and cash flows that will result in near-term metrics that are strong for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Century's ratings could be considered if the company reduces its debt level so that it can better withstand volatility in aluminum prices during economic downturns, or if it sustains an improved level of earnings and cash flows and demonstrates operational consistency, and the funding for the new JV aluminum smelter does not materially impact its credit profile. Quantitatively, the ratings could be upgraded if the company sustains through various aluminum price cycles an EBIT margin of at least 8.5%, interest coverage (EBIT/interest) of 6.0x and a leverage ratio (debt/EBITDA) below 3.0x. The ratings could be downgraded if EBIT margins are sustained below 5.5%, interest coverage at less than 4.0x and leverage above 4.5x, or if liquidity meaningfully deteriorates. Headquartered in Chicago, Illinois, Century is a primary aluminum producer in North America and Iceland with ownership interests in three aluminum production facilities. The company also produces carbon anodes at its Century Vlissingen facility in the Netherlands and has a 55% ownership interest in a joint venture that owns the Jamalco bauxite mining operation and alumina refinery in Jamaica. Revenues for the twelve months ended December 31, 2025, were about $2.5 billion. Glencore plc and its affiliates own 36.6% of Century's outstanding common stock. The principal methodology used in these ratings was Steel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CERA TILE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Cera Tile Inc. d/b/a Cera Tile 53 Smith Rd Middletown, NY 10941 Business Description: Cera Tile Inc. is a privately owned wholesale tile distribution company headquartered in Middletown, New York. The firm sources and distributes ceramic, porcelain, and design-oriented tile products through partnerships with international manufacturers, supplying a range of contemporary flooring and wall tiles to retail partners across the residential and commercial building sectors. Cera Tile operates from a substantial distribution center and focuses on timely fulfillment and trend-driven product offerings for its wholesale customer base. Chapter 11 Petition Date: March 8, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-35243 Judge: Hon. Kyu Young Paek Debtor's Counsel: Michael D. Pinsky, Esq. LAW OFFICE OF MICHAEL D. PINSKY, P.C. 463 Canopy Forest Drive Saint Augustine, FL 32092 Tel: 845-245-6001 Fax: 845-684-0547 E-mail: michael.d.pinsky@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Steven Wecera as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MLGESLI/Cera_Tile_Inc__nysbke-26-35243__0001.0.pdf?mcid=tGE4TAMA CHARLES & COLVARD: Commences Voluntary Chapter 11 Restructuring --------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a regulatory filing that on March 2, 2026, it filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Eastern District of North Carolina. The Company will seek to continue to operate its business and manage its properties as a "debtor in possession." To this end, the Company is seeking approval of certain operational and administrative motions containing customary first-day relief intended to minimize the effect of bankruptcy on the Debtor's employees, vendors, and other stakeholders, including motions seeking authority to pay employee wages and benefits, to pay certain vendors and suppliers for goods and services provided after the Petition Date, and to continue honoring insurance and tax obligations as they come due. The Company intends to use the Chapter 11 process to implement the broad changes necessary to position the Company to continue to deliver its unique lab-grown jewelry products. The Company believes the Chapter 11 process will provide Charles & Colvard with the tools, time, and flexibility to engage in discussions with creditors and other parties in interest to implement a financial and operational transformation of the Company. The Company is filing customary motions with the Court to enable it to conduct business as usual during the restructuring process. "Charles & Colvard has a unique brand and product line, supported by superb employees and suppliers," said Michael R. Levin, Executive Chairman of the Board of Directors. "After thoroughly evaluating our alternatives and considering recent events and the market pressures facing our industry, the Company's Board of Directors decided that a court-supervised process is the best path forward to make the changes needed to ensure Charles & Colvard's long-term success." Customers can continue to shop with confidence for the Company's lab-grown fine jewelry at -- charlesandcolvard.com -- with business operations continuing in the ordinary course without interruption. "As this process unfolds, the Company remains fully committed to serving its customers, supporting its partners, and preserving the value of its brand," continued Levin. "On behalf of the Company's Board of Directors and leadership, I want to thank our employees and suppliers for their continued dedication." The filing of the Chapter 11 Case may trigger events of default under certain of the Debtor's contracts, agreements or debt instruments, including but not limited to that certain Convertible Secured Note Purchase Agreement between the Company and Ethara Capital LLC dated June 24, 2025 and that certain Lease Agreement between the Company and SBP Office Owner, L.P. dated December 9, 2013, as amended December 23, 2013, April 15, 2014 and January 29, 2021, which may result in the termination of, or an acceleration of the Debtor's obligations under, such contracts, agreements or debt instruments. Such events of defaults, however, may be stayed pursuant to 11 U.S.C. Section 362. About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. The Company has not filed its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2025. CHARLES & COLVARD: OKs $406K Expense Reimbursement to Shareholders ------------------------------------------------------------------ Charles & Colvard, Ltd. disclosed in a regulatory filing that the disinterested members of the Board of Directors approved the reimbursement of reasonable and necessary expenses (including legal fees, solicitation costs and printing expenses) in the aggregate amount of $406,188.72 incurred by Riverstyx Fund, LP, a shareholder of the Company and fund affiliated with Benjamin Franklin IV, a member of the Board, and Duc Pham, a member of the Board, in connection with the previously disclosed proxy solicitation relating to the Company's 2025 Annual Meeting of Shareholders. The interested members of the Board recused themselves from all deliberations regarding approval of the Reimbursement and did not participate in the Board's decision. In approving the Reimbursement, the Board considered a number of factors, including but not limited to the following: * the Company and all of its shareholders have shared in the benefits created by Riverstyx Fund, LP's and Duc Pham's actions to reconstitute the Board and improve the Company's governance; * shareholders representing a majority of the voting power of the Company had voted in favor of Riverstyx Fund, LP's and Duc Pham's nominees to the Board prior to the end of its proxy solicitation; * it is a common practice to reimburse a shareholder's expenses in connection with the settlement of a proxy contest; and * to conserve the Company's cash position, the Reimbursement was approved contingent upon, and deferred until, such time that the Company is in a stronger financial position. About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. The Company has not filed its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2025. CHERISHED LAND: Fine-Tunes Plan Documents ----------------------------------------- Cherished Land, LLC submitted a Disclosure Statement with respect to Amended Plan of Reorganization dated March 2, 2026. The Debtor's business is oriented around the rental income derived from the property generally located at 64 Auburn Street, Portland, Maine (the "Property"). Membership of the Debtor is comprised of Cherished Possessions, Inc., in the amount of 50%, David Lyon in the amount of 25%, and James Belt in the amount of 25%. On November 14, 2025, Lyon and Belt filed the Motion to Dismiss the Chapter 11 Case, arguing that it had been filed by Samuel Eakin, the president of Cherished Possessions, Inc., in a bad faith effort to frustrate or delay the foreclosure process initiated by FSB. The Debtor filed an opposition to the motion to dismiss on December 8, 2025. Pursuant to the Plan, entry of the Confirmation Order shall constitute approval for the Debtor to enter into the following settlement with Lyon and Belt: * On or before the Confirmation Date, Belt and Lyon shall pay the amount of $10,000.00 to AVCOG toward AVCOG's Allowed Claim, which was guaranteed by, among others, Belt and Lyon. * Upon the Confirmation Date, in exchange for the consideration in the settlement, Belt and Lyon shall transfer 100% of their membership interests in the Debtor to Sam Eakin or his designee. * Upon the Confirmation Date, Belt, Lyon, and Eakin shall execute a mutual release agreement releasing any and all claims against each other (except the obligations under this settlement). * The Debtor shall pay the remaining amount of AVCOG’s Allowed Claim under this Plan (estimated at $42,000.00). * Upon the Confirmation Date, Belt, Lyon, and the Debtor shall enter into commercially reasonable documents to effectuate the terms of this settlement, including membership transfer agreements and mutual release agreements. The Plan proposes that entry of the Confirmation Order shall constitute approval of the foregoing settlement terms and authorization of the applicable parties (including the Debtor) to comply with such settlement and execute the documents referenced therein. To address comments from FAME, the Debtor adds the following information: As to the motion to dismiss, Lyon and Belt contend in the motion that the Debtor filed for bankruptcy in bad faith to forestall a foreclosure sale. The Debtor has opposed that motion and believes it is legally and factually unfounded for the reasons set forth in the Debtor's objection. Specifically, as proven by the Plan, the Debtor filed for bankruptcy to reorganize its business, return to profitability, and repay its creditors in full. The Debtor, therefore, believes that the motion to dismiss should be denied. However, under the terms of the settlement, the motion to dismiss would be withdrawn voluntarily. Pursuant to the Plan, the Debtor proposes to effectuate a reorganization and to complete a balance sheet restructuring that will aid in the Debtor's viability. On the Effective Date, except as otherwise set forth in the Plan, the Estate's interest in all Assets shall vest in the Debtor free and clear of any and all Claims, Interests, or defenses (including recoupment) with respect to any Claims, whether known or unknown, asserted or unasserted, or contingent or fixed. Like in the prior iteration of the Plan, the Debtor shall make annual payments on a Pro Rata basis to the Holders of Allowed Unsecured Claims in Class Five equal to Net Disposable Income. The Class Five Claims shall be paid interest at a rate equal to the federal judgment interest rate as of the Petition Date (which was 3.75%), with such interest to begin accruing as of the Confirmation Date. The first annual payment under the Plan for Allowed Claims in Class Five shall be made on or before January 30, 2027, based on the Net Disposable Income for the period of January 1, 2026 to December 31, 2026. The Plan requires the Debtor to make certain payments to Holders of Allowed Claims. These payments will be generated from one or more of the following sources: (a) cash on hand as of the Effective Date; (b) rental income generated by the continued operation of the Debtor's business; (c) potential financing from third-parties; and (d) the proceeds generated by the Causes of Action (if any). The Plan grants the Debtor express authority to sell, convey, transfer, and/or assign any or all of the Assets in order to make payments under the Plan and/or to operate (and make operational changes to) the Debtor's business. Additionally, after the Confirmation Date, the Debtor shall be authorized to take all actions necessary to prosecute or not prosecute, as the Debtor deems appropriate, any and all Causes of Action. The Debtor's members and managers on the Confirmation Date are expected to be the same members and managers that existed during the course of the Chapter 11 Case. A full-text copy of the Disclosure Statement dated March 2, 2026 is available at https://urlcurt.com/u?l=cYr2Po from PacerMonitor.com at no charge. Counsel to the Debtor: D. Sam Anderson, Esq. Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: sanderson@bernsteinshur.com aprescott@bernsteinshur.com About Cherished Land LLC Cherished Land LLC owns and operates a single real estate property that generates substantially all of the Company's income. The Company is structured as a single-asset real estate entity under U.S. bankruptcy law. Cherished Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20220) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peter G. Cary handles the case. The Debtor is represented by D. Sam Anderson, Esq. at Adam R. Prescott, Esq. at BERNSTEIN, SHUR, SAWYER & NELSON, P.A. CHOATE ENGINEERING: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Choate Engineering Performance, LLC. About Choate Engineering Performance Choate Engineering Performance, LLC, a company in Bolivar, Tennessee, specializes in the remanufacture and engineering of diesel engines for Duramax, Powerstroke, and Cummins applications, focusing on correcting known factory weak points and enhancing durability. The company produces short blocks, long blocks, and fully running engines, incorporating upgraded pistons and internal components to meet or exceed OEM specifications. It operates in the automotive and diesel engine performance sector, providing in-house machining, engineering, and nationwide distribution for individual and commercial diesel owners. Choate Engineering Performance sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 26-10171) on Feb. 9, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. Cass Choate as owner, signed the petition. Judge Jimmy L. Croom oversees the case. Strawn Law Firm serves as the Debtor's bankruptcy counsel. CITY TOWERS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: City Towers Ltd. 41 W 36th St New York, NY 10018-7905 Business Description: City Towers Ltd., a single-asset real estate company based in New York, owns and leases a five-story commercial office building at 41 W 36th St, with one unit on each floor. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10504 Judge: Hon. David S Jones Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre NY 11570-4807 Tel: (516) 284-0900 Email: charles@cwertmanlaw.com Total Assets: $4,500,000 Total Liabilities: $3,010,678 The petition was signed by Bijan Berookhim as shareholder. 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/4BNKLHY/CIty_Towers_Ltd__nysbke-26-10504__0001.0.pdf?mcid=tGE4TAMA COOPER-STANDARD HOLDINGS: Redeems Existing Notes w/ $1.1B Proceeds ------------------------------------------------------------------ Cooper-Standard Holdings Inc. disclosed in a regulatory filing that Cooper-Standard Automotive Inc., a wholly-owned subsidiary of the Company, issued $1,100,000,000 aggregate principal amount of its 9.250% Senior Secured First Lien Notes due 2031 pursuant to an Indenture, dated as of March 4, 2026, by and among the Issuer, the Guarantors and U.S. Bank Trust Company, National Association, as trustee and collateral agent. The Notes are senior secured obligations of the Issuer and are guaranteed on a senior secured basis by CS Intermediate Holdco 1 LLC and each of the Issuer's domestic subsidiaries that guarantee certain other indebtedness, including the Amended ABL Facility. The Notes are also guaranteed on a senior unsecured basis by Cooper-Standard Latin America B.V., which also guarantees the Issuer's Amended ABL Facility on a senior unsecured basis. The Notes will mature on March 1, 2031. The Notes bear interest at the rate of 9.250% per annum, payable semi-annually in arrears in cash on May 15 and November 15 of each year, commencing on November 15, 2026. The Issuer may, at its option, redeem all or part of the Notes at any time on or after March 1, 2028 at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2028, the Issuer may, at its option, redeem some or all of the Notes at any time, at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date, plus a "Make-Whole Premium," as described in the Indenture. The Issuer may also redeem up to 35% of the Notes prior to March 1, 2028 using the proceeds from certain equity offerings at the redemption price set forth in the Indenture. In addition, at any time prior to March 1, 2028, the Issuer may, at its option, redeem during any twelve-month period commencing on the Settlement Date up to 10% of the aggregate principal amount of the Notes (including any additional Notes issued after the Settlement Date) at a redemption price equal to 103% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence of certain events constituting a Change of Control (as defined in the Indenture), the Issuer will be required to make an offer to repurchase all of the Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Indenture contains certain covenants that limit the Issuer's and its restricted subsidiaries' ability to, among other things, incur or guarantee additional indebtedness or issue certain preferred stock; incur liens on assets, pay dividends or make other distributions in respect of, or repurchase or redeem, their capital stock or make other restricted payments; prepay, redeem or repurchase certain debt; make certain loans and investments; enter into agreements restricting certain subsidiaries' ability to pay dividends; enter into transactions with affiliates; and sell certain assets or merge or consolidate with or into other companies. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for events of default, which, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding Notes to be due and payable immediately. In connection with the issuance of the Notes and execution of the Indenture, the Issuer and the Domestic Guarantors entered into a pledge and security agreement, dated as of the Settlement Date, among the Issuer, the Domestic Guarantors and the collateral agent for the Notes. Pursuant to the Pledge and Security Agreement, the obligations of the Issuer and the Domestic Guarantors will be secured on: (i) a first-priority basis, equally and ratably with all of the Issuer's and the Domestic Guarantor's obligations under any other pari passu indebtedness, by liens on substantially all of the Issuer's and each Domestic Guarantor's assets (other than ABL Facility Priority Collateral) and (ii) a second-priority basis by liens on the Issuer's and each Domestic Guarantor's accounts receivable, inventory, instruments, chattel paper and other contracts, evidencing, or substituted for, any accounts receivable, guarantees, letters of credit, security and other credit enhancements in each case for the accounts receivable, commercial tort claims and general intangibles to the extent relating to any of the accounts receivable or inventory, bank accounts or securities accounts into which any proceeds of accounts receivable or inventory are deposited, tax refunds, and books and records relating to any of the foregoing and, in each case, any proceeds thereof, subject to certain exceptions set forth in such agreement. On the Settlement Date, the Collateral Agent also joined, as the applicable collateral agent holding a first-priority lien on the Fixed Asset Collateral and a second-priority lien on the ABL Facility Priority Collateral, that certain intercreditor agreement, dated as of January 23, 2023, which provides for the relative priorities of the respective security interests in the Fixed Asset Collateral and the ABL Facility Priority Collateral, and certain other matters relating to the administration of security interests. A full text of the Indenture, including the form of Notes contained therein, the Pledge and Security Agreement and the Intercreditor Agreement, as applicable, and, in the case of the Indenture and the form of Notes contained therein is available at https://tinyurl.com/m4z3adxs Amendment to ABL Agreement On March 4, 2026, certain subsidiaries of the Company, namely Holdings, the Issuer, Cooper-Standard Automotive Canada Limited, and certain other subsidiaries of the Borrower, entered into Amendment No. 5 to the Third Amended and Restated Loan Agreement with certain lenders, Bank of America, N.A., as agent, and the other parties thereto. Pursuant to the Fifth Amendment, the ABL Facility was amended to, among other matters: (i) modify the guarantors that guarantee the Amended ABL Facility to release the guarantees of the Borrower's subsidiaries in certain foreign jurisdictions, such that the obligations of: (a) the Borrower or its affiliates relating to the U.S. borrowing base facility are guaranteed on a senior secured basis by the Domestic Guarantors and on a senior unsecured basis by the Dutch Guarantor and (b) the Canadian Borrower relating to the Canadian borrowing base facility are guaranteed on a senior secured basis by the Issuer, the Domestic Guarantors, the Canadian Borrower and Canadian subsidiaries and (ii) modify certain of the negative covenants. A full text of the Fifth Amendment is available at https://tinyurl.com/m4z3adxs Redemption of Existing Notes On the Settlement Date, the Issuer completed, using the proceeds from the offering of the Notes, together with cash on hand, the previously announced redemptions of: (i) all $616.9 million aggregate principal amount of its 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 at a redemption price of 102.250% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Settlement Date, (ii) all $391.8 million aggregate principal amount of its 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 at a redemption price of 101.410% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Settlement Date and (iii) all $42.6 million aggregate principal amount of its 5.625% Senior Notes due 2026 at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Settlement Date. No Existing Notes remain outstanding following such redemptions. About Cooper-Standard Cooper-Standard Holdings Inc. -- https://www.cooperstandard.com/ -- headquartered in Northville, Mich., with locations in 21 countries, is a global supplier of sealing and fluid handling systems and components. Utilizing the Company's materials science and manufacturing expertise, the Company creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. As of September 30, 2025, the Company had $1.86 billion in total assets, $1.97 billion in total liabilities, and $110.1 million in total deficit. * * * As reported by the Troubled Company Reporter on Nov. 24, 2025, S&P Global Ratings revised its outlook on Cooper-Standard Holdings Inc. to developing from positive and affirmed the 'CCC+' Company credit rating. CORE NATIONAL: Moody's Ups CFR to Ba3 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded Core Natural Resources, Inc.'s ("Core") Corporate Family Rating to Ba3 from B1, and its Probability of Default Rating to Ba3-PD from B1-PD. The rating on Core's tax-exempt backed senior unsecured solid waste disposal revenue bond issued by Pennsylvania Economic Dev. Fin. Auth. ("PEDFA"), and guaranteed by Core was upgraded to B1 from B3. The speculative grade liquidity rating ("SGL") is unchanged at SGL-2. The rating outlook has been revised to stable from positive. RATINGS RATIONALE The upgrade of Core's CFR to Ba3 reflects: (1) a track record of strong financial performance, credit metrics and liquidity, including during periods of operational disruptions and challenges; (2) demonstration of the company's diversification benefits – with the thermal segment offsetting weakness in the metallurgical segment during 2025; (3) resumption of longwall mining at the Leer South met coal mine following a combustion event in early 2025, although the restart was delayed relative to Moody's prior expectations; (4) progress on integration post-merger with Arch, and realization of targeted synergies; and (5) strong credit metrics and liquidity. For 2026, Moody's expects Core to generate Moody's adjusted EBITDA of around $700 million, and Moody's adjusted free cash flow of around $200 million. Moody's expects leverage to be around 0.7x at the end of 2026. Core's Ba3 CFR is supported by a high quality portfolio of thermal and metallurgical coal assets, ownership interest in two export terminals on the US east coast which provides access to the seaborne markets for both its thermal and metallurgical coal, solid contracted position for its thermal coal, strong liquidity, and strong credit metrics. The ratings are constrained by volatility associated with metallurgical coal, secular decline in domestic demand for thermal coal – although there are near-term tailwinds, legacy liabilities – related to asset retirement obligations, pension & other post-retirement benefit obligations, black lung & workers' compensation, and ESG headwinds facing the US coal sector. Core's SGL-2 reflects good liquidity to support operations over the next 12-18 months. Core had cash and cash equivalents of $432 million at year-end 2025, and Moody's expects positive FCF generation in 2026 with support from a largely contracted thermal coal portfolio. Core has access to a $600 million revolving credit facility due 2029 (unrated), and a $250 million AR securitization facility due July 2028. Core's revolver is subject to covenants including maximum first lien gross leverage ratio, maximum total net leverage ratio, and a minimum interest coverage ratio. Moody's expect the company to remain in compliance with its financial covenants over the next 12-18 months. The stable outlook reflects Moody's expectations for stable operating performance without any disruptions, and allocation of a portion of free cash flow for shareholder distributions while maintaining strong credit metrics and liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Further ratings upgrade remains constrained by secular issues facing the coal industry, including expected decline in demand for thermal coal, as renewable energy sources replace coal fired power generation. However, Moody's could consider an upgrade if portfolio diversification were to improve materially, there is improved visibility into the long-term sustainable earnings power of the company, there is further reduction in gross debt levels, and if there is a meaningful reduction in non-debt liabilities. Moody's could downgrade the ratings with expectations for adjusted financial leverage sustained above 2.0x (Debt/EBITDA), persistent negative free cash flow, or further intensification of ESG concerns that call into question the company's ability to handle debt maturities. The principal methodology used in these ratings was Mining published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Core Natural Resources, Inc. was formed through a merger between CONSOL Energy Inc. and Arch Resources, Inc. in early 2025. Core has operations across 11 mines, producing both thermal and metallurgical coal. Core also has ownership interests in two export terminals on the US east coast, through which it sells both thermal and metallurgical coal into the seaborne markets. CORNERSTONE CLASSICAL: Moody's Affirms Ba3 on Revenue Bonds ----------------------------------------------------------- Moody's Ratings has affirmed the Ba3 rating on Cornerstone Classical Academy's (FL) revenue bonds. The school had approximately $40 million in debt outstanding as of June 30, 2025. The outlook was revised to positive from stable. The change in outlook to positive reflects successful completion of projects financed with the Series 2024 bonds and achievement of enrollment targets while maintaining sound operating performance. RATINGS RATIONALE Cornerstone's Ba3 rating is supported by the school's growing scale and solid student demand, balanced against elevated leverage and additional expansion plans. The academy will continue to experience steady enrollment growth, supported by its good competitive profile that includes above average academic performance. As of fiscal 2025, spendable cash and investment covered a narrow 14% of debt, constraining balance sheet flexibility. However, operating liquidity was stronger at 191 monthly days cash on hand and annual debt service coverage was a strong 2.4x. Sustained maintenance of sound financial metrics will signal strengthening credit quality. The academy's most notable credit challenge is managing expenses and the trajectory of student demand to preserve satisfactory debt service coverage as the academy executes on its expansion plan. High fixed costs relative to current scale of operations amplifies this challenge. RATING OUTLOOK The positive outlook reflects the likelihood that continued healthy financial metrics will indicate a stronger credit profile absent any unexpected challenges on executing its expansion plans. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Ongoing achievement of stated financial targets and strong operating performance -- Maintaining sound debt service coverage, inclusive of additional debt -- Continued execution on enrollment plan FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Failure to successfully execute proposed expansion plans, leading to material cash needs or delayed enrollment growth -- Material narrowing of the academy's days cash on hand -- Substantial deterioration in operating performance and debt service coverage PROFILE Cornerstone Classical Academy (CCA), a K-12 charter school in Jacksonville, FL (Aa2 stable), is authorized by the Board of the Duval County School District. CCA offers a classical education curriculum and currently enrolls approximately 1,000 students. The academy's charter was recently renewed for a 15-year period through June 30, 2040. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. COURTESY SCREENING: Wins Bid to Sell Ford Vehicle ------------------------------------------------- Jacob A. Brown of the U.S. Bankruptcy Court for the Middle District of Florida granted Courtesy Screening Inc.'s motion for authority to sell vehicle. The Debtor is authorized to sell the 2023 Ford F150 to Robert Povey upon the terms set forth in the motion. Rudy Wohlfarth, the Debtor's principal, owns a 2023 Ford F-150 truck, VIN: 1FTEX1CP5PKE72208. The Debtor has made payments on the Vehicle and could assert an equitable interest in the Vehicle. There is a loan against the Vehicle in favor of Ford Motor Credit in the amount of $7,431. The Debtor and Wolhfarth have received from Robert Povey an offer to purchase the Vehicle for $20,000. Povey is an employee of the Debtor. Wohlfarth is willing to allow the Vehicle to be sold. Povey will satisfy the lien against the Vehicle and pay the Debtor $12,568.64 over time. Interest will accrue at 10%. Povey will make monthly payments of $318.77 over 48 months and Povey will insure the Vehicle. A copy of the Court's Order dated March 9, 2026, is available at http://urlcurt.com/u?l=LxXAYYfrom PacerMonitor.com. About Courtesy Screening Inc. Courtesy Screening, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00277) on January 23, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacob A. Brown presides over the case. Scott A. Stichter, Esq. at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. COW CREEK: Seeks to Extend Plan Exclusivity to May 6 ---------------------------------------------------- Cow Creek Towing & Recovery LLC asked the U.S. Bankruptcy Court for the Northern District of Mississippi to extend its exclusivity periods to file a plan of reorganization and disclosure statement to May 6, 2026. The Debtor explains that it has worked diligently to work with creditors and has negotiated numerous adequate protection agreements. There are at least four pending Motions to Lift Stay. Debtor has been working to recover equipment and to abandon collateral that is no longer necessary. The Debtor claims that it is seeking to assume certain non residential real property leases. The recent ice storm severely impacted the Debtors operation and its accountant and several of its banks were unable to operate for several days. The Debtor asserts that given this extension, the company will be able to file a Disclosure Statement and Plan that will be confirmed within a reasonable time. Therefore, the Debtor seeks an extension up to and including May 6, 2026 of exclusive time in which to file their proposed Plan and Disclosure Statement and a concomitant extension of sixty days within which to obtain Plan Confirmation. The Debtor further asserts that it does not seek this extension for purposes of delay, but rather, to allow the company an opportunity to fully formulate and file their proposed Plan. The extension will not result in any undue prejudice to any creditor or other party-in-interest. Cow Creek Towing & Recovery LLC: J. Walter Newman IV, Esq. Newman & Newman 601 Renaissance Way, Suite A Telephone: (601) 948-0586 Email: wnewman95@msn.com About Cow Creek Towing & Recover LLC Cow Creek Towing & Recovery LLC provides towing and roadside assistance services across northeast Mississippi, operating multiple locations. The Company offers accident recovery, heavy-duty towing, and flatbed towing, supported by certified tow truck operators and specialized equipment. It also provides hazardous spill cleanup services as part of its towing and recovery operations. Cow Creek Towing & Recovery LLC in Pontotoc, MS, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Miss. Case No. 25-13765) on Nov. 4, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Casey Smith Finn signed the petition as member. Judge Jason D. Woodard oversees the case. NEWMAN & NEWMAN serves as the Debtor's legal counsel. CUMULUS MEDIA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Cumulus Media Inc. and its affiliated debtors received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral and provide adequate protection. The court authorized the Debtors to use cash collateral from March 5 through the termination date to fund operations in accordance with their budget. The Debtors argue that access to cash collateral is essential to maintain operations, fund the Chapter 11 process, and avoid disruption to their business. In exchange for using this collateral, the Debtors propose measures to protect the interests of prepetition secured creditors, modify the automatic stay where necessary, and establish procedures for a final hearing. The Debtors' restructuring was prompted by financial pressures but they intend to continue operating while reorganizing their obligations. As of the petition date, the Debtors had approximately $46 million in cash on hand, along with anticipated revenue from ongoing business operations. Most of this cash qualifies as cash collateral. Instead of pursuing expensive debtor-in-possession financing, the Debtors negotiated with their secured creditors before filing the bankruptcy case to obtain consensual permission to use the cash collateral. The creditors involved in these negotiations include the agent and lenders under their asset-based lending facility and an ad hoc group representing a majority of the 2029 term loan and 2029 note holders. The resulting agreement allows the Debtors to use the cash collateral under specified conditions, enabling the business to continue operating while restructuring its debt. Immediate access to cash collateral is crucial for stabilizing operations and maintaining confidence among stakeholders such as employees, vendors, and advertisers. Without such access, the Debtors would have to seek court authorization for non-consensual use of the collateral, which could consume time and resources and create uncertainty about the restructuring. The Debtors argue that this uncertainty could damage relationships with business partners and undermine the prospects for a successful reorganization. By contrast, the negotiated arrangement with secured lenders demonstrates cooperation and sends a positive signal to the market that key creditors support the restructuring effort. In exchange for using the cash collateral, the Debtors have agreed to provide a package of adequate protection to the secured creditors whose collateral is being used. The Debtors will operate within a court-approved budget and comply with financial reporting obligations. They must also maintain at least $15 million of excess availability under the ABL credit facility. Additional protections include paying post-petition interest to ABL lenders at the prepetition non-default rate, reimbursing certain professional fees and expenses of creditor representatives, and granting replacement liens on post-petition collateral to compensate for any reduction in value of the original collateral. The Debtors' pre-petition capital structure totals approximately $697.1 million in funded debt. The largest components include a $55 million balance under an asset-based revolving credit facility, roughly $311.8 million in 2029 term loans, and $306.4 million in 8% senior secured notes due 2029. In addition, there are small remaining balances under older debt instruments, including about $1.2 million in 2026 term loans and roughly $22.7 million in unsecured notes due 2026. The ABL facility, provided by Fifth Third Bank as administrative agent, is secured primarily by working-capital assets such as accounts receivable and provides borrowing capacity up to $125 million based on a borrowing base formula tied to receivables. Interest on these borrowings is based on the SOFR benchmark plus a margin. The 2029 term loan facility, administered by Bank of America, carries interest tied to SOFR with a margin and has a maturity in May 2029. The 2029 secured notes also mature in 2029 and bear an 8% coupon. Through several intercreditor agreements executed in 2024, the creditors established how their liens rank relative to each other and how they would act in a bankruptcy scenario. Under these agreements, ABL lenders hold first-priority liens on working-capital assets such as cash and accounts receivable but lower-priority liens on other collateral. Conversely, the lenders under the 2029 term loan facility and holders of the 2029 secured notes have first-priority liens on most other assets and second-priority liens on the ABL collateral. The older 2026 term loans have junior liens subordinate to the 2029 debt. Meanwhile, the remaining 2026 notes are unsecured because their collateral was released during a 2024 exchange transaction that restructured the Debtors' debt profile. The final hearing is set for March 25. The deadline for filing objections is on March 18. The order is available at https://is.gd/guwsID from PacerMonitor.com. About Cumulus Media Inc. Cumulus Media Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90346) on March 5, 2026. In the petition signed by Richard Denning, Executive Vice President, Secretary & General Counsel, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. John F. Higgins, Esq., at Porter Hedges LLP, represents the Debtor as legal counsel. DAWKINS GARDENS: Seeks Interim Cash Collateral Access ----------------------------------------------------- Dawkins Gardens, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia for authority to use cash collateral. Dawkins Gardens operates a 40-unit apartment building in Jonesboro, Georgia, and remains in possession as debtor-in-possession. Churchill MRA Funding, LLC asserts a first-priority security interest in the Debtor's accounts, and Ivy Radar Lending Fund, LLC asserts a second-priority interest, though questions exist regarding the filing of certain UCC assignments. The Debtor requests authority to use cash collateral in accordance with a proposed budget to pay ordinary operating expenses, including insurance and property taxes, for up to 45 days or until further order. As adequate protection, Churchill and Ivy would receive replacement liens to the extent of any diminution in their prepetition collateral. The Debtor argues that immediate access to cash collateral is essential to maintain operations, preserve the property’s going-concern value, and avoid irreparable harm pending a final hearing. A copy of the motion is available at https://urlcurt.com/u?l=y1EDPS from PacerMonitor.com. About Dawkins Gardens LLC Dawkins Gardens, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 26-51480) on Feb. 26, 2026. In the petition signed by Shane Dawkins, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor is represented by Milton D. Jones, Esq. as legal counsel. DEAN DAIRY: Ky Appeals Court Affirms Dismissal of Stone Case ------------------------------------------------------------ In the appeal styled CARL EDWIN STONE, EXECUTOR OF THE ESTATE OF CATHERINE STONE; BISHOP FRIEND, P.S.C.; CARL EDWIN STONE; NORA BROWN FRIEND, ADMINISTRATRIX OF THE ESTATE OF JOHN S. FRIEND; AND ROBERT W. "JOE" BISHOP, APPELLANTS, v. DEAN DAIRY HOLDINGS, LLC, D/B/A DEAN MILK COMPANY, LLC; JOHN O. SHELLER; STOLL KEENON OGDEN, PLLC; AND THOMAS PHILP, APPELLEES, NO. 2024-CA-0839-MR (Ky. Ct. App.), Judges Audra Jean Eckerle, Christopher McNeill and Will Moynahan of the Kentucky Court of Appeals affirmed the decision of the Jefferson Circuit Court dismissing the civil rights retaliation case. This civil rights retaliation case was filed pursuant to the Kentucky Civil Rights Act ("KCRA"). Cathy Stone was employed by Dean Dairy Holdings, LLC ("Dean Milk"), and, on July 15, 2015, filed an action against Dean Milk and Thomas Philp, her former supervisor, based on claims of discrimination, retaliation, and intentional infliction of emotional distress. Dean Milk and Mr. Philp removed the case to the United States District Court for the Western District of Kentucky on August 10, 2015, alleging that Mr. Philp was fraudulently included as a party to the action to prevent the federal court from having diversity jurisdiction. Thereafter, on September 5, 2015, Ms. Stone passed away. On December 21, 2015, Carl Edwin Stone, Ms. Stone's husband, filed a motion to substitute Mr. Stone as the named plaintiff in the action and in compliance with Federal Rules of Civil Procedure (FRCP) 25(a). In March 2016, the federal court granted Mr. Stone's motion and remanded the case to Jefferson Circuit Court on the basis that Ms. Stone had a colorable claim for retaliation against Mr. Philp. On September 14, 2016, a few days after the one year anniversary of Ms. Stone's death, Dean Milk and Mr. Philp filed a motion under Kentucky Rules of Civil Procedure (CR) 12.02(f) to dismiss the lawsuit, alleging that Mr. Stone, as executor of Ms. Stone's estate, had failed to file an application for revival of the action within one year of Ms. Stone's death as required under Kentucky Revised Statutes (KRS) 395.278. The Estate did not file a motion to revive the action under KRS 395.278 with the trial court until January 26, 2017, over sixteen months after Ms. Stone's death. The trial court granted the motion, finding that Ms. Stone's claims must be dismissed because the Estate failed to properly revive the action in accordance with KRS 395.278 and in contravention of the statute's one-year statute of limitations. The Estate thereafter filed a motion to alter, amend, or vacate the trial court's ruling, which the trial court denied. This appeal followed. Dean Dairy subsequently filed for Chapter 11 bankruptcy. None of the parties in the present appeal make any claims regarding the status of the Bankruptcy Case or Stone II. Appellee filed the present action (Stone III), on August 7, 2022, alleging a retaliation claim under the KCRA. The basis for this claim was a motion and letter tendered by opposing counsel in the Stone I case, pursuant to CR 11. The Plaintiffs claim that in Stone I, Dean Dairy and Mr. Philp retained SKO as counsel of record, and that immediately, SKO engaged in "legally unjustified scorched earth tactics against Ms. Stone, a civil rights plaintiff struggling with cancer." Plaintiffs in the instant action claim the Defendants retaliated against them in violation of KRS 344.280. Specifically, Plaintiffs claim that Defendants illegally retaliated against the Plaintiffs when they filed an unjustified Rule 11 motion and sent Plaintiffs a letter threatening to seek additional fees from Plaintiffs if they did not cease the falsely alleged inappropriate prosecution of the appeal. Plaintiffs also claim that the Defendants retaliated by threatening to file a separate civil lawsuit against the Plaintiffs if their Rule 11 motion was unsuccessful. The Defendants now move this Court to dismiss the Plaintiffs' claims against them pursuant to CR 12.02 for failure to state a claim upon which relief can be granted. The circuit ultimately held that because Plaintiffs' retaliation claim stems from acts or omission in rendering, or failing to render "professional services" for others, the one-year statute of limitations provided for in KRS 413.245 is applicable to Plaintiffs' retaliation claims. Plaintiffs' statute of limitations to file a retaliation claim against the Defendants expired on October 4, 2018, one-year after the court in Stone I held SKO's Rule 11 motion in abeyance. Although a procedurally complex case, the Kentucky Court of Appeals held that the dispositive legal issue in this case is straightforward: whether the one-year statute of limitation for professional services applies (KRS 413.245), or whether the five-year statute of limitation period for statutory actions applies (KRS 413.120(2)). Appellees argue for application of the former, as it would render the Complaint filed in the present case delinquent. Appellants argue for the latter, which would render their claims under the KCRA at least timely. The panel holds, "In the present case, the filing of a CR 11 motion -- as well as the attendant conduct alleged in the Complaint -- constitutes professional services pursuant to KRS 413.245. In consideration of the parties' arguments and the aforementioned case law, we have been presented with no binding authority that would require reversal in this instance. Thus, the filing of the present case was untimely. All remaining issues are moot." A copy of the Court's Opinion dated March 6, 2026, is available at https://urlcurt.com/u?l=sVyrTn About Southern Foods Group Southern Foods Group, LLC, which conducts business under the name Dean Foods, is a food and beverage company and a processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. Southern Foods and its affiliates filed for bankruptcy protection on Nov. 12, 2019 (Bankr. S.D. Texas, Lead Case No. 19-36313). The petitions were signed by Gary Rahlfs, senior vice president and chief financial officer. Judge David Jones presides over the cases. The Debtors estimated assets and liabilities of $1 billion to $10 billion. The Debtors tapped David Polk & Wardell LLP as general bankruptcy counsel, Norton Rose Fulbright US LLP as local counsel, Alvarez Marsal as financial advisor, Evercore Group LLC as investment banker, and Epiq Corporate Restructuring LLC as notice and claims agent. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors on Nov. 22, 2019. The committee is represented by Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP. DEDICATION & EVERLASTING: Seeks Cash Collateral Access ------------------------------------------------------ Todd A. Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals, asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral from April 1 through June 30 in accordance with a proposed operating budget. The Debtor, a nonprofit animal rescue organization operating a large no-kill sanctuary in Acton, California, filed Chapter 11 on May 9, 2025, after a former employee obtained a $2.9 million judgment and pursued aggressive collection actions, including recording a judgment lien and levying bank accounts. The judgment is on appeal, and a motion seeking more than $4 million in additional attorneys' fees remains pending but stayed. The estate currently holds approximately $450,000 in cash and more than $17 million in investment accounts, along with apparently unencumbered real property. The trustee believes the judgment creditor is the only party asserting an interest in cash collateral and is oversecured given the substantial equity cushion. Continued use of cash is necessary to fund payroll, utilities, veterinary care, feed, medicine, insurance, and other critical expenses to care for approximately 1,200 rescued animals and preserve donation revenue. The trustee proposes to grant replacement liens (excluding avoidance actions) to the extent any diminution in value occurs and confirms that the proposed order contains none of the extraordinary or impermissible provisions disfavored under the local rules. The trustee also notes ongoing case developments, including insurance analysis, appellate review of the judgment, resolution of certain real property disputes, and a scheduled mediation before retired Judge Robert Kwan aimed at resolving the litigation and advancing the case toward resolution in 2026. A hearing on the matter is set for March 24, at 1 p.m. A copy of the motion is available at https://urlcurt.com/u?l=PP4Po9 from PacerMonitor.com. About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. Todd A. Frealy is the Chapter 11 trustee appointed in the Debtor's case. DEL MONTE: Modesto Plant, Hughson Facility Union Agreement Okayed ----------------------------------------------------------------- The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey approved and authorized Del Monte Foods Corporation II Inc. and its affiliated debtors' entry into the Union Agreement related to the Modesto Plant and Hughson Facility. The Debtors and the General Teamsters, Warehouse, Cannery Workers and Helpers Unions Local 948, Modesto, California a/w The International Brotherhood of Teamsters are party to a collective bargaining agreement in connection with the Modesto Plant and Hughson Facility. In connection with the wind-down of the Facilities, the Parties have reached an agreement on the terms of a consensual wind-down of the Facilities and the continued cooperation of the Unionized Employees during the wind-down period on the terms set forth in the Union Agreement and this Stipulated Order. The Union Agreement is approved, and the Debtors are authorized to enter into and perform under the Union Agreement and perform, execute, and deliver all documents, and take all actions, necessary to immediately continue and fully implement the Union Agreement in accordance with the terms, conditions, and agreements set forth or provided for therein. A copy of the Stipulation and Consent Order dated March 3, 2026, is available at https://urlcurt.com/u?l=x9yjlz from PacerMonitor.com. Co-Counsel to the Debtors and Debtors in Possession: 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, NY 10036 Telephone: (212) 715-9100 E-mail: Adam.Rogoff@HSFKramer.com Rachael.Ringer@HSFKramer.com Megan.Wasson@HSFKramer.com Ashland.Bernard@HSFKramer.com - and - Michael D. Sirota, Esq. David M. Bass, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Email: msirota@coleschotz.com dbass@coleschotz.com fyudkin@coleschotz.com About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C. and Herbert Smith Freehills Kramer (US), LLP as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. 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. as investment banker. DELLA RAGIONE: Initiates Chapter 11 Bankruptcy in Pennsylvania -------------------------------------------------------------- On March 2, 2026, Della Ragione, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Pennsylvania. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Della Ragione, Inc. Della Ragione, Inc. is a business entity engaged in commercial operations that provide products and services to customers within its market sector. The company conducts business activities that support local commerce and client needs. Della Ragione, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00572) on March 02, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The debtor is represented by Craig A. Diehl, Esq. DIOCESE OF ALEXANDRIA: Sexual Abuse Claim Filing Set for June 8 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Louisiana set June 8, 2026, as the deadline for creditors of the Diocese of Alexandria to file proofs of claim against the Debtor. The Court also set April 29, 2026, as the last date for all governmental units to file their claims against the Debtor. Proofs of claim must be submitted: i) electronically through Stretto, Inc.'s website for this case at https://cases.stretto.com/dioceseofalexandria by following instructions for filing proofs of claim electronically; or ii) by delivering the original proof of claim either by U.S. Postal Service mail, hand delivery, or overnight mail to: Diocese of Alexandria Claims Processing c/o Stretto 410 Exchange, Suite 100 Irvine, CA 92602 Creditors may wish to consult an attorney regarding this matter. Creditors may also contact the attorneys for the Official Committee of Unsecured Creditors at: Wiener, Weiss & Madison, APC Attn.: Patrick L. McCune, Esq. 445 Louisiana Ave. Baton Rouge, LA 70802 Email: pmccune@wwmlaw.com - or - Attn.: R. Joseph Naus, Esq. P.O. Box 21990 Shreveport, LA 71120, Email: rjnaus@wwmlaw.com For information or the Diocese's attorney, contact: Gold Weems Bruser Sues & Rundell Attn.: Bradley L. Drell, Esq. P.O Box 6118 Alexandria, LA 71307, Email: bdrell@goldweems.com About the Diocese of Alexandria Diocese of Alexandria in Louisiana, established as the Diocese of Natchitoches on July 29, 1853, by Pope Pius IX, and later relocated to Alexandria, serves as the ecclesiastical authority for the Catholic Church in north-central Louisiana. Headquartered at 4400 Coliseum Boulevard, led by Bishop Robert W. Marshall Jr., it encompasses 50 parishes and 21 mission churches across 13 civil parishes, with St. Francis Xavier Cathedral as its cathedral church. The Diocese operates as a Louisiana non-profit religious corporation and 501(c) (3) organization, providing spiritual, educational and charitable services to roughly 36,228 Catholics across an 11,108-square-mile area. The Diocese of Alexandria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on Oct. 31, 2025. In its petition, the Debtor reports total assets of $16,667,411 and total liabilities of $9,467,288. The Honorable Bankruptcy Judge John S. Hodge oversees the case. The Diocese is represented by GOLD, WEEMS, BRUSER, SUES & RUNDELL; and HUSCH BLACKWELL as counsel; GETZLER HENRICH as financial advisor; and STRETTO as claims and noticing agent. DIOCESE OF EL PASO: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Catholic Diocese of El Paso Diocese of El Paso 499 St. Matthews Street El Paso, TX 79907-4214 Business Description: Catholic Diocese of El Paso operates as a Roman Catholic ecclesiastical jurisdiction that oversees parishes, missions, and ministries providing religious services, pastoral governance, and community programs. The organization coordinates church administration, clergy support, sacramental services, and Catholic education initiatives across multiple counties in West Texas. The Diocese is headquartered in El Paso, Texas and operates within the religious organizations sector. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court Western District of Tennessee Case No.: 26-30311 Judge: Hon. Christopher G Bradley Debtor's Bankruptcy Counsel: Lynn Hamilton Butler, Esq. HUSCH BLACKWELL LLP 111 Congress Avenue, Suite 1400 Austin, TX 78701 Tel: 512-479-9758 E-mail: lynn.butler@huschblackwell.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Most Reverend Mark J. Seitz, D.D. as Bishop. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NRK37TQ/Catholic_Diocese_of_El_Paso__txwbke-26-30311__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Gallagher Bassett Trade Claim $752 Services, Inc. Attn: Steve Puteki 15763 Collections Center Drive Chicago, IL 60693 2. Gilberto Morales Lawsuit Unknown c/o David M. Driscoll Ainsa Hutson LLP 5809 Acacia Circle El Paso, TX 79912-4859 3. Isaac Melendrez Lawsuit Unknown c/o Margie A. Rutledge Rothstein Donatelli LLP 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 4. Jane Doe "204" Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 5. Jane Doe 1 Lawsuit Unknown c/o Taylor E. Smith Rothstein Donatelli LLP 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 6. Jane Doe 2 Lawsuit Unknown c/o Taylor E. Smith Rothstein Donatelli LLP 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 7. Jane Doe 208 Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 8. Jane Doe 214 Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 9. Jane Doe 3 Lawsuit Unknown c/o Taylor E. Smith Rothstein Donatelli LLP 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 10. Jane Doe 4 Lawsuit Unknown c/o Taylor E. Smith Rothstein Donatelli LLP 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 11. Jane Doe 5 Lawsuit Unknown c/o Taylor E. Smith Rothstein Donatelli LLP 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 12. John Doe "203" Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 13. John Doe "206" Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 14. John Doe 1 Lawsuit Unknown c/o Taylor E. Smith/ Rothstein Donatelli 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 15. John Doe 2 Lawsuit Unknown c/o Taylor E. Smith/ Rothstein Donatelli 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 16. John Doe 209 Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 17. John Doe 210 Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 18. John Doe 211 Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 19. John Doe 212 Lawsuit Unknown c/o Levi A. Monagle Huffman Wallace & Monagle LLC 122 Wellesley Dr. SE Albuquerque, NM 87106 20. Leigh Messerer Lawsuit Unknown as Personal Representative of John Doe 3 c/o Taylor E. Smith/ Rothstein Donatelli 500 4th Street, N.W., Suite 400 Albuquerque, NM 87102 EAD CONSTRUCTORS: Corbion Wins Bid for Automatic Stay Relief ------------------------------------------------------------ Judge Brian S. Kruse of the U.S. Bankruptcy Court for the District of Nebraska granted the motion for relief from automatic stay filed by Purac America, Inc. d/b/a Corbion in the bankruptcy case of EAD Constructors, Inc. Corbion owns the Mallard Lactic Acid Plant in Blair, Nebraska. On May 28, 2021, Corbion hired the debtor to provide engineering, procurement, and construction services to expand the plant. The parties entered a written contract for the services. Corbion alleges the debtor mismanaged the project. It also alleges the project was months behind schedule, over budget, and contained significant defects. The debtor did not pay several subcontractors. The subcontractors filed construction liens. The liens are being foreclosed in litigation pending in state court. Corbion claims over $25 million in damages against the debtor. Corbion filed for arbitration before the American Arbitration Association under the mandatory arbitration clause in Corbion's agreement with the debtor. The AAA appointed a panel of three arbitrators with construction-industry expertise. The parties engaged in years of discovery. A two-week hearing on the merits was to begin November 3, 2025. Two weeks before the hearing the debtor's counsel informed the panel and Corbion that the debtor intended to file for bankruptcy protection. The debtor filed its Chapter 11 bankruptcy case on October 22, 2025, staying the hearing on the merits. Corbion seeks relief from the automatic stay to resume and complete the arbitration. It does not seek relief to enforce the arbitration award outside the bankruptcy claims process. According to Judge Kruse, "There is a strong federal policy favoring arbitration. Allowing arbitration to proceed does not undermine the objectives of the Bankruptcy Code. And the balance of hardships favors allowing the arbitration to continue." Judge Kruse held that the automatic stay imposed by 11 U.S.C. Sec. 362(a) is lifted to permit Corbion, the debtor, the AAA, and the arbitration panel to resume and complete the arbitration (AAA Case No. 02-23-0003-3408), including without limitation, conducting merits hearings, submitting post-hearing briefing, and entry of a final arbitration award on all claims and counterclaims. Corbion is not granted relief to enforce any arbitration award against the debtor or the bankruptcy estate in any forum other than this court. A copy of the Court's Order dated March 5, 2026, is available at https://urlcurt.com/u?l=9Ity2Q About EAD Constructors Inc. EAD Constructors, Inc., a company based in Omaha, Nebraska, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-81134) on October 22, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $10 million and $50 million. Judge Brian S. Kruse oversees the case. McGrath North Mullin & Kratz, PC, LLO serves as the Debtor's legal counsel. ENTECCO FILTER: Bankruptcy Auction to End on March 19 ----------------------------------------------------- The online bankruptcy auction for Entecco Filter Technology, Inc.'s assets will end on March 19, 2026 at 12:00 p.m.. Assets put up for sale include industrial motors, warehouse equipment, warehouse racking, tools, office furniture, welders, generators, among others. The auction preview is scheduled for March 16 from 10:00 a.m. to 2:00 p.m. The auction manager is: Sonny Weeks Iron Horse Auction Company Tel: (704) 200-3201 Email: sonny@ironhorseauction.com About Entecco Filter Technology Entecco Filter Technology, Inc., is a Delaware-based environmental technology company, specializing in air purification systems and filter products used in various industries. Entecco filed Chapter 11 petition (Bankr. M.D.N.C. Case No. 24-50707) on September 19, 2024, listing between $1 million and $10 million in both assets and liabilities. James David Edgerton, president and chief executive officer, signed the petition. Judge Lena M. James oversees the case. The Debtor is represented by James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC. Secured creditor PNC Bank, N.A. is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein, LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 E-mail: briandarer@parkerpoe.com ERIN J KIRBY: April 13 Hearing Set for Motion to Avoid Lien ----------------------------------------------------------- Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts will continue on April 13 the hearing on the motion filed by Erin J Kirby for an order pursuant to 11 U.S.C. Section 522(f)(1) avoiding the lien on the Debtor's real property held by Chesterton Capital, LLC and Michael Maddaleni. The Debtor is the owner along with her non-Debtor spouse of the real property located at 39 Clifton Park, Melrose, MA 02176. Title is held by the Debtor and his non-Debtor spouse as tenants by the entirety. The property is the Debtor's sole and principal place of residence. In the motion filed on Jan. 20, 2026, Ms. Kirby argued the liens impair the Debtor's exemption in the real property. Pursuant to section 522(d)(2), the Debtor scheduled value of the property in the amount of $1,500,000.00 and has claimed an exemption in the property pursuant to M.G.L. c.188 A copy of the motion is available at http://urlcurt.com/u?l=CJQ6Uy from PacerMonitor.com. Erin J. Kirby filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 25-11546) on July 25, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Barry Levine, Esq. ERIN J KIRBY: Can't File Combined Disclosure Statement & Plan ------------------------------------------------------------- Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts denied Erin J. Kirby's motion for an order allowing her to file a combined disclosure statement and plan of reorganization. In the motion filed on Nov. 7, 2025, Ms. Kirby argued that she should be allowed to file a combined disclosure statement and plan of reorganization plan like a debtor in a Subchapter V Small Business Case because: (i) there is not much to disclose because the Debtor is not in business and is only before this Honorable Court because of a quirk in the Bankruptcy Code; and (ii) being able to combine the two would be for judicial economy and ease of the process. A copy of the motion is available at http://urlcurt.com/u?l=ZlPogC from PacerMonitor.com. Erin J. Kirby filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 25-11546) on July 25, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Barry Levine, Esq. ESCAMBIA OPERATING: Ch. 7 Trustee Wins Bid to Substitute Plaintiff ------------------------------------------------------------------ Judge Kristi K. DuBose of the U.S. District Court for the Southern District of Alabama granted the motion to substitute party plaintiff filed by Dwayne M. Murray, in his capacity as the duly appointed Chapter 7 Trustee of the bankruptcy estates of Escambia Asset Company, LLC and Escambia Asset Company, LLC, in the case captioned as DWAYNE M. MURRAY, as Chapter 7 Trustee of ESCAMBIA OPERATING COMPANY, LLC and ESCAMBIA ASSET COMPANY, LLC, Plaintiff/Counter Defendant, v. MONCLA WORKOVER & DRILLING OPERATIONS, LLC, Defendant/Counter Plaintiff/Third-Party Plaintiff, v. EASTERN ENERGY SERVICES, INC. Third-Party Defendant, Case No. 24-cv-00295-KD-N (S.D. Ala.). The motion requests the Court to substitute Dwayne M. Murray, as Chapter 7 Trustee, in place of Drew McManigle, as former Chapter 11 Trustee, pursuant to Federal Rule of Civil Procedure 25(c). Judge DuBose holds, "The motion shows that Murray was recently appointed as the Chapter 7 Trustee of the Escambia Debtors' estates and that the interest held by McManigle was transferred to Murray by operation of law. Granting the substitution should allow the action to continue unabated, and should expedite and simplify the litigation. Notably, the parties have indicated that they reached an agreement to settle this action, and that the settlement is contingent on the bankruptcy court's approval. Therefore, the motion to substitute is granted." A copy of the Court's Order dated March 4, 2026, is available at https://urlcurt.com/u?l=1Lswrm from PacerMonitor.com. About Escambia Operating Company Escambia Operating Company, LLC and its affiliates, Escambia Asset Company, LLC and Blue Diamond Energy, Inc., filed Chapter 11 petitions (Bankr. S.D. Miss. Lead Case No.23-50491) on April 2, 2023, with $10 million to $50 million in both assets and liabilities. Judge Jamie A. Wilson oversees the cases. The Debtors tapped Patrick A. Sheehan, Esq., and Steve Wright Mullins, Esq., as bankruptcy attorneys. Drew McManigle, the Chapter 11 trustee appointed in the Debtors' cases, tapped Jones Walker, LLP as bankruptcy counsel; MACCO Restructuring Group, LLC as financial advisor; M P Boots Petroleum Engineering Services, LLC as valuation advisor; and Matthews, Cutrer and Lindsay, PA as accountant. The case was converted to Chapter 7 on February 12, 2026. Dwayne M. Murray is the Chapter 7 trustee. F4 PHANTOM: Case Summary & 14 Unsecured Creditors ------------------------------------------------- Debtor: F4 Phantom Investments LLC - F13 Lighting Investments LLC d/b/a Joe Donut-Mt. Prospect, a designated series of F4 Phantom Investments LLC Attn: Sheila C. Coffey, Manager 720 E Rand Rd Mt Prospect, IL 60056-2563 Business Description: F4 Phantom Investments LLC, doing business as Joe Donut Mt Prospect, is a private specialty donut and breakfast cafe in Mount Prospect, Illinois, offering handcrafted donuts, coffee, and breakfast and lunch items. The business operates as a designated series of F4 Phantom Investments LLC. It maintains a local presence with a dedicated website. Chapter 11 Petition Date: March 8, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-04109 Judge: Hon. David H Decelles Debtor's Counsel: J. Kevin Benjamin, Esq. BENJAMIN LEGAL SERVICES, PLC 1016 W. Jackson Blvd. Chicago IL 60607-2914 Tel: (312) 853-3100 E-mail: attorneys@benjaminlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sheila C. Coffey as manager and designated representative. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7LHJG2I/F4_Phantom_Investments_LLC_F13__ilnbke-26-04109__0001.0.pdf?mcid=tGE4TAMA FAIR ISAAC: S&P Rates Proposed $1BB Senior Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Fair Isaac Corp.'s (FICO) proposed $1 billion senior unsecured notes due 2034, which will rank equal in right of payment with the company's other outstanding unsecured debt. The company expects to use the proceeds from these notes to refinance its $400 million unsecured notes maturing May 2026 and repay its outstanding revolver borrowings ($415 million as of Dec. 31, 2025). S&P said, "All our ratings on FICO, including the 'BB+' issuer credit rating and stable outlook, are unchanged. We view the transaction as leverage neutral and expect the company will maintain S&P Global Ratings-adjusted leverage of about 2.5x in 2026 as it uses the rising profits from its price increases for share repurchases." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- FICO's unsecured capital structure comprises a $1 billion revolver due 2030, $900 million of notes due June 2028, $1.5 billion of notes due 2033, and the proposed $1 billion notes due 2034. -- S&P assigned a '3' recovery rating (50%-70%; rounded estimate: 65%) to FICO's new unsecured notes. -- S&P's simulated default scenario considers a default in 2030 due to poor execution on the company's growth and product initiatives and a sustained economic downturn, which impair its margins, cash flow, and business prospects to the extent that it is unable to service all its debt obligations. Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: About $435 million -- EBITDA multiple: 7x Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $2.9 billion -- Senior unsecured debt*: About $4.385 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) *S&P assumes the revolving credit facility is 85% drawn at default and outstanding debt at default includes six months of prepetition interest. FORESIGHT ENERGY: Moody's Cuts CFR to 'Caa2', Outlook Negative -------------------------------------------------------------- Moody's Ratings downgraded Foresight Energy LLC's (Foresight) corporate family rating to Caa2 from Caa1, its probability of default rating to Caa2-PD from Caa1-PD, and the rating on the company's senior secured term loan to Caa2 from Caa1. The rating outlook remains negative. RATINGS RATIONALE The downgrade of Foresight's CFR to Caa2 with a negative outlook reflects its weak liquidity, and continued uncertainty relating to the refinancing of its term loan maturity in June 2027. Despite a customer pre-pay arrangement, including an amendment which was executed in December 2025 that brought in additional cash, Foresight's liquidity continues to be weak. Performance in 2025 was negatively impacted by challenging geological conditions for mining and delayed longwall moves, resulting in lower production and higher costs. Additionally, elevated capital expenditures in recent years have resulted in continued free cash flow burn. While Moody's expects some EBITDA improvement in 2026 as a result of better production levels and higher prices, free cash flow generation is likely to be subdued, thereby keeping liquidity weak. The company does not have access to a traditional revolving credit facility and only relies on balance sheet cash for its liquidity needs. Foresight's CFR is constrained by a small and concentrated portfolio of assets, history of recurring operational disruptions at its mines, inconsistent free cash flow generation since emerging from bankruptcy in June 2020, event risk related to the company's ownership structure, and the secular headwinds facing the domestic thermal coal industry. The rating is supported by the relatively low cost structure for its Illinois basin mines compared to other US coal basins, and limited amount of non-debt liabilities. Foresight's liquidity is weak. At September 30, 2025, the company had a cash balance of $11 million. The company does not maintain a traditional revolving credit facility. The company received around $12 million of cash in December 2025, following an amendment to its customer pre-pay arrangement. Moody's expects 2026 free cash flow to be subdued as a result of continued elevated capital spending needs. The senior secured term loan does not have any financial maintenance covenants. The company's credit agreement includes a provision that would allow it to establish a revolving credit facility in the future. The negative outlook reflects the risk associated with the refinancing of its term loan maturity in June 2027, while liquidity continues to remain weak. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade is less likely given the negative outlook. However, Moody's could upgrade Foresight's rating, if the company consistently generates positive free cash flow, reduces gross debt, successfully refinances its term loan maturity, and does not experience operational disruptions at any of its mines. Moody's could downgrade the rating with expectations for further weakening of the company's liquidity as a result of continued negative free cash flow generation, failure to refinance its term loan maturity, or if there are material operational disruptions at its mines. The principal methodology used in these ratings was Mining published in February 2026. The rating of Caa2 is two notches below the scorecard indicated outcome of B3. The lower assigned rating reflects Foresight's weak liquidity and risk associated with refinancing of its upcoming maturity. Foresight Energy LLC is a privately-owned coal producer with four longwall mines (three mining complexes) and more than 2 billion tons of coal reserves in the Illinois Basin. The company is owned by pre-petition creditors following emergence from bankruptcy in June 2020. FTAI INFRASTRUCTURE: Moody's Withdraws 'B3' Corporate Family Rating ------------------------------------------------------------------- Moody's Ratings has withdrawn all of FTAI Infrastructure Inc.'s ("FIP") ratings, including its B3 corporate family rating, B3-PD probability of default rating, and SGL-4 Speculative Grade Liquidity Rating. Prior to the withdrawal, the rating outlook was negative. RATINGS RATIONALE FIP recently completed a debt issuance that refinanced its existing debt. Moody's have withdrawn all ratings because the company does not have any outstanding rated debt. FTAI Infrastructure Inc. is a publicly traded diversified infrastructure company that operates in the railroad transportation, energy logistics, and power generation industries. FTI CONSULTING: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed FTI Consulting, Inc.'s (FTI or FTI Consulting) corporate family rating at Ba1, probability of default rating at Ba1-PD and $900 million senior unsecured revolving credit facility formerly secured expiring November 2027 at Ba1. The speculative-grade liquidity (SGL) rating is unchanged at SGL-1. The outlook remains stable. The affirmation of the Ba1 CFR reflects Moody's anticipations for good demand for business advisory services to corporate clients, reflecting a high level of change being experienced by its customers, including due to technology-related disruption, moderate debt/EBITDA below 2.5x over the next 12 to 18 months and throughout business cycles, as well as a very good liquidity profile. RATINGS RATIONALE The Ba1 CFR reflects FTI Consulting's approximately $4 billion revenue scale, global operating scope and diverse portfolio of business lines operating through approaching 6,500 revenue-generating professionals under its well-known, eponymous brand. Moody's considers the advisory services business highly competitive and subject to limited entry barriers, with inconsistent and difficult to forecast demand characteristics. Business success is dependent upon the efficient utilization of skilled, high-cost professionals who are difficult to source, train and retain. Given these factors and in order to maintain financial flexibility, Moody's expects that FTI Consulting will maintain strong credit metrics and robust liquidity through business cycles compared to many other business services issuers also rated in the Ba1 category. All financial metrics cited reflect Moody's standard adjustments. Moody's anticipates growth in the number of new engagements and average rates billed to help fuel revenue growth in a low single digit percentage range over the next 12 to 18 months. Most of FTI's revenue is referred through long-standing relationships with many of the world's largest and most prominent law firms, investment banks and corporations, leading us to expect FTI can maintain or grow its market share by broadening its business line span and geographic reach. Litigation, restructuring and other business lines are non- or counter-cyclical, but are also subject to inconsistent demand, generally triggered by large-scale litigation or defaults. Moody's anticipates EBITDA margins will remain in a low teens percentage range over the next 12 to 18 months. Moody's considers financial strategies as balanced. Moody's expects free cash flow will be prioritized toward share repurchases and small acquisitions. While the company increased its debt burden during 2025 as a result of completing $859 million of share repurchases, FTI had very little borrowed money when the year began, leading us to consider the financial leverage increase to debt/EBITDA of about 1.3x for the year ended December 31, 2025 a return to more typical levels, rather than an indication of an increase in tolerance for debt leverage. Therefore, Moody's considers the debt increase consistent with Moody's prior anticipation for balanced financial strategies. That said, continued large, debt-funded share buybacks over the next 12 to 18 months that lead to financial leverage increases could be considered an increase in risk appetite, and lead to pressure on the Ba1 CFR and other ratings. The affirmation of the senior unsecured bank credit facility at Ba1 reflects the predominance of the revolver relative to other, entirely unsecured debt obligations of FTI's operating subsidiaries, most notably operating leases. FTI Consulting's SGL rating of SGL-1 reflects the very good liquidity profile relative to its funding requirements over the next 12 to 15 months. The company's liquidity is supported by Moody's anticipations for $200 million of annual free cash flow in 2026 and approximately $265 million of cash as of December 31, 2025, along with over $500 million available under the $900 million revolver. Moody's expects FTI will extend the maturity of the revolver before it becomes current in late 2026. Cash flow from operations could fluctuate during the year due to the timing of accounts receivable collections and loans to key employees pursuant to employment contracts. The company typically reports negative cash flow from operations in the first quarter of each year mainly because of the timing of the incentive compensation payments. The revolver agreement requires the company to maintain compliance with a maximum consolidated total leverage ratio test of 4.0x, or 4.5x for a period of time after certain qualifying acquisitions. Moody's anticipates that the company will maintain an ample cushion under its covenant over the next 12 to 15 months. The stable outlook reflects Moody's expectations that FTI Consulting will maintain debt/EBITDA below 2.5x and free cash flow/debt well above 10% throughout business cycles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if FTI: 1) increases its revenue scale and service line diversification; 2) sustains revenue growth in a mid-to-high single digit percentage range; 3) expands and maintains its EBITDA margin at mid-teens levels; 4) sustains debt/EBITDA below 2.5x throughout economic cycles; and 5) articulates and maintains balanced financial strategies. The ratings could be downgraded if: 1) there is a material decline in revenue or profit; 2) debt/EBITDA remains above 3x; 3) free cash flow is sustained below 10% of debt, 4) the liquidity profile deteriorates; or 5) financial strategies become more aggressive by featuring material debt-funded acquisitions or shareholder returns. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. FTI Consulting (NYSE: FCN), based in Washington, DC, is a global business advisory firm providing services through five business segments: Corporate Finance; Forensic and Litigation Consulting; Economic Consulting; Technology; and Strategic Communications. Moody's expects 2026 revenue of about $4 billion. G2 TECHNOLOGIES: Bankruptcy Administrator Cannot Appoint Committee ------------------------------------------------------------------ The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of G2 Technologies, Inc. About G2 Technologies Inc. G2 Technologies, Inc. provides automation for inspection and test systems serving industrial clients in the aerospace, automotive, and manufacturing sectors. The Company develops and integrates customized systems such as aircraft smoke detector testers and precision defect detection tools for automotive components, supported by its proprietary dTRAK data analytics platform. Based in North Carolina's Research Triangle Park, G2 Technologies delivers scalable and cost-efficient automation solutions for clients worldwide. G2 Technologies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Craig Borsack, president of G2 Technologies, signed the petition. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 jfrost@bbflawfirm.com GALAXY TREE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Galaxy Tree Service LLC d/b/a Tree Service of Troy LLC 755 W. Big Beaver Suite 2020 Troy, MI 48084 Business Description: Galaxy Tree Service LLC, based in Troy, Michigan, provides professional tree care and removal services for residential and commercial clients across Southeastern Michigan. The company's operations include tree trimming and pruning, tree and stump removal, land and lot clearing, debris cleanup, storm damage response, and crane-assisted services. It operates as a licensed and insured arboriculture service provider with a team of certified professionals. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-42371 Judge: Hon. Maria L Oxholm Debtor's Counsel: Edward J. Gudeman, Esq. GUDEMAN & ASSOCIATES, PC 401 N. Main St. Royal Oak, MI 48067 Tel: 248-546-2800 Email: ecf@gudemanlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Pachana 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/Q3YPDXA/Galaxy_Tree_Service_LLC__miebke-26-42371__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QT4VTMA/Galaxy_Tree_Service_LLC__miebke-26-42371__0001.0.pdf?mcid=tGE4TAMA GATES CORP: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded the ratings of Gates Corporation (Gates), including the corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD, senior secured bank credit facility rating to Ba1 from Ba2, and senior unsecured notes rating to B1 from B2. Moody's also changed the outlook to stable from positive. The SGL-1 speculative grade liquidity (SGL) rating remains unchanged. The rating action reflects Moody's expectations for continued improvement in credit metrics, supported by earnings growth and strong free cash flow generation. Pricing actions and ongoing cost and expense discipline are expected to drive higher earnings. Moody's also expects a gradual improvement in end-market demand, led by more resilient automotive aftermarket activity, strong growth in the personal mobility segment, and easing pressure across key industrial markets. Nonetheless, still-challenging conditions in certain end markets are likely to temper the pace of recovery. Additionally, Gates is expected to maintain capital discipline as it pursues profitable growth, including actions to preserve leverage metrics over time. RATINGS RATIONALE Gates' Ba2 CFR reflects its strong competitive position in the highly engineered industrial components market, with a focus on power transmission and fluid power units. The company's global operating scale, established brand, and leading supplier relationships across automotive and diversified industrial end markets support its business profile. Gates also benefits from a sizable aftermarket revenue base, accounting for roughly 68% of total revenue, which underpins EBITA margins and cash flow stability. Margins are expected to continue improving, reflecting advances in materials technology and ongoing manufacturing productivity initiatives. At the same time, Gates remains exposed to cyclicality in certain end markets, including oil and gas, agriculture, and construction. Additionally, the fragmented industry structure contributes to elevated competitive intensity and pricing pressure, particularly within emerging markets. The stable outlook reflects Moody's expectations that Gates will maintain healthy operating results and strong free cash flow over the next 12–18 months, supported by tailwinds in certain end markets, despite continued headwinds in others. Moody's also expects the company to maintain very good liquidity and a well-balanced financial policy. Moody's also anticipates that Gates' liquidity will be very good, as reflected in the SGL rating of SGL-1. Its liquidity is supported by Moody's expectations for free cash flow of more than $350 million over the next 12 months. The liquidity is further underpinned by access to a $500 million senior secured revolving credit facility. Moody's do not expect the company to breach the availability-based springing covenant of 4.5x maximum first lien net leverage under the senior secured revolving credit facility. Also, there are no material debt maturities in the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Gates maintains stable margins across cycles in end market demand, while debt-to-EBITDA is sustained below 3.25x and EBITA-to-interest is sustained above 5.0x. A conservative financial policy would support a ratings upgrade, including a prudent approach to returns to shareholders. Maintenance of very good liquidity would also be required for a rating upgrade. The ratings could be downgraded if sustained profit erosion occurs during periods of end market volatility, or if debt-to-EBITDA approaches 4.0x, or EBITA-to-interest declines below 4.0x. Debt funded acquisitions, share buybacks, or shareholder distributions that result in sustained higher leverage or weakened liquidity could also lead to a downgrade. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Gates Corporation, located in Denver, Colorado, is a leading global manufacturer of power transmission belts, fluid power products and critical components used in diverse industrial and automotive applications. The company is a wholly-owned subsidiary of Gates Industrial Corporation plc (NYSE: GTES). GBS BARR HOLDINGS: Seeks Cash Collateral Access ----------------------------------------------- GBS Barr Holdings, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and provide adequate protection. The Debtor requires access to incoming customer revenue—its primary funding source—to maintain payroll, rent, utilities, marketing, insurance, materials, and professional fees, including attorneys, an accountant, and the Subchapter V Trustee. The Debtor seeks authority to use cash collateral allegedly subject to liens held by multiple lenders, including First United Bank and Trust Co., the U.S. Small Business Administration, the IRS, and several merchant cash advance lenders such as DMKA, Bitty Advance, Decimus, Whitehair 5, Nexi (Fundamental Capital), The Funding Bull, Zlur Capital, and Speedy Funding. Based on UCC searches conducted one day after filing, the Debtor estimates total accounts receivable, inventory, and equipment at $117,465 and allocates estimated collateral values according to lien priority. Only the earliest-filed liens—primarily First United Bank and possibly DMKA—appear to be supported by remaining collateral value, while later filers are estimated as effectively unsecured. The Debtor further asserts that no creditor holds a perfected lien on its deposit accounts because none complied with Texas Business and Commerce Code section 9.312. To continue operations, the Debtor proposes using cash collateral consistent with a six-week budget, permitting up to 110% variance per line item so long as total monthly expenditures do not exceed 105% of the projected total. As adequate protection, the Debtor offers replacement liens on post-petition property to the same extent, validity, and priority as any properly perfected prepetition liens. The Debtor requests expedited interim approval and a final hearing within fourteen days, arguing that uninterrupted access to operating funds is essential to preserve the business as a going concern and support a successful reorganization. A copy of the motion is available at https://urlcurt.com/u?l=dORVBC from PacerMonitor.com. About GBS Barr Holdings, LLC GBS Barr Holdings, LLC is a Texas-based auto detailing company operating in Texas and South Dakota. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-60193-mmp) on March 2, 2026. In the petition signed by Gram B. Short, owner, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Michael M. Parker oversees the case. Kimberly Nash, Esq., at Law Office of Kimberly Nash P.C., represents the Debtor as legal counsel. GENESIS HEALTHCARE: Court Okays Overend Settlement Agreement ------------------------------------------------------------ Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas approved the Settlement Agreement entered into by Genesis Healthcare Inc. and certain affiliates and subsidiaries, and Michael Overend, as executor of the Estate of Joseph Overend. On October 21, 2024, Overend brought an action against the Debtors and other defendants in the Court of Common Pleas of Philadelphia County, Pennsylvania, in the case styled Michael Overend as Executor of the Estate of Joseph Overend v. Sanatoga Center, et. al. (the "Tort Action"), Docket No. 241002548. Following extensive settlement negotiations with counsel for the Debtors and counsel for Overend as to the Tort Action, the Debtors' primary coverage of $500,000 was formally "tendered" to the Medical Care Availability and Reduction of Error Fund (the "MCARE Fund") on or about June 30, 2025, as MCARE Claim #073810-A (the "MCARE Claim") and an MCARE representative was thereafter assigned. On September 8, 2025, bankruptcy counsel for Overend filed four (4) proofs of claim (the "Proofs of Claim") on his behalf with the Court each for an unliquidated amount of $1,000,000. The Parties have been engaged in a series of settlement discussions that are intended to be subject to the confidentiality provisions of Federal Rule of Evidence 408, and have agreed to resolve certain matters as set forth herein relating to the MCARE Claim and the Proofs of Claim in accordance with the terms and conditions of this Agreement. On or as of the Effective Date, Overend shall have an allowed liquidated unsecured claim against the Debtors' estates in the amount of $500,000 (the "Liquidated Claim"). The liquidation of Overend's claim is intended to compromise, novate, settle, and otherwise address the claims of Overend against the Debtors described in the Tort Action. Upon entry of this Order, the automatic stay imposed by Bankruptcy Code section 362(a) is lifted effective as of the date of the Order solely to permit Overend to pursue payment from the MCARE Fund, including executing the Settlement and any settlement releases required by the MCARE Fund, and filing the necessary Petition for Approval of Settlement in the underlying state court action. The Settlement is approved in all respects. The Settlement satisfies all applicable requirements of the Bankruptcy Code and the Bankruptcy Rules, including Bankruptcy Rule 9019. The Parties to the Settlement are authorized and directed to effectuate the settlement consistent with the Settlement, and the Debtors are authorized to enter into, perform, execute, and deliver all documents, and take all actions, necessary to immediately continue and fully implement the settlement in accordance with the terms and conditions set forth in the Settlement, all of which are hereby approved. Upon the Debtors' entry into the Settlement, it shall be binding on them, their estates, any trustee appointed in these cases, or any other successors to the Debtors. A copy of the Court's Order dated March 5, 2026, is available at https://urlcurt.com/u?l=cVxOXH from PacerMonitor.com. Counsel for the Debtors and Debtors-in-Possession: Marcus A. Helt, Esq. Jack G. Haake, Esq. MCDERMOTT WILL & SCHULTE LLP 2801 N. Harwood Street, Suite 2600 Dallas, TX 75201-1574 Telephone: (214) 295-8000 Facsimile: (972) 232-3098 Email: mhelt@mcdermottlaw.com jhaake@mcdermottlaw.com - and - Daniel M. Simon, Esq. Emily C. Keil, Esq. William A. Guerrieri, Esq. Catherine L. Bloomberg, Esq. Landon W. Foody, Esq. MCDERMOTT WILL & SCHULTE LLP 444 West Lake Street, Suite 4000 Chicago, IL 60606 Telephone: (312) 372-2000 Facsimile: (312) 984-7700 Email: dsimon@mcdermottlaw.com ekeil@mcdermottlaw.com wguerrieri@mcdermottlaw.com cbloomberg@mcdermottlaw.com lfoody@mcdermottlaw.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. Welltower OP LLC, as DIP agent, is represented by Gibson Dunn & Crutcher LLP. GEO GROUP: Fitch Affirms 'B+' IDR, Outlook Stable ------------------------------------------------- Fitch Ratings has affirmed four real estate companies' and their related subsidiaries' ratings using Fitch's REIT Corporate Rating Tool (CRT): 1. American Assets Trust, Inc. 2. Digital Realty Trust, Inc. 3. EPR Properties 4. The GEO Group, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores American Assets Trust, Inc. Fitch scored the issuer as follows, using its CRT to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Access to Capital (bbb+, Higher), Liability Profile (bbb+, Moderate), Property Portfolio (bbb, Moderate), Rental Income Risk Profile (bbb-, Moderate), Profitability (bbb, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. - To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Digital Realty Trust, 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), Access to Capital (bbb+, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb+, Moderate), Rental Income Risk Profile (bb+, Higher), Profitability (bbb, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. EPR Properties Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Higher), Liability Profile (bbb-, Moderate), Property Portfolio (bbb, Moderate), Rental Income Risk Profile (bb+, Higher), Profitability (bbb, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB-'. The GEO Group, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'b+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- American Assets Trust, Inc. LT IDR BBB Affirmed BBB Digital Dutch Finco B.V. senior unsecured LT BBB Affirmed BBB Digital Realty Trust, Inc. LT IDR BBB Affirmed BBB preferred LT BB+ Affirmed BB+ EPR Properties LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- preferred LT BB Affirmed BB Digital Realty Trust, L.P. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Digital Constellation B.V. senior unsecured LT BBB Affirmed BBB Digital Euro Finco, LLC senior unsecured LT BBB Affirmed BBB Digital Intrepid Holding B.V. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB GEO Corrections Holdings, Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ American Assets Trust, L.P. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Digital Stout Holding, LLC senior unsecured LT BBB Affirmed BBB The GEO Group, Inc. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ GO FREEDOM: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: Go Freedom Nation Investment Group LTD, LLC 90 Polo Pony Dr. Colorado Springs, CO 80906 Business Description: Go Freedom Nation Investment Group LTD, LLC is a real estate investment company based in Colorado Springs, Colorado. It owns and manages a portfolio of properties in the 80904 ZIP code zoned for residential development, including parcels along Race Street, S. 25th Street, Ehrich Street, Hayes Street, and S. 26th Street, with a combined estimated value of roughly $380,884. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-11442 Judge: Hon. Kimberley H Tyson Debtor's Counsel: Keri L. Riley, Esq. 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: klr@kutnerlaw.com Total Assets: $380,884 Total Liabilities: $1,300,105 The petition was signed by Bridger Kucinski signed the petition as managing member. The Debtor listed 5StarBank, located at 104 S. Cascade Ave., Suite 102, in Colorado Springs, Colorado, as its sole unsecured creditor, with a $25,276 claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HKGJXTI/Go_Freedom_Nation_Investment_Group__cobke-26-11442__0001.0.pdf?mcid=tGE4TAMA GOLDEN IMAGE: Seeks Cash Collateral Access ------------------------------------------ Golden Image Graphics, Inc. asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection, in accordance with its agreement with ConnectOne Bank. The Debtor operates a commercial printing business located at 26A Sawgrass Drive in Bellport, New York. According to the filing, ConnectOne Bank holds a first-priority security interest in essentially all of the Debtor's assets, as confirmed by Uniform Commercial Code filings and a lien search. Because the lender holds this secured position, the Debtor cannot freely use the proceeds generated from its assets, such as accounts receivable or business income, without either the lender's consent or court authorization. The Debtor states that it must use these funds to meet day-to-day operational expenses, pay vendors for goods and services, and make adequate protection payments to the secured creditor. The Debtor's primary source of income consists of payments received from customers for printing services and products, which represent the cash flow necessary to maintain operations. On the petition date, the Debtor had approximately $7,600 in its operating account and total assets valued at about $117,000, compared with total debts of roughly $521,500. Of this debt, approximately $468,000 is owed to ConnectOne Bank. After the petition date, the Debtor reassessed the value of a Fuji printing press that had previously been listed at $25,000 and determined that the equipment was unmarketable and effectively worthless, reducing the company’s total asset value to approximately $92,000. The Debtor also indicates that it intends to file a separate application under 11 U.S.C. Section 506 to determine the precise amount of the secured claim held by the lender. On February 19, 2026, the Debtor and ConnectOne Bank entered into a stipulation and agreed order governing the Debtor's ongoing use of cash collateral and the payment of adequate protection beginning in March 2026. A hearing on the matter is set for April 2, at 11:30 a.m. A copy of the motion is available at https://urlcurt.com/u?l=DNHcFj from PacerMonitor.com. About Golden Image Graphics, Inc. Golden Image Graphics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-70454-spg) on March 3, 2026. In the petition signed by David Bernstein, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Sheryl P. Giugliano oversees the case. Richard S. Feinsilver, Esq., at Fein Law, represents the Debtor as legal counsel. GOLIATH VENTURES: Prestige Wants Fellow Insol's Hoebeke as Receiver ------------------------------------------------------------------- Prestige Florida Property Investment LLC asks the U.S. District Court for the Middle District of Florida, Orlando Division, to appoint Fellow Insol International's Charles (Chip) Hoebeke as receiver for Goliath Ventures, Inc. (Florida), Goliath Ventures, Inc. (Wyoming) and Christopher Delgado. Prestige Florida requests the Court's emergency consideration and the immediate granting of this Motion to avoid the imminent risk of concealment, dissipation, loss, or diversion of Defendants' assets, digital wallets, cryptocurrency assets, properties, facilities, accounts that may be used to satisfy its claims. Prestige Florida alleges a massive cryptocurrency Ponzi scheme orchestrated by Delgado, Goliath, and its other principals. Masquerading as a "Joint Venture" to evade federal and state securities registration requirements, Defendants solicited millions of dollars from investors, including Plaintiff, by promising "guaranteed" monthly returns of 4% (48% annually), or more, generated through purported cryptocurrency "liquidity pools." Based on Defendants' false representations, agreements executed under false pretenses, and fabricated claims, Plaintiff invested $1,300,000 with Goliath. After successfully withdrawing $600,000 from Goliath, Plaintiff retained a balance of $700,000 with Goliath. In November 2025, Goliath suspended all distributions. On November 14, 2025, Plaintiff demanded the return of its remaining $700,000 principal. In response, Defendants fabricated a series of excuses, ranging from "audit-driven recommendations" to pending money service business applications. On January 19, 2026, Defendants finally admitted that they had failed to secure a Money Services Business account and that their institutional cryptocurrency wallets had been frozen or restricted for policy violations. On February 24, 2026, the government unsealed a criminal complaint against Goliath's CEO, Delgado, and charged him with money laundering and wire fraud. The Complaint details the fraudulent nature of Goliath and how the Defendants perpetrated this Ponzi scheme on the Plaintiff and other similarly situated people. Prestige Florida contends the appointment of a Temporary Receiver is the only viable mechanism to navigate the unique challenges of this case, namely the global mobility of cryptocurrency and the existence of "private keys" currently under the sole control of the Defendants. Prestige Florida says its claims and the claims of other similarly situated creditors are likely in excess of $300 million. The Court is suited to adjudicate this case and has the authority to appoint a receiver over Defendants and all of Defendants' assets, properties, facilities, insurance, accounts, and books and records, wherever they may be located in the United States or elsewhere, and this Court is the most appropriate federal forum to hear this emergency Motion because Defendants' own assets and properties in, and operate out of, the Middle District of Florida, Prestige Florida maintains. Prestige Florida says Mr. Hoebeke's experience as a Chapter 11 trustee in Wyoming has allowed him to become familiar with Wyoming law regarding fraudulent transfers, which makes him qualified for this position in light of the fact that Goliath is currently a Wyoming company. Prestige Florida also names as defendant Black Block Management Services LLC, which prepared an "Independent Evaluation Report" dated Aug. 13, 2025, which Goliath distributed to investors to allay growing investor concerns. The Report falsely claimed that Goliath "maintained an average collected balance of 115% or more of partner balances" and held "a sufficient position in reserves to satisfy any and all partner requests for withdrawal." Black Block Management Services, according to Prestige Florida, is not a licensed independent public accounting firm, and the report was a fabrication designed to induce investors to maintain or increase their positions. About Goliath Ventures, Inc. Goliath Ventures, Inc. is a cryptocurrency investment firm accused of running a Ponzi scheme. Goliath solicited millions of dollars from investors, promising "guaranteed" monthly returns of 4% (48% annually), or more, generated through purported cryptocurrency "liquidity pools." Christopher Delgado is the company's CEO. Goliath Ventures is facing a lawsuit captioned as Prestige Florida Property Investment LLC v. Goliath Ventures, Inc., Case No. 6:26-cv-00392 (M.D. Fla.), before the Hon. Gregory A. Presnell. The case was filed on Feb. 18, 2026. Attorneys for Plaintiff: Vincent A. Citro, Esq. David A. Meek II, Esq. Alfredo R. Zamora, Esq. Losey PLLC 1420 Edgewater Dr. Orlando, FL 32804 Tel: (407) 491-484 E-mail: vcitro@losey.law dmeek@losey.law docketing@losey.law GRAN TIERRA: S&P Downgrades Rating on Notes Due 2029 to 'B-' ------------------------------------------------------------ S&P Global Ratings lowered its issue rating on Gran Tierra Energy Inc.'s notes due 2029 to 'B-' from 'B'. This follows the end of the company's exchange offer transaction, which also involved the recently issued $503.6 million senior amortizing secured notes due 2031 (to refinance almost all of the 2029 notes). Also, S&P affirmed its 'B' issue-level rating on those notes due 2031 and affirmed our 'B-' issue-level rating on the company's senior unsecured notes due 2027. The refinancing of most of the 2029 notes had an acceptance rate of nearly 90%, leaving an outstanding balance of $87.6 million of the 2029 notes. The outstanding 2029 notes--which had been secured--became unsecured after the closing of the exchange transaction, because it released the collateral package under the notes. S&P said, "We lowered our issue-level rating on the 2029 notes given that the recently issued $503.6 million senior secured notes due 2031 exceed the 50% threshold (about 82%) for us to consider a rating subordination of what are now the unsecured 2029 notes. "We noted previously that, if the company achieved a satisfactory exchange, it would support liquidity and improve its debt maturity profile (with a more comfortable debt payment schedule in coming years). The recent issuance of the notes due 2031 was for refinancing purposes, as expected. Therefore, we do not see changes to Gran Tierra Energy's financial risk profile." The company has managed to significantly reduce its debt obligations for 2026 with an amortization of $50 million (versus $180 million before refinancing), and it posted a cash balance at the end of December 2025 of $83 million, as well as 100% availability on its revolving credit facility of around $55 million. This, together with S&P's view that there won't be additional debt for the next 12 months, should allow Gran Tierra Energy to maintain gross debt to EBITDA below 3.0x. After the exchange transaction, Gran Tierra Energy's consolidated debt mainly consists of $503.6 million in senior secured amortizing notes due 2031, $87.6 million in senior unsecured amortizing notes due 2029, and $24 million in senior unsecured notes due 2027. GRAVITY CONSTRUCTION: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Gravity Construction US Inc. 1834 127th Street College Point, NY 11356 Business Description: Gravity Construction US Inc. is a construction contractor that provides general contracting services including carpentry, masonry, concrete work, demolition, flooring, and painting for building projects. The company operates in the nonresidential building construction industry and works on commercial and mixed-use development projects in the New York area, with operations based in College Point, New York. Chapter 11 Petition Date: March 5, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41059 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike, Suite 250 Syosset, NY 11791 Tel: 516-747-1136 E-mail: hberger@bfslawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bo Lin as president. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BC4R7JA/Gravity_Construction_US_Inc__nyebke-26-41059__0001.0.pdf?mcid=tGE4TAMA HAIN CELESTIAL: Closes $111M Sale of North American Snacks Business ------------------------------------------------------------------- Hain Celestial Group announced that it has completed the previously announced sale of its North American Snacks business, including Garden Veggie Snacks(TM), Terra(R) chips and Garden of Eatin'(R) snacks, to Snackruptors Inc., a Canadian, family-owned snacks manufacturer. As previously disclosed on a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission by Hain on February 2, 2026, it entered into an asset purchase agreement with Snackruptors Inc. dated as of January 30, 2026. Hain completed the Transaction and received $111.2 million in cash, reflecting the total purchase price of $115 million less the holdback of an estimate for a customary inventory adjustment, which is subject to finalization following the closing. Proceeds from the transaction will be used to reduce debt, strengthening the company's financial position and leverage profile. The divestiture represents an important first step as Hain sharpens its focus and advances a simplified North American portfolio centered on core categories with stronger margin and cash flow profiles. The resulting portfolio and financial profile will support increased investment over time in the company's North American better-for-you brands across its flagship categories of yogurt, tea, and baby & kids foods. Going forward, Hain's global brands will include: * Celestial Seasonings(R) teas, * The Greek Gods(R) yogurt, * Earth's Best(R) Organic and Ella's Kitchen(R) baby and kids foods, * Joya(R) and Natumi(R) plant-based beverages, * Hartley's(R) jelly, * as well as Cully & Sully(R), * Yorkshire Provender(R), and * New Covent Garden(R) soups, among others. A full text of the Purchase Agreement is available at https://tinyurl.com/52c5y8d2 About Hain Celestial Group The Hain Celestial Group, Inc., a Delaware corporation was founded in 1993. Hain Celestial is a global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial's products across snacks, baby & kids, beverages, and meal preparation are marketed and sold in over 70 countries around the world. The Company operates under two reportable segments: North America and International. As of December 31, 2025, total assets were $1,477,410,000, total liabilities were $1,147,165,000, and the Company reported a stockholders' equity of $330,245,000. The Company disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, that there is substantial doubt about the Company's ability to continue as a going concern for at least 12 months due to the uncertainty regarding the Company's ability to refinance or repay its debt due on December 22, 2026 because no such refinancing, retirement or extension has occurred prior to the issuance of the financial statements. HRONIS INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Lead Debtor: Hronis, Inc. 10443 Hronis Road Delano, CA 93215 Business Description: Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court Eastern District of California Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Hronis, Inc. (Lead Case) 26-10978 Hronis Capital Assets, LP 26-10979 Hronis Capital Management, LLC 26-10980 Hronis Citrus, LLC 26-10981 Hronis Farming, LP 26-10982 Hronis Fruit Company LLC 26-10983 Hronis Land Company 26-10984 Hronis Ranch, LLC 26-10986 Hronis Resource Management, LLC 26-10987 The Hronis Family Limited Partnership 26-10988 Judge: Hon. Rene Lastreto II Debtors' Bankruptcy Counsel: Zev M. Schectman, Esq. Steven F. Werth, Esq. Mariam Khoudari, Esq. SAUL EWING LLP 1888 Century Park East Suite 1500 Los Angeles, CA 90067 Tel: 310-255-6100 Fax: 310-255-6200 Email: zev.shectman@saul.com steven.werth@saul.com mariam.khoudari@saul.com Debtors' Claims & Noticing Agent: DONLIN, RECANO & COMPANY Hronis, Inc.'s Estimated Assets: $50 million to $100 million Hronis, Inc.'s Estimated Liabilities: $50 million to $100 million The petitions were signed by Allen Soong as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LK6B36I/Hronis_Inc__caebke-26-10978__0001.0.pdf?mcid=tGE4TAMA List of Hronis, Inc.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AG Peak Trade Debt $222,000 2428 Campania Drive Delano, CA 93215 2. Alejo Santiago Trade Debt $579,000 2231 Ruffino Court Delano, CA 93215 3. Batth Brothers Farm Trade Debt $3,440,000 2117 Via Tuscania Avenue Delano, CA 93215 4. California Table Trade Debt $431,530 Grape Commission 392 West Fallbrook Avenue Suite 101 Fresno, CA 93711 5. Christian Crouzet Trade Debt $763,000 1484 West Linda Vista Porterville, CA 93257 6. Double Eagle Produce and Trade Debt $221,250 Transportation 3133 Pegasus Drive Bakersfield, CA 93308 7. Espinoza Farm Trade Debt $2,220,000 Labor Contractor 1921 13th Avenue Delano, CA 93215 8. Franchise Tax Board Tax Debt $1,423,154 Bankruptcy Section MS: A 340 P.O. Box 2952 Sacramento, CA 95812-2952 9. Homegrown Organic Farms Trade Debt $105,132 900 West Grand Avenue Porterville, CA 93257 10. Jose Valencia Trade Debt $2,194,000 17167 Avenue 104 Terra Bella, CA 93270 11. Lange Fresh Sales, Inc. Trade Debt $72,000 1000 Gamma Drive Suite 604 Pittsburgh, PA 15238 12. LMG Logistics, LLC Trade Debt $689,150 9415 Laurelwood Court Shafter, CA 93263 13. Medina Vines Trade Debt $175,000 707 Ebell Street Mc Farland, CA 93250 14. Robinhood Logistics, Inc. Trade Debt $3,116,400 4725 Panama Lane Suite D3-239 Bakersfield, CA 93313 15. RSG Farms Trade Debt $95,749 1247 Salem Street Delano, CA 93215 16. San Joaquin Produce Sales, Inc. Trade Debt $100,558 2533 SE Cottonwood Circle Visalia, CA 93277 17. SC Consulting LLC Trade Debt $279,805 708 NW 2nd Avenue Bentonville, AR 72712 18. Sunkist Growers, Inc. Trade Debt $1,216,289 27770 Entertainment Drive Valencia, CA 91355 19. Total Quality Logistics Trade Debt $74,430 4289 Ivy Pointe Blvd. Cincinnati, OH 45245 20. Wescott Agri Products Trade Debt $900,000 28085 Country Road 25 Elgin, MN 55932 HUBBARD RADIO: S&P Cuts ICR To 'CCC-' on Potential Covenant Breach ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based Hubbard Radio LLC to 'CCC-' from 'CCC+'. S&P also lowered its issue-level rating on Hubbard's senior secured term loan to 'CCC-' from 'CCC+'. The negative outlook reflects S&P's expectation that, over the next six months, Hubbard could breach its covenant or pursue debt restructuring. Hubbard Radio operating performance remains weak, with the company now at an elevated risk of a covenant breach. S&P believes the company would likely breach its covenant, which is a 7x net leverage covenant, given our expectations for S&P Global Ratings-adjusted leverage above 10x this year, absent a restructuring within the next six months. S&P said, "There is a greater likelihood of a covenant breach without a debt restructuring, which we would likely view as a default over the near term. Hubbard continues to underperform expectations due to ongoing secular declines in broadcast radio advertising and weak digital advertising growth. As of Sept. 30, 2025, S&P Global Ratings-adjusted leverage stood at 9.6x. We expect results to continue to deteriorate over the coming quarters based on our forecast for the company. "As a result, we believe there is a relatively high likelihood Hubbard will breach its 7x net leverage covenant as of March 31, 2026, under its term loan. We note that the company could receive equity contributions to reduce covenant net leverage from parent company Hubbard Broadcasting Inc. (HBI), which would be allowed under the credit agreement, though we view this as unlikely. "The negative outlook reflects our expectation that, over the next six months, Hubbard could breach its covenant or pursue debt restructuring. "We could lower the ratings over the next six months if Hubbard defaults on its term loan as a result of a covenant breach or the company completes a distressed debt restructuring. "We could raise our ratings on Hubbard if the company successfully addresses its covenant by obtaining a waiver, amendment, or equity cure, such that we no longer envision a covenant breach or restructuring over the near-term." HULL STREET: Trigild IVL's Ian Lagowitz Appointed as Receiver ------------------------------------------------------------- The Hon. Eric N. Vitaliano of the U.S. District Court for the Eastern District of New York entered an agreed order directing the appointment of Trigild IVL's Ian Lagowitz as receiver for Hull Street Associates Limited Liability Company. U.S. Bank National Association, as Trustee for the Registered Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Multifamily Mortgage Pass-Through Certificates, Series 2017-SB36, filed a motion seeking the appointment of a receiver to take possession of, secure, and administer certain real property and improvements thereon together with all rents, profits, and income derived therefrom, and certain personal property and fixtures related thereto, owned by Hull Street Associates Limited Liability Company. Hull Street's property is located at 212 and 214 Hull Street, Brooklyn, NY 11233. The Court ruled that: 1. The Receiver is authorized to take and have complete and exclusive control, possession, and custody of the Property, together with all bank accounts, credit card receipts, demand deposits, reimbursement rights, bank deposits, security deposits, and all other forms of accounts, accounts receivable, payment rights, cash, and cash equivalents, all of which shall be delivered to the Receiver by Borrower and its agents, and the banks maintaining the Borrower's accounts; 2. The Receiver is ordered to allow Lender and its agents access to the Property at all reasonable times, subject to the rights of tenants in possession; 3. Receiver is authorized to continue to manage, operate, lease, and market the Property for public or private sale; 4. To preserve the Property in the ordinary course of business, provided, however, that the Receiver shall not make any improvements, repairs, and/or remediations having a cost of $5,000.00 or more without first obtaining the approval of Lender or the Court; 5. The Receiver is authorized to maintain sufficient cash on hand to enable the Receiver to meet expenses, in an amount to be agreed to between the Receiver and Lender; 6. The Receiver shall be paid a monthly fee of $350.00 per hour or $3,500.00 per month, whichever is greater, and shall be reimbursed for the cost of the below-referenced surety bond and for any out-of-pocket costs and expenses incurred outside the ordinary course and scope of operating and managing the Property; 7. The Receiver is directed to file with the Court and serve on parties of record, within 45 business days of entry of the order of the Court, and on the 18th of every month thereafter until termination of receivership, and within 30 business days after termination of the receivership, complete reports, under oath, detailing receipts, disbursements, and transactions affecting the Property; 8. The Receiver is directed to post a surety bond of $10,000.00, the cost of which shall be an expense of the receivership; 9. Nothing contained in this Order shall be construed as obligating the Receiver to advance its own funds to pay the costs and expenses of the receivership that have been approved by Lender and the Court; 10. The Receiver is authorized to deliver this Order on any of the financial institutions that maintain any accounts relating to the Property or Borrower, and any such financial institution and any other persons in active concert or participation with Borrower are authorized to take such steps as are necessary to restrain or prevent Borrower from withdrawing, disbursing, distributing or causing the diversion of any funds, cash, income, deposits generated in any accounts relating to the Property or Borrower and are authorized to immediately turn over all funds in such accounts to the Receiver. About Hull Street Associates LLC Hull Street Associates LLC is a limited liability company that owns the property located at 212 and 214 Hull Street, Brooklyn, New York 11233. Hull is facing a receivership case captioned as U.S. Bank National Association v. Hull Street Associates LLC, Case No. 1:25-cv-06455 (E.D.N.Y.), before the Hon. Eric N. Vitaliano. The case was filed on Nov. 20, 2025. Other defendants in the case are Israel Lieber; The City of New York Environmental Control Board; The New York City Department of Housing Preservation and Development; New Hull Street Development Fund Company, Inc. a/k/a Board of Managers of New Hull Condominium; and John Doe No. 1 Through John Doe No. XXX. Plaintiff U.S. Bank National Association is represented by: Carter Wallace, Esq. Polsinelli PC Tel: (813) 393-0327 Email: cwallace@polsinelli.com Defendants Hull Street LLC, John Doe, and Israel Lieber are represented by: Joshua Reid Bronstein, Esq. The Law Offices of Joshua R. Bronstein & Associates, PLLC Tel: (516) 698-0202 E-mail: jbrons5@yahoo.com HUNTSMAN CORP: Fitch Lowers LongTerm IDR to BB+, Outlook Negative ----------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Huntsman Corp. and Huntsman International LLC (collectively, Huntsman) to 'BB+' from 'BBB-.' The Rating Outlook is Negative. Fitch has also downgraded the ratings of Huntsman International LLC's unsecured notes to 'BB+' with a Recovery Rating of 'RR4' from 'BBB-' and assigned a rating of 'BBB-'/'RR2' to Huntsman International LLC's new senior secured revolver. The downgrade reflects Huntsman's sustained weak profitability, which has underperformed Fitch's expectations, and Fitch's view that performance and credit metrics will remain weak through 2026 and 2027. The ratings are supported by Huntsman's leading market positions and strong financial flexibility. The issuer's high exposure to cyclical construction markets and a meaningful, though decreasing, exposure to commodity methylene diphenyl diisocyanate (MDI) constrain the ratings. The Negative Outlook reflects Fitch's expectation that, given ongoing weak market conditions, leverage will stay high for the rating level. Key Rating Drivers Sustained Weak Profitability: Fitch expects Huntsman's earnings weakness to persist through 2027 following a yoy decline of roughly 24% in Fitch-calculated EBITDA in 2025. The 2026 outlook remains pressured by soft near-term U.S. construction activity, rising U.S. energy and raw material costs, and ongoing structural challenges in Europe. Europe represents roughly 25% of sales and continues to face structurally higher energy costs and oversupply in certain end markets, following recent capacity additions from Asia. Broader headwinds include structural oversupply in parts of Performance Products, partially offset by modest growth in Advanced Materials. Huntsman's EBITDA decline from 2022 peaks through 2025 primarily reflects a prolonged downturn in U.S. residential construction and weaker industrials demand, compounded more recently by tariff-related trade disruptions and the aforementioned European pressures. Supported by Huntsman's leading market positions, Fitch expects margins to gradually improve from current trough levels as volumes recover, though timing and magnitude remain uncertain. Fitch may consider a negative rating action should earnings weaken further or remain at trough levels for a prolonged period. Cyclically High Leverage: Fitch expects leverage to remain above 4.0x through 2027 despite a gradual improvement in operating performance. Fitch-calculated leverage spiked to 7.9x in 2025 due to historically low EBITDA and higher revolver utilization. Fitch expects a modest cyclical recovery in EBITDA beginning in 2026 which should support gradual deleveraging, although metrics will likely remain weak relative to the rating through the forecast horizon. Sustained high leverage from structurally lower EBITDA without material debt reduction could prompt negative rating action. Fitch expects Huntsman to prioritize debt reduction with any excess cash flow over the medium term. Dividend Cut, FCF Neutral-Negative: Huntsman's 65% cut to its dividend improves but does not eliminate the modestly negative FCF (post-dividends) forecast through 2027. Cash generation remains constrained by below-cycle EBITDA, partially offset by working capital efficiency and manageable interest costs. Assuming the reduced dividend is maintained, Fitch expects FCF to trend toward breakeven by 2027 and turn slightly positive in 2028. Fitch also expects the company to continue suspending share repurchases and limiting growth capex while conditions remain soft. A widening FCF deficit stemming from a deeper earnings contraction could trigger a negative rating action. Strong Financial Flexibility: Fitch expects Huntsman to maintain solid financial flexibility despite a neutral-to-negative FCF profile through 2027. Liquidity was about $1.0 billion as of Dec. 31, 2025, pro forma for the revolver refinancing, and Fitch forecasts EBITDA interest coverage to average above 4.0x over the period. The maturity profile is also supportive, with no material debt maturities until the 2029 unsecured notes. Secured Revolver Rating Considerations: The 'RR2' Recovery Rating on Huntsman's $800 million revolver reflects the addition of collateral under the new credit agreement. The revolver is secured by substantially all U.S. personal property of Huntsman International LLC and its material wholly owned domestic subsidiaries. The facility is treated as a Category 2 first-lien obligation due to the presence of an A/R securitization facility in the capital structure. Fitch views the revised financial covenant schedule as indicative of adequate lender support amid a weaker earnings outlook. Leading Market Positions: Huntsman maintains leading market positions across its sub-industries, supported by a unique global manufacturing footprint. The company is a global leader in MDI-based polyurethanes, a market dominated by a few major players. Huntsman operates three world-scale production facilities in the U.S., the Netherlands, and China. Its competitive market position is further enhanced by access to low-cost feedstocks on the Gulf of Mexico (Gulf of America). Parent-Subsidiary Linkage: Under Fitch's "Parent and Subsidiary Linkage Criteria," Fitch has equalized the IDRs of Huntsman Corp. and its wholly owned issuing subsidiary, Huntsman International, LLC, at 'BB+'. This equalization reflects open legal ring-fencing and open access and control between the stronger subsidiary and Huntsman Corp. Peer Analysis Huntsman's business profile is highlighted by leading market positions and an advantaged cost structure, similar to chemicals peers such as Celanese Corp. (BB+/Negative), Albemarle Corporation (BBB-/Stable), and Olin Corporation (BB+/Negative). However, the company's high exposure to cyclical construction and industrial markets, and material exposure to structurally challenged Europe markets, has driven high earnings volatility in recent periods, comparing similarly to recent trends seen for Olin but more volatile than Celanese and Albemarle. Under Fitch's expectations for continued below-cycle performance, Huntsman's EBITDA margins are around 6% and FCF is neutral to negative through the forecast, comparing unfavorably to its peers. However, the financial profile remains supported by robust liquidity, similar to expectations for the three peers. Under the revised dividend rate, Huntsman is forecast to achieve roughly neutral FCF by 2027 and slightly positive FCF by 2028. After the sharp decline in earnings seen in recent years, Huntsman's gross leverage position is projected to be above 4.0x through 2027, which compares similarly to Olin and Celanese, but unfavorably to expectations for Albemarle. Fitch’s Key Rating-Case Assumptions - Revenues are roughly flat through 2027 on continued weak construction and industrials activity, with moderate growth of around 3.0% annually thereafter under improved operating conditions; - Fitch-defined EBITDA margins remain around historical lows through 2027 on persistently weak polyurethanes volumes and high costs in Europe, partially offset by resilient performance in Advanced Materials, cost savings and restructuring benefit. Margins reach 8% by 2028; - Capex remains around $175 million in 2026, modestly ramping up thereafter; - Dividends are held at current rates, leading to $60 million in annually payments; - No share repurchases or acquisitions are assumed through the forecast. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2025, 5% for the forecast year 2026, 10% for the forecast year 2027, 40% for the forecast year 2028 and 40% for the forecast year 2029. - 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: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x through the cycle; - EBITDA margins sustained around the low single digits and/or a widening FCF deficit. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Outlook could be revised to Stable if market conditions recover faster than expected, increasing confidence that the company will deleverage; - EBITDA Leverage sustained below 3.0x through the cycle; - FCF margins maintained above 1.5% through the cycle. Liquidity and Debt Structure Fitch projects Huntsman to maintain robust liquidity throughout the forecast period. Pro forma for the February revolver refinancing, liquidity as of Dec. 31, 2025 consists of approximately $426 million of Fitch-defined readily available cash, $454 million in availability under the senior secured $800 million revolver and $40 million in availability across the account receivable programs. Huntsman benefits from no material upcoming maturities until the 2029 unsecured note. Issuer Profile Huntsman Corporation is a leading global manufacturer of chemical products that include polyurethanes, amines, epoxies and resins. These products are used in a wide range of applications such as insulation, adhesives, aerospace, automotive and construction. 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 Huntsman Corp. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Huntsman International LLC LT IDR BB+ Downgrade BBB- senior secured LT BBB- New Rating RR2 senior unsecured LT BB+ Downgrade RR4 BBB- Huntsman Corp. LT IDR BB+ Downgrade BBB- I-SARANG USA: Commences Chapter 7 Bankruptcy in California ---------------------------------------------------------- On March 6, 2026, I-Sarang USA, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About I-Sarang USA, Inc. I-Sarang USA, Inc. is a U.S.-based business entity engaged in commercial operations serving customers in its market sector. The company conducts business activities related to the distribution of goods and services while supporting commercial transactions within its operating region. I-Sarang USA, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12131) on March 06, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The debtor is represented by Young K. Chang, Esq. ICP GROUP: Moody's Assigns 'Caa2' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings has assigned a Caa2 Corporate Family Rating, a Caa2-PD Probability of Default Rating, and a stable outlook to ICP Group Holdings, LLC (ICP) to reflect its position in the capital structure and as the issuer of financial statements and to adhere to Moody's credit policy. The Caa2 rating for the backed senior secured 1st lien bank credit facility, and the Ca rating for the backed senior secured 2nd lien bank credit facility at CPC Acquisition Corp. (CPC) were both affirmed. ICP is the parent company of CPC, and CPC is one of the primary borrowers of the company's backed secured 1st lien and 2nd lien bank credit facilities. ICP guarantees CPC's debt. Moody's also assigned a stable rating outlook to CPC. The Caa2 CFR, Caa2-PD PDR, and the stable rating outlook of NIC Acquisition Corp. have been withdrawn. Governance considerations under Moody's ESG framework, specifically financial strategy and risk management, were a key driver of the new rating assignment. RATINGS RATIONALE ICP's Caa2 CFR remains constrained by elevated balance sheet debt, weak interest coverage, and a lack of free cash flow generation, even assuming that EBITDA margins remain in the 15% range in 2026. The company is expected to continue relying on its balance sheet cash and investment securities balances to support its operations and compensate for any negative free cash flow. Weak construction and industrial end markets continue to challenge profitability and limit the company's ability to cover cash interest expenses and capex. If full-year 2025 results show any material deterioration in liquidity in the fourth quarter, or if financial performance is expected to weaken in 2026, Moody's would likely consider a negative outlook. The $130 million senior secured first lien term loan that closed in 1Q24 temporarily improved liquidity, but the company is slowly burning through that cash and does not have access to an external credit facility. The company's cash and security investments balance declined to $91 million at the end of 3Q25, and absence a material improvement in profitability will likely decline further in 2026. However, the company continues to implement pricing actions and is executing on cost reductions that could limit the cash burn in 2026 and leave overall liquidity at adequate levels to support its operational needs. ICP's ratings remain constrained by elevated balance sheet debt, weak interest coverage and the lack of free cash flow generation. The company needs to grow revenues and improve margins to reach free cash flow breakeven before it burns through its remaining liquidity. ICP's is a formulation-driven, asset-light business and that has significant exposure to more resilient renovation and repair applications. However, a large share of its sales are associated with building renovation, which has been under pressure due to the slowdown in industrial end markets and commercial real estate in the US. The stable outlook reflects adequate liquidity to support its business needs in 2026. However, given the weak operating environment, the ability to improve financial performance is challenging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if the company improves profitability enough to be free cash flow positive on a consistent basis without any benefits from working capital reductions, and if leverage declines below 9.0x. The rating could be downgraded if interest coverage remains below 1.0x and available liquidity falls below $50 million. Any distressed debt exchange at the expense of existing term loan lenders would also result in a downgrade. ICP Group Holdings, LLC is a formulator of specialty coatings, adhesives, sealants, and elastomers serving the industrial and construction markets. ICP is controlled by funds affiliated with Audax Management Company, LLC, along with other investors, including management. Revenues are roughly $600 million. The principal methodology used in these ratings was Chemicals published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. IMPRO SYNERGIES: Seeks to Hire GulkoSchwed as Special Counsel ------------------------------------------------------------- Impro Synergies LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ GulkoSchwed LLP as special counsel. The firm will represent the Debtor in an administrative action commenced against it and Glorieta Partners, Ltd. by the U.S. Department of Housing & Urban Development (HUD). The firm's hourly rates are as follows: Partner $600 Associate $350 - $500 Paralegal $225 The firm will request a retainer of $25,000, to be paid by the Debtor's majority member, Jatha, LLC, or another entity, on its behalf. Samuel Kadosh, Esq., a partner at GulkoSchwed, 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: Samuel Kadosh, Esq. GulkoSchwed LLP 525 Chestnut Street, Suite 209 Cedarhurst, NY 11516 Telephone: (212) 500-1312 Facsimile: (212) 678-0405 About Impro Synergies LLC Impro Synergies LLC serves as a property manager for approximately 15 apartment complexes in Florida and one in Atlanta, Georgia. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18274) on July 21, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Judge Mindy A. Mora oversees the case. Mancuso Law, PA serves as the Debtor's legal counsel. INSPIREMD INC: Dismisses COO Tommasoli; Departure Set for September ------------------------------------------------------------------- InspireMD, Inc. provided a notice of dismissal to Andrea Tommasoli, the Company's Chief Operating Officer. Mr. Tommasoli is employed by InspireMD Ltd., a wholly owned subsidiary of the Company, pursuant to an Employment Contract, dated November 2, 2020, governed by French law. The termination of Mr. Tommasoli's employment is subject to a six-month notice period for dismissal under the Employment Agreement, as well as compliance with applicable French labor laws. Mr. Tommasoli has been released from his duties effective April 1, 2026, but will continue to receive his base salary through the end of the notice period and will continue to receive health and provident benefits under applicable French Law for a maximum of 12 months. Mr. Tommasoli will also be entitled to severance pay in the amount of approximately EUR61,000 gross and total cost plus the balance of any accrued and untaken paid leave. Subject to compliance with applicable French law, Mr. Tommasoli's last day of employment with the Company is expected to be September 1, 2026. About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $78.5 million in total assets, $14.4 million in total liabilities, and $64.1 million in total equity. JAMMER LIMITED: Seeks Chapter 11 Bankruptcy in Michigan ------------------------------------------------------- On March 3, 2026, The Jammer Limited Liability Company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About The Jammer Limited Liability Company The Jammer Limited Liability Company is a business entity engaged in commercial operations serving customers in its local market. The company conducts business activities that support its industry sector and provide services and products to its clientele. The Jammer Limited Liability Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30523) on March 03, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Joel D. Applebaum handles the case. The debtor is represented by Edward J. Gudeman, Esq. of Gudeman & Associates, P.C. JASNIA REALTY: Gets Court OK to Use Cash Collateral Until April 2 ----------------------------------------------------------------- Jasnia Realty, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Western Division, to use cash collateral to fund operations. The court issued a proceeding memorandum and order authorizing the Debtor's interim use of cash collateral through April 2. The court ordered the Debtor to file by April 1 a reconciled budget showing actual to projected income and expenses for the period ending March 31 as well as beginning and ending bank balances monthly, and a projected budget for April, May and June. The next hearing is set for April 2. Jasnia owns two residential rental properties in Feeding Hills, Massachusetts: 438 Springfield Street (16 units) and 873 Springfield Street (28 units). Both properties are encumbered by first mortgages held by Freedom Credit Union in the approximate amount of $1 million each, and second mortgages held by Louis Cardaropoli, Trustee, in the approximate amount of $1.2 million, representing the same junior obligation secured by both properties. The rental income from the properties constitutes cash collateral, which the Debtor intends to use to pay its operating expenses, including repairs, maintenance, insurance, real estate taxes, payroll, and related costs essential to preserving the estate. As of the petition date, the Debtor's bank balance was $8,057. As adequate protection, the Debtor offers to pay $7,500 to Freedom Credit Union. The Debtor has not offered payments to the junior mortgage holder, asserting that continued payment of the senior mortgage, taxes, insurance, and maintenance adequately protects the junior lienholder's interest. Secured creditors will retain their existing liens, and any surplus funds after necessary expenses will be held in the debtor-in-possession account. Freedom Credit Union, as secured creditor, is represented by: Alan L. Braunstein, Esq. Riemer & Braunstein, LLP 100 Cambridge Street, 22nd Floor Boston, MA 02114 Telephone: (617) 880-3516 Facsimile: (617) 692-3516 abraunstein@riemerlaw.com About Jasnia Realty LLC Jasnia Realty, LLC operates as a limited liability company focused on real estate investment and asset management. Jasnia Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30102) on February 16, 2026. The filing reflects estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Louis S. Robin, Esq., of Law Offices of Louis S. Robin. JAY4 INC: Gets Extension to Access Cash Collateral -------------------------------------------------- Jay4, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court issued a fifth interim order authorizing the Debtor to use cash collateral until a final hearing in accordance with its initial order and the Debtor's budget, subject to a 10% variance. As adequate protection secured creditors will receive a replacement security interest in the Debtor's post-petition property and its proceeds, with the same priority and extent as their pre-bankruptcy security interest. The creditors include U.S. Bank N.A., Fintegra SPV I, LLC and Highland Hills Capital, which assert secured claims of $48,500, $45,018, and $100,000, respectively. The court ordered all parties holding funds owed to the Debtor to immediately remit those funds to the Debtor. The fifth interim order is available at https://shorturl.at/NhXxE from PacerMonitor.com. The next hearing is set for April 7. U.S. Bank asserts a secured claim pursuant to a UCC-1 financing statement filed in 2021, while the other secured creditors are largely merchant cash advance lenders whose claims are complex, aggressive, and of uncertain validity or priority. The MCA loans were sought temporarily to address short-term funding gaps beginning in July but the high repayment demands and inflexible terms exacerbated financial strain. Additional MCA offers intensified pressure, creating a situation where ongoing operations were jeopardized despite good-faith efforts to avoid bankruptcy. About Jay4 Inc Jay4, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04796) on November 14, 2025, listing up to $500,000 in assets and liabilities. Michael Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, serves as Subchapter V trustee. Judge Randal S. Mashburn oversees the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC, represents the Debtor as bankruptcy counsel. JDM PROPERTIES: Taps Melissa Powers CPA & Associates as Accountant ------------------------------------------------------------------ JDM Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Melissa Powers CPA & Associates as accountant. The Debtor needs an accountant to file certain bankruptcy reports and tax returns. Melissa Powers CPA & Associates will be paid at an hourly rate of $200. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Melissa Powers CPA & Associates 1195 Pineview Drive Morgantown, WV 26505 Telephone: (304) 212-5459 About JDM Properties LLC JDM Properties, LLC owns and manages residential and rental real estate in Marion and Monongalia Counties, West Virginia, including multiple properties in Fairmont, Morgantown, and Rivesville, with a combined value of $1 million. JDM Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. W. Va. Case No. 25-00656) on November 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor tapped D. Conrad Gall, Esq., as counsel and Melissa Powers CPA & Associates as accountant. JELD-WEN INC: Moody's Cuts CFR to Caa1, Outlook Negative -------------------------------------------------------- Moody's Ratings downgraded JELD-WEN, Inc.'s (JELD-WEN) corporate family rating to Caa1 from B2, probability of default rating to Caa1-PD from B2-PD, the rating on the company's senior secured term loan B to B3 from B1, and the ratings on the senior unsecured notes issued by JELD-WEN, Inc. and backed senior unsecured notes issued by JELD-WEN Holding, Inc. to Caa2 from B3. The Speculative Grade Liquidity Rating remains unchanged at SGL-3 for JELD-WEN. The rating outlook for JELD-WEN, Inc. and JELD-WEN Holding, Inc. remains negative. The downgrade of the CFR to Caa1 reflects JELD-WEN's rapid deterioration in credit metrics and limited prospects for a material improvement through earnings before 2027. JELD-WEN has implemented meaningful cost reduction and operational improvement initiatives to stabilize its earnings but Moody's expects continued revenue pressure in light of soft demand across its end markets. The downgrade also reflects weak free cash flow generation, which constrains deleveraging and increases the company's exposure to execution risk. In addition, Moody's considers the uncertainty surrounding JELD-WEN's strategic review of its European operations and the potential use of sale-leaseback transactions as part of its liquidity and balance sheet strategy. While these actions could provide incremental financial flexibility, there remains uncertainty regarding the timing, scope, and ultimate impact of any such transactions on the company's pro forma capital structure, earnings profile and long-term business risk. The negative outlook reflects the risk that cost actions and operational initiatives will not be sufficient to offset ongoing demand weakness and a further erosion of the company's liquidity. The outlook also reflects increasing execution risk associated with addressing the company's debt maturities. RATINGS RATIONALE JELD-WEN's Caa1 CFR is constrained by its weak operating performance, negative free cash flow and limited near-term prospects for a meaningful recovery in the near-term. Debt/EBITDA was about 11x, EBITA/interest coverage was about 0.1x and free cash flow was a use of about $140 million for the last twelve month (LTM) period ended December 31, 2025. Moody's expects some improvement in free cash flow generation but still expect a use of about $80 million in 2026. Moody's also expects debt/EBITDA to remain around about 11x in 2026 and do not expect a material improvement until 2027 at the earliest. The rating is also constrained by the cyclicality and competitive dynamics of its end markets. Elevated execution risk around its business improvement initiatives, strategic review of Europe and potential asset sales to deleverage is also a constraining factor. At the same time, the rating is supported by its established, albeit weakening, market position in the North American and European doors and windows markets, reflected in its large revenue base and broad operating footprint. The CFR is also supported by its adequate liquidity and ongoing initiatives to improve service performance and structurally reduce costs. The Speculative Grade Liquidity Rating of SGL-3 reflects Moody's expectations that JELD-WEN will maintain adequate liquidity over the next 12 to 15 months, supported by $136 million of cash on hand and about $350 million of availability under its revolving credit facility, despite negative free cash flow and continued earnings pressure. Liquidity is also supported by its covenant-lite structure and alternate sources of liquidity such as sale-leasebacks. Reflecting the downgrade of JELD-WEN's CFR to Caa1, Moody's adjusted the financial policy rating factor in the company's scorecard to Caa from B. Moody's also changed JELD-WEN's credit impact score (CIS) to CIS-5 from CIS-4, indicating the rating is lower than it would have been if ESG risk exposures did not exist. JELD-WEN has high financial risk from weak credit metrics due to the challenges of executing its operational plan while facing softness in the US construction industry and intense competition. The score change also reflects underperformance relative to its peers. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if company demonstrates a successful turnaround in its operating performance. Specifically, an upgrade would require debt to EBITDA is sustained below 7x, EBITA to interest coverage sustained above 1.0x, an improvement of its EBITA margin and at least break even free cash flow generation and adequate liquidity. The ratings could be downgraded if liquidity deteriorates, including increased reliance on the revolver, further decline in EBITA margin, or an increase in the likelihood of a debt restructuring, resulting in a reduction in recovery prospects for creditors or a default. The ratings could also be downgraded if refinancing risk increases due to a lack of tangible progress toward addressing the company's upcoming maturities in an economical fashion or if the risk of a distressed exchange increases. JELD-WEN, Inc. is a vertically integrated manufacturer of interior and exterior doors and windows across different price points for the new residential construction, repair and remodeling, and nonresidential building markets in North America and Europe. In the last twelve months ended December 31, 2025, JELD-WEN generated about $3.2 billion in revenue. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. JGA DEVELOPMENT: Fine-Tunes Plan Documents ------------------------------------------ JGA Development, LLC, submitted an Amended Fifth Disclosure Statement describing Chapter 11 Liquidating Plan dated March 2, 2026. This is a liquidating plan. In other words, the Proponent seeks to accomplish payment under the plan by selling its assets in an orderly manner and ceasing operations. The Debtor's liquidating plan envisions completion of the ongoing rehabilitation project at 5 Cherryville-Stanton Road, Flemington, NJ 08822. As of January 21, 2026, the Debtor had $162,5001 of unrestricted cash in the DIP account. Like in the prior iteration of the Plan, Class 7 consists of General Unsecured Creditors, including but not limited to Capital Stack UT, LLC and remaining balances owed to Anchor Loans, LP following short sales. Unsecured claims of Anchor Loans, LP to be calculated as amount owed for contractual payoff minus amounts received from sale of property, with no additional interest, fees or other amounts owed following the completion of the sale. Following payment of secured claims, administrative claims, and priority claims: The remaining balance on hand will be distributed pro rata to holders of allowed general unsecured claims. The Plan will be funded by the Debtor's cash on hand at the time of confirmation plus the net proceeds from the sale of 5 Cherryville Stanton Road, Flemington, New Jersey. The Debtor shall rehabilitate, market and sell only the Cherryville-Stanton Property pursuant to the Plan and deadlines/milestones set forth in the Plan. The Debtor shall not rehabilitate, market, or sell any other real property under the Plan without (i) Anchor's written consent; and (ii) further order of the Court after notice and a hearing. The Plan shall not fund, rehabilitate, market, or sell 36 E. Grand Avenue, Building D, Unit 22, Rahway, New Jersey or any other property where relief from the automatic stay has been granted. The Court's prior order(s) granting Anchor relief from the stay remain in full force and effect. The Debtor has sufficient funds on hand to completely fund rehabilitation of the Cherryville-Stanton Property as well as payment of administrative expenses. borrowing is required to complete the rehabilitation project. A full-text copy of the Amended Fifth Disclosure Statement dated March 2, 2026 is available at https://urlcurt.com/u?l=u6PQ3X from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 856-548-5440 / Daniel@ReinganumLaw.com About JGA Development, LLC JGA Development, LLC, a real estate investment and development company in Vineland, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-16864) on July 9, 2024. At the time of the filing, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor tapped the Law Offices of Daniel Reinganum as bankruptcy counsel and Michele Zelina, Esq., as special counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. JIC CONTRACTING: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------------- Pacific Asset Holding, LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to prohibit Jic Contracting LLC from using cash collateral. The lender asserts that it holds a security interest in real property located at 3233 N. 26th Street, Philadelphia, Pennsylvania. The lender is in the process of filing a proof of claim totaling approximately $115,987. According to the Debtor's Schedule D, the property is valued at $100,200, which is significantly less than the outstanding debt, leaving no adequate equity cushion to protect the creditor's interest. Pacific Asset Holding further contends that the Debtor's proposed budget fails to provide for adequate protection payments, despite a contractual monthly payment obligation of $1,440. A copy of the motion is available at https://urlcurt.com/u?l=C7zBAK from PacerMonitor.com. About JIC Contracting LLC JIC Contracting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14873) on November 29, 2025, with up to $500,000 in assets and liabilities. Judge Derek J. Baker presides over the case. Mark A. Berenato, Esq., represents the Debtor as counsel. Pacific Asset Holding, LLC, as lender, is represented by: Mark Cronin, Esq. McCalla Raymer Leibert Pierce, LLP 325 Chestnut Street, Suite 725 Philadelphia, PA 19106 Phone: 215-402-6989 Email: mark.cronin@mccalla.com JMG VENTURES: Kapitus's Inventory Must Be Valued at Wholesale Price ------------------------------------------------------------------- Judge Beth E. Hanan of the U.S. Bankruptcy Court for the Western District of Wisconsin overruled the objection of Kapitus, LLC to the confirmation of JMG Ventures, LLC's plan of reorganization. Debtor JMG Ventures, LLC, filed a Chapter 11 bankruptcy petition on August 19, 2024, and elected to proceed under Subchapter V. JMG owns and operates a jewelry store in Middleton, Wisconsin, and seeks to reorganize and continue as an operating concern. To effect that goal, JMG filed a plan of reorganization that, among other things, pays the claims of several secured creditors in full (e.g., Classes 2–4), while paying only a portion of the claims of nonpriority unsecured creditors (including the claims of secured creditors that the plan treats as unsecured, allegedly because there is not enough equity in the value of JMG's assets for the claims to be fully or partially secured under 11 U.S.C. Sec. 506(a)). Kapitus, LLC, falls into the latter group of secured ("unsecured") creditors. Kapitus (through its agent Kapitus Servicing, Inc.) filed a proof of claim for $174,701.26 and asserts that its claim is fully secured by virtue of a security interest in all the debtor's receivables, inventory, equipment, intangibles, investments, cash, and proceeds thereof. Kapitus objects to its treatment as an unsecured creditor in the debtor's plan, arguing that JMG has undervalued its jewelry inventory significantly, thereby resulting in the improper classification. Because Kapitus's security interest is subordinate to the interests of five other secured creditors with claims together totaling approximately $770,000, the value of JMG's inventory -- and whether that inventory is valued at retail price (as Kapitus urges) or wholesale cost (as JMG urges) -- will determine whether Kapitus's claim should be treated as secured or unsecured vis-a-vis plan confirmation. To resolve this valuation dispute -- and allow the parties to present evidence and argument on the "replacement value" of the debtor's jewelry inventory -- the Court held two evidentiary hearings and ordered two subsequent rounds of briefing. JMG owns and operates a jewelry store called "Middleton Jewelers" in Middleton, Wisconsin, which it describes as "Madison and Middleton's premier gold and jewelry destination." While the bulk of Middleton Jewelers' sales come from custom jewelry designs and repairs (approximately 70%), the store also sells inventory out of its display cases (accounting for 30% of sales), and upon special request will acquire gold bullion for clients. Manmeet Soin is the sole owner and manager of JMG and one of its five employees. At the time of the evidentiary hearings, the wholesale value of JMG's owned inventory -- the price JMG paid to purchase the inventory from its vendors -- was $229,026.50, while the wholesale value of the debtor's "memo" inventory was $253,627.28. Mr. Soin testified that these wholesale prices are typical of the industry. After considering that the store eventually sells some jewelry inventory at a discount, and accounting for JMG's costs of doing business, Mr. Soin estimated that the store typically makes a 25% to 30% profit on inventory jewelry sales. Mr. Soin added that he (and other similarly situated jewelry retailers) would not buy jewelry for resale at retail prices, because that would leave no margin to cover overhead costs and profit for the business. Mr. Soin has been involved in the wholesale and retail jewelry industry since 2012, and the Court finds his testimony credible. Kapitus offered no witnesses. Kapitus and JMG disagree as to the value of the inventory held at the store, and specifically, whether inventory should be valued at a wholesale or retail price. As noted, the wholesale cost of both the owned and memo inventory, as of the hearing, totaled $482,653.78. JMG contends that this is the proper value of the inventory for purposes of confirmation, as it represents the cost JMG would incur to buy replacement inventory of the same kind and for the same purpose. Kapitus, on the other hand, argues that the inventory should be valued at a much higher retail price. Relying on Mr. Soin's testimony about a range of markup prices, Kapitus asserts that the value of the inventory is between $965,307.56 (at two-times cost) and $1,206,653.45 (at two-and-a-half-times cost). The amount of the secured claims against the debtor's assets (including Kapitus's claim) is $948,512.66. Per Kapitus, if the replacement value of JMG's inventory is set at its retail value then the value of JMG's assets subject to Kapitus's security interest (based on the current record) is between $1,164,549.56 and $1,405,895.45,4 meaning that Kapitus's claim is fully secured. On the other hand, if replacement value is determined to be JMG's cost of the inventory, or the wholesale price, then the total value of the debtor's assets subject to Kapitus's security interest is $681,895.78 (again, based on the current record), and Kapitus's claim is wholly unsecured for purposes of confirmation. Whether Kapitus has a secured or unsecured claim depends on the manner of valuation. The Court concludes that JMG's retail inventory collateral should be valued at wholesale cost for purposes of establishing the amount of Kapitus's secured claim under JMG's plan of reorganization. JMG is ordered to file an amended plan consistent with this decision no later than 28 days after entry of this order. A copy of the Court's decision dated March 6, 2026, is available at https://urlcurt.com/u?l=Ez0Fz6 from PacerMonitor.com. About JMG Ventures JMG Ventures, LLC is a limited liability company in Middleton, Wis., which conducts business under the name Middleton Jewelers. JMG Ventures filed Chapter 11 petition (Bankr. W.D. Wis. Case No. 24-11650) on August 19, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Manmeet Soin, managing member, signed the petition. Judge Beth E. Hanan oversees the case. The Debtor is represented by Eliza M. Reyes, Esq., at Richman & Richman, LLC. JOURNEY PERSONAL: Moody's Alters Outlook on 'B3' CFR to Positive ---------------------------------------------------------------- Moody's Ratings affirmed the ratings of Journey Personal Care Corp. (Journey) including the Corporate Family Rating at B3, Probability of Default Rating at B3-PD and the senior secured first lien term loan B rating at B3. The outlook was revised to positive from stable. The revision of the outlook to positive reflects Journey's improving operating performance, supported by higher profitability, declining leverage, and improving free cash flow generation. The EBITDA margin (incorporating Moody's adjustments) improved to the mid-teens, reflecting improved fixed cost absorption, productivity gains across the manufacturing footprint and disciplined overhead management. Debt-to-EBITDA leverage declined to 4.8x as of September 2025 through EBITDA growth. Moody's expects debt to EBITDA to decline further into the mid 4x range over the next 12 months, even as the company continues to invest in growth initiatives. Moody's projects free cash flow generation will continue to improve, following strong positive free cash flow in the second half of 2025 driven by higher earnings and favorable working capital movements. Moody's expects free cash flow to exceed $30 million or more annually with continued earnings growth driven by capacity expansion to support new business wins, increasing demand for adult incontinence products due to population again, cost discipline, and more stable working capital requirements. Moody's affirmed the ratings because the company has to execute well on its growth initiatives to increase earnings and free cash flow. The business remains capital intensive while building manufacturing capacity and investing in innovation to support growth. The competitive adult incontinence and baby diaper markets could also create pressure on Journey's volume and pricing. RATINGS RATIONALE Journey's B3 CFR reflects its leading positions in private label and partner brand adult incontinence products, diversified end markets across North America and Europe, and long standing relationships with blue chip retail and healthcare customers. Approximately 70% of revenue is generated from the adult incontinence category, which benefits from favorable demographic trends and provides a resilient source of demand. Recent capacity investments in the US and Europe enhance Journey's ability to capture incremental growth and convert a strong commercial pipeline into revenue. Moody's adjusted debt to EBITDA leverage was approximately 4.8x for the 12 months ended September 30, 2025, and is expected to decline to a mid-4x range in 2026, supported by EBITDA growth from new business wins. Journey's credit profile is constrained by high leverage, concentration in the competitive adult incontinence and baby diaper market that includes much larger and more diversified companies, limited free cash flow track record, execution risk associated with sustaining recent earnings improvements. The business is capital intensive during periods of expansion, requiring investment in manufacturing capacity and product innovation to remain competitive, while maintenance capital requirements are relatively moderate. Current growth-related capital spending limits the pace of deleveraging and constrains free cash flow during periods of elevated investment. In addition, while diversification has improved, customer concentration remains meaningful, particularly among large retail and healthcare customers, which can constrain pricing flexibility and expose the company to contract renewal risk. The credit profile also remains exposed to input cost volatility, including pulp, nonwovens, super-absorbent polymers (SAP) and energy, as well as foreign exchange movements, which could pressure margins if not effectively managed. In addition, the baby care category continues to face demand challenges in the US, which may limit topline growth and partially offset gains in the higher growth adult incontinence segment. The company's earnings continue to benefit from cost discipline and operational enhancements, which have partially offset inflationary pressures and labor cost increases. Productivity improvements across the manufacturing footprint are mitigating volume challenges in the baby segment, where pricing flexibility remains constrained by competitive dynamics. Moody's expects continued focus on cost controls and operational execution to support margin stability over the next 12 months. Moody's projects free cash flow generation to improve as investments in three new manufacturing lines in the US and Spain in 2025 translate into higher volumes. These investments are largely complete, and Moody's expect inventory levels to normalize in 2026, supporting improving free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Journey's grow volumes and revenue consistently through new business wins and increased business at existing customers, and manages costs such that EBITDA margin continues to improve. Journey would also need to sustain debt-to-EBITDA below 5.5x, increase EBITDA-less-capital-spending-to-interest above 2.0x, generate consistent and comfortably positive free cash flow with good reinvestment levels, and maintain good liquidity to be upgraded. The ratings could be downgraded if Journey's operating EBITDA weakens due to factors such as reduced volumes, a decline in selling prices or cost increases. EBITDA less capex to interest coverage below 1.25x, weak or negative free cash flow or a deterioration in liquidity could also lead to a downgrade. Journey Personal Care Corp. (dba Attindas Hygiene Partners), headquartered in Raleigh, North Carolina, is a designer, manufacturer, and distributor of branded and partner branded personal care products, including adult incontinence products such as protective underwear, briefs, underpads, and pads, as well as baby diapers and training pants. The company operates a diversified manufacturing footprint with facilities across the United States and Europe, serving customers through retail, healthcare, and direct to consumer channels. Journey benefits from long standing relationships with major retailers and healthcare distributors and a business mix increasingly weighted toward adult incontinence products. For the last twelve months ended September 30, 2025, Journey generated approximately $1.1 billion of revenue. The company was acquired by American Industrial Partners in a leveraged buyout completed in March 2021. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. JSMITH CIVIL: Court Narrows Claims in Clancy & Theys, et al. Case ----------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina granted in part and denied in part the motion to dismiss filed by Clancy & Theys Construction Co., Seaboard I, LLC, and Preston Ridge Holdings JV, LLC in the adversary proceeding captioned as JSMITH CIVIL, LLC, Plaintiff, v. CLANCY & THEYS CONSTRUCTION CO., SEABOARD I, LLC, and PRESTON RIDGE HOLDINGS JV, LLC, Defendants, Adversary Proceeding Case No. 25-00163-5-JNC (Bankr. E.D.N.C.). Debtor filed its chapter 11 case on September 19, 2023. Defendant C&T filed Proof of Claim No. 53 in Debtor's chapter 11 case in the amount of $5,610,753.91, to which the Debtor filed an objection. Debtor's chapter 11 plan of reorganization was approved by order entered on September 19, 2024. Debtor filed the complaint in this action on September 19, 2025, the final day of the filing period. The Complaint asserts seven claims for relief: (1) turnover pursuant to Sec. 542 of the Bankruptcy Code (the "Turnover Claim"); (2) breach of contract pursuant to North Carolina law (the "Breach Claim"); (3 - 6) four claims in the alternative based on quantum meruit and unjust enrichment (the "QM Claims"); and (7) disallowance of claim pursuant to Sec. 502(d) of the Bankruptcy Code (the "Disallowance Claim"). The Claim Objection has been consolidated with this adversary proceeding. Plaintiff is a construction company which served as a subcontractor to Defendant C&T on four projects in North Carolina in 2021 and 2022. Defendants Seaboard and Preston Ridge own three of the four project sites. The fourth project site owner is not a party to this adversary proceeding. All four contracts contain the same relevant term: Plaintiff was to be paid in regular installments, with 10% of each installment retained by the contractor (the "Retainage") until the subject project was completed and full compliance was confirmed. The Plaintiff left or was pulled from the projects prior to completion. The Turnover Claim alleges that despite the failure to complete, the Retainage for each job is recoverable as an account receivable. Importantly, the Complaint does not allege that a segregated bank account or other specific situs of the Retainage exists. Defendants contend the Adversary Proceeding should be dismissed in its entirety pursuant to Federal Rule of Civil Procedure 12(b)(6), made applicable to this adversary proceeding by Federal Rule of Bankruptcy Procedure 7012, for failure to state a claim upon which relief can be granted. Defendants further argue that the Disallowance Claim is untimely and time barred. While the Debtor is correct that it need only plausibly allege a mature debt, it nevertheless fails to do so. The Complaint provides an alleged amount of the accounts receivable for each project but does not provide any of the other information necessary to plausibly allege a mature debt. It contains no progress payment records or any other "method of accounting for the amount claimed. According to the Court, without an accounting, the Complaint has not plausibly alleged a mature debt. The claim therefore sounds in contract and alleged breach rather than section 542 turnover. The Motion is allowed as to the Turnover Claim. Rather than dispute whether a material beach is alleged, Defendants contend the Complaint fails to allege that Plaintiff fully performed by completing the relevant projects. They imply this failure to perform was itself a material breach which would completely preclude Plaintiff from recovering for Defendants' breach, rather than acting as a defense for set off or other reduction in damages. The Complaint need not allege that the project was completed to state a claim for breach of contract. Further, any breach by the Plaintiff would merely support a defense or an argument as to the merits but is irrelevant to dismissal under Rule 12(b)(6). The Court finds the Complaint plausibly alleges that a valid contract existed and was materially breached by the Defendants. Therefore, the Motion is denied as to the Breach Claim. Defendants argue that under North Carolina law, a suit for quantum meruit or unjust enrichment cannot be maintained where an express contract exists. While the Complaint plausibly alleges that a valid contract exists, the court has not yet made, nor could it make such a finding at this early stage of the case. According to the Court, the issue of validity of contract and whether an affirmative finding then precludes the ability to make a quantum meruit claim is not appropriate for this stage of the litigation and the quantum meruit claims survive as an alternative to breach of contract. The Motion is granted with respect to the Turnover Claim and the Turnover Claim is dismissed from this action. The Motion is denied as to all other claims. A copy of the Court's Order dated March 5, 2026, is available at https://urlcurt.com/u?l=I9UvDP from PacerMonitor.com. About JSmith Civil LLC JSmith Civil LLC is a Goldsboro contractor. JSmith Civil LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-02734) on Sept. 19, 2023. In the petition filed by Jeremy Smith, as president, the Debtor estimated assets and liabilities between $10 million and $50 million each. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Joseph Zachary Frost, Esq., at Buckmiller, Boyette & Frost, PLLC. KAISER ALUMINUM: Moody's Alters Outlook on 'B1' CFR to Positive --------------------------------------------------------------- Moody's Ratings changed Kaiser Aluminum Corporation's (Kaiser) outlook to positive from stable and affirmed all ratings including its B1 Corporate Family Rating, B1-PD Probability of Default Rating, and its B2 senior unsecured notes rating. The Speculative Grade Liquidity Rating (SGL) of SGL-2 remains unchanged. "The change in Kaiser's outlook reflects the likelihood it will sustain a higher level of earnings and free cash flow now that it has completed capital investments that have increased its production capacity and upgraded its product mix. An upgrade is possible if the company sustains profitability and credit metrics consistent with a higher rating or pays down its outstanding debt," said Michael Corelli, Moody's Ratings' Senior Vice President and lead analyst for Kaiser Aluminum Corporation. RATINGS RATIONALE Kaiser Aluminum Corporation's B1 corporate family rating reflects its moderate leverage, ample interest coverage and its materially improved operating performance, and the expectation it will return to free cash generation as it benefits from investments in additional capacity and value-added capabilities, and since the company expects working capital to become a source of cash. It also reflects its good market position in the commercial aerospace & defense, beverage and food packaging, automotive and general engineering end markets, as well as its long-standing relationships with airframe manufacturers, tier one automotive suppliers and large metal service centers. The company benefits from a value-added product mix and a pricing model that allows it to pass through aluminum costs on most of its sales through contracts that mitigate the impact of aluminum price volatility. However, Kaiser's rating is constrained by the company's moderate scale versus higher rated entities, its relatively low EBITDA margins due to its pass-through business model and competitive price pressures, its reliance on cyclical end markets, the historical volatility of its operating performance and cash flows and its customer concentration. Kaiser's earnings significantly improved in 2025, driven by stronger product pricing and a favorable metal price lag, which were both aided by rising LME aluminum prices and Midwest Premiums due to increased aluminum demand and the 50% Section 232 tariffs on US aluminum imports. The company also benefited from an improved product mix as it invests in value-added capabilities and focuses on more profitable products. These factors more than offset about $47 million of start-up and other non-recurring costs related to ramping up expanded and new value-added capacity. The metal price lag, which reflects the timing difference between aluminum prices included within hedged cost of alloyed metal and the weighted average market price, positively impacted earnings by $93 million. Metal price lag tends to result in increased earnings in times of rising primary aluminum prices. As a result, the company generated Moody's adjusted EBITDA of $324 million in 2025 versus $259 million in 2024. Moody's anticipates earnings could strengthen further in 2026 supported by good end market demand and an improved product mix with adjusted EBITDA around $350 million. Nevertheless, the company's profit margins are likely to weaken despite an improved product mix as the metal lag benefit materially declines, and elevated aluminum prices account for a higher proportion of its costs. Kaiser's investments in value-added capabilities and expanded capacity along with working capital investments and dividend payments resulted in a cash burn of $77 million in 2025. Moody's expects the company to generate free cash flow of at least $100 million in 2026 as earnings grow, capital investments ebb and working capital potentially becomes a source of cash. Moody's believes the company will likely pay down its $22.3 million of revolving borrowings in the near term but could then build its cash balance to potentially retire a portion of its senior notes as the call premiums decline over the next few years. Kaiser's credit metrics materially strengthened in 2025 along with its earnings as its adjusted leverage ratio (debt/EBITDA) declined to 3.4x from 4.2x, while its interest coverage (EBIT/Interest) rose to 3.4x from 2.4x. Moody's expects these metrics to moderately improve in 2026 and will be stronger than Moody's upgrade guidance. If the company can sustain higher profitability as the metal lag benefit materially declines and sustains credit metrics consistent with a higher rating or pays down its outstanding debt, then an upgrade is possible. Kaiser's speculative grade liquidity rating of SGL-2 reflects its good liquidity profile supported by a cash balance of $7.0 million and $540.2 million of borrowing availability on its $575 million asset-based revolving credit facility (ABL) as of December 2025. The company amended the credit facility in October 2025 and extended the maturity to October 2030, subject to certain conditions. The credit facility has a springing covenant with a minimum fixed charge coverage ratio of 1.0x that is only applicable if excess borrowing availability under the revolving credit facility is less than the greater of (i) 10% of the line cap (as defined in the Revolving Credit Facility) and (ii) $46 million. The B2 rating on the senior unsecured notes reflects the notes' effective subordination to the secured debt (ABL). The notes are guaranteed on a senior unsecured basis by each subsidiary guarantor of the asset-based revolver. The positive ratings outlook reflects Moody's expectations that Kaiser's operating performance will moderately improve over the next 12 to 18 months and the company will maintain a good liquidity profile and credit metrics that are strong for its rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider an upgrade of Kaiser's ratings if leverage (debt/EBITDA) is sustained below 4.0x, interest coverage (EBIT/Interest) above 2.5x and its adjusted EBIT margin above 5%. Sustained positive free cash generation is also a prerequisite for an upgrade. Kaiser's ratings could be downgraded if liquidity evidences a material deterioration, or if the company makes debt-financed acquisitions at aggressive multiples. Quantitatively, ratings could be downgraded if its adjusted EBIT margin is sustained below 4%, interest coverage (EBIT/Interest) below 2.0x and leverage above 5.0x. Kaiser Aluminum Corporation, based in Franklin, Tennessee, manufactures and sells semi-fabricated specialty aluminum mill products that include flat-rolled (plate, sheet, and coil), extruded (rod, bar, hollows, and shapes), drawn (rod, bar, pipe, tube, and wire), and certain cast aluminum products from 13 facilities throughout North America (12 in the US, 1 in Canada). The company's end markets include Aerospace & High Strength Products (Aero/HS), Packaging, General Engineering (GE) Products and Automotive Extrusions. The company generated about $3.4 billion in revenues for the LTM period ended December 2025. The principal methodology used in these ratings was Steel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. KAL FREIGHT: Co-Owner Wins Summary Judgment in Vanguard Case ------------------------------------------------------------ Judge Philip P. Simon of the U.S. District Court for the Northern District of Indiana granted Sukhvinder Singh's cross motion for summary judgment in the case captioned as VANGUARD NATIONAL TRAILER CORPORATION and CIMC REEFER TRAILER, INC., Plaintiffs, v. SUKHVINDER SINGH, Defendant, Cause No. 2:24-CV-444-PPS (N.D. Ind.). Plaintiffs' motion for summary judgment on Count II of the complaint is denied. Plaintiffs Vanguard National Trailer Corporation and CIMC Reefer Trailer, Inc. manufacture and sell dry freight and refrigerated, semi-trailer vans and related parts. For years, Vanguard has sold their trailers to KAL Trailers & Leasing Inc. and KAL Freight Inc., companies owned and operated by Defendant Sukhvinder Singh and his brother Kalvinder Singh (who was originally a defendant to this action). Kalvinder Singh serves as the President of the KAL Entities. During 2023 and 2024 the Singhs' companies fell significantly behind in their payments for the trailers. In an effort to get the payments current, Plaintiffs and the Singhs began to discuss entering a forbearance agreement and a personal guaranty which would establish a payment plan for the outstanding debts. The parties disagree as to whether those agreements were ever finalized. To date, the Singhs' companies have failed to pay what they owe for the trailers and have also filed for Chapter 11 bankruptcy. Plaintiffs have filed this suit seeking to recover from the Singhs, personally, under the forbearance agreement and alleged personal guaranty. Presently before the court are cross motions for summary judgment. Both parties have moved for summary judgment as to Count II (Breach of the Forbearance Agreement). According to the court, the personal guaranty was never signed by the Singhs, and it is therefore barred by the statute of frauds. The court finds the forbearance agreement is equally problematic due to a lack of mutual assent. Summary judgment will therefore be granted in favor of Defendant Sukhvinder Singh. A copy of the Court's Opinion and Order dated March 2, 2026, is available at https://urlcurt.com/u?l=UvbRTP from PacerMonitor.com. About Kal Freight Established in 2014, Kal Freight Inc. is a trucking company that offers a complete range of transportation and logistics services to diverse industries across the United States. It has strategic locations across the United States with extended distribution warehouses and terminals in Fontana, Calif., Texas, New Jersey, Indiana, Tennessee, Georgia, Arizona and Arkansas. Kal Freight and its affiliates filed Chapter 11 petitions (Bankr. S.D. Tex. Case No. 24-90614) on Dec. 5, 2024, with $100 million to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel; Development Specialists, Inc. as interim management services provider; and Benesch, Friedlander, Coplan & Aronoff LLP as special transportation counsel. Stretto, Inc. is the Debtors' claims and noticing agent. KC 117 LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: KC 117 LLC 5712 Donna Ave. Tarzana CA 91356 Chapter 11 Petition Date: March 5, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10458 Debtor's Counsel: Shai Oved, Esq. THE LAW OFFICES OF SHAI OVED 7445 Topanga Cyn Blvd, Ste 220 Canoga Park CA 91303 Tel: 818-992-6588 E-mail: ssoesq@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Tom Efrati as authorized agent. The Debtor submitted the required list of its 20 largest unsecured creditors, but provided no names. https://www.pacermonitor.com/view/VOHDHBY/KC_117_LLC__cacbke-26-10458__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VAKSTYY/KC_117_LLC__cacbke-26-10458__0001.0.pdf?mcid=tGE4TAMA KC TRANSPORT: Court OKs Dump Trailer Sale to Wildcat Trucking ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Montana has permitted KC Transport LLC to sell dump trailer, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the 2017 Smithco Side Dump Trailer Model SX4-49-36, VIN 4624100 and the purchase price is $36,000. The Court has authorized the Debtor to sell the dump trailer Wildcat Trucking LLC, of Sidney, Montana for a purchase price of $36,000. The Motion directs that proceeds of the sale shall be disbursed to the creditor Loeb Term Solutions LLC, who holds a lien on the Property. The Motion represents that Loeb is not opposed to the relief requested. The Debtor is authorized to sell in the ordinary course the Property free and clear of all liens and interests. Any valid liens shall attach to the proceeds of the sale unless otherwise provided by the Confirmed Plan. About KC Transport, LLC KC Transport LLC is a limited liability company. KC Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10010) on January 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by James A. Patten, Esq. at PATTEN PETERMAN BEKKEDAHL & GREEN, PLLC. KODIAK GAS: S&P Rates New $750MM Senior Unsecured Notes 'BB-' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to Kodiak Gas Services LLC's proposed $750 million senior unsecured notes due 2031. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance, to redeem its $750 million senior unsecured notes due 2029. Its $675 million acquisition of Distributed Power Solutions LLC (DPS) will be funded under the $2.0B asset-based loan (ABL) facility. Kodiak also plans to use the proceeds from a $100 million equity issuance to support its purchase of DPS. S&P's 'BB-' issuer credit rating on Kodiak is unchanged because it expects it will return its leverage below 4.0x in the next 12 months. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a hypothetical default occurring in 2030 stemming from prolonged poor demand that leads to reduced revenue as customers are unable to meet their contractual obligations and do not renew their existing contracts. This could occur because of an extended period of weak demand for natural gas exacerbated by excess equipment capacity in the market. -- S&P assumes the $2.0 billion ABL facility (not rated) is 80% drawn at the time of the hypothetical default based on expected utilization over the forecast period. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $386 million -- EBITDA multiple: 7.0x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.57 billion -- Priority claims on the ABL facility: $1.64 billion -- Value available for unsecured debt claims: $928 million -- Senior unsecured debt: $2.22 billion --Recovery expectations for senior unsecured debt: 30%-50% (rounded estimate: 40%) Note: All debt amounts include six months of prepetition interest. LA GEOTHERMAL: Court Extends Cash Collateral Access to April 24 --------------------------------------------------------------- LA Geothermal Energy Corp. received another extension from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division to use cash collateral to fund operations. The court entered a second interim order authorizing the Debtor's use cash of collateral through April 24 in accordance with its operating budget. The latest budget was modified to set U.S. Trustee quarterly fees at $0 and Subchapter V trustee fees at $1,000 per month. The Debtor was initially allowed to access cash collateral through March 10 under the court's Feb. 17 interim order. As part of the adequate protection arrangement, the Debtor must make monthly payments to secured creditors to compensate them for any potential decrease in the value of their collateral. These payments include $366.47 per month to Kash Advance, LLC; $454.74 per month to Everest Business Funding; and $142.50 per month to Red Target, LLC. The court scheduled a continued hearing for April 21. The order is available at http://bankrupt.com/misc/LAGeothermal_2ndCashCollOrder.pdf About LA Geothermal Energy Corp. LA Geothermal Energy Corp. provides industrial management consulting services with a focus on restoring value to distressed real estate properties in the United States. LA Geothermal Energy Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Fla. Case No. 26-10518) on January 21, 2026, listing $144,556 in assets and $1,369,633 in liabilities. The petition was signed by Cornelius Rogers as managing member. Judge Deborah J Saltzman presides over the case. Kevin Tang, Esq., at Tang & Associates represents the Debtor as legal counsel. LA SALLE UNIVERSITY: Fitch Lowers IDR to 'B+', Outlook Stable ------------------------------------------------------------- Fitch Ratings has downgraded La Salle University, PA's Issuer Default Rating (IDR) and $138.1 million outstanding par (FYE25) bonds to 'B+' from 'BB-'. The Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- La Salle University (PA) LT IDR B+ Downgrade BB- La Salle University (PA) /General Revenues/1 LT LT B+ Downgrade BB- The downgrade to 'B+' reflects La Salle's weakened liquidity as indicated by the university's draw on a collateralized line of credit (LOC) to meet a bond covenant at FYE 2025. The draw was needed following a highly improved but still unbalanced operation during the fiscal year. Apart from the LOC utilization, the downgrade does not reflect other deterioration in fundamental leverage or business considerations since Fitch's last review. La Salle achieved progress towards its turnaround goals including an enrollment rebound in fall 2025 and a much smaller operating deficit. Fitch expects both trends will continue. The Stable Outlook represents Fitch's view that La Salle's recent enrollment growth and operational improvements may be sustainable. However, these improvements will take time to support the balance sheet and liquidity growth necessary for a higher rating, absent external sources of balance sheet growth like fundraising. SECURITY The series 2012, 2017 and 2024 bonds are secured on parity by a pledge of unrestricted gross revenue. The series 2024 bonds are additionally secured by certain campus properties. (Holders of series 2012 and 2017 bonds share in a pari passu claim to series 2024 mortgages). KEY RATING DRIVERS Revenue Defensibility - 'bb' Enrollment Rebound with Sizeable YoY Growth in Net Tuition Revenue La Salle's 'bb' Revenue Defensibility assessment reflects student-revenue dependency with weak demand metrics in a competitive market. In fall 2025 La Salle recorded its highest incoming class since before the pandemic, a YoY 8% increase in total enrollment and a 13% increase in net tuition revenue. The overhaul of La Salle's enrollment division and multiple strategies related to athletics, housing, programs, student support and financial aid contributed to these improvements. Early indicators for fall 2026 exhibit continuation of these favorable trends. A history of excess draws on investment portfolios has effectively exhausted future ability to utilize such reserves to supplant revenues. However, La Salle still maintains over $50 million of endowment funds from which investment income is consistent. In calendar 2026, the university plans to announce a comprehensive fundraising campaign that will exceed $100 million, with most funds targeted for operations. La Salle also has capacity to monetize noncore assets. Operating Risk - 'bb' Weak But Improving Cash Flows After recording almost -$10 million in cash flow during FY24, performance improved considerably in FY25 and was generally in-line with the university's six-year improvement plan. This plan forecasts annual growth in revenues and incorporates restructuring actions primarily executed in FYs 2024 and 2025, to result in GAAP-based operating surpluses starting in FY28. FY25 results included a large supplemental draw of reserves that was recorded as income, largely depleting this source of flexibility for future operational needs. Fitch considers the continued structural deficit an 'asymmetric risk' but expects operations to improve. La Salle's internally funded capex for the coming years is limited to repair/replacement as the university prioritizes cash preservation, but its average age of plant of more than 20 years may reflect growing capital needs. Gifts from a planned fundraising campaign and some state funds for private universities are expected to support future capex. Financial Profile - 'bb' Asset Monetization and Fiscal Balance May Alleviate Weak Liquidity La Salle's Financial Profile is weak. Fitch-calculated available funds (AF: cash and investments less permanently restricted net assets) as of FYE25 amounted to about $43 million against $138 million of debt. This translates into a weak but stable YoY leverage ratio of 28%. $17.5 million of AF at FYE25 was buoyed by a line of credit draw. Since the drawn amounts are collateralized with unrestricted securities, Fitch considers this an offset to AF but gives consideration for the drawn amount being fully repaid within a few months. In addition, most of the drawdown was attributed to meeting a bond covenant at FYE25, not to finance the cash deficit. The university expects to reduce such draws starting FY27. The sufficiency of La Salle's leverage profile and ratings are dependent on the university's successful execution of its restructuring plan. Absent further improvements in recurring operations, La Salle remains susceptible to deterioration in AF over the intermediate term, consistent with a lower rating. Conversely, successful execution of plans, together with asset monetization and/or fundraising, may support a higher rating or Outlook. While Fitch's forward-looking scenario shows La Salle's ability to meet escalating debt service obligations starting in 2030, the scenario is sensitive to assumptions that need further validation over the next years. Asymmetric Additional Risk Considerations Operating deficits that require supplemental draws on reserves are an asymmetric operating risk. With the use of collateralized LOC proceeds to manage year-end needs, Fitch considers La Salle to have an elevated asymmetric liquidity risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to maintain enrollment and net student revenues at current levels. - Operating performance that does not steadily improve without the use of supplemental endowment draws. - Additional debt, erosion in AF or reduction of operating liquidity. - Material deviation from annual targets of financial restructuring plan. - Debt service coverage under 1.0x as defined in series 2024 bonds, which would result in an event of default. - Final, unappealable loss of accreditation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued meaningful growth in enrollment and net student revenues. - Sustained improvement in Fitch-calculated operating cashflow margins and leverage ratios. - Stronger cashflows with ample resources to meet escalating debt service needs starting in FY 2030. - Growth in AF-to-adjusted debt approaching 40% even in a stress case. - Elimination of the use of collateralized lines to manage liquidity needs. PROFILE Founded in 1863, La Salle is a private, co-educational university located on a 133-acre campus in the Germantown area of Philadelphia. Roughly 68% of students are undergraduates and 80% are Pennsylvania residents. La Salle participates in NCAA Division I athletic programs without football. La Salle's accreditation from the Middle States Commission on Higher Education (MSCHE) was placed on warning in June 2025. The institution remains fully accredited while it provides additional reporting to MSCHE. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. 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. LAKEVIEW VILLAGE: Fitch Alters Outlook on 'BB+' IDR to Positive --------------------------------------------------------------- Fitch Ratings has affirmed Lakeview's Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed the following City of Lenexa, Kansas Health Care Facility revenue bonds issued on behalf of Lakeview Village, Inc. (Lakeview) at 'BB+': - $16.3 million series 2017A; - $49 million series 2018A. The Rating Outlook is revised to Positive from Stable. Entity/Debt Rating Prior ----------- ------ ----- Lakeview Village, Inc. (KS) LT IDR BB+ Affirmed BB+ Lakeview Village, Inc. (KS) /General Revenues/1 LT LT BB+ Affirmed BB+ Lakeview Village has been incrementally remodeling its aging independent living units (ILUs). These targeted upgrades have generated measurable, stepwise improvements in marketability and financial performance, including stronger demand and better entrance fee generation for the renovated product. Results were particularly strong in 2025, supported by excellent entrance fee receipts and the receipt of $6.6 million in ERC credits. Fitch expects Lakeview Village to maintain its current balance sheet through continued cost-containment measures. If performance remains consistent, an upgrade to 'BBB-' may be warranted, which supports the Positive Outlook. Fitch also does not expect management to incur additional debt over the medium term, as campus renovations are being funded primarily through initial entrance fee receipts rather than incremental borrowing. SECURITY The bonds are secured by a pledge of unrestricted receivables, a leasehold interest on the existing facility and a debt service reserve fund (DSRF). KEY RATING DRIVERS Revenue Defensibility - bb Lakeview Village offers a wide variety of independent living units (ILUs), including several older, smaller residences that are less competitive with the newer product. Management has been proactively addressing this by combining smaller units when opportunities arise, creating larger, remodeled residences that better align with current consumer preferences. These renovated units have demonstrated strong demand, while the oldest, smallest units continue to see weaker interest. To keep these legacy units occupied and support its broader mission, the community makes them available to individuals who have served the wider community but may not otherwise be able to afford living on campus. In addition, management has been converting older four-plex cottage buildings into newer duplexes, funded through entrance fee proceeds (IEFs), and demand for this refreshed product has been strong. Supporting assisted living (AL) and skilled nursing (SNF) census, Lakeview maintains strong relationships with local hospitals and has earned multiple quality-related awards. This performance occurs in a highly competitive market characterized by significant new senior housing inventory. At FYE25, occupancy was 92% in the ILUs, 86.7% in the ALUs and 81.6% in SNF. Operating Risk - bbb Lakeview, a Type A community, consistently generates core operating performance consistent with a 'bbb' assessment of operational risk. Over the past five years, Lakeview has posted stable results, with an average operating ratio of 99.5%, net operating margin (NOM) of 4.8%, and adjusted NOM of 23%. Fitch expects operating performance to remain broadly in line with these historical averages over the near term. Although the average age of plant is elevated at approximately 16.3 years, management is proactively addressing facility needs by prioritizing capital spending to renovate and reposition the campus toward larger, more modern units that better match current demand. Capital-related metrics indicate manageable long-term liabilities supported by consistent operating cash flow. Five-year averages for revenue-only maximum annual debt service (MADS) coverage, MADS as a percent of revenue, and debt to net available resources are 0.7x, 10.7%, and 4.3x, respectively. Lakeview Village is continuing its redevelopment of outdated four-plex homes, with plans for another seven buildings (six duplexes and one single-family home). Ten of these units have already been reserved. Management has structured the construction process so contractor draws are timed to the receipt of entrance fees. This helps fund the project on a pay-as-you-go basis and limits liquidity pressure. Financial Profile - bb Lakeview Village's cash-to-adjusted debt increased to 113% in 2025 from 65% in 2023, reflecting solid operating performance and profitability over the past two years. Nonrecurring cash inflows also provided $6.6 million of ERC funds and more than $15 million of entrance fee receipts in 2025. Lakeview has produced steady, favorable operations for several years; however, the incremental cash received in 2025 meaningfully strengthened the balance sheet. An upgrade may be warranted if Lakeview can sustain cash-to-adjusted debt at or near current levels. Debt service metrics have also improved, with MADS coverage rising steadily from 1.5x at FYE 2020 to 3.9x in 2025. Fitch expects coverage to remain above 2.5x over the next several years. Lakeview reported 428 days cash on hand at FYE 2025, which is neutral to the rating assessment. Asymmetric Additional Risk Considerations No asymmetric risk considerations were relevant to the rating determination. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An Outlook revision to Stable may be warranted if cash deteriorates such that cash to adjusted debt is expected to remain below 90%; - ILU occupancy to decline below 86%; - Sustained weakness in core operating metrics, resulting in net operating margin (NOM) and operating ratio maintained at levels of about 12%-15% and 103%-105%, respectively. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved ILU occupancy that is consistently at or above 93%; - Cash to adjusted debt levels remaining above 100%; - Net operating margin adjusted (NOMA) that stays at or above 28%. PROFILE Lakeview is located on a 96-acre campus in Lenexa, Kansas. The community consists of 462 ILUs, 22 ALUs, a 120- bed SNF and 38 short-term rehab beds. All occupancy statistics are calculated on a marketable unit basis. Lakeview has three affiliated entities outside the obligated group (OG), including a foundation and two independent living HUD properties. Fitch uses OG financials for its analysis and all figures cited in this press release. Lakeview had approximately $60 million in total revenues in 2025. 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. LANDERS DEVELOPMENT: Plan Exclusivity Period Extended to March 29 ----------------------------------------------------------------- Judge Phyllis M. Jones of the U.S. Bankruptcy Court for the Eastern District of Arkansas extended Landers Development, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 29 and May 29, 2026, respectively. In a court filing, 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 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 Oct. 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. LILA KATE TRUCKING: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Lila Kate Trucking, LLC asks the U.S. Bankruptcy Court for the Middle District of Alabama for authority to use cash collateral and provide adequate protection. The Debtor's business has experienced significant financial distress over the past three years due to a downturn in the freight market, rising fuel, oil, insurance, and labor costs, and increased competition leading to lower revenue per load. Facing the imminent threat of repossession of essential equipment such as tractors and trailers, the Debtor filed bankruptcy to restructure its debts through a Subchapter V plan and preserve operations. Several entities have filed UCC financing statements asserting security interests in the Debtor's assets and potential cash collateral, including EXO Finance LLC, the Internal Revenue Service (with multiple filings), Blue Bridge Financial, Corporation Service Company (as representative in multiple filings), and Total Merchant Resources LLC. The Debtor maintains five bank accounts across AlabamaOne and NobleBank & Trust and has an outstanding loan with NobleBank. As of the petition date, approximately $28,841 was on deposit. The Debtor acknowledges that use of cash collateral requires either secured creditor consent or court approval with adequate protection and emphasizes that without access to these funds, it cannot meet payroll, fuel costs, taxes, insurance, and other operational expenses necessary to remain a going concern. Citing Eleventh Circuit precedent, the Debtor argues that preserving business operations aligns with the Bankruptcy Code’s rehabilitative purpose. To adequately protect any secured creditors' interests, the Debtor proposes granting replacement liens on post-petition receivables and projected positive cash flow, as authorized under 11 U.S.C. Section 361(2), while reserving the right to challenge the validity and extent of asserted liens. A copy of the motion is available at https://urlcurt.com/u?l=dwIEM3 from PacerMonitor.com. About Lila Kate Trucking, LLC Lila Kate Trucking, LLC is an Alabama-based trucking company, operating in Randolph County. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-80264) on February 27, 2026. In the petition signed by Matthew Brown, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christoper L. Hawkins oversees the case. Paul D. Esco, Esq., at Paul D. Esco. Attorney at Law, LLC, represents the Debtor as legal counsel. LINDBLAD EXPEDITIONS: Moody's Ups CFR to B2, Outlook Remains Stable ------------------------------------------------------------------- Moody's Ratings upgraded its ratings of Lindblad Expeditions Holdings, Inc. (Lindblad); corporate family rating to B2 from B3, and probability of default rating to B2-PD from B3-PD. Moody's also upgraded the backed senior secured rating assigned to the revolving credit facility and notes of Lindblad Expeditions, LLC to B2 from B3. Moody's also changed the speculative grade liquidity rating to SGL-1 from SGL-2 and the outlook for each entity remains stable. The upgrades of Lindblad's ratings reflect the improvement in the company's operating performance in 2025, which has strengthened its credit metrics. The upgrades also incorporate Moody's expectations for additional deleveraging in 2026 with earnings expansion that will reduce debt/EBITDA to below 5.5x by the end of the year, from about 6.0x at the end of 2025. Improvements in marketing, pricing and distribution of its expedition cruises and land adventures, better scheduling of the fleet and cost management will support growth in operating earnings and cash flow in upcoming years. Free cash flow/debt of 9% for 2025 is robust and will improve towards 15% in 2026. Moody's expectations of an ongoing favorable trend in demand for expedition cruising and adventure travel is an important supporting factor in Moody's upgrade. Forward bookings for 2026 already exceed 2025's revenue and 2027 is also selling ahead of historical levels. Cash of $291 million at the end of 2025 reflects the strong bookings and provides a source for internally funding opportunistic acquisitions of travel companies or vessel purchases should it not use charters for fleet growth. RATINGS RATIONALE The B2 CFR reflects the company's small size, leading position in expedition cruise and land-based adventure travel and improved cash generation. Moody's projects debt/EBTIDA will fall below 5.5x by the end of 2026, which compares to about 5.9x and 8.0x at the end of 2025 and 2024, respectively. Earnings will continue to improve as the company benefits from its enhanced marketing practices and updated website and cost management. Additionally, the occupancy rate of 87.6% for 2025 was a ten-point improvement compared to 2024 and delivers good operating leverage. The strong demand environment will likely bring occupancy to the company's desired level of at least 90% in 2026. Risks include outsized fleet growth that materially increase leverage, geopolitical or macroeconomic events that crimp demand and increasing competition from new entrants in the expedition travel category. Moody's expects Lindblad to maintain very good liquidity. Unrestricted cash was $257 million at the end of 2025 and free cash flow was about $60 million. Moody's expects the $60 million revolver that expires in 2030 to remain undrawn. Moody's expects cash to remain above $250 million unless the company uses cash for growth investments. Nonetheless, in an investment scenario, Moody's believes that cash will remain above $200 million. Free cash flow will increase in 2026 compared to 2025. The next debt maturity is the company's one note issue for $675 million due September 15, 2030. Lindblad's alternate sources of liquidity are limited because essentially all of its assets secure its debt obligations. The stable outlook reflects Moody's expectations for earnings growth and modest deleveraging through 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Lindblad expands its operations while maintaining the positive trajectory in debt and cash flow metrics. Debt/EBITDA approaching 4.5x and funds from operations + interest/interest sustained above 3.0x could also lead to a ratings upgrade. Ratings could be downgraded if there is a sustained deterioration in operating performance marked by declining profit margins or if liquidity weakens. Debt/EBITDA approaching 6.0x or funds from operations + interest/interest sustained below 1.75x could also lead to a ratings downgrade. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in New York, New York, Lindblad Expeditions Holdings, LLC and its consolidated subsidiaries (Nasdaq: LIND) is a leader in global expedition travel, offering immersive, ship- and land-based journeys on all seven continents through its six pioneering brands. The company owns 12 expedition ships and charters or leases 11 other vessels. The combined fleet has capacities ranging from 16 to 148 passengers. Revenue was $771 million in 2025. LIVE FREE: Case Summary & Three Unsecured Creditors --------------------------------------------------- Debtor: Live Free Manufacturing LLC 2725 Kirby Circle Building 1 Palm Bay, FL 32905 Business Description: Live Free Manufacturing LLC is a Florida limited liability company formed on December 1, 2021, to serve as the manufacturing arm of Central Florida Firearms LLC, d/b/a Live Free Armory. The company holds precision firearms manufacturing equipment, including a Precihole PRVN12/2-800 automated pull reaming machine and a Precihole GVN 12C/4-800 drilling machine, but the transition to active manufacturing was never completed. Live Free Manufacturing has not generated independent revenue, with its only financial activity consisting of pass-through payments from Central Florida Firearms LLC to service equipment debt. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01655 Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Fax: 407-894-8559 E-mail: jeff@bransonlaw.com Total Assets: $450,000 Total Liabilities: $1,221,203 The petition was signed by Colby C Santaw as managing member. 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/LQMSA7Q/Live_Free_Manufacturing_LLC__flmbke-26-01655__0001.0.pdf?mcid=tGE4TAMA LUCKY STRIKE: Moody's Lowers CFR to B3, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings downgraded the ratings for Lucky Strike Entertainment Corporation (Lucky Strike) including its Corporate Family Rating to B3 from B2 and Probability of Default Rating to B3-PD from B2-PD. Concurrently, Moody's downgraded to B3 from B2 the backed senior secured first lien bank credit facility ratings (revolving credit facility and term loan) and backed senior secured first lien notes issued by Lucky Strike's subsidiary, Kingpin Intermediate Holdings, LLC (Kingpin). The outlook for Lucky Strike and Kingpin remains stable. Moody's also downgraded Lucky Strike's speculative grade liquidity rating (SGL) to SGL-3 from SGL-2. The downgrade actions are driven by the company's weakening operating performance and cash flow profile, as well as its persistent high leverage, and also reflect the correction of an error in Moody's prior analysis. Lucky Strike's credit profile is characterized by persistent high financial leverage, limited ability to quickly deleverage through earnings growth, and shareholder distributions which limit cash available for debt reductions. The company's investments to lift its low organic revenue growth rate, as well as a high interest burden and annual dividend, are contributing to weak free cash flow. Earnings materially weakened during the second quarter of fiscal year 2026 when growth investments did not translate into as much revenue uplift as anticipated, which pushed leverage higher. The company is taking steps to more efficiently invest for growth, but Moody's believes it will be challenging to grow by enough to materially reduce leverage due to continued pressure on discretionary spending, a gradual and limited recovery in corporate events, and limited pricing power. Although Moody's projects earnings to improve in the second half of fiscal year 2026, including seasonal contributions from recently acquired water park assets, Moody's expects margin recovery to be modest as the company invests to maintain volume and debt-to-EBITDA leverage (incorporating Moody's standard adjustments) to remain elevated at around 8.0x over the next 12-18 months. During the second quarter of FY2026 (ended December 2025), EBITDA declined sharply, reflecting margin compression driven by higher labor and operating costs at the location level, as well as increased marketing spending that did not generate the as much traffic improvement as anticipated. The results highlight Lucky Strike's elevated fixed cost structure, which amplifies modest revenue softness into outsized earnings declines. While same-center sales trends have recently stabilized, traffic remains sensitive to consumer discretionary spending pressures and corporate event demand. Leverage has increased steadily, with Moody's-adjusted debt-to-EBITDA rising to approximately 8.7x as the last 12 months ended December 2025. The actions also reflect the correction of an error in Moody's calculations of Lucky Strike's debt. Subsequent to a sale and leaseback of land and real estate assets in October 2023, Moody's did not incorporate the company's recorded financing obligation in connection with these transactions into Moody's debt and credit metrics, such as debt-to-EBITDA leverage, that are based on debt. The correction of this error resulted in higher debt and leverage metrics, contributing to the downgrade pressure on the ratings. The downgrade of the speculative grade liquidity rating to SGL-3 reflects Lucky Strike's elevated leverage, limited free cash flow generation, and continued reliance on cash and the revolver to fund capital expenditures and shareholder distributions. Liquidity remains adequate, supported by cash balances of approximately $96 million and availability under the company's $425 million senior secured revolving credit facility as of December 2025. Moody's expects that available liquidity, together with cash from operations, will be sufficient to fund ongoing capital expenditures, the dividend, and required amortization on the company's term loan. Lucky Strike has no near-term maturity pressure, with its revolving credit facility maturing in September 2030, its $1.2 billion first-lien term loan in September 2032 and $500 million senior secured notes maturing in October 2032. RATINGS RATIONALE Lucky Strike's B3 CFR reflects the company's high financial leverage with Moody's lease adjusted debt-to-EBITDA leverage at 8.7x as of the 12 months ended December 28, 2025. Moody's expects leverage to decline over the next 12–18 months but remain elevated due to limited free cash flow generation as the company continues to invest to update existing locations and maintain volume, fund the high interest burden, and pay a dividend. Lucky Strike's ratings are supported by the company's established position as the largest and leading operator in the US bowling industry with geographic diversification across the country. The ratings also reflect the good track record of integrating acquisitions and achieving cost synergies. The rating also reflects concentration in the leisure/entertainment industry including the bowling segment that is subject to economic cycles and shifts in discretionary consumer spending. Lucky Strike's operating results are seasonal in nature as bowling centers perform best during the colder winter months (the quarters ending in December and March are the company's most profitable quarters) and have lower visitation during warmer summer months. Bowling activity is negatively impacted by good weather that drives consumers to pursue outdoor activities, but benefits from cold or rainy weather. Recent investments into water parks seeks to reduce this seasonality for Lucky Strike given water parks are most profitable during the summer. However, the strategy also brings execution risks for Lucky Strike because water parks have high reinvestment needs and different operating strategies. Moody's expects limited acquisition activity and no new bowling center builds over the next year. The company's historically aggressive financial policy, including dividend payments and debt-funded share repurchases, which Moody's had expected to subside more quickly to support deleveraging, remains a credit constraint and has contributed to high financial leverage and limited financial flexibility. The continued payment of a sizable dividend, together with elevated reinvestment needs, is pressuring free cash flow and is contributing to leverage remaining elevated. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Lucky Strike's operating earnings will improve modestly over the next 12 to 18 months, supported by low organic revenue growth, seasonal contributions from water park assets and family entertainment centers, and management's efforts to improve cost discipline. The stable outlook also reflects Moody's expectations that the company will restore modestly positive free cash flow over the next year and maintain adequate liquidity aided by flexibility to pull back on development spending to preserve cash if necessary. The ratings could be upgraded if Lucky Strike demonstrates sustained improvement in operating earnings, including consistent same-center sales growth with improving margins. An upgrade would also require sustained reduction in debt-to-EBITDA leverage below 6.5x (incorporating Moody's adjustments), consistent and comfortably positive free cash flow generation assuming healthy reinvestment levels, maintenance of good liquidity, and a financial policies that maintains more moderate leverage. The ratings could be downgraded if operating earnings weaken further due to factors such as declining visitation, negative same-center sales, or higher operating costs that result in additional margin pressure. A downgrade could also result from leverage remaining elevated, an inability to maintain positive free cash flow with sufficient maintenance capital spending, EBITA-to-interest is below 1.0x, or liquidity deteriorates. Lucky Strike Entertainment Corporation is the largest bowling center operator in the US, with additional locations in Canada and Mexico and a total of 360 bowling centers, 5 water action parks, and 3 family entertainment centers. The company went public through a SPAC transaction in December 2021 after the merger with ISOS Acquisition Corporation and trades under the ticker symbol LUCK. Revenue during the 12 months ending December 30, 2025 was approximately $1.2 billion. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LURIN REAL: Two Additional Subsidiaries File Chapter 11 Cases ------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Lurin Real Estate Holdings XXVIII, LLC 26-90391 d/b/a The Aria 2101 Cedar Springs, Suite 1050 Dallas, TX 75201 Lurin Real Estate Holdings XXXIII, LLC 26-90392 d/b/a The Emory 2101 Cedar Springs, Suite 1050 Dallas, TX 75201 Business Description: Lurin Real Estate Holdings XXVIII, LLC, doing business as The Aria, owns and operates a multifamily residential apartment property located in Fort Walton Beach, Florida. The company functions as a single-asset real estate entity that derives revenue primarily from leasing residential units at the property. Lurin Real Estate Holdings XXVIII, LLC is part of the real estate investment portfolio of Dallas-based LURIN. Lurin Real Estate Holdings XXXIII, LLC, doing business as The Emory, owns and operates a multifamily residential apartment property located in Pensacola, Florida. The company functions as a single-asset real estate holding entity within the portfolio of Dallas-based Lurin Real Estate Holdings and derives revenue primarily from residential rental operations and related property management activities. It operates within the real estate sector under NAICS code 5313, activities related to real estate. The Debtors sought and received court approval to jointly administer their Chapter 11 proceedings under the case number assigned to Lurin Real Estate Holdings XXI, LLC (Bankr. S.D. Tex. Lead Case No. 26-90344). Chapter 11 Petition Date: March 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtors' Bankruptcy Counsel: Joshua W. Wolfshohl, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Email: jwolfshohl@porterhedges.com Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Mark Shapiro as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/YX2JC2A/Lurin_Real_Estate_Holdings_XXVIII__txsbke-26-90391__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CP2XJ3Y/Lurin_Real_Estate_Holdings_XXXIII__txsbke-26-90392__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. South Texas Plumbing Trade Debt $167,093 P.O. Box 840695 Houston, TX 77284 Tel: 512-999-8692 2. Colorstar Painting Trade Debt $126,440 23631 Starbridge Lake Ln Richmond, TX 77407 Tel: 832-755-4855 3. Rent Ready, LLC Trade Debt PO Box 896594, Charlotte, NC 28289 4. Real Floors, Inc. Trade Debt 560 Webb Industrial Drive, Marietta, GA 30062 5. OneStop Renovation LLC Trade Debt 8527 Brinklow Point Dr. Cypress, TX 77433 Tel: 832-398-9398 6. Impact Floors of Texas LP Trade Debt 2325 E. Beltline Road, Ste. 200, Carrollton, TX 75006 7. Complete Apartment Care, LLC Trade Debt 310 Hewitt St, Pensacola, FL 32503-2247 Tel: 850-465-3710 8. Florida Power & Light Trade Debt P.O. Box 29090, Miami, FL 33102-9090 9. Waste Management Trade Debt WM Corporate Services, Inc., PO Box 660345, Dallas, TX 75266 Tel: (800) 800-5804 10. Green Days Lawn Care Trade Debt 9419 Roos Rd, Houston, TX 77036 Tel: 832-788-4859 11. Chadwell Supply, Inc. Trade Debt P.O. Box 105172, Atlanta, GA 30348-5172 Tel: 888-341-2423 12. Queen Luxe Construction Trade Debt 3831 Cyril Dr., Humble, TX 77396 Tel: 832-614-4127 13. Landscape Workshop, LLC Trade Debt 550 Montgomery Hwy, Suite 200, Vestavia Hills, AL 35216 14. Apartment Lists, Inc. Trade Debt Dept. 3653, P.O. Box 123653, Dallas, TX 75312-3653 15. Southland Property Tax Professional Consultants, Inc. Services 201 Main Street, Suite 1460, Fort Worth, TX 76102 Tel: 817-335-7377 16. Conservice, LLC Trade Debt PO Box 4697, Logan, UT 84323-4697 17. TXU Energy Trade Debt PO Box 650638, Dallas, TX 75265-0638 18. ProEnergy Trade Debt PO Box 644007, Dallas, TX 75264-4007 19. EHL Construction and Trade Debt Painting Corp. 1860 FM 359 #248, Richmond, TX 77406 20. Roadrunner Modern Waste & Trade Debt Recycling PO Box 6011, Hermitage, PA 16148 Tel: (888) 871-7623 21. Redi Carpet Trade Debt P.O. Box 971442, Dallas, TX 75397-1442 Tel: 832-755-4011 22. Republic Services - Trade Debt Louisville, KY PO Box 9001099, Louisville, KY 40290-1099 23. Emerald Coast Trade Debt Utilities Authority P.O. Box 18870, Pensacola, FL 32523-8870 24. Tex-Plus General Trade Debt Remodeling Services 14823 Tilley St, Houston, TX 77084 Tel: 888-341-2423 25. Nationwide Compliant, LLC Trade Debt P.O. Box 844569 Boston, MA 02184 26. The Cweren Law Firm LLC Professional 3311 Richmond Avenue, Suite Services 305, Houston, TX 77098 27. Pink Star Pest Control LLC Trade Debt 316 S Mackenzie St Suite 174, Foley, AL 36535 Tel: (480) 492-7712 28. AT&T Trade Debt P.O. Box 5001, Carol Stream, IL 60197-5001 Tel: (888) 871-7623 29. Hiller Systems Trade Debt 4751 Joy Springs Dr, Mobile, AL 36693 Tel: 850-471-2490 30. Willscot Mobile Mini Trade Debt 4646 E. Van Buren St. Suite 400, Phoenix, AZ 85008 Tel: 504-512-5893 MATADOR RESOURCES: Moody's Rates New $750MM Unsecured Notes 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Matador Resources Company's ("Matador") proposed $750 million senior unsecured notes due 2034. Matador's other ratings, including its Ba3 corporate family rating and stable outlook, remain unchanged. The net proceeds from this debt issuance will go toward repurchasing Matador's $500 million 2028 notes through a cash tender offer, as well as substantially reducing the balance remaining on the revolving credit facility. As of February 24, 2026, the revolver had outstanding borrowings totaling $313 million. "This transaction will extend Matador's maturity profile and increase its revolver availability while maintaining leverage at current levels," said Sajjad Alam, Vice President at Moody's Ratings. RATINGS RATIONALE Matador's fundamental credit profile should continue to strengthen, thanks to improving capital efficiency, declining drilling and completion costs and steady growth in production. In 2025, the company reached record levels in both production and reserves. Financial leverage has also declined since the largely debt-financed Ameredev acquisition in 2024, with ongoing debt repayment. In a sustained low oil price environment, disciplined adherence to leverage targets and willingness to flex capex down should help the company preserve its balance sheet strength. Recent management comments suggest a financial policy focused on boosting shareholder returns via larger dividends and targeted buybacks, with continued investment in growth over rapid debt reduction. The Ba3 CFR is supported by Matador's large land holdings and reserve base in core areas of the productive Delaware Basin, its strong track record of increasing production and reserves, high capital efficiency that enables leading cash margins among peers, and Moody's outlook for ongoing free cash flow generation and reduced leverage through 2026. The company's low breakeven costs, efficient drilling and completion processes, and substantial midstream assets are expected to offer solid credit support, even during periods of depressed oil prices. Matador's credit profile is restrained by its declining but significant debt level, single basin concentration, including a meaningful exposure to federal land in New Mexico, and sizeable undeveloped reserves that will require significant future investments. The credit profile also takes into account Matador's controlling interest in San Mateo Midstream, LLC, a joint venture focused on gathering and processing. This business segment helps reduce midstream costs and generates additional cash flow, but it also adds debt to Matador's consolidated metrics, resulting in a modest weakening of the company's consolidated leverage ratios. Matador's proposed notes will rank pari passu with the company's existing senior unsecured notes and, consequently, carry the same B1 rating. The unsecured notes are rated one notch below the Ba3 CFR reflecting the substantial size of the secured revolving credit facility in Matador's capital structure. The unsecured notes are subordinate in right of payment to Matador's existing and future secured indebtedness including the revolving credit facility, which is secured by substantially all of Matador's oil and gas reserves. The SGL-2 rating reflects Moody's expectations that Matador will continue to maintain good liquidity. Pro forma for the debt offering, Matador will have a largely undrawn $2.25 billion committed revolving credit facility, which matures in March 2029. Based on Moody's assumptions for 2026 oil and gas prices—$55 per barrel for WTI oil and $3 per MMbtu for Henry Hub gas— Moody's expects the company to produce a moderate level of free cash flow this year. Matador has hedges for roughly 50% of its 2026 crude production at a weighted average floor price of roughly $53/bbl. Moody's expects the company to apply some of its near term free cash flow to further reduce revolver debt through 2026. The stable outlook reflects Matador's commitment to maintaining low leverage and good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Matador's ratings could be upgraded if the company can further reduce debt, generate consistent free cash flow and maintain its high capital efficiency. Moody's may upgrade the CFR if the RCF/debt ratio is sustained above 40%. The CFR could be downgraded if RCF/debt falls below 30% or if leverage increases materially through acquisitions or shareholder distributions. Matador Resources Company is a Dallas, Texas based publicly traded independent exploration and production company with primary operations in the Delaware Basin in New Mexico and West Texas. The principal methodology used in this rating was Independent Exploration and Production published in February 2026. MATTHEWS 350: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Matthews 350 E LaSalle LLC 26-30288 d/b/a 300 E LaSalle d/b/a 300 East LaSalle 401 E. Colfax Ave., Suite 277 South Bend, IN 46617 Commerce Center Development, LLC 26-30289 401 E Colfax Ave. Suite 277 South Bend, IN 46617 Business Description: Matthews 350 E LaSalle LLC, doing business as 300 E LaSalle and 300 East LaSalle, is a real estate company based in South Bend, Indiana. The company developed and operates the 300 East LaSalle mixed-use residential building, a 10-story apartment property with approximately 144 residential units and ground-floor commercial space in the city's East Bank district. The development forms part of redevelopment activity in the area that includes projects undertaken by affiliated entity Commerce Center Development LLC, which is involved in real estate development in the East Bank district, including the Commerce Center project adjacent to the 300 East LaSalle property. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court Northern District of Indiana Debtors' Bankruptcy Counsel: Weston E. Overturf, Esq. KROGER, GARDIS & REGAS, LLP 111 Monument Circle Suite 900 Indianapolis, IN 46204 Tel: 317-777-7443 Matthews 350 E LaSalle's Estimated Assets: $0 to $50,000 Matthews 350 E LaSalle's Estimated Liabilities: $10 million to $50 million Commerce Center's Estimated Assets: $10 million to $50 million Commerce Center's Estimated Liabilities: $10 million to $50 million The petitions were signed by David Matthews as member. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/LH6RVYI/Matthews_350_E_LaSalle_LLC__innbke-26-30288__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/PYCFXJA/Commerce_Center_Development_LLC__innbke-26-30289__0001.0.pdf?mcid=tGE4TAMA List of Commerce Center's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Forum Credit Union $41,966 2. KeyBank National Association $322,468 135 North Pennsylvania St. Suite 1610 Indianapolis, IN 46204 3. Redevelopment Pending Lawsuit $0 Commission City of South B 227 W Jefferson Blvd 11th Floor County-City Building South Bend, IN 46601 MELPRO LLC: Taps Realty One Group Performance as Real Estate Broker ------------------------------------------------------------------- MelPro, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Realty One Group Performance as real estate broker. The firm will render these services: (a) market the Debtor's property; (b) meet with prospective purchasers; (c) draft sales contract; (c) provide advice on the value of the property; and (d) any other service which may be reasonably necessary to consummate the sale of the property. The firm will receive a commission of 5 percent on any sale. The firm would pay a 2 percent commission with any agent for a buyer. Dean Hunter, a real estate agent at Realty One Group Performance, 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: Dean Hunter Realty One Group Performance 8105 Irvine Center Dr. Irvine, CA 92618 Telephone: (714) 898-1010 About Melpro LLC Melpro, LLC is a privately held company engaged in business and investment activities, focusing on the management of financial and operational assets. Melpro, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00098) on March 4, 2026. In its petition, the Debtor reports between $1 million and $10 million in both estimated assets and liabilities. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by William C. Johnson, Jr., Esq., at The Johnson Law Group, LLC. MEYER BURGER: April 21 Plan Confirmation Hearing Set ---------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware conditionally approved the Disclosure Statement for the Combined Chapter 11 Plan of Meyer Burger (Holding) Corp., Meyer Burger (Americas) Ltd, Meyer Burger (Arizona) LLC, and Meyer Burger (Americas) Lease Co. LLC. The Court finds the disclosures contain adequate information in accordance with Section 1125 of the Bankruptcy Code. Pursuant to the Combined Plan and Disclosure Statement, the Holders of Claims in Classes 2, 3B, 4A, and 4B (Prepetition and DIP Lender Secured Claims, WARN Priority Claims, Prepetition Secured Lender Deficiency Claims, and General Unsecured Claims) are the only Classes entitled to vote to accept or reject the Plan. Pursuant to the Combined Plan and Disclosure Statement, Holders of Claims in Class 1 (Other Secured Claims) and Class 3A (Non-WARN Priority Claims) are unimpaired and, accordingly, pursuant to section 1126(f) of the Bankruptcy Code, are conclusively presumed to accept the Plan and are not entitled to vote on account of such Claims. Class 5 (Interests) is not entitled to receive or retain any property on account of such Interests under the Combined Plan and Disclosure Statement. Accordingly, pursuant to Section 1126(g) of the Bankruptcy Code, Holders of such Interests are deemed to reject the Plan and are not entitled to vote on the Plan. The Voting Record Date shall be set as February 25, 2026. The Solicitation Packages are approved. The Voting Deadline shall be April 6, 2026 at 4:00 p.m. (prevailing Eastern Time). The Movants are authorized to file and serve a supplement to the Plan on or before March 27, 2026, and to further supplement such plan supplement as necessary thereafter. The Combined Hearing for final approval of the Combined Plan and Disclosure Statement shall be held on April 21, 2026 at 10:00 a.m. (prevailing Eastern Time). The Combined Hearing may be adjourned or continued from time to time by the Court or the Movants, and in the latter case, in their reasonable business judgment and after consulting with the AHG, without further notice, including adjournments announced in open Court or as indicated in any notice of agenda of matters scheduled for hearing filed by the Debtors with the Court. The deadline to object or respond to final approval and confirmation of the Combined Plan and Disclosure Statement (including objections to the releases and exculpation provisions provided therein) shall be April 6, 2026 at 4:00 p.m. (prevailing Eastern Time). A copy of the Court's Order dated March 5, 2026, is available at https://urlcurt.com/u?l=zRDmOQ from PacerMonitor.com. Counsel to the AHG: Curtis S. Miller, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street P.O. Box 1347 Wilmington, DE 19899-1347 Email: cmiller@morrisnichols.com - and - Debra A. Dandeneau, Esq. BAKER & MCKENZIE LLP 452 Fifth Avenue New York, NY 10018 Email: debra.dandeneau@bakermckenzie.com Counsel for the Debtors and Debtors in Possession: Paul N. Heath, Esq. Brendan J. Schlauch, Esq. Jason M. Madron, Esq. Zachary J. Javorsky, Esq. Nicholas A. Franchi, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 9210 North King Street Wilmington, DE 19801 Email: heath@rlf.com schlauch@rlf.com madron@rlf.com javorsky@rlf.com franchi@rlf.com Counsel to the Official Committee of Unsecured Creditors: Seth A. Niederman, Esq. Stephanie Slater Ward, Esq. FOX ROTHSCHILD LLP 1201 N. Market Street, Suite 1200 Wilmington, DE 19801 Email: sniederman@foxrothschild.com sward@foxrothschild.com - and - Michael G. Menkowitz, Esq. Jesse M. Harris, Esq. Two Commerce Square FOX ROTHSCHILD LLP 2001 Market Street, Suite 1700 Philadelphia, PA 19103 Email: mmenkowitz@foxrothschild.com jesseharris@foxrothschild.com About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. is an industrial manufacturer of solar cells and solar modules. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11217-CTG) on June 25, 2025. In the petition signed by Justin D. Pugh, chief restructuring officer, the Debtor disclosed up to $500 million in assets and up to $1 billion in liabilities. Judge Craig T. Goldblatt oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., represents the Debtor as legal counsel. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Fox Rothschild, LLP. MG LOGISTICS: Seeks to Extend Plan Exclusivity to June 1 -------------------------------------------------------- MG Logistics Incorporated asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 1 and August 31, 2026, respectively. Prior to the bankruptcy, the Debtor downsized substantially, selling hundreds of units to reduce debt and generally "right-size" the business to allow it to weather economic conditions and to maximize creditor outcomes. In bankruptcy, the Debtor and the Debtor's affiliated operating company have worked to stabilize operations. The Debtor explains that it ultimately anticipates proposing a plan that re-amortizes the secured claims of its equipment lenders. But as the Court and parties are aware, the Debtor still needs to work through a number of unresolved contingencies. The Debtor claims that it has been negotiating with insurance providers regarding long-term deposit requirements and otherwise laying the groundwork to eventually emerge from bankruptcy. The Debtor has made substantial progress and requires additional time to continue that momentum. The Debtor is seeking a further extension of the Exclusive Periods to allow for progress to continue. The Debtor has no desire to stay in bankruptcy longer than needed, so if conditions permit, it will certainly file a Plan sooner. The Debtor asserts that the extension of the Exclusive Periods will afford the Debtor and all other parties in interest an opportunity to fully develop the grounds upon which further negotiations toward a plan of reorganization can be based. Terminating the Exclusive Periods before this process is complete would defeat the very purpose of section 1121 of the Bankruptcy Code, which is to afford the Debtor a meaningful and reasonable opportunity to negotiate with creditors and propose and confirm a consensual plan of reorganization. Accordingly, the Debtor should be afforded a full and fair opportunity to propose, negotiate, and seek acceptance of a chapter 11 plan. The Debtor believes that the requested further extension of its Exclusive Periods is warranted and appropriate under the circumstances. The Debtor submits that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford it a meaningful opportunity to pursue a consensual plan of reorganization, all as contemplated by chapter 11 of the Bankruptcy Code. MG Logistics Incorporated is represented by: Matthew E. McClintock, Esq. Jeffrey Dan, Esq. Joshua Grenard, Esq. GOLDSTEIN & MCCLINTOCK LLLP 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Facsimile: (312) 277-2310 E-mail: mattm@goldmclaw.com About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MOOG INC: Moody's Ups CFR to 'Ba1', Outlook Remains Stable ---------------------------------------------------------- Moody's Ratings upgraded the ratings of Moog Inc. ("Moog"), including its corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD, and senior unsecured rating to Ba2 from Ba3. Moody's also changed the company's speculative grade liquidity ("SGL") rating to SGL-1 from SGL-2. The rating outlook remains stable. "The upgrades reflect Moog's improving credit profile and Moody's expectations that strong execution across the business will support continued earnings and cash flow growth over the next few years," said Moody's Ratings Senior Vice President, Eoin Roche. "The upgrades also reflect the favorable backdrop for aerospace and defense markets. Moody's expects enduring market demand and a conservative financial policy to underpin a robust set of credit metrics, with debt-to-EBITDA sustained below 3x," added Roche. RATINGS RATIONALE The Ba1 CFR reflects the company's well-established position as a long-standing provider of motion control and precision components across a wide variety of industries. Moog benefits from the returns on its investment in research and development, which has averaged around 3.5% of revenue over the last few years. Moody's expects Moog's growing backlog (almost $3.3 billion in December 2025) and the sustainably strong demand in aerospace and defense markets to support sales growth in the high single-digits in 2026. Moody's expects the company to continue to maintain a strong balance sheet with debt-to-EBITDA below 3x, while generating healthy cash flow, with FCF-to-debt in the high single-digits during 2026. Moody's believes that the recent improvements in profitability which have been driven by a combination of a realignment and rationalization of production facilities, increased automation, and pricing initiatives will be durable. Fiscal 2025 (ended September) segment operating margins of 11.7% were up 50 basis points (bps) as compared to 2024 and up 130 bps compared to 2023. Moody's believes there is further upside to profitability and anticipate another 75 bps improvement in segment operating margins during 2026. Tempering considerations include exposure to some end-markets (e.g. industrial) that are relatively more cyclical in nature. Additionally, customer concentration is relatively high, with the top two customers accounting for 20% of sales. Moog also has a history of somewhat volatile cash generation. However, Moody's expects free cash flow to be more stable and modestly improve from the $82 million achieved in fiscal 2025 over the next few years. The SGL-1 speculative grade liquidity rating denotes Moody's expectations of very good liquidity over the next twelve months. Cash on hand as of December 2025 was $73 million. Moody's anticipates healthy cash generation in 2026 and 2027 with FCF-to-debt in the mid single-digits. There is a $1.1 billion senior secured revolving credit facility that expires in 2031. As of December 2025, the company had drawn $303 million on this facility. The revolver is subject to a minimum interest coverage covenant of 3x and a maximum net leverage covenant of 4x. The stable outlook reflects the favorable backdrop for aerospace and defense markets which will support a steady operating profile and healthy credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company transitions to an unsecured debt structure. Debt-to-EBITDA sustained below 3x with FCF-to-debt consistently in the mid single-digits could also be supportive of an upgrade. The ratings could be downgraded if debt-to-EBITDA is sustained above 4x or if free cash generation is negative or in the low single-digits. Moog Inc., headquartered in East Aurora, New York, is a designer and manufacturer of high-performance precision motion and fluid controls and control systems for the commercial aerospace, defense, industrial and medical markets. Moog reported revenues of almost $4.1 billion for the twelve months ended December 2025. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MOTOS AMERICA: Seeks Cash Collateral Access ------------------------------------------- Motos America, Inc. asks the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral and provide adequate protection. The Debtor will use cash collateral to pay limited operating expenses, including payroll and other necessary business costs. The company argues that using these funds is essential to maintain operations, generate revenue, and preserve the value of the business during the bankruptcy process. The Debtor proposes using the available cash according to a six-month budget that outlines projected income and expenses following the petition date. As part of the request, the company offers to provide adequate protection to any secured creditor by granting a replacement lien on post-petition assets such as cash, accounts receivable, and related proceeds. However, the Debtor disputes whether certain parties claiming secured status actually hold valid security interests. Specifically, Atacama Capital Management, LLC and the Shannon Christiansen Seare Trust assert that they are secured creditors, but the debtor contends their claims may be unsecured. According to the Debtor, documentation provided by these entities does not clearly establish a valid security agreement covering the company's assets. For example, a financing statement filed by the trust allegedly references a secured note that does not exist, and a promissory note involving Atacama appears to reference collateral consisting only of stock owned by the company's CEO rather than assets of the debtor itself. The Debtor states that it currently has approximately $255,687 in unrestricted cash and intercompany receivables, while the alleged secured creditor's collateral was estimated at about $134,756 at the time of filing. Because the business requires operating funds to continue functioning, the company asks the court to permit the use of this cash collateral according to the proposed budget. Any expenses beyond the authorized budget would require approval from the alleged secured creditor or a further order from the court. Additionally, any savings in one month may be carried forward and used in later months, and if the reorganization plan has not yet been confirmed when the budget period ends, the Debtor may submit an amended budget for continued use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=urNaoX from PacerMonitor.com. About Motos America Inc. Motos America Inc. is a Salt Lake City, Utah-based motorcycle dealership group. Motos America Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27834) on December 31, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Russell S. Walker, Esq. of Pearson Butler, PLLC. MSS INC: Ellen Lighting Wins Summary Judgment in Adversary Case --------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina granted Ellen Lighting, Inc.'s motion for summary judgment as to all claims in the adversary proceeding captioned as MSS, INC., Plaintiff, v. ELLEN LIGHTING, INC. d/b/a ELLEN LIGHTING & HARDWARE, Defendant, Adv. Proc. No. 25-00005-5-JNC (Bankr. E.D.N.C.). MSS, Inc.'s cross motion for summary judgment is denied on all claims. On January 13, 2025, MSS filed the original complaint in this matter, which was amended on February 27, 2025. The Amended Complaint seeks to avoid and recover five transfers under sections 547 and/or 548 of the Bankruptcy Code. Prior to the filing of its bankruptcy petition on August 28, 2023, Debtor was engaged as an electrical installation subcontractor on the following multi-family construction projects located in North and South Carolina. In connection with the Birch Hill and Meridian Projects, the Debtor purchased from Defendant on credit certain electrical supplies and materials necessary for the completion of its subcontract work. An account balance remained unpaid at the Petition Date. Defendant is therefore a "creditor" of MSS, as that term is defined under section 101(10)(A) of the Bankruptcy Code. For unexplained reasons, Plaintiff contends Defendant did not retain or obtain a security interest, lien, or encumbrance in any of the electrical materials and supplies purchased by it as of and following the Petition Date. Defendant disputes this contention, arguing instead that as a matter of law, it held lien rights that arose immediately upon the furnishing of the materials under Chapter 44A of the North Carolina General Statutes. It further contends Plaintiff was aware of the lien rights. Plaintiff alleges that during the ninety-day period preceding the Petition Date (the "Preference Period"), Defendant received a payment from the Debtor and a second payment from a third party on funds due Plaintiff that total $122,125.55. Plaintiff asserts that neither of the Transfers were made in exchange for providing the Debtor with "new value" on the transaction as required and defined by Sec. 547(c)(2). Defendant does not dispute that no new materials were provided nor credit extended to Debtor following remittance of either of the Transfers. Defendant asserts, however, that it held state law statutory materialman lien rights for amounts exceeding the Transfers, and further that Plaintiff was aware of those lien rights and made the June Transfer voluntarily and allowed the August Transfer to occur in exchange for surrender of the lien rights. Debtor retorts that it did not receive nor was it notified of any claim of lien on funds or on real property under N.C. Gen. Stat. Sec. 44A-1, et seq. made by Defendant related to the materials and supplies purchased from Defendant and provided to Debtor. It also contends receipt of the Transfers enabled Defendant to receive more than it would have otherwise received if the Debtor had sought relief under chapter 7 of the Bankruptcy Code. The first three transfers described in the Amended Complaint, in the amounts of $52,238.52, $30,074.28, and $30,213.96 (the "First Three Transfers"), were alleged to have been made outside of the ninety-day preference "lookback" period; therefore, the Amended Complaint seeks recovery only under section 548 as to these. Ellen Lighting contends there is no dispute that the First Three Transfers were made in satisfaction of a pre-existing debt for goods furnished, nor is there any allegation that the goods were defective. Defendant's motion for summary judgment is granted as to the First Three Transfers. Defendant Ellen Lighting contends summary judgment should be granted as to the Fourth Transfer $27,125.55 (the June Transfer) because due to Defendant's lien rights, Defendant did not receive more as a result of the transfer than it would have under Chapter 7. As to the June Transfer, there is no dispute Defendant provided materials on construction jobs. According to the Court, when the June Transfer occurred, Ellen gave up its lien rights in exchange, which means it did not receive more than it would have received if the case had been filed under chapter 7. Therefore, as a matter of law, the Trustee may not avoid the transfer. Accordingly, Defendant is entitled to summary judgment as to the June Transfer. There is no dispute the Fifth Transfer (August Transfer) was accomplished in the form of a payment made by NorthView Construction, LLC ("NVC"), the contractor to Debtor for the Meridian Project, to Ellen Lighting. Plaintiff contends Debtor had an "interest" in those funds because NVC owed it money. The Court finds the August Transfer was not a "transfer of an interest of the debtor" because Plaintiff did not make the Transfer, but more to the point Plaintiff has failed to show it was owed any money by NVC at the time of the particular Transfer. In its plan, Debtor listed no amount as being owed by NVC and has made no attempts to collect any money from NVC. Finding no genuine dispute of material fact regarding the issue of whether Debtor was owed money by NVC at the time of the August Transfer, the court finds as a matter of law that the August Transfer did not constitute a "transfer of an interest of the debtor in property" as required by § 547(b). Therefore, Defendant's motion for summary judgment is granted as to the August Transfer. A copy of the Court's Memorandum Opinion dated March 5, 2026, is available at https://urlcurt.com/u?l=wB1qLY from PacerMonitor.com. About MSS Inc. MSS Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 23-02487) on August 28, 2023. In the petition signed by Matthew Filzen, vice president/chief operations officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Joseph Z. Frost, Esq., at Buckmiller, Boyette & Frost, PLLC, represents the Debtor as legal counsel. NATHAN SPENCER: John-Patrick Fritz Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 16 appointed John-Patrick Fritz as Subchapter V trustee for Nathan Spencer Home LLC. Mr. Fritz will be paid an hourly fee of $775 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The compensation for his trustee administrators (Jason Klassi, Linda Riess and Connie Ray) is $300 per hour. Mr. Fritz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John-Patrick M. Fritz Levene, Neale, Bender, Yoo & Golubchik, L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 About Nathan Spencer Home LLC Nathan Spencer Home LLC Dsought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10422) on Feb. 27, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Michael Jay Berger, Esq. represents the Debtor as legal counsel. NATHAN SPENCER: Seeks Cash Collateral Access -------------------------------------------- Nathan Spencer Home, LLC asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral and provide adequate protection to its secured creditor, The Agoura Antique Mart, Inc. The Debtor needs to use cash collateral in order to continue operating its antique retail business, The Agoura Antique Mart, located in Agoura Hills, California. It argues that continued operations will preserve collateral value and enhance prospects for reorganization, benefiting all creditors. Agoura Antique Mart holds a claim of about $92,995 secured by all business assets of the Debtor pursuant to a UCC filing. The Debtor also owes significant priority sales taxes and approximately $608,827 in general unsecured debt. As adequate protection, the Debtor offers monthly payments of $335 to Agoura Antique Mart and replacement liens on post-petition assets to the extent of any diminution in collateral value. The Debtor filed its Chapter 11 petition on Feb. 27 after falling behind on merchant cash advance obligations and January–February rent and CAM payments, which resulted in a three-day notice to pay rent or quit from its landlord. The Debtor does not own real property but leases both retail and warehouse space. The Debtor's personal property is valued at approximately $117,536. A court hearing is set for March 18. A copy of the motion is available at https://urlcurt.com/u?l=7yVNJu from PacerMonitor.com. About Nathan Spencer Home LLC Nathan Spencer Home, LLC owns the antique retail business, The Agoura Antique Mart, located in Agoura Hills, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 1:26-bk-10422) on February 27, 2026. In the petition signed by Spencer L. Howard, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael J. Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. NAVAJO SMILES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Navajo Smiles LLC d/b/a Pleasant Dental Care 10140 W. Lake Pleasant Parkway, #1220 Peoria, AZ 85382 Business Description: Navajo Smiles LLC, doing business as Pleasant Dental Care, provides general and specialized dental services, including preventive, restorative, cosmetic, orthodontic, and implant dentistry. The clinic also offers teeth cleaning, whitening, crowns, veneers, dentures, periodontal care, sedation dentistry, extractions, and emergency dental care. Navajo Smiles LLC operates in Peoria, Arizona, serving patients with a full range of family and specialized dental treatments. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-02081 Judge: Hon. Brenda K Martin Debtor's Counsel: Thomas H. Allen, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Avenue, Suite 1025 Phoenix, AZ 85004 Tel: 902-256-6000 Fax: 602-252-4712 Email: tallen@bkfirmaz.com Total Assets as of February 28, 2026: $2,596,713 Total Liabilities as of February 28, 2026: $2,711,049 The petition was signed by Chad Lyons as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VO43EYY/NAVAJO_SMILES_LLC__azbke-26-02081__0001.0.pdf?mcid=tGE4TAMA NCL CORP: S&P Alters Outlook to Stable, Affirms 'B+' ICR -------------------------------------------------------- S&P Global Ratings revised its outlook on global cruise operator NCL Corp. Ltd. to stable from positive and affirmed the 'B+' issuer credit rating. The stable outlook reflects its expectation that NCL will sustain leverage in the mid-5x area and FFO to debt will increase to the 12%-13% area over the next 12 months. NCL Corp.'s forward bookings are behind its optimal range for 2026, resulting in weaker net yield growth guidance than its prior forecast. S&P said, "As a result of this weaker guidance and higher-than-expected net debt, we expect that in 2026, NCL's S&P Global Ratings-adjusted debt to EBITDA will remain slightly above our 5.5x upgrade threshold and its funds from operations (FFO) to debt will remain below our 15% upgrade threshold. "We expect NCL's leverage to remain above 5.5x through 2026, with FFO to debt below 15%. NCL's net yield growth and EBITDA for 2025 met its prior guidance and our expectations. However, its operating cash flow was materially below our previous forecast, primarily due to lower-than-anticipated cash inflows from advance customer deposits, resulting in higher net debt than our expectations. As a result, the company's S&P Global Ratings-adjusted leverage was approximately 5.6x as of Dec. 31, 2025, which was above our prior forecast of about 5.3x and slightly above our 5.5x upgrade threshold. The company also disclosed that it's currently behind its optimal booked position of approximately 60%-65% of capacity for the subsequent 12 months. In addition, it expects yields will be approximately flat on a constant-currency basis (up 0.4% on a reported basis), below our prior expectation of 2%-3% yield growth in 2026. "In 2026, we estimate NCL will increase revenue by 9%-10% and EBITDA by 4%-5%. We assume that higher capacity and approximately flat yield growth will be partially offset by cost growth. Our forecasted EBITDA growth is offset by incremental debt from the company's planned delivery of the Norwegian Luna and Regent Seven Seas Prestige ships, resulting in S&P Global Ratings-adjusted debt to EBITDA remaining slightly above our 5.5x upgrade threshold at the end of 2026. In addition, NCL will only expand its FFO to debt to about 12%-13% in 2026, which remains below our 15% upgrade threshold. The company's FFO to debt remains impaired by its elevated interest burden. We expect NCL's yields will improve later in 2026 and into 2027 following the completion of the next phase of its Great Stirrup Cay expansion in mid-2026, which should support deleveraging below 5.5x. However, we believe its FFO to debt measure will remain below our 15% upgrade threshold through 2027, supporting the outlook revision." A slowing economy and future ship deliveries pose leveraging risks. The cruise industry typically benefits from bookings visibility and historically withstands modest economic weakness without large cancellation spikes. S&P said, "However, we see risks that a weakening economy could impair yields, on-board spending, and booking volumes later in 2026 and 2027. Our macroeconomists believe the current Middle East conflict increases the risk of an energy shock that would likely lead to more subdued consumer spending. Higher gasoline and utility bills act like a tax on real incomes, typically compressing discretionary consumption and delaying big-ticket purchases." Energy inflation also acts like a regressive tax because it hits necessities with little short-run substitution and because it takes a larger share of lower-income budgets. While cruise operators typically lower prices to sustain high occupancy levels if the economy weakens, S&P expects the impact may be less severe than in past slowdowns, as the price of cruises generally remains substantially lower than comparable land-based vacations. This could benefit operators as customers seek value alternatives. Future ship deliveries could exacerbate the leveraging impact of a slowing economy. The cruise industry is capital intensive because of the significant capital required to fund the purchase of new ships and the need to take delivery of ships regardless of the operating environment. Cruise operators generally must commit to new ship orders at least three to five years in advance, given the limited number of shipyards globally that are equipped to build cruise ships. Operators typically obtain financing commitments for the ships before their delivery (often at the same time they contract for the ship's delivery), which provides some liquidity support if their cash flow declines. However, the incremental debt can significantly weaken their credit measures during periods of operating weakness because it increases their debt balances while their EBITDA declines. In each of 2026 and 2027, NCL will take delivery of two ships--a larger Norwegian ship and a smaller Oceania or Regent Seven Seas ship--incurring incremental ship debt. This incremental debt could weaken credit measures if a slowing economy hurts EBITDA. Increased influence from activist shareholders introduces potential uncertainties that warrant monitoring. In a letter and presentation to the board of directors, Elliott Management Corp., which recently disclosed a greater than 10% stake in parent company Norwegian Cruise Line Holdings Ltd. (NCLH), publicly outlined a plan to advocate for changes. These include potential modifications to the board, executive leadership, and business strategy, with the goal of improving profitability. Elliott intends to discuss these proposals in greater detail at the company's upcoming annual meeting. S&P said, "Broadly speaking, we view the presence of activist investors as potentially negative to credit quality. Campaigns often have wide-ranging implications for corporate strategy and operational initiatives, and they frequently involve aggressive shareholder returns to the detriment of creditors. However, we believe Elliott's proposal is likely to be weighted more toward operational efficiencies and improved profitability, which could drive deleveraging and ultimately be positive for the rating over the longer term." S&P said, "The stable outlook reflects our expectation that NCL will sustain leverage in the mid-5x area and FFO to debt will increase to the 13%-14% area over the next 12 months. "We could lower our rating on NCL if its operating performance is weaker than we expect, such that leverage increases and is sustained above 6.5x. This could occur if the company underperforms our base case due to intensifying geopolitical conflicts, competitive pressures that significantly reduce cruise demand, or additional operational missteps that hinder an improvement in operating performance. "While unlikely over the next 12 months, we could raise our rating on NCL if we expect its operating performance will improve such that it sustains S&P Global Ratings-adjusted leverage of below 5.5x and FFO to debt of more than 15%, incorporating its ship deliveries and potential operating volatility." NCR ATLEOS: Fitch Puts 'BB-' LongTerm IDR on Watch Positive ----------------------------------------------------------- Fitch Ratings has placed NCR Atleos Corporation's 'BB-' Long-Term Issuer Default Rating (IDR) and 'BB+' senior secured debt including revolver, term loans and senior notes with a Recovery Rating of 'RR2', on Rating Watch Positive (RWP). This follows the announcement that NCR Atleos will be acquired by The Brink's Company (BCO), rated at BB+/ Stable, for $6.6 billion. The RWP reflects Fitch's view that BCO has stronger credit qualities than NCR Atleos, Fitch expects this to strengthen NCR Atleos' business and financial risk profile post-acquisition, given BCO's solid market position in transit operations, digital and managed solutions. Fitch plans to resolve the RWP at the close of the transaction, anticipated in 1Q27. Key Rating Drivers Acquisition by BCO: Fitch views BCO's announced acquisition of NCR Atleos as a credit positive, given BCO's stronger credit profile. BCO has been strategically focused on growing its Digital Retail Solutions (DRS) and ATM Managed Services (AMS) business segments, which are complemented by its established network of cash-in-transit services. NCR Atleos is a global provider of ATM software services, outsourced managed services, independent ATM network, and ATM manufacturer. The transaction could add significant scale for BCO in the ATM managed services, furthering BCO's vertical integration and potential to enhance its value proposition via suite of offerings. Solid Position in ATM Services: NCR Atleos' credit profile benefits from its leadership position in ATM manufacturing and ownership of one of the largest U.S. ATM networks (Allpoint). NCR Atleos was one of two market leaders in ATMs shipped globally in recent years and has the leading share position for ATM installs in more than 30 countries. The ATM hardware market is fairly concentrated, with three manufacturers comprising the vast majority of units shipped globally. ATM networks are more fragmented, but NCR Atleos holds a solid position with roughly 590,000 ATMs managed globally versus an estimated market size of roughly 3.0 million ATMs operated worldwide. This includes many regions in which NCR Atleos does not operate. Secular Challenges: Fitch believes ATM sales and network volumes could be pressured over the long term as consumers use less cash. However, increased bank outsourcing could somewhat offset this. Consumers have shifted further away from cash since the pandemic, particularly in certain markets like the U.S., where NCR Atleos generates meaningful revenue. Fitch believes demand for cash and ATMs will have a long tail and NCR Atleos, as a market leader in hardware sales and an independent network operator, will continue to derive material profitability from the business. Shift to Service Model: NCR Atleos is shifting to an ATM-as-a-service (ATMaaS) model, managing banks' ATM technology with no upfront cost in exchange for a monthly subscription. Management expects higher lifetime customer value — more than 2x revenue and EBITDA per customer versus the prior model — and EBITDA margin rising from the high-teens into the mid-20% range over time. Fitch believes sustained margin expansion may be challenging given the business's hardware exposure. ATMaaS currently generates about $250 million annually (roughly 6% of Fitch's 2025 revenue estimate) and is growing more than 30% annually. Regional Diversification: NCR Atleos' IDR benefits from global diversification, with only 45% of its revenue from the U.S. in nine months ended Sept. 30, 2025 and the remaining portion spread across other countries. Cash usage varies globally, and NCR Atleos' worldwide presence functions somewhat as an offset to the long-term secular shift away from paper-based cash. It also has a global manufacturing footprint but manufactures the largest portion of its ATMs in India (Chennai). Manageable Leverage: On a standalone basis before considering the BCO acquisition, EBITDA leverage is near 3.5x as of December 2025. Fitch expects leverage to continue trending lower amid secular headwinds to cash usage. However, Fitch believes the pending BCO deal could potentially lead to all of NCR Atleos' debt being repaid. If the deal were terminated for any reason, leverage would remain a key rating factor. Stable FCF Profile: NCR Atleos should continue to generate positive FCF in the future, and Fitch projects FCF margins in the mid-to-high-single digits as a percentage of revenue over the ratings horizon, which benefits its IDR and supports its leverage profile. Despite long-term secular risks, the business should be reasonably stable in the near to medium term. Global cash usage remains significant in terms of volumes and varies by country. Further, with banks expected to continue closing branches, consumers will increasingly rely on ATMs as their touchpoint for when physical cash and/or check deposits are needed. Peer Analysis NCR Atleos' ratings are supported by its market position across its business, its relatively stable business, regional diversification, expectation of positive FCF generation, and manageable leverage for the IDR. Secular challenges inherent in the company's key end market are also a key rating consideration that limits the rating. Fitch considers the company relative to other services and hardware companies in the technology and business services industries. Diebold Nixdorf, Inc., NCR's closest peer, filed for bankruptcy in 2023 amid high leverage, limited liquidity and significant operating pressures. Euronet Worldwide, Inc. (BBB/Stable) is similar in scale but is more diversified, with historically much lower EBITDA leverage, stronger coverage, and a long record of conservative balance sheet management. While operating in a different business and part of the cash value chain as a provider of secure transportation services (including cash and other valuables), Fitch rates numerous hardware companies much larger than NCR Atleos as investment grade, including Motorola Solutions, Inc. (BBB/Stable), HP Inc. (BBB+/Stable) and Dell Technologies Inc. (BBB+/Stable), among others. However, these companies benefit from much larger scale, greater diversification, better end markets and more attractive FCF/leverage characteristics. Fitch’s Key Rating-Case Assumptions - Organic revenue growth in the low- to-mid-single digit range in the next few years; - EBITDA margins improve to 19% to 20%, with modest expansion supported by its shift to ATMaaS; - Capital expenditure near 3% to 4% of revenue; - Excess cash flow to be used for debt repayment in the near term; - Gross debt is reduced through 2027 as the company continues to prioritize debt reduction in the near term; - SOFR assumed to remain in the high-3% range through the forecast; - BCO acquisition is not modeled into Fitch's base case forecast, but the company projects the deal to be completed in early 2027. 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 (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (a-, Lower), Financial Structure (bb+, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment 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 - EBITDA leverage sustained at/above 4.0x; - Revenue growth deteriorates and is expected to be pressured over a multi-year period; - Deterioration in key fundamentals including EBITDA margins or FCF generation. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could upgrade NCR Atleos' ratings to a level equalized with BCO (BB+/Stable) upon closing of the acquisition; If the acquisition is terminated, the following are factors that could lead to positive rating action/upgrade: - EBITDA leverage sustained at/below 3.5x; - Revenue growth projected to be sustained in the mid-single digit percentage range or higher over time; - Improving EBITDA interest coverage metrics. Liquidity and Debt Structure NCR Atleos has sufficient liquidity to support its operations and growth plans in the next few years. Liquidity is supported by the following as of December 2025: $456 million of cash and equivalents, $447 million of capacity on its $600 million senior secured revolver, and positive FCF generation that Fitch projects could be more than $200 million annually through the forecast. The company's debt includes a mix of floating rate and fixed securities, with all its debt being newly issued to finance its 2023 separation into a newly public company. As of December 2025, outstanding debt includes: (i) $1.24 billion of senior secured term loan borrowings, (ii) $1.35 billion of senior secured notes (9.5% fixed), and (iii) a $600 million senior secured revolver. NCR Atleos also has a trade receivables facility, which allows the company to sell certain receivables on a revolving basis via wholly owned, bankruptcy remote subsidiaries. The trade receivables facility provides for capacity of up to $200 million at any point in time. There is some maturity risk as its revolver expires in 2028 and most of the company's debt, including its term loan and senior secured notes, mature in 2029. Issuer Profile NCR Atleos is one of the global leaders in ATM hardware sales and among the largest ATM network operators globally. It was spun off from NCR Corporation (now NCR Voyix Corporation) in 2023 and has ATM roots dating back to the 1980s. 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. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NCR Atleos Corporation LT IDR BB- Rating Watch On BB- senior secured LT BB+ Rating Watch On RR2 BB+ NCR ATLEOS: Moody's Puts 'B1' CFR on Review for Upgrade ------------------------------------------------------- Moody's Ratings has placed the credit ratings of NCR Atleos Corporation ("NCR Atleos" or "Atleos") on review for upgrade, including the B1 corporate family rating, B1-PD probability of default rating, B1 Senior Secured First Lien Notes rating and B1 Senior Secured First Lien Bank Credit Facilities ratings. Previously, the outlook was stable. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. The rating action follows The Brink's Company's (Ba2, Stable) announcement that it plans to acquire NCR Atleos for about $6.6 billion using a combination of debt and equity. The transaction is expected to close in the first quarter of 2027, subject to regulatory clearance and other customary closing conditions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS NCR Atleos' ratings were placed on review for upgrade based on its potential 100% ownership by The Brink's Company (Brink's), which has a strong credit profile, larger scale and geographic diversification, and solid cash flow generating capabilities. The combination will provide Brink's with Atleos' ATM hardware, software and services capabilities, in addition to ownership of a large retail-based ATM network, which will complement Brink's cash-in-transit and valuables transportation competencies and its own ATM managed services assets. The review will focus on the likelihood and timing of the transaction, the final capital structure, as well as Brink's plans for the existing debt at NCR Atleos, including whether its debt will be repaid, guaranteed or legally assumed by Brink's. NCR Atleos Corporation is a provider of ATM solutions to financial institutions, retailers, and consumers through its Self-Service Banking segment that primarily provides ATM hardware, software, and services to traditional banks, and through its retail-based ATM Network segment that enables financial institutions to offer cash-related and other banking services to consumers through a large network of ATMs. LTM revenues are approximately $4.3 billion. The principal methodology used in these ratings was Diversified Technology published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. NEARSHORE NETWORKS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Nearshore Networks, Inc. 1980 Post Oak Blvd., Suite 100 Houston, TX 77056 Business Description: Nearshore Networks, Inc. is a Houston, Texas-based provider of integrated communications and connectivity solutions for remote and mission-critical operations worldwide. The company delivers hybrid satellite, cellular, and network-managed services tailored to maritime, energy, mining, and intermodal logistics sectors, backed by global field engineering support and high uptime guarantees. Nearshore Networks combines custom network design, installation, and 24/7 technical support to ensure resilient, secure connectivity in isolated environments. Chapter 11 Petition Date: March 8, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-31567 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Joseph Epstein, Esq. JOSEPH G. EPSTEIN PLLC 24 Greenway Plaza 970 Houston TX 77046 Tel: 713-222-8400 E-mail: joe@epsteintexaslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bob Miltenberger as president and 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/EVV3CWQ/NEARSHORE_NETWORKS_INC__txsbke-26-31567__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ELWKWVI/NEARSHORE_NETWORKS_INC__txsbke-26-31567__0001.0.pdf?mcid=tGE4TAMA NINE ENERGY: FY25 Revenues Reach $561.9M, Net Loss Widens to $51.3M ------------------------------------------------------------------- Nine Energy Service, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $51.3 million for the fiscal year ended December 31, 2025, compared to a net loss of $41.1 million for the fiscal year ended December 31, 2024. Revenues were $561.9 million for the fiscal year ended December 31, 2025, compared to $554.1 million for 2024. As of December 31, 2025, the Company had $339.5 million in total assets, $454.4 million in total liabilities, and $114.9 million in total stockholders' deficit. The Company is currently undergoing Bankruptcy Proceedings in the United States Bankruptcy Court for the Southern District of Texas to implement a prepackaged Chapter 11 plan of reorganization to effectuate a financial restructuring for the Company Parties' existing indebtedness in accordance with the Restructuring Support Agreement. As a result of the current bankruptcy proceedings and its financial condition, substantial doubt exists that the Company will be able to continue as a going concern for one year from March 4, 2026, the date of which this Annual Report on Form 10-K was issued. However, as a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities are subject to uncertainty. The Company's liquidity requirements, and the availability to the Company of adequate capital resources are difficult to predict at this time. In addition, the Company has incurred, and continues to incur, material reorganization and administrative expenses in connection with the Chapter 11 Cases and the Plan. Notwithstanding the protections available to the Company under the Bankruptcy Code, if its future sources of liquidity are insufficient, the Company will face substantial liquidity constraints and will likely be required to significantly reduce, delay, or eliminate capital expenditures, implement further cost reductions, seek other financing alternatives, or cease operations as a going concern and liquidate. The Company can give no assurance that it will be able to secure additional sources of funds to support its operations, or, if such funds are available to the Company, that such additional financing will be sufficient to meet its needs. Based on such evaluation and management's current plans, which are subject to change, management believes there is substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is contingent upon its ability to successfully implement the Plan and successfully emerge from Chapter 11, and generate sufficient liquidity to meet its obligations and operating needs, among other factors. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases. Further, any plan of reorganization could materially change the amount of assets and liabilities reported in the accompanying consolidated financial statements. There are substantial risks and uncertainties related to: (i) the Company's ability to successfully emerge from the Chapter 11 Cases, and (ii) the effects of disruption from the Chapter 11 Cases making it more difficult to maintain business, financing, and operational relationships. A full text copy of the Company's Annual Report is available at https://tinyurl.com/y544z7wh About Nine Energy Service Nine Energy Service, Inc. is a leading oilfield services business that supplies cutting edge solutions for unconventional oil and gas resource extraction and development across North America and abroad. Nine's culture is driven by an intense focus on performance and wellsite execution as well as a commitment to forward--leaning technologies that aid the development of smarter, customized applications that drive efficiencies and reduced emissions for customers. Nine is headquartered in Houston, Texas with operational reach that extends across all major onshore basins in the United States and Canada. On the Web: http://www.nineenergyservice.com/ Nine Energy Service, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 26--90295) on Feb. 1, 2026. Nine is advised in this matter by Kirkland & Ellis LLP and Kane Russell Coleman Logan PC as legal counsel, Moelis & Company as investment banker and FTI Consulting as financial and communications advisors. Epiq is the claims agent. Judge Christopher M. Lopes oversees the case. Certain noteholders under the Company's senior secured notes indenture are advised by Milbank LLP as legal counsel and Houlihan Lokey as investment banker. White Oak Commercial Finance, LLC, as DIP Agent, is advised by Paul Hastings LLP as legal counsel and Blake, Cassels & Graydon LLP, as Canadian counsel. OCUGEN INC: FY25 Loss Widens to $67.8MM; Going Concern Doubt Stays ------------------------------------------------------------------ Ocugen, 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. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. The Company has incurred recurring net losses since inception and has funded its operations to date through the sale of common stock, warrants to purchase common stock, the issuance of convertible notes and debt, and grant proceeds. The Company incurred net losses of approximately $67.8 million and $54.1 million for the years ended December 31, 2025 and 2024, respectively. Total revenues were $4.4 million for the fiscal year ended December 31, 2025, compared to $4.1 million for 2024. As of December 31, 2025, the Company had an accumulated deficit of $408.1 million and cash totaling $18.6 million. This amount will not be sufficient to fund the Company's operations over the next 12 months after March 4, 2026, the date which the consolidated financial statements were issued. While the Company intends to continue its research, development, and commercialization efforts for its product candidates, it will require significant additional funding. If the Company is unable to obtain additional funding in the future and/or its research, development, and commercialization efforts require higher than anticipated capital, there will be a negative impact on the financial viability of the Company. The Company will continue to explore options to fund its operations through public and private placements of equity and/or debt, payments from potential strategic research and development arrangements, sales of assets, licensing and/or collaboration arrangements with pharmaceutical companies or other institutions, funding from the government, or funding from other third parties. Such financing and funding may not be available at all, or on terms that are favorable to the Company. While management believes that it has a plan to fund operations, its plan may not be successfully implemented. If the Company cannot obtain the necessary funding, it will need to delay, scale back, or eliminate some or all of its research and development programs and commercialization efforts; consider other various strategic alternatives, including a merger or sale; or cease operations. In August 2025, the Company successfully completed a registered direct offering, generating $18.5 million in net proceeds from the sale of its common stock. In January 2026, the Company raised an additional $20.8 million in net proceeds through a underwritten registered direct offering of common shares. Although these capital infusions have strengthened the Company's liquidity, management maintains that, according to the current operational strategies and forecasts, further funding will be necessary to fulfill obligations and continue operating for at least the next 12 months. As a result of these factors, together with the anticipated continued spending that will be necessary to continue to research, develop, and commercialize the Company's product candidates, there is 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 Annual Report is available at https://tinyurl.com/497pu5t6 About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. OCUGEN INC: Petitions Court to Confirm Validity of Share Increase ----------------------------------------------------------------- Ocugen, Inc. disclosed in a regulatory filing that it filed a petition in the Court of Chancery of the State of Delaware pursuant to Section 205 of the Delaware General Corporation Law seeking validation of the Certificate of Amendment, increasing the Company's number of authorized shares of common stock, and all shares of the Company's common stock issued in reliance on the effectiveness and validity thereof. Concurrently with the filing of the Petition, the Company filed a motion to expedite the hearing on the Petition, which was subsequently granted. Background At the Company's 2024 Annual Meeting of Stockholders, held on June 28, 2024, the Company submitted to stockholders a proposal to increase the number of authorized shares of common stock from 295,000,000 to 390,000,000. Following the 2024 Annual Meeting, on June 28, 2024, the Company filed a Form 8-K disclosing the results of the stockholder vote on the Share Increase Proposal as follows: * For: 80,474,755,361 * Against: 25,535,231,721 * Abstentions: 1,835,959,126, and * Broker Non-Votes: 0 Accordingly, the Company declared and has since consistently taken the position that the Share Increase Proposal was approved by its stockholders at the 2024 Annual Meeting. On July 10, 2024, the Company filed an amendment to its charter with the Delaware Secretary of State to implement the Share Increase Proposal. On October 21, 2024, approximately five months after the 2024 Annual Meeting, a purported stockholder of the Company sent a letter raising concerns with the Approval. Specifically, the stockholder observed that the voting threshold for amendments to the charter is the "majority of the voting power of all of the then-outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class." The stockholder asserted that, because the Series C Preferred Stock, par value $0.01 per share that was issued to stockholders of record at 5:00 pm Eastern Time on May 20, 2024 was only authorized to vote on specified matters, including the Share Increase Proposal but not the election of directors, the votes associated with such shares could not be counted toward the approval or rejection of the Share Increase Proposal. The Company disputed the stockholder's construction of the charter. Nevertheless, to eliminate doubt regarding the matter, on May 9, 2025, the Company filed a Certificate of Correction with the Delaware Secretary of State to clarify and confirm the voting powers of the Series C Preferred Stock, ensuring that the language used in the Certificate of Designation of Series C Preferred Stock conformed to the corporate action taken. The Certificate of Correction, made pursuant to Section 103(f) of the DGCL, provides, among other things, that "[t]he inaccuracy or defect in the Certificate of Designation to be corrected hereby is that the Certificate of Designation inaccurately set forth the voting power of the shares of Series C Preferred Stock due to administrative oversight." Pursuant to Section 103(f), the effectiveness of the Certificate of Correction was retroactive to the date of the filing of the Certificate of Designation, "except as to those persons who are substantially and adversely affected by the correction." Because the Company believes that no stockholders could have been substantially or adversely affected by the Certificate of Correction, especially given the disclosures made by the Company with regard to the Series C Preferred Stock prior to the 2024 Annual Meeting, the Company has consistently treated the Certificate of Correction as valid and effective as of the date of the Certificate of Designation. On October 23, 2025, Megan Prater, as a purported stockholder of the Company, filed a putative class action complaint against the Company in the Court of Chancery of the State of Delaware, captioned Prater v. Ocugen, Inc., C.A. No. 2025-1214-NCC. In her complaint, Plaintiff asserts that the Series C Preferred Stock was not properly authorized to vote on the Share Increase Proposal because such stock was not "entitled to vote generally in the election of directors." As a result, Plaintiff alleges that the Share Increase Proposal did not obtain the required vote for approval. Thus, Plaintiff contends that the Certificate of Amendment was invalid, and the Company has issued stock exceeding the number of authorized shares. Plaintiff also asserts that the Certificate of Correction is invalid. Plaintiff further asserts that, even assuming the Certificate of Correction is valid, it cannot operate retroactively. The Company disputes the allegations in the Stockholder Action. Nonetheless, the Company's counsel contacted Plaintiff's counsel to discuss the most efficient means of resolving the litigation and eliminating any uncertainty arising out of the allegations therein. The parties ultimately agreed that a petition pursuant to Section 205 was the most effective means to accomplishing that objective. Thus, Plaintiff has stated she does not oppose the Petition or the relief sought therein and, if granted, Plaintiff agreed that such relief will moot the claims asserted in the Stockholder Action. Hearing Date On February 19, 2026, the Court of Chancery granted the Company's motion to expedite and subsequently set a hearing date for the Petition. The hearing has been set for May 6, 2026 at 1:30 pm Eastern Time at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801. As ordered by the Court of Chancery, the Company is filing the Petition with this Current Report on Form 8-K, a copy of which is available athttps://tinyurl.com/5n9xayn3. If any stockholder of the Company wishes to express a position on the Petition, such stockholder of the Company may: (i) appear at the hearing or (ii) by April 16, 2026, file a written submission with the Register in Chancery, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, referring to the case caption, In re Ocugen, Inc., C.A. No. 2026-0210-NAC (Del. Ch.), and email such written submission to the Company's counsel, Brock Czeschin, Richards, Layton & Finger, P.A., at czeschin@rlf.com. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. In the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on March 4, 2026, PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. OCUGEN INC: Registers 12.5MM Shares for 2019 Equity Incentive Plan ------------------------------------------------------------------ Ocugen, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering an additional 12,495,198 shares of common stock, par value $0.01 per share, issuable pursuant to the Ocugen, Inc. 2019 Equity Incentive Plan. These additional shares of Common Stock have become reserved for issuance as a result of the operation of the "evergreen" provision in the 2019 Plan, which provides that the total number of shares subject to the 2019 Plan will be increased on the first day of each fiscal year pursuant to a specified formula or will be increased to such lesser total number of shares as may be determined by the Board of Directors of the Registrant. Upon the effectiveness of this Registration Statement, an aggregate of 62,778,895 shares of Common Stock will be registered for issuance from time to time under the 2019 Plan. The Company may be reached through: Shankar Musunuri Chairman of the Board and Chief Executive Officer Ocugen, Inc. 11 Great Valley Parkway Malvern, Pennsylvania 19355 Tel: (484) 328-4701 A full text copy of the Registration Statement is available at https://tinyurl.com/y8ys9j7w About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. In the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on March 4, 2026, PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. ODYSSEY MARINE: Greywolf Capital Holds 10.9% Equity Stake --------------------------------------------------------- Greywolf Capital Management LP, Greywolf Opportunities Master Fund II LP, Greywolf Advisors LLC, Greywolf GP LLC, and Jonathan Savitz, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 2, 2026, they beneficially own 6,394,323 shares of common stock (with shared voting and dispositive power; includes 342,391 warrants currently exercisable for one share each) of Odyssey Marine Exploration Inc's common stock, par value $0.0001 per share, representing 10.9% based on 58,072,806 shares outstanding. * Greywolf Opportunities Master Fund II LP and Greywolf Advisors LLC (general partner): 6,051,932 shares (10.4%) * Greywolf Capital Management LP (investment manager), Greywolf GP LLC (general partner of investment manager), and Jonathan Savitz (senior managing member of general partner and sole managing member of investment manager general partner): 6,394,323 shares (10.9%) Greywolf Master Fund II holds the shares directly; the Investment Manager holds the warrants directly and manages Greywolf Master Fund II. Each of the General Partner, Investment Manager, Investment Manager General Partner, and Savitz disclaims beneficial ownership except to the extent of any pecuniary interest. Greywolf Capital Management LP may be reached through: Jonathan Savitz, Managing Member of General Partner 4 Manhattanville Road, Suite 201 Purchase, New York 10577 Tel: 914-251-8200 A full-text copy of Greywolf Capital Management LP's https://tinyurl.com/5byatk37 About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company incurred a loss from operations of $12 million during the year ended December 31, 2024, and as of that date, the Company's current liabilities exceeded its current assets by $16 million and its total liabilities exceeded its total assets by $79 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $17.7 million in total assets, $101 million in total liabilities, and $83.3 million in total stockholders' deficit. OFFICE PROPERTIES: Inks Settlements With UCC, 2027 Ad Hoc Groups ---------------------------------------------------------------- Office Properties Income (OPI) Trust disclosed in a regulatory filing that pursuant to the Agreed Mediation Order Regarding Mediation and Appointing Judge Marvin Isgur as Mediator (Docket No. 569) entered by the Bankruptcy Court, in early January 2026: (a) the Debtors (b) an ad hoc group of holders of the Company's 9.000% Senior Secured Notes due September 30, 2029, (c) an ad hoc group of holders of certain of the Company's unsecured notes, and (d) the Official Committee of Unsecured Creditors (the "Committee", and together with the Debtors, the September 2029 Ad Hoc Group, and the Unsecured Notes Ad Hoc Group each, a "Party" and, collectively, the "UCC Mediation Parties") commenced non-binding mediation to resolve certain disputes and issues in the Chapter 11 Cases. The UCC Mediation Parties--including advisors and principals--participated in the mediation and worked closely with the Mediator and with each other to reach resolution of the issues. On or about February 24, 2026, negotiations concluded, and a settlement was reached among the UCC Mediation Parties. A copy of the UCC Settlement Term Sheet including the remainder of the principal terms of the UCC Settlement is available at https://tinyurl.com/4eecyy6m Terms used but not otherwise defined herein have the meanings ascribed to them in the Amended Joint Chapter 11 Plan of Reorganization of Office Properties Income Trust and its Debtor Affiliates [Docket No. 850] filed by the Debtors (as may be amended, modified, or supplemented from time to time, including to reflect the terms of the UCC Settlement Term Sheet and 2027 Settlement Term Sheet, the "Plan"). Certain of the key provisions of the UCC Settlement Term Sheet include: * Equity Rights Offering: All of the Company's Unsecured Noteholders will have the opportunity to participate in an equity rights offering in the aggregate amount of $35,000,000. Such equity rights offering will be backstopped by certain Unsecured Noteholders. * Unsecured Noteholders Recovery: The Unsecured Noteholders' recovery under the Plan will include 6.3% of Reorganized Common Equity and warrants, in each case subject to certain terms and conditions set forth in the UCC Settlement Term Sheet. * Priority Guaranteed Unsecured Notes Recovery: Holders of the Priority Guaranteed Unsecured Notes will recover 100% of their claims in Reorganized Common Equity. * September 2029 Unsecured Claim Recovery: Holders of the September 2029 Unsecured Claims will recover 5.3% of the Reorganized Common Equity in the event of the DIP Equitization. * Trade and Vendor Claim Recovery: Holders of Trade and Vendor Claims will be paid in full in cash on or as soon as reasonably practicable after the Plan Effective Date. * Committee Support: The Committee will recommend that all unsecured creditors vote in favor of the Plan and not opt out of the release provisions of the Plan. * Governance and Minority Protections: The UCC Mediation Parties will receive certain governance rights and minority protections, as set forth in the UCC Settlement Term Sheet. The 2027 Ad Hoc Group Mediation and Settlement Pursuant to the Stipulation and Agreed Order Regarding Mediation and Appointing Judge Marvin Isgur as Mediator entered by the Bankruptcy Court on March 2, 2026: (a) the Debtors, (b) the September 2029 Ad Hoc Group, and (c) an ad hoc group (the "2027 Ad Hoc Group" and together with the Debtors and the September 2029 Ad Hoc Group, each a "2027 Settlement Party" and, collectively, the "2027 Settlement Parties") of holders of certain of the Company's 3.250% Senior Secured Notes due December 11, 2026 (the "2027 Senior Secured Notes"), commenced non-binding mediation to resolve certain disputes and issues in the Chapter 11 Cases. The Parties--including advisors and principals--participated in the mediation and worked closely with the Mediator and each other to reach resolution of the issues. On or about March 2, 2026, negotiations concluded and a settlement was reached among the Parties. A copy of the 2027 Settlement Term Sheet including the remainder of the principal terms of the 2027 Settlement is available at https://tinyurl.com/5n8jemxh Certain of the key provisions of the 2027 Settlement Term Sheet include: * Promissory Note: A $385,000,000 secured promissory note issued on the Effective Date (as defined in the Plan) that will bear interest at 8.125% subject to the distribution and interest schedule and terms... The final maturity of the Promissory Note will be the date that is 42 months following the Effective Date and may be prepaid on the schedule outlined in the 2027 Settlement Term Sheet. * Distributions: -- On or before August 1, 2026, the Debtors will pay $15,000,000 to the holders of 2027 Senior Secured Notes. -- On or before November 1, 2026, the Debtors will pay an additional $15,000,000 to the 2027 Holders. -- On or before February 1, 2027, the Debtors will pay an additional $30,000,000 to the 2027 Holders. -- The deferred payments of $45,000,000 will bear interest at 8.125% and be secured by a mortgage and treated as mandatory amortization. -- The $60,000,000 of payments will be applied as a $10,000,000 support fee to the 2027 Ad Hoc Group and as a $50,000,000 principal payment. * Valuation: The Debtors will provide appraisals to the 2027 Settlement Parties, prepared by a nationally recognized appraisal firm, reflecting the fair market values of the properties securing the 2027 Senior Secured Notes on a first lien basis, excluding certain properties outlined in the 2027 Settlement Term Sheet. The appraisals shall be subject to the acceptance of the 2027 Ad Hoc Group and the fair market value of the appraisal shall not be less than $460,000,000. * Interest Rate: Prior to the earlier of: (i) the Effective Date (as defined in the Plan) and (ii) August 1, 2026, interest will accrue on the 2027 Senior Secured Notes and be fully paid at the non-default interest rate. Thereafter, interest will accrue at 8.125%. * Professional Fees: Reasonable and documented professional fees of the 2027 Ad Hoc Group will be reimbursed by the Debtors. * Sale of Properties: The Debtors may sell one or more of the properties that are held as collateral by the 2027 Holders, with the lien on the sold properties being released at the closing of the sale and a portion of the proceeds being used to pay down the Promissory Note at par. The sale and proceeds of the properties are subject to certain terms and conditions outlined in the 2027 Settlement Term Sheet. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. ONYX BUSINESS: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Onyx Business Solutions of Florida, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, for emergency authority to use cash collateral and provide adequate protection. The Debtor asserts that maintaining access to operating cash is essential for paying ordinary business expenses and preserving the company’s ability to reorganize and continue operating. Prior to filing bankruptcy, the Debtor obtained a secured Small Business Administration loan in 2019 from Bank of Tampa, which holds a first-priority security interest in substantially all of the Debtor's business assets. The lender's collateral includes the Debtor's accounts and accounts receivable, proceeds, equipment, inventory, furnishings, trademark rights, and other intangible business assets. The Debtor states that access to this cash flow is necessary to continue paying ordinary business expenses and to maintain operations while it prepares and files a plan of reorganization intended to restructure its debts and improve the company's financial stability. To protect the interests of the secured creditor during the period in which cash collateral is used, the Debtor proposes several forms of adequate protection. First, the Debtor is willing to make monthly adequate protection payments to the secured lender beginning April 1, 2026, with interim payments to be made by the fifth day of each month for at least two months while the debtor prepares its plan of reorganization, which is scheduled to be filed by May 13, 2026. Second, the creditor will receive a perfected first-priority post-petition replacement lien on the Debtor's cash collateral and related business assets, maintaining the same priority and validity as its pre-petition lien without requiring additional filings or documentation under non-bankruptcy law. Any other secured creditors would also receive replacement liens to the same extent as their existing interests. The Debtor further commits to maintaining insurance coverage on its property in accordance with the obligations contained in its loan and security agreements with secured creditors. A copy of the motion is available at https://urlcurt.com/u?l=fA70qS from PacerMonitor.com. About Onyx Business Solutions of Florida Inc. Headquartered in Tampa, Onyx Business Solutions of Florida, Inc. provides printing and document management solutions across Florida, including Jacksonville, Orlando, Naples, Miami, and Fort Lauderdale. It offers high-speed inkjet and laser printers, duplicators, paper handling equipment, and document management software, supported by local sales, technical service, and supply management. Its operations focus on delivering cost-effective, high-volume printing solutions and related equipment to organizations printing between 500 and 5 million copies per month. Onyx sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01104) on February 12, 2026, with $416,740 in assets and $1,631,766 in liabilities. Onyx President Stephen Craig signed the petition. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. Bank of Tampa, as creditor, is represented by: Steven F. Thompson, Esq. Tyler J. Caron, Esq. Thompson Commercial Law Group 615 W. De Leon Street Tampa, Florida 33606 Telephone: (813) 387-1821 Telecopier: (813) 387-1824 Email: sthompson@thompsonclg.com tcaron@thompsonclg.com OWLATES CHILDCARE: Seeks Cash Collateral Access ----------------------------------------------- Owlates Childcare LLC asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for authority to use cash collateral and provide adequate protection. The Debtor operates a childcare business and must continue normal operations while the bankruptcy case proceeds. To evaluate potential secured claims against its assets, the debtor conducted a UCC search with the Texas Secretary of State and discovered several filings connected to merchant cash advance lenders. The Debtor's primary assets consist of approximately $10,000 in equipment used in its childcare operations and roughly $7,000 in outstanding receivables owed by CCS. The Debtor indicates that several MCA lenders claim interests in its accounts receivable and other assets, even though the lenders assert that their agreements represent purchases of future receivables rather than traditional loans. The Debtor disputes this characterization, arguing that the lenders' filing of security interests in the same collateral is inconsistent with a true receivables purchase. The Debtor is currently attempting to match UCC filings to the corresponding lenders and believes lien priorities will become clearer once those creditors file formal proofs of claim. Additionally, the Debtor asserts that some MCA lenders may have engaged in improper or unlawful practices, including charging excessive fees or usurious interest, and the debtor intends to investigate and potentially pursue legal claims related to those issues. Because the Debtor lacks sufficient unencumbered funds and has been unable to obtain post-petition financing, it seeks authority under 11 U.S.C. section 363(c)(2)(B) to use cash collateral that may be subject to the MCA lenders' liens. The requested funds would be used to pay essential operating expenses such as payroll, rent, taxes, insurance, utilities, and supplies necessary to continue running the childcare business. As adequate protection for any lenders determined to hold valid liens, the Debtor proposes granting replacement liens on post-petition proceeds and accounts receivable generated through the use of cash collateral, allowing lenders access to inspect the Debtor's books and records with advance notice, and potentially making monthly payments once lien validity and priority are determined by the court. A copy of the motion is available at https://urlcurt.com/u?l=JxFT4H from PacerMonitor.com. About Owlates Childcare LLC Owlates Childcare LLC operates a childcare business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50569-cag) on March 3, 2026. In the petition signed by Tisha S. Percival, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the case. William R. Davis, Jr, Esq., at Langley & Banack, Inc, represents the Debtor as legal counsel. PARAMOUNT GLOBAL: Moody's Puts 'Ba1' Rating on Review for Downgrade ------------------------------------------------------------------- Moody's Ratings has placed all of Paramount Global's (Paramount or the company) ratings on review (RUR) for downgrade, including its Baa3 Senior Unsecured ratings, (P)Baa3 Senior Unsecured Shelf rating, Ba1 Junior Subordinate Notes ratings, and Prime-3 Commercial Paper Program rating. Previously, the outlook was negative. The rating action incorporates Moody's views of significantly more elevated governance and other risks as a result of the announcement [1] on February 26, that Warner Bros. Discovery, Inc.'s (WBD, Ba1 RUR for downgrade) Board of Directors determined Paramount Skydance Corporation's (PSKY, parent of Paramount) proposed offer to acquire all outstanding common shares of WBD for $31 per share constitutes a superior proposal to a competing offer from Netflix, Inc. (Netflix, A3 stable). The determination considered other key elements of the offer including a daily ticking fee equal to $0.25 per share per quarter beginning after September 2026, a $7 billion commitment to pay WBD if the deal is terminated due to regulatory matters, a $2.8 billion payment to fully cover the termination fee WBD will be required to pay Netflix as a result of terminating the existing Netflix merger agreement, an obligation of Larry J. Ellison and an associated trust to contribute additional equity funding to the extent needed to support representations of solvency required by PSKY's lending banks, and a clause that excludes material adverse effects due to unfavorable performance of WBD's Global Linear Networks segment before the close of the transaction. On the same day, Netflix announced that, at the price required to match Paramount Skydance's offer, the transaction was no longer financially attractive and that it would decline to submit a revised bid. PSKY's most recent disclosures detailing commitments to finance the all-cash transaction, includes a significant mix of both incremental debt (around $38.6 billion, which Moody's understands is currently committed secured bridge financing) and equity ($43.6 billion or more) plus cash from the combined balance sheet (near $3.5 billion) with the final sources and uses and ultimate pro forma closing capital structure to be determined. Moody's expects a financing mix based on this scenario, without consideration to any other transaction details or changes, would very likely result in pro forma combined leverage to be significantly higher than current leverage at Paramount which Moody's estimates was near 5.0x (as of Q3 LTM). On February 19, Paramount disclosed [2] the Department of Justice's review of the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") ended without any statutory impediment to closing the proposed transaction. Closing the transaction remains subject to certain other conditions, including but not limited to entry into a definitive merger agreement with WBD which Paramount expects in the very near term, shareholder approval and regulatory clearance in other relevant jurisdictions. Depending on the quantum of secured debt in the post-closing capital structure and Moody's assessments of the change in Paramount's overall credit quality from the acquisition, the ratings on Paramount's existing senior unsecured and subordinated debt (including its Baa3 rated senior unsecured notes and Ba1 rated junior subordinate debt) could be downgraded by one or more notches. The combination would be strategically transformative, dramatically enhancing Paramount's scale, diversifying revenue, and improving margins. Yet it would present significant execution and integration risks, materially increase pro forma leverage at close and introduce complexity into the debt structure with the potential for downward pressure on existing ratings at Paramount very likely. Achieving synergies, consolidating technology platforms, and aligning pricing, distribution, and other strategies would require substantial time and investment, all amid rapid industry and technological shifts. Previously, Paramount has said it believes combining with WBD could produce up to $6 billion in potential cost synergies (not accounting for potential offsets due to costs to achieve or a reinvestment of a portion of the savings), on top of its own standalone savings targets, and believes its ownership would be supportive of the film industry and significantly increase the scale of its direct-to-consumer business by combining HBO Max with Paramount+. Assuming a simple combination with WBD based on most recent 12 months ended, Moody's estimates Paramount's net revenue could more than double and EBITDA could be more than 3.5x greater (before synergies). The company's pro forma geographic diversity could also improve, and EBITDA margins could rise significantly given WBD's LTM EBITDA margins at 23% (Moody's adjusted) are much higher than Paramount's 11.5%. The revenue mix could also be more balanced across segments with the combination of WBD's much larger and more profitable film studio. WBD's studio, which produced over $12.6 billion in revenue, has some of the most valuable film franchises and its production is essential for feeding and scaling its streaming business. In streaming, WBD's direct-to-consumer (DTC) business, led by HBOMax, has a much larger base of subscribers at near 132 million versus near 79 million at Paramount+ (excluding subscribers to its Pluto service, at the end of the last quarter). WBD's segment is also more profitable (generating about $1.4 billion in adjusted earnings over the last twelve months versus about $230 million in adjusted earnings reported by Paramount). Combined, the merged company would have near 211 million subscribers, quickly ascending to compete - at least in terms of scale - with Tier 1 streamers including the next closest Disney and Amazon Prime. Netflix (with over 300 million subscribers) would still maintain a big lead despite the combination. In TV networks (linear), both companies produce a similar amount of revenue (ranging from $17 to 18 billion, although Paramount's segment includes studios and WBD's does not). Combined, Moody's expects the mix of this revenue would be close to half of total revenue which would be lower than the mix on a standalone basis at Paramount which Moody's estimates is currently over 60%. Despite the material declines in linear, this business generates the large majority of combined free cash flow which could be used to repay debt. In the studio / film segment, WBD's business generated over $12.6 billion in revenue over the last 12 months, generating close to $2.5 billion in adjusted earnings. While not directly comparable to Paramount given a different segment reporting and mix, Paramount's filmed entertainment segment (which doesn't include TV studios) generated only near $3 billion in revenue and near negative $230 million in adjusted earnings in 2025. Combined, Moody's expects the merged entity's studio and film business would be one of the largest in the world. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on, among other considerations, the following: (i) likelihood and timing of transaction closing, (ii) the final pro forma capital structure including the extent of secured debt financing and whether any debt is rolled over, repaid, refinanced, or otherwise modified (iii) integration risks and the combined company's business and growth strategies, (iv) capital allocation priorities, (v) liquidity profile, (vi) board, governance and organizational structure. The ratings will remain under review for downgrade until Moody's have sufficient information regarding the post-closing credit profile and a high degree of certainty the transaction will close or be otherwise resolved. Paramount Global's (a wholly owned subsidiary of Paramount Skydance Corporation or PSKY) standalone credit profile (based on the financial reporting of PSKY) is underpinned by its significant scale, diversified revenue streams, and robust asset base. Paramount's portfolio includes leading brands in sports, news, and children's programming, as well as a deep content library that supports its direct-to-consumer (DTC) distribution strategy. The transition to streaming is progressing, evidenced by DTC segment earnings growing faster than the loss of profitability in the TV segment in certain recent quarters and was profitable in 2025. Management's focus on scaling Paramount+, driving operating efficiencies, and reinvesting in content and technology—including cloud migration, ERP upgrades, and AI adoption—positions the company for sustainable top-line growth and margin improvement. Cost-cutting initiatives are accelerating, with at least $3 billion in targeted reductions (which Moody's estimates is about 12% of the relevant 2025 operating cost base), complemented by strategic reinvestments in high-value assets such as exclusive sports rights (UFC), talent deals, and content partnerships. Liquidity is robust, supported by $3.3 billion in cash (at year end 2025) and an undrawn $3.5 billion revolving credit facility, with a favorable debt maturity profile and prudent management of obligations. Despite these strengths, Paramount Global faces material risks. The TV Media segment, which still generates the majority of earnings and cash flow (93% of OIBDA, excluding corporate costs and intercompany eliminations), is declining rapidly due to cord-cutting and secular shifts in media consumption. The DTC business, while growing, remains sub-scale and generates only marginal earnings relative to the company's overall size. Paramount Global is a wholly-owned subsidiary of Paramount Skydance Corporation (Paramount, or the company), a public company headquartered in Los Angeles California and listed on the NASDAQ under the ticker PSKY. The company is a global media and entertainment company with a portfolio that includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. The Company is comprised of three segments: TV Media, Direct-to-Consumer, and Filmed Entertainment. Paramount's revenue was approximately $28.9 billion in 2025. The company is majority controlled by the Ellison Family which indirectly holds approximately 77.5% of the Paramount Skydance Corporation Class A Common Stock through their collective approximate 77.5% ownership interest in Harbor Lights Entertainment, Inc. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PARAMOUNT SKYDANCE: Fitch Lowers LongTerm IDR to BB+, On Watch Neg. ------------------------------------------------------------------- Fitch Ratings has downgraded Paramount Skydance Corporation and Paramount Global's (PSKY) Long-Term Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-' and Short-Term IDR to 'B' from 'F3.' Fitch has also downgraded PSKY's senior unsecured debt to 'BB+' from 'BBB-' with a Recovery Rating of 'RR4'. Fitch has placed all the ratings on Rating Watch Negative (RWN). The downgrade reflects competitive pressures across the media sector and continued FCF headwinds from significant transformation costs. Fitch believes PSKY's leverage and FCF may remain outside negative rating sensitivities longer than Fitch anticipated. The RWN reflects uncertainty related to the proposed acquisition of Warner Bros. Discovery, Inc. (WBD). Potential credit risks include the prospective debt-funded structure, Fitch's expectation of materially elevated leverage and limited visibility on post-transaction financial policy and capital structure. Fitch expects to resolve the RWN once final transaction terms, financing mix, and post-close deleveraging priorities become clearer. Key Rating Drivers Performance Outside Sensitivities and Event Risks: The downgrade reflects that leverage and FCF may stay outside Fitch's negative sensitivities for longer than anticipated. It also incorporates heightened risk that financial and leverage targets may slip amid ongoing sector pressures and the pending acquisition of WBD. Fitch's placement of the ratings on RWN reflects increased event risk and transaction complexity from the proposed acquisition of WBD. Fitch expects the transaction, if completed, to result in materially higher leverage given PSKY's reliance on a $58 billion debt commitment, which includes its existing $3.5 billion RCF, to fund the acquisition. The RWN incorporates incremental execution, financing and structural risks that could further weaken credit quality. Uncertain Post-Acquisition Capital Structure: Fitch has limited visibility into PSKY's post-transaction capital structure, including the ranking and security package of any new debt, the expected split between secured and unsecured tranches, and where debt would be issued within the group. This uncertainty increases the risk of structural subordination and potential priming of existing unsecured creditors, particularly if the combined group adopts a more bifurcated secured/unsecured capital structure. Fitch also has limited visibility into the treatment of WBD's existing debt and any post-close liability management that could affect recoveries and financial flexibility. High Transaction Complexity and Structural Uncertainty: Fitch views PSKY's proposed acquisition of WBD as highly complex, reflecting the scale of required financing and limited transparency on the pro forma capital structure, as well as the operational challenge of integrating two large media groups. Fitch expects heightened regulatory scrutiny in key jurisdictions, which could increase execution risk and extend the timeline to close. Fitch believes key areas of focus could include market concentration and potential impacts on competition, distribution practices and consumer outcomes. Limited Near-Term Financial Flexibility and FCF Pressure: Fitch expects limited near-term FCF and deleveraging capacity given the scale of acquisition financing and likely restructuring and integration costs. Fitch estimates that the combined entity would generate minimal or negative FCF initially, and that restructuring and integration needs could be significant. Fitch believes this would increase sensitivity to operating volatility and refinancing conditions. Improved Competitive Positioning: The acquisition of WBD would increase PSKY's scale across filmed entertainment through ownership of another major studio with a deep catalogue to movie and TV titles. This will strengthen PSKY's competitive position including greater pricing power, control over content licensing, and prioritization of premium content for its own platforms. PSKY will own iconic brands including Harry Potter, DC Universe and HBO Max providing substantial leverage across distribution channels. Elevated Leverage Post Transaction: Fitch assumes the transaction as contemplated will result in pro forma leverage in the high 6x (excluding synergies). Fitch expects deleveraging to depend on sustained EBITDA growth, delivery of synergies and improved FCF generation, which could be challenging given the scale of integration and restructuring required. Peer Analysis PSKY, on a standalone basis, lacks the size and diversification of Comcast Holdings Corporation (A-/Stable). Comcast owns 100% of NBCUniversal Media LLC (NBCUniversal; A-/Stable), one of the largest, diversified media companies in the U.S. Similar to NBCUniversal, PSKY's legacy linear cable channel segment will continue to benefit from its fast-growing DTC platform (Paramount+). PSKY operates at a smaller scale compared with WBD's standalone profile (BB+/RWN). WBD maintains a meaningfully larger portfolio of premium studios, global linear networks and established streaming assets, and significantly higher FCF margins compared to Paramount. PSKY's leverage profile is broadly comparable to WBD's, but its smaller operating footprint and more limited diversification increase sensitivity to cyclical and competitive pressures. Versant Media Group, Inc. (BB/Stable) benefits from a more conservative financial profile but operates with less content creation scale and lacks PSKY's growing DTC platform (Paramount+). Fitch’s Key Rating-Case Assumptions Standalone - Fiscal 2026 total revenues to increase by the low single digits; TV Media declines in the high single digits due to ongoing erosion in linear distribution and advertising pressure; DTC grows in the low teens; theatrical revenue will decline in fiscal 2026 due to a rebuild of the company's film slate with a return to strong growth in fiscal 2027 following film slate improvements; - Margins improvement driven by DTC profitability from subscriber growth and pricing increments. Margins will also benefit from cost management initiatives; - FCF will be negative for fiscal 2026 to reflect transformational costs related to the Skydance acquisition as well as incremental content spend to scale film slate, original series and sports' investments; - Common dividends to stay flat over the rating horizon; - Debt maturities are managed with cash balances. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bb, Moderate), 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 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Removing the RWN: - Termination of the WBD transaction, with PSKY continuing to operate at its current credit profile; - Completion of acquisition, with announcement of post-transaction capital structure and pro-forma financial profile. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained operating underperformance amid ongoing competitive pressures; - Fitch-calculated EBITDA leverage sustained above 4.0x - FCF margin maintained below 1%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA leverage is sustained below 3.0x; - Steady EBITDA margin improvement; - FCF margin sustained above 2.5%. Liquidity and Debt Structure As of Dec. 31, 2025, PSKY had $3.3 billion in cash and full availability under its $3.5 billion revolving credit facility (RCF), which matures in January 2028. The company had no commercial paper (CP) outstanding and full availability under its $50 million Miramax credit facility maturing in November 2027. PSKY had $14 billion outstanding debt as of Dec. 31, 2025 comprising senior unsecured notes including two junior subordinated debt. The junior subordinated debt is notched down to 'BB' due to subordination and receives 50% equity treatment. There is no structural subordination. Issuer Profile PSKY is a global media and entertainment company providing scripted and unscripted content across multiple linear and digital distribution platforms. 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 Paramount Skydance Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Paramount Skydance Corporation LT IDR BB+ Downgrade BBB- Paramount Global LT IDR BB+ Downgrade BBB- ST IDR B Downgrade F3 senior unsecured LT BB+ Downgrade RR4 BBB- junior subordinated LT BB Rating Watch On RR5 BB senior unsecured ST B Downgrade F3 PAT MCGRATH: Available Cash & Exit Loan Proceeds to Fund Plan ------------------------------------------------------------- Pat McGrath Cosmetics LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Plan of Reorganization dated March 2, 2026. The Debtor is the entity that brings the "Pat McGrath" brand (the "Brand") and its products to market. The Debtor is responsible for the business activities associated with the Brand and for the liabilities that are the subject of the Chapter 11 Case. In doing so, the Debtor works with third-party manufacturers and vendors and manages product development, packaging, inventory, and fulfillment. The Debtor also oversees marketing activities and brand presentation across its sales platforms. Consumer demand for the Debtor's products persists, and the Brand continues to maintain strong engagement across digital platforms, social media, and editorial outlets. In April 2025, the Debtor received a prepetition loan from GDA (the "GDA Loan"), which was originally intended to serve as a temporary bridge and an opportunity for recapitalization while the Debtor worked toward a longer-term resolution. On or about October 17, 2025, GDA delivered a written notice asserting the occurrence of one or more events of default under its loan various loan documents with the Debtor (the "Default Notice"). By year-end 2025, after various terms sheets were provided to the Debtor for recapitalization, GDA exercised its rights to pursue a foreclosure and disposition of collateral pursuant to Article 9 of the Uniform Commercial Code (the "Article 9 Process"). As part of the Article 9 Process, GDA retained Hilco Global (the "Marketing Agent") to market and conduct a public foreclosure sale of certain collateral, including assets associated with the Brand and/or equity interests pledged in connection with GDA's loan documents. The Marketing Agent sent marketing materials to 122 parties, 34 of which signed NDAs. The Article 9 Process was scheduled to conclude with a public secured party's sale on January 27, 2026. The Debtor ultimately filed the Chapter 11 Case in an effort to forestall the Article 9 Process and provide an orderly vehicle with which to negotiate with GDA and arrange for a consensual reorganization of the Debtor's affairs. Importantly, the DIP financing was negotiated in conjunction with a broader consensual restructuring framework. As reflected in the DIP Term Sheet, one of the conditions precedent to funding required the Debtor to execute the Restructuring Term Sheet with the DIP Lender and GDA as the Prepetition Lender, which contemplated the Debtor's agreement to prosecute a plan of reorganization consistent with that restructuring framework set forth in such term sheet. The Restructuring Term Sheet sets forth the principal terms of a proposed comprehensive restructuring to be implemented through a chapter 11 plan. Under the Restructuring Term Sheet, the Debtor's capital structure and other claims would be addressed through a proposed plan framework providing for, among other things, the equitization of the DIP Facility and GDA's prepetition secured claim. In exchange for agreeing to equitize the DIP Facility and the GDA prepetition secured claim, GDA would receive newly issued preferred equity and common equity in the reorganized Debtor. The terms of the Restructuring Term Sheet have been incorporated in the proposed Plan. The Restructuring Term Sheet also provides for a $2,500,000 Break-Up Fee payable to GDA in the event that the transactions contemplated thereby do not close on the Plan Effective Date. Class 6 consists of General Unsecured Claims. Each holder of an allowed general unsecured claim (other than a Critical Vendor Claim) shall receive its pro rata share of beneficial interests in the Liquidating Trust, which interests shall be junior in payment priority to the rights of any Holder of an Allowed Priority Tax Claim or Allowed Priority Non-Tax Claim to receive distributions from the Liquidating Trust Assets up to the full amount of their allowed claims. This Class is impaired. On the Plan Effective Date, all Existing Equity Interest shall be cancelled, and holders of Existing Equity Interests shall receive, in the aggregate, 5% of the New Common Equity. The Debtor shall fund distributions under this Plan with: (1) Cash on hand, including Cash from operations; and (2) the proceeds of the Exit Loan. Cash payments to be made pursuant to this Plan will be made by the Debtor or the Reorganized Debtor. On the Effective Date, the Liquidating Trust shall be established in accordance with the Plan. The proposed form of the Liquidating Trust Agreement shall be included in the Plan Supplement. The Liquidating Trust shall be established to liquidate the Liquidating Trust Assets and make distributions in accordance with the Plan, Confirmation Order, and the Liquidating Trust Agreement, and in accordance with Treasury Regulations Section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidating purpose of the Liquidating Trust. The Liquidating Trust Assets which shall be vested in the Liquidating Trust on the Plan Effective Date shall consist of (i) $250,000.00 in cash which the Reorganized Debtor shall transfer to the Liquidating Trust on the Plan Effective Date; and (ii) the Retained Causes of Action. The Restructuring Transactions under the Plan contemplate, among other things, (i) the issuance of the New Preferred Equity and the New Common Equity by the Reorganized Debtor; (ii) the provision of the Exit Loan; (iii) the transfer of the Liquidating Trust Assets to the Liquidating Trust;(iv) the New Equity Documents and the New Organizational Documents and (v) the execution and delivery of such other documents and instruments and the taking of such other actions as are contemplated by the Restructuring Term Sheet or which GDA and the Debtor may determine to be necessary or appropriate. The Reorganized Debtor shall issue the New Preferred Equity and the New Common Equity to the parties entitled to receive them under the Plan on or before the Plan Effective Date and shall also cause the Liquidating Trust Assets to be vested in the Liquidating Trust on or before such date. A full-text copy of the Disclosure Statement dated March 2, 2026 is available at https://urlcurt.com/u?l=PJRC0k from PacerMonitor.com at no charge. Counsel to the Debtor: Joseph A. Pack, Esq. Robert G. Burns, Esq. Jessey J. Krehl, Esq. Pack Law, P.A. 51 NE 24th St., Suite 108 Miami, FL 33137 Tel: (305) 916-4500 E-mail: joe@packlaw.com E-mail: robert@packlaw.com E-mail: jessey@packlaw.com About Pat McGrath Cosmetics LLC Pat McGrath Cosmetics LLC offers cosmetic products. Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10772) on January 22, 2026. In its petition, the debtor reports estimated assets of $50 million-$100 million and estimated liabilities of $50 million $100 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The debtor is represented by Jessey J. Krehl, Esq. PENN ENTERTAINMENT: S&P Rates $500MM Senior Unsecured Notes 'B-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '5' recovery rating to PENN Entertainment Inc.'s $500 million senior unsecured notes due 2031. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 25%) recovery for noteholders in the event of a payment default. The company will use the proceeds from these notes to repay certain amounts outstanding under its revolver (approximately $570 million as of Dec. 31, 2025) and pay related fees and expenses. All its existing ratings on PENN are unchanged. The proposed refinancing is largely leverage neutral, although it will improve the company's debt maturity profile. In S&P's recovery analysis, it assumes PENN's revolver is 85% drawn at the time of default. Therefore, despite the company's repayment of its outstanding revolver borrowings, the proposed issuance increases its amount of debt outstanding in our simulated default scenario. However, in June 2025 PENN repurchased $224 million of its convertible notes and we assume it will settle the remaining $107 million balance using cash or revolver borrowings. As a result, our recovery estimate for PENN's unsecured lenders is unchanged compared with our prior recovery analysis. S&P said, "PENN increased its revenue and EBITDAR by 6% and 13%, respectively, in 2025, which modestly underperformed our base-case forecast. Following the company's announced termination of its exclusive U.S. online sports betting partnership with ESPN at the end of 2025, it faced elevated losses in its interactive segment as it incurred costs related to the separation and focused its efforts on rebranding and retention in its online sports betting platform in the U.S. PENN also announced it received $150 million of funding from GLPI in connection with its $206 million hotel tower construction at the M Resort in Las Vegas. The increase in the company's debt caused its S&P Global Ratings-adjusted leverage to rise to 7.4x as of the end of 2025, which compares with our prior forecast for the high-6x area. "Nevertheless, we expect contributions from the growth projects in PENN's retail portfolio--including the recent opening of its relocation of Hollywood Joliet to a landside location, a landside movement in Aurora, Ill., hotel tower in Las Vegas, and the planned opening of its new hotel tower in Columbus, Ohio--will support increased EBITDA in 2026. Furthermore, to the extent the company is able to retain its active user base and customer spend in its rebranded online sports betting platform, the Score Bet (formerly ESPN BET), we expect it could narrow the losses in its Interactive segment as it replaces the fixed media advertising spend from its partnership with ESPN with performance-based and regionally targeted marketing to increase traffic at its existing retail and iCasino offerings. Therefore, we preliminarily expect PENN will reduce its leverage to about the 6x area as of the end of 2026." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its 'B-' issue-level rating and '5' recovery rating to PENN's proposed $500 million unsecured notes due 2031. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 25%) recovery for lenders in the event of a default. -- S&P's 'BB-' issue-level rating and '1' recovery rating on PENN's secured credit facility, comprising a $1 billion revolver, $550 million term loan A, and $1 billion term loan B, are unchanged. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery. -- S&P's 'B-' issue-level rating and '5' recovery rating on PENN's existing unsecured debt are also unchanged. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2029 stemming from prolonged economic weakness, significantly greater competitive pressures in the company's various markets, and sharply reduced interest in gaming as a form of entertainment. In addition, S&P believes the large fixed-rent payment to GLPI reduces PENN's operating flexibility, potentially leading to greater cash flow volatility. -- S&P does not expect PENN will reject its leases and anticipate it will continue to pay rent because of the importance of the leased assets to its operations. Our emergence EBITDA is therefore after rent payments. -- S&P assumes a reorganization at default and value the company using an emergence multiple of 6.5x, which is the average multiple it uses for the leisure industry and diversified gaming operating companies that do not own most of their real estate. -- S&P assumes the company's $1 billion revolver is 85% drawn at default. Simplified waterfall -- Emergence EBITDA: $434.5 million -- EBITDA multiple: 6.5x -- Gross recovery value: $2.8 billion -- Net recovery value (after 5% administrative expenses): $2.7 billion -- Obligor/nonobligor valuation split: 100%/0% -- Estimated secured debt claims: $2.3 billion -- Value available for secured claims: $2.7 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Estimated unsecured debt claims: $1.3 billion -- Value available for unsecured claims: $349 million --Recovery expectations: 10%-30% (rounded estimate: 25%) Note: All debt amounts include six months of prepetition interest. PILGRIM'S PRIDE: Moody's Alters Outlook on 'Ba2' CFR to Positive ---------------------------------------------------------------- Moody's Ratings affirmed Pilgrim's Pride Corporation's ("Pilgrim's") Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, Ba2 senior unsecured notes rating, and (P)Ba2 senior unsecured shelf rating. The speculative grade liquidity rating is unchanged at SGL-1. Moody's revised the outlook to positive from stable. The outlook change to positive from stable reflects Pilgrim's continued emphasis on maintaining a conservative financial policy, low leverage, and strong free cash flow. Supported by a sustained recovery from the trough of the recent poultry cycle, Pilgrim's Moody's adjusted debt to EBITDA leverage improved to 1.5x in fiscal 2025 from 3.3x in fiscal 2023. Moody's expects leverage to remain below 2.0x over the next 12 to 18 months, driven primarily by continued strong though moderating conditions in the poultry market. In addition, the potential for higher grain costs appears limited, given relatively high corn stock-to-use levels, increased soybean supplies due to favorable weather in South America, a relatively slow pace of US soybean exports, and above-average wheat production. The positive outlook also incorporates Pilgrim's improved sales and operating performance in Europe and Mexico, management's strategy to further expand its geographic footprint in fresh and prepared foods, and meaningful capital spending to improve cost efficiency that should improve margins throughout the poultry cycle. Moody's affirmed the existing ratings because poultry prices have begun to decline from their cyclical peak reached in fiscal 2025, and the company's position below its stated leverage target creates some re-leveraging risk. The volatility and uncertainty within the poultry market for the next 12 to 18 months will also test the company's ability to sustain lower leverage. While poultry demand in the US is expected to remain resilient, supported by chicken's position as a relatively affordable alternative to pork and beef, declining prices adversely affected Pilgrim's operating performance in the fourth quarter of 2025. On a Moody's adjusted basis, 4Q25 EBITDA declined by 24% compared with 4Q24. The majority of the decline was attributable to lower poultry prices in the US and Mexico, partially offset by stronger performance in Pilgrim's US prepared foods business and its European operations. The SGL-1 rating reflects Pilgrim's Pride's very good liquidity. As of December 28, 2025, the company had roughly $1.8 billion of liquidity comprised of $640 million of cash, $846 million of availability on a $850 million senior unsecured revolving credit facility that expires in October 2028, $202.5 million equivalent of availability on a GBP150.0 million multicurrency unsecured revolving credit facility expiring in June 2027 through its Moy Park subsidiary, $71.2 million of availability through a MXP 1.3 billion credit facility expiring in December 2028, and $83.8 million of availability through a MXP 1.5 billion credit facility expiring in October 2030. The company has no note maturities until 2031 and the cash sources provide good flexibility to fund investments and working capital, and support operations if the poultry cycle weakens. RATINGS RATIONALE Pilgrim's Ba2 CFR is supported by its position among the world's largest chicken processors, a growing packaged foods business, strong free cash flow, low leverage and very good liquidity. The company's operating strategy is focused on maximizing profitability and earnings stability by maintaining operational excellence, improving the diversity of the product portfolio and focusing on key customers. These focused efforts allow the company to at least partially offset sector headwinds caused by external factors such as grain prices, biological risks, trade restrictions and government policies that are largely out of its control. These strengths are balanced against the company's focus in the cyclical chicken processing industry, which is characterized by volatile earnings, modest profit margins, and high operating leverage. The inherent earnings, financial leverage and free cash flow volatility requires very good liquidity to manage through weak earnings and cash flow periods. At the top of the cycle, Moody's expects financial leverage to be very modest relative to comparably rated companies. Conversely, at the bottom of the cycle, the company can often have financial leverage that is well outside Moody's central expectations for the rating for a limited period of time. Pilgrim's credit metrics have improved meaningfully alongside the recovery in the poultry cycle over the last few years, with debt to EBITDA leverage at the low end of the range Moody's expects for the rating. The financial policy of maintaining good access to cash and committed external sources of liquidity helps the company manage through the earnings volatility. Pilgrim's 1.1x net debt-to-EBITDA leverage (based on the company's calculation) is well below the company's 2-3x target range, indicating that leverage could rise over the next few years. Moody's evaluate Pilgrim's credit profile on a stand-alone basis because the debt is not guaranteed by its 80%-shareholder JBS S.A. Thus, the ratings are not directly affected by the credit profile of JBS. However, the strategic importance of Pilgrim's to JBS, as it provides protein and geographic diversification, and potentially earnings stability, is a positive credit factor because Pilgrim's does not pay a recurring dividend, at least a portion of earnings are being reinvested in Pilgrim's growth and there is likely incentive for JBS to support Pilgrim's through temporary cyclical slowdowns if necessary. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company enhances earnings stability through improvements in business and product mix, debt to EBITDA is sustained below 2.0x, there is consistent improvement in the EBITDA margin, the company generates consistent and comfortably positive free cash flow, and liquidity sources (cash plus unused revolver commitment availability) are maintained consistently above $1 billion. The ratings could be downgraded if deteriorating industry conditions or weak execution leads to prolonged period of lower earnings or weak free cash flow. The ratings could also be downgraded if debt-to-EBITDA is sustained above 3x, the company pursues leveraged acquisitions or share buybacks, liquidity deteriorates such as cash plus unused revolver commitment below $750 million or if legal, governance or other challenges at related entities, including JBS S.A., negatively affect the risk profile of Pilgrim's. The principal methodology used in these ratings was Protein and Agriculture published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Greeley, Colorado, Pilgrim's Pride Corporation (NASDAQ: PPC) is the second largest chicken processor in the world, with operations in the United States, U.K., European Union, Mexico and Puerto Rico. The company produces, processes, markets and distributes fresh, frozen and value-added chicken products to foodservice customers, distributors and retail operators worldwide. Pilgrim's also is a leading integrated prepared pork supplier in Europe. For the last 12-month period ended December 28, 2025, Pilgrim's revenues totaled $18.5 billion. Pilgrim's Pride is controlled by São Paulo, Brazil based JBS S.A., the largest processor of animal protein in the world. Since June 2025 JBS N.V. (Baa3 Stable) became the new parent company of JBS S.A. As of December 28, 2025, JBS S.A. owns in excess of 80% of Pilgrim's outstanding common stock. PMK CAPITAL: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: PMK Capital Partners LLC 2827 Kalawao St. Honolulu, HI 96822 Chapter 11 Petition Date: March 9, 2026 Court: United States Bankruptcy Court District of Hawaii Case No.: 26-00202 Judge: Hon. Robert J Faris Debtor's Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 E-mail: cchoi@hibklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Albert K.F. Kam, Jr. signed the petition in his capacity as CEO of Hawaii Water Company, Inc., the managing member of the Debtor. The Debtor identified McCorriston Miller Mukai MacKinnon, located at P.O. Box 2800, Honolulu, HI 96803-2800, as its sole unsecured creditor, holding a claim of $1,178 for legal fees. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T2DWPXQ/PMK_Capital_Partners_LLC__hibke-26-00202__0001.0.pdf?mcid=tGE4TAMA POST HOLDINGS: Moody's Rates New Sr. Unsecured Notes Add-on 'B2' ---------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Post Holdings, Inc.'s ("Post") proposed add-on to its existing 6.25% senior unsecured notes maturing in 2034. All other ratings, including the company's B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba1 senior secured debt ratings, and B2 senior unsecured notes' ratings are unchanged. The stable outlook is not affected. Post will utilize the proceeds from the proposed add-on to repay all or a portion of the outstanding balance under the company's revolver, pay transaction fees, and for general corporate purposes. The outstanding balance on the revolver was $430 million as of December 31, 2025. The proposed financing is credit negative because Post is effectively utilizing the proceeds for share repurchases that were initially funded with revolver borrowing. However, the offering strengthens the company's already very good liquidity by increasing availability under its $1.0 billion revolver, providing greater flexibility to support operations and potential acquisitions. Revolver borrowings had increased due to the company's aggressive share repurchase activity over the last year. The transaction does not affect the company's existing ratings, as the approximate 5.5x debt-to-EBITDA leverage (incorporating Moody's adjustments) as of December 2025 remains within Moody's expectations for the rating and Moody's expects the company to generate strong free cash flow of at least $550 million over the next 12 months. RATINGS RATIONALE Post's B1 CFR reflects its aggressive financial policy including its growth-through-acquisitions strategy, comfort with high financial leverage, and large share repurchase program. Most product categories are mature with some, such as cereal, experiencing modest long-term declines. This creates growth challenges for the company and can lead to acquisition event risk as the company expands the portfolio. The acquisitive strategy and portfolio shifting creates some uncertainty about the composition of the asset base and thus the overall business risks. Share repurchases weaken the credit profile but are more discretionary than dividends. Post does not pay a dividend and the company can redirect free cash flow to repay debt and reduce leverage. The company's credit profile is supported by a growing revenue base and good product diversity, solid brand equities in high margin product categories, strong free cash flow and very good liquidity. The free cash flow provides good reinvestment flexibility and the ability to repay debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that Post will continue to maintain high financial leverage over the next two years because of its growth by acquisition strategy and large share repurchase program. In the absence of acquisitions, Moody's expects Post to maintain debt-to-EBITDA leverage (Moody's adjusted) at a low to mid 5x range over the next 12-18 months, positioning it strongly in its rating category. Moody's also projects Post will generate strong free cash flow and maintain very good liquidity. A rating upgrade could occur if Post generates consistent organic sales growth, the operating profit margin remains stable, free cash flow remains strong and the company maintains a financial policy consistent with sustaining debt-to-EBITDA below 5.5x. A rating downgrade could occur if operating performance deteriorates due to factors such as revenue declines, market share losses, pricing pressure or commodity cost increases, debt-to-EBITDA is sustained above 6.5x, or if free cash flow or liquidity deteriorate. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Consumer Packaged Goods published in February 2026. COMPANY PROFILE Based in St. Louis, Missouri, Post Holdings, Inc. manufactures, markets, and distributes branded and private label food products in categories including RTE cereal, retail and foodservice egg and potato products, and retail side dishes, sausage, cheese and other dairy and refrigerated products. The company also added a portfolio of branded and private label pet food products following the acquisition of a portion of The J.M. Smucker Company's ("Smucker") pet food business in April 2023. Some of the company's well-known brands include Honey Bunches of Oats, Pebbles, Weetabix, Alpen, Peter Pan, Papetti's, Abbotsford Farms, Egg Beaters, Simply Potatoes, Bob Evans, and Crystal Farms. Pet food brands include Nutrish, Nature's Recipe, 9Lives, Kibbles 'n Bits and others. The company is publicly-traded under the ticker "POST". Revenue for the 12 months ended December 31, 2025 was $8.4 billion. PRESENTATION MEDIA: Seeks to Use Cash Collateral ------------------------------------------------ Presentation Media, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use its cash collateral in order to keep the business running. The requested funds would allow the company to pay employees, buy materials, fulfill customer orders, and maintain daily operations. The Debtor manufactures visual presentation materials, including large-format graphics, signage, exhibits, displays, and other communication products, primarily for the aerospace and defense industries. It also offers printing, finishing, 3D printing, casting, and fabrication services. Over time, the company has shifted toward white-label manufacturing, producing items that other companies sell under their own brand names. However, the business encountered severe financial difficulties due to high-interest merchant cash advance loans that drained its cash flow and contributed to the bankruptcy filing. The company states that the U.S. Small Business Administration likely holds the senior lien on its cash collateral. To protect creditors while using the funds, the debtor proposes continuing monthly payments of $5,000 to the SBA and offering replacement liens on post-petition assets. Financial projections show the company expects about $2.3 million in receipts and $2.23 million in expenses, resulting in a small profit. The COVID-19 pandemic halted trade shows, which previously generated 70–80% of its business, for about 18 months. Although the company temporarily produced pandemic-related products, revenue remained low. When trade shows returned, labor shortages and increased costs reduced efficiency and profits. Additional challenges included rising material prices, tariffs, expensive loans, and the costs of consolidating operations into one facility. Despite these challenges, the company has reduced monthly expenses, reorganized operations, and improved efficiency. It argues that allowing the use of cash collateral will help stabilize the business and support its efforts to reorganize under Chapter 11. A hearing on the matter is set for March 25, at 10 a.m. A copy of the motion is available at https://urlcurt.com/u?l=UoFO0f from PacerMonitor.com. About Presentation Media Inc. Presentation Media Inc. provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. PMI also works with strategic partners that do not have sufficient production capacity, fulfilling orders on their behalf and maintains its signature "Midnight Express" overnight production service to deliver projects by the start of clients' business days. Presentation Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-17723) on September 2, 2025. In its petition, the Debtor reported total assets of $5,990,852 and total liabilities of $12,204,312. Judge Sheri Bluebond oversees the case. The Debtor is represented by Steven R. Fox, Esq., at The Fox Law Corporation. PRIMEMED MARKETING: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: PrimeMed Marketing LLC 2425 Fountain View Dr Houston, TX 77057-4811 Business Description: PrimeMed Marketing LLC is a Houston, Texas-based marketing and distribution company specializing in promoting innovative employer healthcare benefit models to brokers and other intermediaries. It focuses on marketing strategy, integration of bundled healthcare services, and support tools designed to increase adoption and effectiveness of alternative benefit solutions within the employer market. The firm does not directly provide healthcare services but serves as a conduit between healthcare solution providers and broker networks. Chapter 11 Petition Date: March 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-31520 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston TX 77024-2824 E-mail: courtdocs@bakerassociates.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Robert Thompson as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XO7YXHQ/PrimeMed_Marketing_LLC__txsbke-26-31520__0001.0.pdf?mcid=tGE4TAMA PROG HOLDINGS: Moody's Confirms B1 CFR & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings has confirmed PROG Holdings, Inc.'s (Prog) B1 corporate family rating and B1 senior unsecured rating, with a negative outlook. Previously, the ratings were on review for downgrade. These actions conclude the review for downgrade initiated on December 4, 2025, following Prog's announcement that it plans to acquire Purchasing Power (PP). The acquisition closed on January 01, 2026. RATINGS RATIONALE The negative outlook reflects uncertainty around the timing of Prog's planned reduction in debt-to-EBITDA leverage and integration risk from the acquisition, including the risk of a delay in deleveraging, the extended use of senior secured funding, and slow realization of cost savings. Although the company will prioritize deleveraging and reduce share repurchases, the significant reduction of capital and usage of secured debt introduces additional credit risk. Moody's expects the company's profitability to remain strong without a material weakening in its funding and liquidity profile over the next 12-18 months. The debt-funded nature of the acquisition is credit negative; Moody's estimates the impact on Prog's capitalization, as measured by tangible common equity to tangible managed assets (TCE/TMA) to be significant. On a pro-forma basis, Moody's estimates Prog's TCE/TMA leverage to decrease to 6% from 36% as of December 31, 2025. However, Moody's expects the company to improve TCE/TMA to the 15%-20% range in the next 12 months as it applies a portion of its free cash flow to reduce its debt and slows down its share repurchases. Moody's also expects net debt-to-EBITDA leverage to decline by half a turn in the next 12 months. The ratings confirmation is supported by Prog's solid franchise as a provider of point-of-sale lease-to-own solutions, strong profitability and the acquisition's sound strategic rationale. PP is a voluntary employee benefit program provider, offering employees financing options and payroll payment services. The acquisition builds and complements Prog's existing businesses and payment platforms. PP's business operates with similar margins as Prog and should help diversify Prog's profits. On a pro-forma basis, PP's revenue will make up about one-third of total revenue, reducing Prog's heavy reliance on Progressive Leasing, the company's leasing business. Prog's franchise is underpinned by its 30,000 third-party merchant locations and e-commerce partners serving over one million active customers. These relationships have provided a pipeline for origination volumes and future revenue opportunities. However, the company is inherently reliant on these relationships for its continued success, and its merchant partner locations are highly concentrated in a small number of key national and regional brands. Though the customer credit profile for Prog and PP are similar, there is little overlap between the two customer bases, allowing Prog access to a much larger customer base. PP is exposed to less credit risk because its customers pay their installments through direct payroll deductions or payroll allotments and payment terms are typically short term (12 months or less). Despite the access to a larger customer base, Prog will continue to face elevated asset risk associated with its focus on serving non-prime consumers, which has resulted in weak asset quality and heightened exposure to macroeconomic conditions that affect consumer demand and payment behavior. The B1 senior unsecured rating is based on the volume and priority of unsecured debt in the company's capital structure and Moody's expectations that the company will prioritize paying down its recourse secured debt balances in the next 12 months. Historically, Prog has kept usage on its senior secured revolver at a minimum. The acquisition is funded by a draw on the revolver and senior secured term loan debt, which are ahead of senior unsecured debt in the capital structure. If Prog keeps recourse secured debt on its balance sheet on a sustained basis, that would put negative pressure on the senior unsecured rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Prog's ratings could be upgraded if the company diversifies its income and funding sources while maintaining strong profitability and improved capitalization without increasing its risk appetite. Additionally, the ratings could be upgraded if the acquisition is successfully integrated and it strengthens Prog's credit profile. Prog's ratings could be downgraded if the company does not rebuild its capitalization and eliminate its reliance on secured funding in a timely manner, or if its risk profile otherwise weakens as a result of the acquisition. Moody's could also downgrade Prog's ratings if the company's franchise deteriorates due to a loss of retail partnerships, reputational damage, or other incidents that materially affect Prog's financial condition or operating results; if there is a material deterioration in profitability and/or liquidity; or if regulatory change threatens the profitability or viability of its business model. Additionally, sustained usage of recourse secured debt could reduce availability of unencumbered assets for unsecured note holders and lead to a downgrade of Prog's senior unsecured rating. The principal methodology used in these ratings was Finance Companies published in July 2024. Prog's "Assigned Standalone Assessment" adjusted score of b1 is set ten notches below the "Financial Profile Score" score of Aa3 to reflect the company's weak asset quality driven by its focus on non-prime consumers, heightened exposure to macroeconomic conditions, shareholder-friendly financial policy, which weighs on the company's capitalization, and risks related to high retail partner concentration. PROJECT PIZZA NOE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Project Pizza NOE, LLC 1185 Rhode Island St. San Francisco, CA 94107 Business Description: Project Pizza NOE, LLC operates the restaurant Fiorella, offering pizza and Neighborhood Italian-style cuisine in San Francisco, California. The company provides dine-in and takeout services at its single location and focuses on casual dining experiences. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-30206 Judge: Hon. Hannah L. Blumenstiel Debtor's Counsel: Chris Kuhner, Esq. KORNFIELD, NYBERG, BENDES, KUHNER & LITTLE P.C. 1970 Broadway, Ste 600 Oakland, CA 94612 Tel: 510-763-1000 Fax: 510-273-8669 Total Assets: $302,654 Total Liabilities: $1,047,912 The petition was executed by Brandon Gillis, who serves as CEO of Fiorella Hospitality Group, Inc., the entity managing the Debtor. 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/GTLSSHQ/Project_Pizza_NOE_LLC__canbke-26-30206__0001.0.pdf?mcid=tGE4TAMA PRPM 2026-NQM1: Fitch Assigns 'B(EXP)sf' Rating on Class B2 Certs ----------------------------------------------------------------- Fitch Ratings has assigned expected ratings to the residential mortgage-backed certificates to be issued by PRPM 2026-NQM1 Trust (PRPM 2026-NQM1). Entity/Debt Rating ----------- ------ PRPM 2026-NQM1 A1FCF LT AAA(EXP)sf Expected Rating A1LCF LT AAA(EXP)sf Expected Rating A1A LT AAA(EXP)sf Expected Rating A1B LT AAA(EXP)sf Expected Rating A1 LT AAA(EXP)sf Expected Rating A2 LT AA(EXP)sf Expected Rating A3 LT A+(EXP)sf Expected Rating M1 LT BBB-(EXP)sf Expected Rating B1 LT BB-(EXP)sf Expected Rating B2 LT B(EXP)sf Expected Rating B3 LT NR(EXP)sf Expected Rating AIOS LT NR(EXP)sf Expected Rating XS LT NR(EXP)sf Expected Rating P LT NR(EXP)sf Expected Rating R LT NR(EXP)sf Expected Rating Transaction Summary The PRPM 2026-NQM1 mortgage-backed certificates are supported by 886 loans with a $433.7 million balance as of the cutoff date. This will be the 12th PRPM nonqualified mortgage (NQM, or non-QM) transaction rated by Fitch. Cake Mortgage originated 24.9% of the loans in the transaction, LoanStream Mortgage originated 20.3%, Hometown Equity Mortgage originated 17.0%, and the remaining 37.9% were originated by various third-party originators. Cake Mortgage, LoanStream, and Hometown Equity are all assessed as 'Acceptable' originators by Fitch. Shellpoint Mortgage Servicing LLC (Shellpoint) will service 57.5%, Fay Servicing will service 29.8%, and Rocket Mortgage Servicing LLC (f/k/a Mr. Cooper) will service the remaining 12.6%. Fitch rates Shellpoint 'RPS2'/Stable, Fay Servicing 'RSS2'/Stable, and Rocket Mortgage 'RPS2'/Stable KEY RATING DRIVERS Credit Risk of Mortgage Assets: RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. PRPM 2026-NQM1 has a final probability of default (PD) of 54.25% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 43.59%. The expected loss in the 'AAAsf' rating stress is 23.65%. Structural Analysis: The mortgage cash flow and loss allocation in PRPM 2026-NQM1 are based on a modified sequential-payment structure, whereby principal is distributed pro rata among the senior certificates (A-1FCF/A-1LCF, A-1A, A-1B, A-2, and A-3 classes) while excluding subordinate bonds from principal until all senior classes are reduced to zero. To the extent either a cumulative loss trigger event or a delinquency trigger event occurs in a given period, principal will be distributed sequentially, to A-1 classes, then sequentially, to A-2 and A-3 certificates until they are reduced to zero. Fitch analyzes the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios. The CE for all ratings was sufficient for the given rating levels. The CE in the form of subordination and excess spread for a given rating exceeded the expected losses of that rating stress. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 100% of the loans in the transaction. Fitch applies a 5bps z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either "A" or "B." Counterparty and Legal Analysis: Fitch expects all relevant transaction parties to conform with the requirements as described in its "Global Structured Finance Rating Criteria". Relevant parties are those whose failure to perform could have a material impact on transaction performance. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entity. Fitch expects PRPM 2026-NQM1 to be fully de-linked and to serve as a bankruptcy remote special-purpose vehicle (SPV). All transaction parties and triggers align with Fitch's expectations. Rating Cap Analysis: Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to PRPM 2026-NQM1; as such, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without any rating caps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade This defined negative rating sensitivity analysis demonstrates how ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0%, in addition to the model-projected 37.2%, at 'AAA'. The analysis indicates there is some potential rating migration, with higher MVDs for all rated classes compared with the model projection. Specifically, a 10% additional decline in home prices would lower all rated classes by one full category. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade This defined positive rating sensitivity analysis demonstrates how the ratings would react to positive home price growth of 10% with no assumed overvaluation. Excluding the senior class, which is already rated 'AAAsf', the analysis indicates there is potential positive rating migration for all the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated classes excluding those being assigned ratings of 'AAAsf'. This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified while holding others equal. The modeling process uses the modification of these variables to reflect asset performance in up environments and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. They should not be used as indicators of possible future performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by SitusAMC, Canopy, Clarifii, Clayton, Consolidated Analytics, Evolve, Opus, Selene, and Stonehill. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation. Fitch considered this information in its analysis and, as a result, Fitch applies an approximate 5-bp z-score reduction for loans fully reviewed by the TPR firm and have a final grade of either "A" or "B." 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. R.V. MULLENS: Case Summary & 10 Unsecured Creditors --------------------------------------------------- Debtor: R.V. Mullens Logging, LLC 237 Sunny Acre Dr French Creek, WV 26218 Business Description: R.V. Mullens Logging, LLC is a logging company based in French Creek, West Virginia. The company harvests timber and operates forestry equipment including skidders, dozers, excavators, and log loaders used to cut, move, and transport logs. Its fleet includes machinery manufactured by John Deere and Rotobec as well as trucks and chain saws used in logging operations. Chapter 11 Petition Date: March 8, 2026 Court: United States Bankruptcy Court Northern District of West Virginia Case No.: 26-00140 Judge: Hon. David L Bissett Debtor's Counsel: Ryan W. Johnson, Esq. JOHNSON LEGAL SERVICES, PLLC 1049 Market Street Wheeling, WV 26003 Tel: (304) 212-4950X102 Fax: (304) 212-4496 Email: ryanjohnson@johnsonlegalservicespllc.com Total Assets: $709,715 Total Liabilities: $1,053,521 The petition was signed by Randall Mullens as 100% owner. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TIL2A3I/RV_MULLENS_LOGGING_LLC__wvnbke-26-00140__0001.0.pdf?mcid=tGE4TAMA R.V. MULLENS: Hires Johnson Legal Services as Bankruptcy Counsel ---------------------------------------------------------------- R.V. Mullens Logging, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Johnson Legal Services, PLLC as counsel. The firm's services include: (a) advise the Debtor on legal rights and obligations; (b) prepare and file necessary documents; (c) file adversary proceeedings as necessary to reorganize; (d) assist the formulation of a plan of reorganization; and (e) perform such other tasks that may be required during the pendency of the Chapter 11 case. The firm will be paid at these hourly rates: Ryan Johnson, Attorney $450 Paralegal $110 In addition, the firm will seek reimbursement for expenses incurred. Prior to filing this case, the firm accepted a pre-petition payment of $10,000, which includes the filing fee of $1,738. Mr. Johnson 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 W. Johnson, Esq. Johnson Legal Services, PLLC 1049 Market Street Wheeling, WV 26003 Telephone: (304) 212-4950 Email: Johnson.legal.services.pllc@gmail.com About R.V. Mullens Logging LLC R.V. Mullens Logging, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 26-00140) on March 8, 2026, listing up to $1 million in assets and up to $10 million in liabilities. Judge David L. Bissett oversees the case. Ryan W. Johnson, Esq., at Johnson Legal Services, PLLC serves as the Debtor's counsel. RACKSPACE TECHNOLOGY: Moody's Cuts CFR to Caa2, Outlook Negative ---------------------------------------------------------------- Moody's Ratings downgraded Rackspace Technology Global, Inc.'s (Rackspace) corporate family rating to Caa2 from Caa1 and its probability of default rating to Caa2-PD from Caa1-PD. Concurrently, Moody's affirmed the Caa3 ratings of Rackspace's Senior Secured term loan B due February 2028 and 3.5% Senior Secured Notes due February 2028 and downgraded the company's 5.375% Senior Unsecured Notes rating due December 2028 to Ca from Caa3. Moody's also affirmed the B2 ratings of Rackspace Finance, LLC's backed Senior Secured First Lien First Out revolving credit facility expiring May 2028 and backed Senior Secured Super Priority First Lien First Out term loan B due May 2028 and downgraded the ratings of the backed Senior Secured First Lien Second Out term loan B due May 2028 and Senior Secured First Lien Second Out notes due May 2028 to Caa2 from Caa1. Rackspace's Speculative Grade Liquidity (SGL) rating was downgraded to SGL-3 from SGL-2. The outlooks on Rackspace and its subsidiary, Rackspace Finance, LLC, remain negative. The rating downgrades reflect Rackspace's persistent revenue declines and tolerance for elevated financial leverage, which together heighten default risk as the company approaches its 2028 debt maturities. Following the expiration of the company's $1.35 billion interest rate swap in February 2026, Moody's do not expect a meaningful improvement in free cash flow generation this year. While Moody's expects revenue declines to continue in 2026, albeit at a moderating pace driven by Moody's expectations of private cloud segment revenue growth, Rackspace's ongoing exit from low-margin infrastructure resale and the improving mix of higher-margin, services-led and private cloud bookings should support modest EBITDA growth over the next 12 months. Although the growing influence of AI favorably impacts revenue mix, booking quality, and customer stickiness, it does not materially reduce financial leverage or near-term refinancing risk. While there is evidence of improving performance, the pace and magnitude of the ramp remain uncertain, and sustained execution will be critical to stabilizing the company's credit profile over time. RATINGS RATIONALE Rackspace's Caa2 CFR reflects its very high financial leverage, elevated execution risk amid intense competition, persistent margin pressure, weak free cash flow generation, and heightened refinancing and maturity risk as 2028 debt maturities approach. Moody's expects revenue to continue declining over at least the next 12 months and remain uncertain regarding the timing of a return to sustained revenue growth. Offsetting these pressures, Rackspace is benefiting from an improving quality of bookings and revenue mix driven by its continued exit from low-margin infrastructure resale and increased emphasis on higher-margin, services-led offerings. Despite ongoing revenue pressure, Moody's expects cost discipline and a more selective sales strategy to support modest earnings growth over the next 12 months. In addition, the company's asset-light approach to AI and cloud, focused on managed services rather than capital-intensive infrastructure ownership, limits capital spending requirements, helping preserve liquidity. Rackspace's SGL-3 speculative grade liquidity rating reflects adequate liquidity driven by Moody's expectations of negative free cash flow over the next 12 months. Liquidity is supported by cash balances of $106 million as of December 31, 2025 and $292 million of availability under its $375 million revolving credit facility expiring May 2028. Rackspace has a receivables facility with a maximum limit of $300 million that expires September 2026, which had $241 million drawn as of September 30, 2025. Moody's expects internal cash balances and available revolver capacity are sufficient to address outstanding balances of the securitization facility if the maturity is not extended. Despite Moody's projections of negative free cash flow over the next 12 months, Moody's expects cash balances and external liquidity sources will be sufficient to fund free cash flow deficits. Revolver borrowings are subject to a Net Super-Priority leverage ratio test that cannot exceed 5x if utilization exceeds 35% ($131.25 million), and Moody's expects Rackspace to maintain compliance over the next 12 months if it were to be tested. The ratings for the debt instruments reflect the overall Caa2-PD probability of default rating. Debt capital consists of a $375 million Senior Secured First Lien First Out revolver expiring May 2028, $271 million Senior Secured First Lien First Out term loan B due May 2028, approximately $1.6 billion Senior Secured First Lien Second Out term loan B due May 2028, $319 million Senior Secured First Lien Second Out notes due May 2028, $61 million Senior Secured term loan B due February 2028, $44 million Senior Secured notes due February 2028 and $125 million Senior Unsecured notes due December 2028. The B2 ratings of the Senior Secured First Lien First Out credit facilities debts, three notches above Rackspace's Caa2 CFR, reflect the repayment priority above the First Lien Second Out debts, Senior Secured debts, and Senior Unsecured notes. The Caa2 ratings of the First Lien Second Out debts, in line with the Caa2 CFR, reflect the vast majority of debt relative to the overall capital structure and its effective repayment subordination to Rackspace's First Lien First Out debts. The Caa3 rating of the Senior Secured debts reflect its subordination to the First Lien First Out and First Lien Second Out debts and repayment priority above the Senior Unsecured notes. The Ca rating of the Senior Unsecured notes, two notches below the Caa2 CFR, reflects its effective repayment subordination to the remaining capital structure. The negative outlook reflects risks regarding the sustainability of the company's capital structure, which will likely need to be addressed within the next 18 months, as well as the heightened risk of a distressed exchange. While Moody's expects modest EBITDA growth and gradual margin expansion over the next 12 months to support a limited reduction in financial leverage, Moody's projects financial leverage to remain elevated at above 10x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Rackspace demonstrates sustained revenue and earnings growth that leads to a material and durable improvement in financial leverage, alongside consistent generation of positive free cash flow. An upgrade would also require the company to address upcoming debt maturities. The ratings could be downgraded if revenue or profitability weaken beyond expectations, liquidity deteriorates, or refinancing risk increases, resulting in a higher anticipated probability of default. A downgrade could also result from a deterioration in expected recovery prospects in the event of default. The principal methodology used in these ratings was Communications Infrastructure published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Based in in San Antonio, Texas, Rackspace (NASDAQ: RXT) combines its broad IT industry expertise with leading technologies across applications, data and security to deliver end-to-end multicloud solutions. The company's 100,000-plus customer base is accessed through a network presence in more than 120 countries around the world. RACKSPACE TECHNOLOGY: S&P Downgrades ICR to 'CCC+', Outlook Neg. ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Rackspace Technology Global Inc. to 'CCC+' from 'B-'. At the same time, S&P lowered its issue-level ratings on the company's first-lien, first-out (FLFO) debt to 'B' (its '1' recovery rating is unchanged); first-lien, second-out (FLSO) debt to 'CCC+' ('3' recovery rating unchanged); and legacy senior secured debt and unsecured notes to 'CCC-' ('6' recovery rating unchanged). The negative outlook reflects the risk of another downgrade if operating performance is weaker than S&P's expectations and liquidity weakens in 2026, prompting us to conclude the company has an increased risk of default. Rackspace's initiatives to expand private cloud bookings and drive the adoption of its public cloud services are progressing, but the pace has been slower than previously anticipated due to persistent competitive pressures. This has hindered improvements in earnings and cash flow to meaningfully strengthen credit metrics. S&P said, "With expectation that these operating headwinds will continue through 2026, we anticipate that the company's operating performance will remain insufficient to support meaningful deleveraging and that liquidity will weaken, leading us to view Rackspace's capital structure as unsustainable. We also see mounting refinancing risk considering these expectations and that Rackspace is facing considerable debt maturities in 2028, many of which trade at deeply distressed prices." Rackspace still faces significant execution risks, as its turnaround has progressed more slowly than expected due to persistent competitive pressures. This has resulted in continued revenue declines and slower-than-expected margin growth. While management has outlined initiatives to stabilize revenue and improve margins, the long-term success of these efforts remains uncertain. Rackspace's private cloud segment (37% of 2025 revenue, 26% reported operating margin) declined 6% during 2025 to $990 million. A slower-than-expected ramp up of newly won contracts as well as ongoing declines in legacy managed hosting and dedicated infrastructure contributed to the declines. Of note, management expects the first full year of private cloud growth in 2026 as new contracts scale to meaningful revenue. Rackspace's refreshed sales teams have done a good job of marketing and selling private cloud solutions, especially to clients in data-sensitive sectors such as sovereign, health care, energy, and financial services. S&P also believes that as more clients embrace artificial intelligence (AI), they will want to migrate greater portions of their workloads to a private or hybrid cloud infrastructure, where Rackspace has the know-how. Despite these tailwinds for private cloud, we expect Rackspace to face pricing pressure, especially as it tries to execute longer-term contracts with customers. Rackspace's public cloud segment (63% of 2025 revenue, 4% operating margin) grew about 1% year-over-year in 2025. The company continues to stress the growth of value-add public cloud services in this segment over low-margin infrastructure-only sales. As a result of this strategy, we expect a 6% decline of public cloud revenue in 2026 as infrastructure-only accounts decrease. S&P believes the public cloud segment faces potential execution risks over the next few years, particularly given the evolving AI landscape, which could introduce new competitors or encourage clients to leverage AI models internally for efficiency gains. S&P said, "We now assess Rackspace's capital structure as unsustainable due to its very weak credit metrics and limited prospects for meaningful deleveraging. While we forecast EBITDA margin growth in 2026, we expect its S&P Global Ratings-adjusted leverage to remain high (9.5x by the end of 2026). The company's sizable debt commitments of $2.7 billion, along with its trade receivable agreement liability and lease liabilities, limit the company's financial flexibility to execute on its business turnaround. After incorporating debt amortization and lease payments, we expect cash flow to be about negative $60 million in 2026. This leaves the company in a vulnerable position with the capital markets, as its debt matures in 2028. Without more meaningful revenue and earnings growth as well as a substantial improvement in cash-flow generation, we anticipate significant challenges in refinancing its debt, potentially leading to a distressed debt exchange or restructuring. "Liquidity, while sufficient for the next 12 months, is showing signs of stress, which presents mounting refinancing risk. We anticipate that the company's liquidity position will deteriorate with the expiration of interest rate hedges and the need to refinance the company's asset-backed securitization facility. In addition, the company must refinance the majority of its debt obligations within its capital structure by 2028, which continue to trade at distressed prices in secondary markets. As a result, we now see mounting refinancing risk. Rackspace ended 2025 with $106 million of cash and a $60 million drawn against its $375 million revolver." For the last three years, the company's working-capital cycle has benefited from a receivables purchase facility that allows Rackspace to sell up to $300 million of receivables. This facility expires in September 2026 and could result in meaningful working-capital cash outflows if the facility isn't extended. S&P said, "If an expiration occurs, we would expect the company to have sufficient liquidity for the next twelve months because of its revolver availability. (We currently view the likelihood of the facility not being renewed as low.)" S&P said, "Taken together with elevated finance and operating lease payments due during 2026, we believe that overall cash will decline by about $60 million. The company's strained leverage profile--combined with its lower liquidity--could make refinancing difficult as its debt maturities become current liabilities in 2027. "The negative outlook reflects the risk of another downgrade if operating performance is weaker than our expectations and liquidity weakens during 2026, prompting us to conclude the company has an increased risk of default." S&P could lower its rating on Rackspace again during the next 12 months if we believe there is increased risk of a default within the next 12 months, which could occur if: -- Its operating performance is weaker than expected, including lower levels of cash-flow generation, and its liquidity weakens further; -- The company is unable to refinance its AR facility; or -- The company seeks to restructure or exchange its debt in a manner S&P considers a distressed transaction and less than promised to lenders without adequate compensation. S&P could take a positive ratings action if Rackspace successfully refinances its 2028 maturities, executes its business turnaround such that both private cloud and public cloud are growing at market or above-market rates, is expected to sustain positive cash flow, or improves its liquidity materially. RAILHEAD INC: Seeks to Use Cash Collateral Thru May 23 ------------------------------------------------------ Railhead, Inc. asks the U.S. Bankruptcy Court for the Eastern District of Virginia for authority to use cash collateral and to provide adequate protection to its secured creditors, through May 23. Railhead is a Virginia-based government contracting and consulting firm that generated approximately $5.75 million in revenue in 2024 and anticipates revenues of about $3.07 million in 2026. As of the petition date, the Debtor estimates that it holds approximately $198,421 in cash collateral, consisting mainly of accounts receivable and income generated from contracts entered into prior to the bankruptcy filing. The Debtor identifies three secured creditors that claim security interests in the Debtor's assets, including accounts receivable and other cash collateral: First Citizens Bank, M&T Bank, and the U.S. Small Business Administration. These entities collectively assert liens on the Debtor's property and therefore may have an interest in the company's cash collateral. Railhead seeks court approval to use this cash to continue operating its business and to pay necessary corporate expenses during the Chapter 11 case. The proposed use of funds includes general operating costs as well as expenses associated with the bankruptcy proceeding itself, including the accrual and payment of professional fees subject to court approval. The expenditures would be governed by a proposed operating budget attached to the motion, and the Debtor's authorization to use cash collateral would extend through the duration of that budget period unless additional authorization is later requested from the court. To protect the interests of the secured creditors, Railhead proposes providing adequate protection in the form of replacement liens on any post-petition property acquired by the Debtor to the same extent and priority as the creditors' existing pre-petition liens. The Debtor also proposes to limit spending strictly to the approved budget, which would ensure that expenditures remain necessary and reasonable while maintaining the value of the estate. Railhead argues that this arrangement will preserve the status quo for secured creditors while allowing the company to continue operating during the Chapter 11 process. Accordingly, the debtor asks the court to authorize the use of cash collateral through the proposed budget period—initially through May 23, 2026—while granting replacement liens and other protections to the secured parties to safeguard their collateral interests. A copy of the motion is available at https://urlcurt.com/u?l=4DvN2E from PacerMonitor.com. About Railhead, Inc. Railhead, Inc. is a Virginia-based government contracting and consulting firm. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10508-BFK) on March 2, 2026. In the petition signed by Jason Butler, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Jeffery T. Martin, Esq, at Martin Law Group PC, represents the Debtor as legal counsel. RAINMAKER CIDER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Rainmaker Cider, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Washington, at Tacoma, to use cash collateral. The court authorized the Debtor to use cash collateral through April 1 to fund its operations in accordance with its budget. As of the petition date, the Debtor held approximately $74,987 in cash and $112,588 in discounted accounts receivable, totaling about $187,575 in cash collateral. The U.S. Small Business Administration, owed roughly $1.9 million, holds senior liens on substantially all assets. The SBA will be provided with protection through monthly payments of $11,000 and replacement liens on post-petition cash, accounts receivable, inventory, and their proceeds, with the same priority and extent as the secured creditor's pre-bankruptcy liens. The order is available at https://is.gd/lGdnm5 from PacerMonitor.com. The final hearing is set for March 31. The deadline for filing objections is on March 24. Headquartered in Gig Harbor, Washington, the Debtor manufactures hard ciders and fruit-forward alcoholic beverages under brands including Locust Cider, Colorado Cider Co., Argus Cidery, Smack Hard Lemonade, and Spiked Jones Hard Craft Soda. After expanding to 17 taprooms across three states -- many opened just before the COVID-19 pandemic -- the company experienced rising operating costs and worsening cash flow, ultimately filing on March 2 to preserve going-concern value. About Rainmaker Cider LLC Rainmaker Cider LLC manufactures hard ciders and fruit-forward alcoholic beverages under brands including Locust Cider, Colorado Cider Co., Argus Cidery, Smack Hard Lemonade, and Spiked Jones Hard Craft Soda. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40555-MJH) on March 2, 2026. In the petition signed by Jason Spears, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary Jo Heston oversees the case. Ryan R. Cole, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. RAS DATA: Plan Exclusivity Period Extended to March 31 ------------------------------------------------------ Judge Michael B. Slade of the U.S. Bankruptcy Court for the Northern District of Illinois extended RAS Data Services, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 31 and May 31, 2026, respectively. As shared by Troubled Company Reporter, the Debtor submits that cause exists to extend the relevant deadlines. Since the Petition Date, the Debtor has met its obligations when due and has engaged in good-faith negotiations with the various constituencies in the Chapter 11 Case. These efforts have enabled the Debtor to concentrate its resources on completing the sale of substantially all of its assets, a critical step in maximizing value for the estate and its creditors. The Debtor explains that it is currently defending an adversary proceeding captioned Infinity Transportation 2024, LLC et al v. RAS Data Services, Inc. (Defendant) and Official Committee of Unsecured Creditors (Intervening Defendant), Adv. No. 25-00244 (the "Infinity Adversary"). And while the Infinity Adversary seeks to determine only the rights of the Debtor and the Infinity Plaintiffs, it is likely a ruling on the Infinity Adversary will affect the debtor-creditor relationship among all creditors given the similarity of the management services agreements between the Debtor and each of its customers. Furthermore, in the event the parties can settle the Infinity Adversary, it would likely need to be consummated in a manner that includes all similarly situated creditors, but without litigation, such as through a plan. Precluding the Debtor from being the exclusive party which my file a plan at this time in the Chapter 11 Case could therefore be detrimental to any resolution of the Infinity Adversary, and by extension, the Chapter 11 Case. RAS Data Services Inc. is represented by: Howard L. Adelman, Esq. Adam P. Silverman, Esq. Steven B. Chaiken, Esq. Alexander F. Brougham, Esq. Nicholas R. Dwayne, Esq. Tevin D. Bowens, Esq. Adelman & Gettleman, Ltd. 53 West Jackson Boulevard, Suite 1050 Chicago, IL 60604 Tel: (312) 435-1050 Email: hadelman@ag-ltd.com asilverman@ag-ltd.com schaiken@ag-ltd.com abrougham@ag-ltd.com ndwayne@ag-ltd.com tbowens@ag-ltd.com About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on Aug. 1, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RB MARKETPLACE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: RB Marketplace Inc. Ave Chardon Esq Oliver Local 1 Plaza Chardon San Juan, PR 00918 Business Description: RB Marketplace Inc. operates a convenience store and marketplace offering grocery, deli, beverage, and household products in San Juan, Puerto Rico. The company also owns the commercial property that houses the store along with multiple other commercial spaces leased to tenants, including food, gaming, and advertising businesses. RB Marketplace Inc. operates in the retail convenience store and commercial real estate leasing sectors. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-00982 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. PO Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 Fax: (787) 793-1004 Email: nlandrau@landraulaw.com Total Assets: $10,602,987 Total Liabilities: $5,482,265 The petition was signed by Claribel Baez De Jesus as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KENFZ3A/RB_MARKETPLACE_INC__prbke-26-00982__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. B2B Factoring $142,934 Investments, LLC Miramar Plaza 954 Ponce de Leon Ave, Ste 601 San Juan, PR 00907 2. BMW Financial $34,149 Services NA, LLC AIS Portfolio Services, LLC 4515 N Santa Fe Dept APS Oklahoma City, OK 73118 3. BMW Financial $7,958 Services NA, LLC AIS Portfolio Services, LLC 4515 N Santa Fe Dept APS Oklahoma City, OK 73118 4. Concesionarios PR Supplier $17,674 Urb Santiago Iglesias Ave Paz Granela #1308-B San Juan, PR 00921 5. Corp. Fondo del Workmen $41,925 Seguro del Estado Compensation PO Box 365028 Insurance San Juan, PR 00936 6. Criollos de Caguas Events $81,678 Basketball LLC Coordinator 1608 Ave Ponce de Leon Suite 400 San Juan, PR 00909 7. Departamento del Trabajo Work Disability $100,000 PO Box 191020 & Unemployment San Juan, PR Contribution 00919-1020 8. Department of Treasury Income $250,000 PO Box 9024140 Withholding San Juan, PR 00902-4140 9. Department of Treasury Ivu Taxes $250,000 PO Box 9024140 San Juan, PR 00902-4140 10. Internal Revenue Service Taxes Owed $79,580 PO Box 7346 Philadelphia, PA 19101-7346 11. Liberty Business Utility Service $16,909 PO Box 192296 San Juan, PR 00936-2296 12. Luma Energy Utility Service $122,143 PO Box 363508 San Juan, PR 00936-3508 13. Luma Energy Utility Service $96,148 PO Box 363508 San Juan, PR 00936-3508 14. Luma Energy Utility Service $65,268 PO Box 363508 San Juan, PR 00936-3508 15. Mendez & Co., Inc. Supplier $61,151 PO Box 363348 San Juan, PR 00936-3348 16. Municipio de San Juan Municipal $70,436 PO Box 70179 Ivu Tax San Juan, PR 00936-8179 17. One Chardon Plaza Inc Lawsuit $30,000 Condominio Park Lane 65 Calle Santiago Iglesias Apt 403 San Juan, PR 00907 18. Puerto Rico Supplies Supplier $28,050 PO Box 11908 San Juan, PR 00922 19. US Small Business Adm. COVID Loan $30,000 PO Box 3918 Portland, OR 97208-3918 20. V Suarez Supplier $16,715 PO Box 364588 San Juan, PR 00936-4588 RENDITIONS LLC: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Renditions, LLC asks the U.S. Bankruptcy Court for the Middle District of Georgia, Athens Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral in order to continue operating its retail business, Mary's Tack, Feed & Pet, in Athens, Georgia. The U.S. Small Business Administration and Oconee State Bank may hold secured interests in the cash collateral. The requested authority would run from the March 2 petition date until the earliest of several events, including appointment of a Chapter 11 trustee, conversion to Chapter 7, dismissal, uncured default, or further court order. As adequate protection, the Debtor proposes granting the lenders replacement liens of the same type and priority as existed on the petition date. Events of default would include conversion, dismissal, appointment of a trustee or examiner with expanded powers, or failure to comply with court orders. The Debtor was formed in Georgia in 2018 and is solely owned and managed by Amy Christina Wrenn. The business operates a brick-and-mortar retail store employing nine W-2 employees and generated approximately $550,000 in gross revenue in 2025. Although historically profitable, a fire in April 2023 severely disrupted operations, forcing temporary relocation to a warehouse and resulting in significant customer loss. Prolonged insurance delays and rebuilding efforts caused the Debtor to fall behind on mortgage and vendor obligations, leading Oconee State Bank to initiate foreclosure proceedings. To prevent foreclosure and reorganize debts, the Debtor filed for bankruptcy protection and continues managing operations as debtor in possession. Oconee State Bank asserts a secured claim of approximately $1.6 million tied to a commercial note and broad UCC security interest in substantially all business assets, as well as a second-priority deed on the owners’ residence. The SBA asserts a secured claim of approximately $117,800 related to a COVID-19 EIDL loan, also secured by business assets. The Debtor estimates total assets at approximately $3.2 million, including $3 million in real property, inventory, equipment, receivables, and minimal cash. A copy of the motion is available at https://urlcurt.com/u?l=3UkFBL from PacerMonitor.com. About Renditions, LLC Renditions, LLC owns Mary's Tack, Feed & Pet, in Athens, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Amy Christina Wrenn, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, P.C., represents the Debtor as legal counsel. RIVAL COMMERCIAL: Claims to be Paid from Continued Operations ------------------------------------------------------------- Rival Commercial RE LLC filed with the U.S. Bankruptcy Court for the Western District of Arkansas a Disclosure Statement describing Chapter 11 Plan dated March 2, 2026. The Debtor is a limited liability company organized under the laws of the State of Arkansas, formed in 2016 as "Rival Construction", then renamed in September 2017 as Rival Commercial RE LLC. Since at least November 2017, Rival has been in the business of owning and developing commercial real estate property. Rival currently owns 28 properties, and 27 of those properties are located in the Chaffee Crossing Community, located in Fort Smith & Barling, Arkansas. Chaffee Crossing is a growing community development project described herein, and Rival's part of the development, "The Barracks at Chaffee", is a mixed-use development project created to preserve the military history of Fort Chaffee and build a new future for Arkansans in the River Valley. Rival filed for protection under Chapter 11 on April 11, 2025. It sought an extension of time to complete and finalize its bankruptcy schedules and statements. Rival worked hard to prepare comprehensive documentation of its property interests in the somewhat complicated Chaffee Barracks development, which has been re-drawn and re-planned as a subdivision per the Chaffee Barracks POA. The purpose of Rival's plan, based on everything that has occurred and the realizes of the current situation, is to preserve the value of the properties in the Barracks at Chaffee Development for the benefit of all stakeholders by transferring Buckhorn Street to the POA and selling all other barracks properties at a publicly advertised auction instead of a foreclosure sale, which is what will happen if this case is dismissed on May 1, 2026. Class 4 consists of General, Nonpriority Unsecured Claims. This class of claims is not impaired. The claims of this class total approximately $632,497.92. This class will be paid in full within 90 days after the auction disclosed in Class 3, supra p. 12. In the event that proceeds are insufficient to pay unsecured creditors in full, then payments shall be made pro rata. Class 5 consists of Equity interest holder. Rival's equity ownership interest holder, Lloyd Sumpter, will retain his ownership interests in Rival in the same proportions of ownership as of the date of commencement, but he shall not have economic rights to exercise until all classes of claims under the Plan are paid in full according to the treatment of each respective class of claims. Payments and distributions under the Plan will be funded by the continued operation of the Debtor's business, capital provided from time to time by the Debtor's principal, and asset sales subject to valid and perfected liens. A full-text copy of the Disclosure Statement dated March 2, 2026 is available at https://urlcurt.com/u?l=6awXgK from PacerMonitor.com at no charge. Counsel to the Debtor: Stanley V. Bond, Esq. Bond Law Office P.O. Box 1893 Fayetteville, AR 72702 Telephone: (479) 444-0255 Facsimile: (479) 235-2827 Email: attybond@me.com About Rival Commercial RE LLC Rival Commercial RE LLC, operating under the trade name Rival Construction LLC, is a commercial real estate development firm based in Fort Smith, Arkansas. The Company is notably recognized for its work on The Barracks at Chaffee, a mixed-use retail and residential development situated in the Chaffee Crossing Entertainment District. Rival Commercial RE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70623) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by Stanley V. Bond, Esq. at BOND LAW OFFICE. ROOSEVELT UNIVERSITY: Moody's Affirms B2 Issuer & Bond Ratings -------------------------------------------------------------- Moody's Ratings has affirmed Roosevelt University, IL's B2 issuer and outstanding revenue bond ratings. Total outstanding debt as of fiscal 2025 was approximately $238 million. The outlook is stable. RATINGS RATIONALE The affirmation of Roosevelt University's B2 issuer rating reflects ongoing financial challenges, including limited headroom to financial covenants on unrated debt. However, the university has demonstrated improved financial performance for a second consecutive year, with margins holding steady in fiscal 2025. Continued enrollment gains have been partially driven by marketing initiatives focused on affordability, a tuition reset, and the institution's entry into NCAA Division II in 2023. Despite these gains, competitive pressures are expected to continue to constrain pricing power and net tuition revenue. Sustained enrollment momentum and expense management initiatives provide a pathway toward longer term improvement in performance. Elevated financial leverage and debt affordability will remain a material constraint to Roosevelt's credit profile. Expectations for continued, incremental operating margin improvement, the absence of plans for additional borrowing, and a track record of timely debt service payments should gradually strengthen leverage metrics. Stable cash and investment balances, along with the university's favorable downtown Chicago campus location, provide a meaningful asset cushion relative to liabilities. The B2 rating on the revenue bonds reflects the issuer rating and characteristics of the general obligation pledge of the bonds. RATING OUTLOOK The stable outlook reflects expectations that the university will continue to drive efforts to improve enrollment and net tuition revenue prospects while also tightly managing expenses. Financial results are expected to improve modestly as performance enhancement initiatives gain traction. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Multi-year improvement in operating results translating to positive operating income -- Improvement in liquidity position relative to debt and operations and significant growth of headroom to direct placement covenants -- Sustained and growing improvement in enrollment figures FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Degradation of liquidity resulting in inability to meet direct placement covenants -- Inability to grow student charges and counterbalance expense growth -- Reductions in free cash flow below current levels PROFILE Founded in 1945, Roosevelt University is a moderate sized private university offering undergraduate, graduate and professional degree programs at its campuses in downtown Chicago and in Schaumburg, a northwest suburb of Chicago, and online. The university enrolled 4,276 full-time equivalent students in Fall 2025, with operating revenue of approximately $114 million. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. RTB HOSPITALITY: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------- On March 7, 2026, RTB Hospitality, LLC filed for Chapter 11 protection in the Eastern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About RTB Hospitality, LLC RTB Hospitality, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21226) on March 7, 2026. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities in the range of $100,001-$1,000,000. The Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Stephan M. Brown, Esq., of The Bankruptcy Group, P.C. SAKS GLOBAL: Committee Seeks to Hire Cole Schotz as Local Counsel ----------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Saks Global Enterprises, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Cole Schotz, PC as local counsel. The firm will render these services: (a) serve as efficiency and local counsel to the committee; (b) provide legal advice with respect to the committee's powers, rights, duties and obligations in the Chapter 11 cases; (c) assist and advise the committee in its consultations with the Debtors regarding the administration of the Chapter 11 cases; (d) assist the committee in reviewing and negotiating terms for unsecured creditors with respect to (i) the proposed Debtor financing, (ii) the confirmation of a Chapter 11 plan and (iii) other requests for relief which would impact unsecured creditors; (e) investigate the liens asserted by the Debtors' lenders and any potential causes of action against their lenders; (f) advise the committee on the corporate aspects of the Debtors' Chapter 11 cases and any plan(s) or other means to effect their restructuring that may be proposed in connection therewith and participation in the formulation of any such plan(s) or means of implementing the restructuring, as necessary; (g) take all necessary actions to protect and preserve the estates of the Debtors for the benefit of unsecured creditors; (h) prepare on behalf of the committee all necessary legal papers and other pleadings and filings in connection with the committee's duties in the Chapter 11 cases; (i) advise and represent the committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protecting the interests of those represented by the committee; and (j) perform all other necessary legal services as may be required and authorized by the committee that are in the best interests of unsecured creditors. The hourly rates of the firm's counsel and staff are as follows: Seth Van Aalten, Member $1,375 Justin R. Alberto, Member $1,150 Sarah A. Carnes, Member $1,000 Anthony De Leo, Member $925 Ian R. Phillips, Associate $735 Jonathan Friedman, Associate $680 Tejal Majethia, Associate $425 Larry Morton, Paralegal $420 In addition, the firm will seek reimbursement for expenses incurred. Seth Van Aalten, Esq., an attorney at Cole Schotz, also provided the following in response to the request for additional information set forth in Section D of the Revised 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 during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Cole Schotz did not represent the committee during the 12 months preceding the filing of the Chapter 11 cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Answer: Cole Schotz expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Cole Schotz reserves all rights. Mr. Van Aalten 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: Seth Van Aalten, Esq. Cole Schotz, PC 1325 Avenue of the Americas 19th Floor New York, NY 10019 Telephone: (212) 752-8000 Facsimile: (212) 752-8393 About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, NA, is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Cole schotz, PC as counsel. SAKS GLOBAL: Committee Taps Morrison & Foerster as General Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of Saks Global Enterprises, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Morrison & Foerster LLP as counsel. The firm will render these services: (a) advise the committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules; (b) assist and advise the committee in its consultation with the Debtors relative to the administration of these Chapter 11 cases; (c) attend meetings and negotiate with the representatives of the Debtors and other parties in interest; (d) assist and advise the committee in its examination and analysis of the conduct of the Debtors' affairs; (e) assist and advise the committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code; (f) assist the committee in the review, analysis, and negotiation of any Chapter 11 plan(s) of reorganization or liquidation that may be filed and assist the committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); (g) take necessary action to protect and preserve the interests of the committee; (h) generally prepare on behalf of the committee all necessary legal papers in support of positions taken by the committee; (i) appear, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protect the interests of the committee before those courts and before the U.S. Trustee; and (j) perform all other necessary legal services in these cases as may be directed by the committee. The firm will be paid at these hourly rates: Partners and Senior Of Counsel $1,675 - $2,600 Of Counsel $1,525 - $2,050 Associates $895 - $1,495 Paraprofessionals $360 - $645 In addition, the firm will seek reimbursement for expenses incurred. Lorenzo Marinuzzi, Esq., an attorney at Morrison & Foerster, 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: Lorenzo Marinuzzi, Esq. Morrison & Foerster LLP 300 Colorado Street, Suite 1800 Austin, TX 78701 Telephone: (512) 617-0650 Facsimile: (737) 910-0730 Email: lmarinuzzi@mofo.com About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, NA, is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Cole schotz, PC as counsel. SANDY PINES: Senior Lender Seeks Chapter 11 Trustee Appointment --------------------------------------------------------------- Bangor Savings Bank seeks relief from the automatic stay to complete foreclosure sale or, in the alternative, appoint a trustee to take over the Chapter 11 case of Sandy Pines, LLC. The senior lender seeks relief in response to the Chapter 11 filing of the Debtor on the eve of its foreclosure sale of the Debtor's primary asset, a seasonal "glampground" resort located at 277 Mills Road in Kennebunkport, Maine, and all business assets of the Debtor. The senior lender requests that the court enter an order granting stay relief under Bankruptcy Code section 362(d) related to the collateral so that the senior lender may promptly complete its foreclosure sale, along with a waiver of the stay imposed by Bankruptcy Rule 4001(a)(4). Alternatively, the senior lender requests that the court enter an order dismissing this Chapter 11 case under Bankruptcy Code section 1112(b). Alternatively, if the court denies the prior requests for relief, the senior lender requests that the court enter an order appointing a Chapter 11 trustee under Bankruptcy Code sections 1104(a) and 1112(b). The senior lender explains that here, "cause" exists for numerous reasons: * First, "cause" exists because the senior lender is not adequately protected. While the senior lender believes that the value of the collateral is likely more than the amount due to the senior lender under the loan documents, there is likely an insufficient "equity cushion" because interest is accruing at almost $2,200 per day, plus legal fees. Moreover, it is unclear whether the Debtor has sufficient financial resources to properly maintain the collateral, putting the existing value at risk of diminution as a result of the operation of the automatic stay. * Second, "cause" exists because of Timothy Harrington's gross mismanagement of the Debtor's financial affairs and his conflicts of interest as a fiduciary of a debtor-in-possession. Upon information and belief, Mr. Harrington caused the Debtor to incur an $8 million loan from MutualOne Bank and most or all of those loan proceeds were used by or for the benefit of Mr. Harrington, including for renovations at other projects. Mr. Harrington's mismanagement of the Debtor's affairs, and his conflicts of interest, constitute "gross mismanagement" because they cause creditors, including the senior lender, to lose confidence in his ability to discharge his fiduciary duties as a debtor-in-possession. * Third, lack of good faith constitutes "cause" though it does not fall into one of the examples of cause specifically listed in the statute. Simply put, cause exists because this case serves no valid reorganizational purpose and further delay places the estate's creditors, particularly the senior lender, at imminent risk of unnecessary losses that would be mitigated by allowing the senior lender to exercise its rights and remedies now, before the 2026 season begins and in time for a new owner-operator to take over prior to the season. Bangor Savings Bank is represented by: Jeremy R. Fischer, Esq. PRETI FLAHERTY One City Center, P.O. Box 9546 Portland, Maine 04112-9546 (207) 791-3000 Email: jfischer@preti.com About Sandy Pines LLC Sandy Pines, LLC, operates a seasonal campground and glamping resort in Kennebunkport, Maine, offering furnished glamping tents and cottages as well as traditional tent and RV sites within a coastal forest setting near Goose Rocks Beach. The property provides lodging accommodations and recreational amenities including a heated saltwater pool, bathhouses, guest services facilities, retail store, laundry facilities, playground areas, and organized family activities. Sandy Pines serves leisure travelers seeking outdoor hospitality experiences along the southern Maine coast. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 26-20038) on February 24, 2026, with $10 million to $50 million in assets and liabilities. Timothy Harrington, managing member, signed the petition. Judge Michael A. Fagone presides over the case. Sam Anderson, Esq. at BERNSTEIN SHUR SAWYER & NELSON, P.A. represents the Debtor as legal counsel. SAVAGE COMPANIES: Fitch Puts 'B+' LongTerm IDR on Watch Negative ---------------------------------------------------------------- Fitch Ratings has placed Savage Enterprises, LLC's and Savage Companies Inc.'s (collectively, Savage) ratings on Rating Watch Negative (RWN), including its 'B+' Long-Term Issuer Default Ratings (IDRs) following its announced plan to divest its Rail & Terminals segment (rail operations and related infrastructure assets). The RWN applies to all the company's rated debt. The RWN primarily reflects uncertainty surrounding Savage's use of sale proceeds and business and cash flow risk profiles after the divestiture relative to its financial policy and capital deployment priorities. Fitch believes a less diversified company with greater exposure to cyclical, commodity-linked end markets could reduce leverage capacity at the current 'B+' rating. Fitch expects to resolve the RWN by either affirming or downgrading the rating following the transaction close, expected in 2Q26. The RWN may extend beyond the typical six-month period to accommodate regulatory approvals and the transaction timeline. Key Rating Drivers Leverage and Financial Policy: Pro forma the Ceres acquisition, Fitch projects pre-divestiture EBITDA leverage of 4.5x-5.0x in fiscal 2025, declining to around 4.0x in fiscal 2026, and toward the mid-3.0x range by fiscal 2028. The deleveraging pace will depend on Savage's post-divestiture earnings base and the use of proceeds from the announced sale of the Rail & Terminals segment. Management has reiterated its 3.5x leverage target and indicated it expects to repay at least $135 million of revolver borrowings. Fitch will reassess leverage tolerances and rating sensitivities at the current 'B+' rating as the post-divestiture business strategy becomes clearer. Rail Divestiture and Portfolio Shift: The pending Rail & Terminals divestiture and continued investment in the agribusiness platform (including Ceres) is expected to increase the company's exposure to agriculture and other commodity-linked activities. While the sale may reduce earnings contribution from infrastructure-oriented assets that typically provide greater stability, it will also increase reliance on agribusiness results, which are generally more sensitive to regional and commodity price dynamics. Fitch recognizes Savage employs risk management strategies to moderate commodity price risk and reduce margin uncertainty. Infrastructure Stability and Agribusiness Scale: Fitch views the infrastructure segment's operating profile as more consistent with the low-to-mid 'BB' rating category, reflecting steadier demand and the mission-critical nature of its services, which supports cash flow stability. Comparatively, Fitch views agribusiness as more consistent with the high 'B' category, given regional concentration, exposure to a limited set of commodities, and EBITDA scale of under $500 million. Additional scale and diversification could align with 'BB' category characteristics. Savage's Agribusiness has operational capabilities intended to reduce sourcing and production risk in addition to its risk management practices. Impacts of Tariffs: Fitch's forecast assumes any decreased demand from Mexico would be mitigated by access to U.S. ports and the ability to ship elsewhere, but potentially at higher costs, or by seeking additional domestic demand. The agency will continue to monitor trade developments and Savage's optionality. U.S. Crop demand is expected to remain steady, driven by the USDA's growth projections based on renewable diesel, demographic shifts, and livestock needs. Mexico contributes about one-third of Savage's EBITDA, with most grain transported by train and some by vessel. FCF Supports Growth: Fitch expects FCF to be approximately breakeven over the forecast horizon, reflecting continued growth investment following completion of the crush facility. Management expects to balance growth capex with liquidity supported by availability under its ABL facility. Planned projects are intended to improve logistics connectivity (including port access) and expand capacity through new elevators. Fitch views this approach as preserving financial flexibility, as the company can moderate discretionary growth spending if conditions weaken, while maintenance-level capex and leases are expected to total $60 million-$70 million annually. Agribusiness Expansion: Fitch views the Ceres acquisition, the soybean-crushing facility and grain elevators in Mexico and Illinois as supporting greater scale, diversification and vertical integration in agribusiness. Ceres expands geographic reach and product mix, while the soybean-crushing facility increases exposure to processing margins and renewable diesel-driven demand. The elevators expand origination and storage and support merchandising and customer connectivity. Integration and new customer development add execution risk, but risk management aims to limit price-linked margin volatility. Inventories Bolster Contingent Liquidity: Savage's 'B+' rating incorporates a liquidity profile supported by highly liquid agricultural inventories. As of 3Q25, inventories exceeded $500 million and included commodities like wheat, corn, soybeans, and oats, a characteristic broadly consistent with other agricultural merchandisers. Fitch forecasts EBITDA interest coverage in the high-3x to low-4.0x range during 2026-2028, which further supports its view of the company's financial flexibility. Peer Analysis Compared with rated agricultural peers like Tereos SCA (BB/Stable) and Andre Maggi Participacoes S.A. (BB/Stable), Savage operates at a smaller scale and is more geographically concentrated, which can heighten operational and sourcing risks. In this respect, Savage's operating profile is more comparable to Aragvi Holding International Limited (B+/Stable), as both issuers exhibit regional concentration, more limited scale, and relatively focused product offerings. Fitch expects Savage's pre-divestiture EBITDA leverage to remain in the ~4.0x-4.5x range over the next few years, broadly in line with Aragvi's gross EBITDA leverage over the same period. Fitch’s Key Rating-Case Assumptions On a pre-divestiture basis: - Revenue and EBITDA grow organically by low single digits annually throughout the forecast; - Capex of around $150 million to $200 million annually throughout the forecast period; - Working capital investment is expected to moderate following completion of the crush facility; - Savage balances growth-oriented capital deployment with maintaining robust ABL availability and leverage profile around the mid-to-high-3.0x range; - Annual owner distributions remain steady; - SOFR: 3.5% for fiscal years 2026 and 2027 and 3.25% for fiscal 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (b+, 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 forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance 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+'. Recovery Analysis The recovery analysis assumes that Savage would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, which serves as the basis for the company's valuation. The pre-divestiture GC EBITDA is projected at $300 million, incorporating contributions from Texon and Project Crush. This estimate considers scenarios such as prolonged severe weather conditions affecting the profitable sourcing of commodity inputs, an accelerated decline in the coal business, or ongoing operational challenges and economic weakness. The pre-divestiture GC multiple of 4.75x represents the average multiple of the agriculture and infrastructure business, considering the company's scale, the commoditized nature of its agricultural products and the relative stability of its infrastructure operations. Additionally, it considers similar valuations among peers in the agriculture and infrastructure services sectors. In Fitch's calculation of ABL utilization, the average historical borrowing base, including contributions from Texon, is considered and assumed to be fully drawn. The waterfall analysis results in a 'BB+'/'RR1' Recovery Rating for the $750 million ABL facility and a 'BB-'/'RR3' Recovery Rating for the $735 million first-lien term loan B. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Removing the RWN and Assigning a Stable Outlook - Establishment of appropriately capitalized balance sheet and credit-conscious capital deployment priorities - Clarity of longer-term business and M&A strategy and cash flow risk profile Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade On a pre-divestiture basis: - EBITDA leverage sustained above 4.0x; - Reduced financial flexibility, as reflected in EBITDA interest coverage sustained below 3.0x or an inability to sustain midcycle ABL availability around 50% or more; - Operating challenges or a change in strategy that leads to heightened earnings variability or constrains Savage's cash flow profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade On a pre-divestiture basis: - Demonstrated commitment and track record of financial policies leading to EBITDA leverage sustained below 3.5x; - Improved scale and diversification of operations that increase the stability of Savage's FCF profile; - Improved financial flexibility as indicated by sustaining EBITDA interest coverage above 3.5x. Fitch will reassess leverage tolerances and rating sensitivities at the current 'B+' rating as the post-divestiture business strategy and cash flow risk profile becomes clearer. Liquidity and Debt Structure As of Sept. 30, 2025, Savage had about $365 million of total available liquidity, consisting of $62 million of cash and $302 million of availability under its $750 million ABL (due 2030), which assumes approximately $43 million of letters of credit. Positive free cash flow (before dividends and growth capex) supports financial flexibility, and the company has no meaningful near-term maturities. Debt is primarily comprised of a $735 million term loan B (due 2032) and a $700 million senior secured Farm Credit term loan facility that closed on Aug. 5, 2025. Issuer Profile Savage, established in 1946 and headquartered in Utah, is a privately held transportation logistics materials handling and industrial services company serving industries including oil refining, power generation, railroads, food, agriculture, oil and gas, mining, chemicals, petrochemicals, ports, terminals and construction. Summary of Financial Adjustments Fitch has deconsolidated the SGR subsidiary from Savage, resulting in the exclusion of the $150 million of notes due in 2041 from its standalone credit metrics. Similarly, the subsidiary's assets, note collateral and earnings stream are not considered in the analysis. Fitch regards the notes as adequately ring-fenced and funded by note receivables from customers using the underlying rail terminal facility. Fitch also assumes that Savage would not support the SGR entity in the event of financial distress, given its limited operational and financial contribution to Savage, in accordance with Section 6 of the "Corporate Rating Methodology". Fitch expects the SGR debt will be repaid or assumed by the buyer following the Rail & Terminals divestiture. 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 Savage Enterprises, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Savage Enterprises, LLC LT IDR B+ Rating Watch On B+ senior secured LT BB+ Rating Watch On RR1 BB+ senior secured LT BB- Rating Watch On RR3 BB- Savage Companies Inc. LT IDR B+ Rating Watch On B+ SDLOMO LLC: Seeks to Hire J. Gleason Associates as Accountant ------------------------------------------------------------- SDLOMO, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ J. Gleason Associates, LLC as accountant. The firm will prepare the Chapter 11 Monthly Operating Reports and the Debtor's Plan of Reorganization as well as its required tax returns with the city, state and federal governments. Jacqueline Gleason, CPA, received an initial retainer of $1,500 from the Debtor. Ms. Gleason 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: Jacqueline M. Gleason, CPA J. Gleason Associates, LLC 132 Kroemer Ave. Riverhead, NY 11901 Telephone: (631) 727-9691 About SDLOMO LLC SDLOMO, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14688) on November 18, 2025, listing under $1 million in both assets and liabilities. Judge Ashely M. Chan oversees the case. The Debtor tapped Maggie S. Soboleski, Esq., at Center City Law Offices, LLC as counsel and Jacqueline M. Gleason, CPA, at J. Gleason Associates, LLC as accountant. SEASONS HOSPITALITY: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Seasons Hospitality Group, LLC 327 E. Ridgeville Road Mount Airy MD 21771 Business Description: Seasons Hospitality Group, LLC operates an event and wedding venue in Mount Airy, Maryland, providing space for ceremonies, receptions, and private gatherings while offering catering services through preferred or approved providers, and supporting event logistics such as furniture and decor rentals. Chapter 11 Petition Date: March 5, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-12282 Debtor's Counsel: Harry Rifkin, Esq. LAW OFFICE OF HARY M. RIFKIN 2815 Cheswolde Road Baltimore MD 21209 Tel: 410-779-9199 Email: hrifkin@rifkinlaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Jennifer Haddaway as president. 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/QGPXNRQ/Seasons_Hospitality_Group_LLC__mdbke-26-12282__0001.0.pdf?mcid=tGE4TAMA SERNA'S TRUCKING: Commences Chapter 11 Bankruptcy in Texas ---------------------------------------------------------- On March 3, 2026, Serna's Trucking, LLC filed for Chapter 11 protection in the Western District of Texas. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1-49 creditors. About Serna's Trucking, LLC Serna's Trucking, LLC is a limited liability company. Serna's Trucking, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10392) on March 3, 2026. In its petition, the Debtor reports estimated assets in the range of $100,001-$1,000,000 and estimated liabilities in the range of $1,000,001-$10,000,000. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Frank B. Lyon, Esq., of Frank B. Lyon, Attorney. SILENT HERO: Gets Interim OK to Use Cash Collateral Until March 27 ------------------------------------------------------------------ Silent Hero, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey, Newark Vicinage, to use cash collateral. The court authorized the Debtor to use cash collateral through March 27 according to its 13-week budget with a 10% variance limit. The funds must only be used for operating expenses. The Debtor's budget projects total operational expenses of $54,325. The U.S. Small Business Administration holds a blanket security interest in the cash collateral. As protection, the court granted the SBA a replacement lien on the Debtor's post-petition collateral, with the same priority and extent as its pre-bankruptcy lien. The secured creditor will also receive a monthly payment of $988, beginning March 20. The court ordered the Debtor to escrow $5,000 per month to cover professional fees, including attorneys and the Subchapter V trustee. A final hearing is scheduled for March 26. Silent Hero operates a screen-printing business in North Bergen, New Jersey, with one part-time employee in addition to its two owner-operators. Its total assets are approximately $81,299, consisting primarily of $69,599 in equipment and inventory, along with modest receivables, bank deposits, and lease deposits. About Silent Hero LLC Silent Hero, LLC owns and operates Artmeetschaos, an online apparel brand offering streetwear, hoodies, T-shirts, hats, and other clothing items primarily through e-commerce, supported by industrial embroidery and garment customization equipment and marketed under the registered Artmeetschaos trademark. Silent Hero sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11893) on February 20, 2026. In its petition, the Debtor reported assets of between $50,001 and $100,000 and liabilities of between $1 million and $10 million. The Debtor is represented by the Law Office of Norgaard O'Boyle. SJW AUTOMOTIVE: Seeks to Hire WH Law as General Bankruptcy Counsel ------------------------------------------------------------------ SJW Automotive LLC seeks approval from the U.S. Bankruptcy Court for the Western and Eastern Districts of Arkansas to employ WH Law, PLC as counsel. The firm's services include: (a) file the Debtor's Chapter 11 petition and schedules and in the prosecution of its Chapter 11 case with respect its powers and duties in the continued operation of its business; (b) manage the Debtor's property; and (c) perform all legal services for the Debtor which may be necessary in connection with its case. The firm will be paid at these hourly rates: Jessica Hall, Lead Counsel $350 Paraprofessionals $150 Paralegals and Legal Assistants $95 The firm received a retainer of $6,738, which includes filing fee, from the Debtor. Ms. Hall 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: Jessica Hall, Esq. WH Law, PLC 1 Riverfront Place, Suite 745 N. Little Rock, AR 72114 Telephone: (501) 888-4357 Email: bk@wh.law About SJW Automotive LLC SJW Automotive LLC operates an automotive repair and service center in Springdale, Arkansas, providing vehicle maintenance, diagnostics, transmission repair, and general auto repair services. SJW Automotive filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70217) on Feb. 9, 2026. In the petition signed by Braeden Lynn Johnson, incorporator or organizer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Bianca M. Rucker oversees the case. The Debtor tapped Jessica Hall, Esq., at WH Law, PLC as counsel. SKYLARK HOTELS: Seeks to Hire Tang & Associates as Legal Counsel ---------------------------------------------------------------- Skylark Hotels, Inc., doing business as Empire Inn, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tang & Associates as counsel. The firm's services include: (a) advise the Debtor on matters relating to administration of the estate, and on its rights and remedies about the estate's assets and the claims of secured and unsecured creditors; (b) appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case; (c) assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this estate; and (d) represent the Debtor in any adversary proceeding to recover assets of the bankruptcy estate. The firm's counsel and staff will be paid at these hourly rates: Kevin Tang, Counsel $500 Richard Kwun, Counsel $400 John Brady, Counsel $400 Geovannie Rodriguez, Paralegal $200 Pamela Zamudio, Paralegal $200 Jocelyn Tran, Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing of this case, the Debtor incurred legal fees amounting to $17,798. Kevin Tang, Esq., an attorney at Tang & 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: Kevin Tang, Esq. Tang & Associates 17011 Beach Blvd., Suite 900 Huntington Beach, CA 92647 Telephone: (714) 594-7022 Facsimile: (714) 594-7024 Email: kevin@tang-associates.com About Skylark Hotels Inc. Skylark Hotels, Inc. doing business as Empire Inn, owns and operates an 82-room budget motel located at 294 E. Hospitality Lane in San Bernardino, California, with a comparable sale value of about $6.5 million. Skylark Hotels sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10787) on February 1, 2026. In the petition signed by Kalpesh Prafull Solanki, managing member, the Debtor disclosed $6,771,564 in total assets and $10,117,752 in total liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Kevin Tang, Esq., at Tang & Associates represents the Debtor as counsel. SMITH MICRO: Timothy Huffmyer to Succeed Bill Smith as CEO March 31 ------------------------------------------------------------------- Smith Micro Software, Inc. disclosed in a regulatory filing that the Board of Directors approved the following appointments, each effective as of the close of business on March 31, 2026: * William W. Smith, Jr., age 78, as Executive Chairman; * Timothy C. Huffmyer, age 52, as President and Chief Executive Officer; and * Bethany M. Braund, age 38, as Chief Financial Officer and Treasurer. In his capacity as Executive Chairman, Mr. Smith will remain an employee of the Company. In his capacity as President and Chief Executive Officer, Mr. Huffmyer will succeed Mr. Smith as the Company's principal executive officer. In her capacity as Chief Financial Officer and Treasurer, Ms. Braund will succeed Mr. Huffmyer as the Company's principal financial officer and principal accounting officer. About Huffmyer Since June 2025, Mr. Huffmyer has served the Company as its Chief Operating Officer, Chief Financial Officer and Treasurer. Prior to this role, Mr. Huffmyer served as Chief Financial Officer of Urgent.ly Inc., a leading connected mobility assistance software platform provider, since September 2021. From June 2017 to September 2021, Mr. Huffmyer served as the Company's Vice President and Chief Financial Officer. Earlier in his career, Mr. Huffmyer served in succeeding roles at Black Box Corporation, an IT solutions company, from January 2008 to June 2017, including Vice President, Chief Financial Officer and Treasurer and Director of Finance. Mr. Huffmyer earned a Bachelor of Arts degree in Accounting from Michigan State University. There are no arrangements or understandings between Mr. Huffmyer and any other persons pursuant to which Mr. Huffmyer was selected as the President and Chief Executive Officer of the Company. There are no family relationships between Mr. Huffmyer and any director or executive officer of the Company. Effective September 11, 2025, the Company entered into a note purchase agreement with Mr. Huffmyer, pursuant to which Mr. Huffmyer agreed to loan the Company an amount not to exceed $90,000 in return for one or more secured promissory notes and accompanying unregistered common stock purchase warrants, which warrants are currently exercisable for 119,760 shares at an exercise price of $0.73 per share, provided that such warrants are subject to certain anti-dilution adjustments upon and subject to approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635. The Company and Huffmyer completed a closing of the foregoing transactions on September 17, 2025. The gross proceeds to the Company from the closing with Huffmyer totaled approximately $100,000 (comprised of approximately $85,030 as a loan and approximately $14,970 for the purchase of the accompanying warrants), in each case, before deducting transaction expenses payable by the Company. Mr. Huffmyer has no other direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Exchange Act, nor are any such other transactions currently proposed. About Braund Since November 2021, Ms. Braund has served the Company in increasing areas of responsibility, most recently serving as Senior Director Financial Reporting. Prior to joining the Company, Ms. Braund served in advancing roles at Ernst & Young, LLP from August 2010 through November 2021 within the assurance service line. Ms. Braund earned a Bachelor of Science degree in Accounting (summa cum laude) from College of Charleston and a Master of Science degree in Accountancy (magna cum laude) from the University of Notre Dame and is a certified public accountant. There are no arrangements or understandings between Ms. Braund and any other persons pursuant to which Ms. Braund was selected as the Chief Financial Officer and Treasurer of the Company. There are no family relationships between Ms. Braund and any director or executive officer of the Company, and Ms. Braund has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Exchange Act, nor are any such transactions currently proposed. Base Salary Increase In connection with the promotions of Mr. Huffmyer and Ms. Braund, Mr. Huffmyer's base salary will be increased to $425,000 and Ms. Braund's base salary will be increased to $250,000, reflecting in each case their new position and responsibilities; provided that the Company's executive team is currently subject to a 10% reduction in salaries pending certain improvements in the Company's financial condition, and Mr. Huffmyer's and Ms. Braund's respective salaries will also be subject to such 10% reduction for so long as it is in place. Upon the effective date of her appointment, Ms. Braund will receive a fully vested grant of 20,000 shares of Company common stock under the terms of the Company's equity plan. Notwithstanding the suspension of the Company's current cash bonus and equity grant programs for executives, the Compensation Committee and the Board have approved target bonus and equity grant levels for Mr. Huffmyer and Ms. Braund should these programs be reinstated, subject to the terms and conditions of the applicable plan and individual performance metrics. These target amounts do not currently constitute a guaranteed entitlement but represent the anticipated bonus and equity award levels upon program reinstatement. Management Comments "This planned leadership transition reflects the Board's ongoing succession planning and commitment to continuity in leadership and disciplined execution," said Smith. "With Tim's demonstrated strategic, financial and operational performance, and deep understanding of our business, customer base, and employees, the Board is confident in his ability to lead the Company into its next phase of growth." During his tenure as Chief Operating Officer and Chief Financial Officer, Huffmyer has overseen core operational and financial responsibilities, including key strategic initiatives and ongoing transformation efforts. He rejoined the Company in his current dual role in June 2025 after having previously served as the Company's CFO. "I am honored by the Board's confidence and grateful for the opportunity to build on the strong foundation we have established," said Huffmyer. "And on behalf of the entire Smith Micro team, I extend sincere thanks to Bill for his unwavering dedication and remarkable tenure at the Company's helm." "Leading Smith Micro for the last 44 years has been a privilege, and I look forward to supporting this next chapter as Executive Chairman," said Smith. "Tim is a proven leader with the experience and judgment to guide the Company forward." The Company expects a smooth transition and continued momentum as it continues to build on its strong customer relationships and innovative technology to deliver value to its stockholders, employees and customers. About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. In its audit report dated March 12, 2025, SingerLewak LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $21.13 million in total assets, $7.24 million in total liabilities, and $19.89 million in total stockholders' equity. SONI HOLDINGS: Court Tosses Mead Law Firm's Bid to Intervene ------------------------------------------------------------ Judge Sheryl P. Giugliano of the U.S. Bankruptcy Court for the Eastern District of New York denied in its entirety the omnibus letter motion filed by Wesley Mead, Esq., on behalf of The Mead Law Firm, P.C. in the adversary proceeding captioned as NEW FALLS CORPORATION and MARK A. FRANKEL, Not Individually but Solely in His Capacity as Chapter 7 Trustee of Soni Holdings, LLC, Plaintiff, v. SONI HOLDINGS, LLC, KUNAL SONI, ANJALI SONI, 632 MLK BLVD JR LLC, OM P. SONI, SONI CAPITAL RESOURCES, LLC, WEANONA HUGIE and RICHARD SPEARS, Defendants, Adv. Pro. No. 24-08089-spg (Bankr. E.D.N.Y.). The Omnibus Motion is opposed by plaintiff New Falls Corporation. The Adversary Proceeding originated as a civil action commenced in the United States District Court for the Eastern District of New York (Case No. 19-cv-00449-HG-LGD) on January 23, 2019 by New Falls, through its counsel, Vlock & Associates, P.C. Pursuant to the Amended Complaint and Demand for Jury Trial, dated March 15, 2019, the named defendants to the litigation included at the time: (i) the Debtor; (ii) Kunal Soni; (iii) Anjali Soni; (iv) 632 MLK Blvd Jr LLC; (v) Om P. Soni; (vi) Soni Capital Resources, LLC; (vii) Kanwal Kapur; (viii) Weanona Hugie; and (ix) Richard Spears. New Falls brought the action to pursue relief, in pertinent part, under the civil damage provisions of the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. Secs. 1961, et seq. ("RICO") to recover damages arising on account of defendants' alleged unlawful acts directed at preventing New Falls from collecting a certain underlying judgment (the "Underlying Judgment"). At the outset of the litigation, the Debtor, Kunal Soni, Anjali Soni, Soni Capital Resources, LLC, 632 MLK Blvd Jr LLC, and Om P. Soni (the "Soni Defendants") were represented by Kenneth A. Reynolds, Esq. of The Law Offices of Kenneth A. Reynolds, Esq., P.C. On July 25, 2019, the Mead Firm filed a stipulation substituting the Mead Firm as counsel of record for the Soni Defendants in place and instead of the Reynolds Firm. New Falls petitioned the District Court to refer the litigation to the Bankruptcy Court. On October 1, 2024, over the objection of the Soni Defendants, the District Court entered an order referring the matter to the Bankruptcy Court, which took effect on October 4, 2024. On December 19, 2024, the Bankruptcy Court entered an Order granting the Mead Firm's oral application to be relieved as counsel of record to the Soni Defendants. The termination of the Mead Firm's representation of the Soni Defendants took effect that same date. On January 9, 2025, over a year later, the Mead Firm filed a proof of claim in the Debtor's bankruptcy case for unpaid legal services related to the Adversary Proceeding performed on behalf of the Debtor (and the other Soni Defendants) from July 9, 2019 through December 11, 2024. The proof of claim was signed by Mr. Mead on the Mead Firm's behalf, asserted a general unsecured claim against the Debtor in the amount of $97,388.92, and attached evidence in support of the claim, including a copy of the Soni Defendants' retainer agreement, executed July 9, 2019, and copies of the Mead Firm's billing statements, the last of which had been emailed to the Soni Defendants on January 6, 2025. On March 7, 2025, the Bankruptcy Court, by the Honorable Robert E. Grossman, issued a memorandum decision granting partial summary judgment in favor of Plaintiff, subject to a later entry of judgment upon proper motion to further amend the complaint. On May 2, 2025, after Plaintiff filed and served its Second Amended Complaint and Demand for Jury Trial (the "Second Amended Complaint"), dated March 25, 2025, the Court granted Plaintiff's motion to amend the complaint. On July 3, 2025, Plaintiff moved for a default judgment on the remaining causes of action in the Second Amended Complaint -- namely, the first, fifth, sixth, and seventh causes of action -- and further sought to set the matter down for a trial on damages against all defendants, including defendants Weanona Hugie and Richard Spears. On August 9, 2025, the Court, again by Judge Grossman, issued an Order and Judgment, determining liability in favor of Plaintiff subject to a trial on damages, which was scheduled to commence November 7, 2025 -- i.e., the Damages Trial. Omnibus Motion On November 6, 2025, Mr. Warner filed the Omnibus Motion for Mr. Mead on the docket of the Debtor's main bankruptcy proceeding, which sought entry of an order: (i) granting the Mead Firm's intervention in the Adversary Proceeding as of right or by permission under rule 24 of the Federal Rules of Civil Procedure; (ii) continuing the Damages Trial to extend it beyond November 7, 2025 pending a ruling on the Omnibus Motion so as to afford Mr. Mead the opportunity to gather and present evidence that would limit Plaintiff's damages and, in turn, improve the Mead Firm's recovery on its proof of claim; (iii) disqualifying Vlock & Associates as counsel to the chapter 7 trustee and limiting Plaintiff's RICO damages; and (iv) granting relief from the automatic stay to allow Mr. Mead to pursue an appeal of sanctions imposed against him in a state court action involving the Debtor, which appeal is presently pending before the New York State Appellate Division, Second Department. The Mead Firm's application to intervene in the Adversary Proceeding via the Omnibus Motion is denied in its entirety as untimely along with its request to continue the Damages Trial. The Bankruptcy Court accordingly declines to entertain the Omnibus Motion's related requests to disqualify Vlock & Associates as counsel to the chapter 7 trustee and limit Plaintiff's RICO damages. The balance of the relief requested in the Omnibus Motion, which seeks relief from the automatic stay in the Debtor's case, is denied in its entirety, without prejudice to the Mead Firm's right to refile a properly noticed motion in the main case setting forth the specific legal and factual bases for the relief sought. The Omnibus Motion seeks relief from the automatic stay in the Debtor's case to allow Mr. Mead to continue his appeal of certain state court sanctions levied against him, which appeal is presently pending before the New York State Appellate Division, Second Department. Presumably, the Mead Firm moves to lift the automatic stay for cause under 11 U.S.C. Sec. 362(d)(1), but the Omnibus Motion is bereft of factual or legal support. According to the Bankruptcy Court, the request in the Omnibus Motion for stay relief fails to cite to any supporting authority from the Bankruptcy Code, the Bankruptcy Rules, or case law, and further fails to articulate the relevant supporting facts with sufficient detail. Such deficiencies are inexcusable from an attorney practicing before the Bankruptcy Court. For these reasons, the Mead Firm does not meet its burden of proof. A copy of the Court's Memorandum Opinion dated March 6, 2026, is available at https://urlcurt.com/u?l=mdt4kY About Soni Holdings LLC Soni Holdings LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-73863) on Oct. 18, 2023, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Marc A Pergament, Esq. at Weinberg, Gross, & Pergament, LLP represented the Debtor as counsel. The case was converted to Chapter 7 on Dec. 26, 2023. SOUTHDOWN PROPERTIES: Seeks Chapter 11 Bankruptcy in Pennsylvania ----------------------------------------------------------------- Clara Geoghegan of Law360 reports that Pennsylvania real estate developer Southdown Properties Inc. has filed for Chapter 11 protection, reporting estimated assets and liabilities of between $1 million and $10 million. The company disclosed the figures in its bankruptcy petition, which was submitted as part of an effort to reorganize its financial affairs under the U.S. Bankruptcy Code. Chapter 11 allows businesses to continue operating while they work to address outstanding debts. Through the bankruptcy process, Southdown Properties intends to restructure its obligations and explore potential solutions to improve its financial position, the report states. About Southdown Properties Inc. Southdown Properties Inc. is a Pennsylvania-based real estate developer. Southdown Properties Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10951) on March 9, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by Albert Anthony Ciardi, III, Esq. of Ciardi Ciardi & Astin. SPENCER SPIRIT: Moody's Ups CFR to 'B1', Outlook Stable ------------------------------------------------------- Moody's Ratings upgraded Spencer Spirit IH LLC's ("Spencer Spirit") Corporate Family Rating to B1 from B2, Probability of Default Rating to B1-PD from B2-PD and senior secured first lien term loan B rating to B1 from B2. The outlook remains stable. The upgrades reflect Spencer Spirit's improved operating performance in 2025, despite a challenging operating environment characterized by elevated tariffs and pressures on consumer demand. The company has successfully mitigated cost pressures from its meaningful Chinese supply chain exposure through enhanced sourcing practices as well as pricing and promotion management which enabled the company to deliver EBITDA growth in 2025. Moody's anticipates Spencer Spirit to maintain at least good liquidity and strong credit metrics over the next 12–18 months, including Moody's adjusted debt/EBITDA of about 1.2x and EBITA/interest coverage of approximately 7.5x. Moody's expects stabilization at Spencer's and expect Spirit Halloween to remain solid while benefitting from a favorable calendar with Halloween falling on Saturday in 2026. RATINGS RATIONALE Spencer Spirit IH LLC's B1 CFR is constrained by its limited scale, almost complete exposure to overseas production (including significant China sourcing) and reliance on mall traffic and discretionary spending by 18-24 year-olds at its Spencer Gifts LLC line. While the company continues to invest in its digital and omnichannel capabilities, it is also exposed to the secular shift to online spending. Spencer Spirit's very high seasonality, with most of its profitability and cash flow generated in the third quarter (coinciding with Halloween), also constrains its credit profile. Spencer Spirit benefits from solid execution, which has driven consistent growth in its Spirit Halloween business line and led the company to become a market leader for Halloween costumes, home decor, animatronics and accessories, offsetting recent sales weakness at Spencer Gifts. The company's is looking to stabilize the Spencer Gifts business by focusing on higher growth off-mall locations. The rating is also supported by Spencer Spirit's good liquidity, including high cash balances except for peak seasonal working capital periods and ample availability under its asset-based revolving credit facility. The stable outlook reflects Moody's expectations that Spencer Spirit will continue to maintain solid credit metrics for the rating category and at least good liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require an increase in scale, reduced business seasonality, and geographic sourcing diversification while maintaining sustained growth at both Spencer's and Spirit. An upgrade would also require at least good liquidity, including strong free cash flow generation, substantial cash balances and maintenance of conservative financial strategies, such that debt/EBITDA is sustained below 3.0 times and EBITA/interest expense above 3.0 times. The ratings could be downgraded if operating performance deteriorates, particularly outside of historical day-of week Halloween fluctuations. The ratings could also be downgraded if the company undertakes more aggressive financial strategies or if liquidity weakens. Quantitatively, the ratings could be downgraded if debt/EBITDA is sustained above 4.0 times or EBITA/interest is below 2.0 times. Spencer Spirit IH LLC ("Spencer Spirit") is an intermediate holding company of Spencer Gifts LLC and Spirit Halloween Superstores LLC. The company operated 670 Spencer's and 1,546 Spirit stores at its peak during the last-twelve-month period ending November 08, 2025 and generated revenue of about $2.01 billion for the last twelve months. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Spencer Spirit's B1 CFR is set three notches below its scorecard-indicated outcome of Ba1 which reflects the company's limited scale and product diversification, geographic supply chain concentration and significant seasonality in its operations. SPIRIT AIRLINES: OK'd for $533MM Baseline Bid In April Jet Auction ------------------------------------------------------------------ Rick Archer of Law360 on Wednesday, March 11, 2026, s federal bankruptcy judge in New York approved Spirit Airlines' request to auction off a chunk of its owned aircraft, clearing the way for a sale of 20 out of its 48 jets next month with a starting bid above $533 million. The decision represents a key effort by the struggling ultra‑low‑cost carrier to unlock value from its assets as part of its Chapter 11 process. Spirit's bankruptcy filing last August reflected deep financial strain, including heavy losses and substantial debt, prompting a re‑evaluation of its fleet and network footprint. Selling a portion of its owned jets is intended to help generate liquidity, reduce operating costs and satisfy creditor interests while the airline works through a court‑supervised restructuring, according to report. The judge's authorization of the auction structure and valuation threshold signals judicial confidence in the debtor's proposal to maximize recoveries. With the planned April sale looming, Spirit's leadership and advisors are now focused on securing competitive offers for the aircraft, which could play a pivotal role in the carrier's path toward emerging from bankruptcy, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPOKANE INDUSTRIES: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- Jonas Anderson, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Spokane Industries, LLC. The committee members are: 1. Jon Neill OCL Foundry & Abrasive Supply Co. 299 S. Sequoia Pkwy Canby, OR 97013 (971) 323-0111 2. Dan Molitor Tommer Equipment Company, Inc. P.O. Box 1150 Ephrata, WA 98823 (509) 787-3311 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 Spokane Industries LLC Spokane Industries, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00116) on January 23, 2026, with $9,872,078 in assets and $19,854,752 in liabilities. The petition was signed by Patrick Turner as managing member. Judge Frederick P. Corbit oversees the case. The Debtor is Represented by: Thomas A. Buford, Esq. Bush Kornfeld LLP Tel: 206-292-2110 Email: tbuford@bskd.com SQA MAHADEV: Commences Chapter 11 Bankruptcy in Tennessee --------------------------------------------------------- On March 6, 2026, SQA Mahadev, LLC, filed for Chapter 11 protection in the Western District of Tennessee. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1-49 creditors. About SQA Mahadev, LLC SQA Mahadev, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21282) on March 6, 2026. In its petition, the Debtor reports estimated assets in the range of $1,000,001-$10,000,000 and estimated liabilities in the range of $1,000,001-$10,000,000. The Honorable Bankruptcy Judge Denise E. Barnett handles the case. The Debtor is represented by John Edward Dunlap, Esq.,, of The Law Office of John E. Dunlap. SSP WASTE: Seeks Cash Collateral Access --------------------------------------- SSP Waste, Inc. asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor, operating as a debtor-in-possession with 17 employees, faces ongoing losses and litigation, and seeks to continue operations to preserve jobs and uninterrupted service while maximizing creditor recovery. The Debtor requests interim and final court to use cash, including amounts that could constitute "cash collateral" from bank deposits, accounts receivable, and potential royalties, in accordance with a seven-week post-petition operating budget attached to the declaration of Adam Shirley, Debtor's president. Two entities—CHTD Company/NewCo Capital Group VI LLC and CT Corporation System/LG Funding LLC—may claim interests in the cash, but Debtor contends that CHTD/NewCo's lien is void under Colorado law due to insufficient collateral description, and no perfected lien exists on deposit accounts for CT Corporation System/LG Funding, though liens could attach to post-petition accounts receivable. The Debtor emphasizes that immediate access to cash is essential to maintain operations, pay employees, utilities, taxes, rent, and other necessary expenses, and prevent irreparable harm to the estate. Adequate protection is proposed through replacement liens on post-petition accounts, maintaining insurance coverage, filing periodic debtor-in-possession reports, and limiting expenditures to within 15% of budgeted amounts per line item. A copy of the motion is available at https://urlcurt.com/u?l=P1lhIt from PacerMonitor.com. About SSP Waste, Inc. SSP Waste, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-11311-MER) on March 4, 2026. In the petition signed by Adam Shirley, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Michael E. Romero oversees the case. David V. Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor's legal counsel. STAY LLC: Hires Harris Law Practice as General Bankruptcy Counsel ----------------------------------------------------------------- Stay, LLC, doing business as Lussostay, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Harris Law Practice LLC as counsel. The firm will provide these services: (a) examine and prepare records and reports as required by the Bankruptcy Code, Federal Rules of bankruptcy Procedure and Local Bankruptcy Rules; (b) prepare applications and proposed orders to be submitted to the Court; (c) identify and prosecute claims and causes of action assertable by the Debtor on behalf of the estate; (d) examine proofs of claim anticipated to be filed and the possible prosecution of objections to certain claims; (e) advise the Debtor and prepare documents in connection with the contemplated ongoing operation of its business; (f) assist and advise the Debtor in performing other official functions as set forth in Section 521, et.seq., of the Bankruptcy Code; and (g) advise and prepare a plan of reorganization, and related documents and confirmation of said plan, as provided in Section 1121, et seq., of the Bankruptcy Code. The firm will be paid at these hourly rates: Stephen Harris, Attorney $650 Norma Guariglia, Attorney $550 Paraprofessionals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition advance retainer of $7,500 from the Debtor. Mr. Harris 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: Stephen Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NV 89511 Telephone: (775) 786-7600 Email: steve@harrislawreno.com About Stay LLC Stay, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-50163) on February 18, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Stephen R. Harris, Esq. at Harris Law Practice LLC represents the Debtor as counsel. STERLING HEALTHCARE: Seeks Approval of AISLIC Claims Distribution ----------------------------------------------------------------- This notice has important information about the Adversary Proceeding No. 02-67584-SD, captioned Sterling Healthcare, Inc. and The Official Committee of Tort Plaintiffs, Plaintiffs v. American International Specialty Lines Insurance Co. et. al., pending in the United States Bankruptcy Court, District of Maryland ("AISLIC Adversary"). Gallagher Bassett Services, Inc. fka Western Litigation Inc. ("Gallagher Bassett"), as Third-Party Administrator for RDA Sterling Holdings Corporation a/k/a Sterling Healthcare, Inc., as successor to PhyAmerica Physician Group, Inc. ("RDA") has filed a Motion ("Motion") in the AISLIC Adversary seeking an Order from the United States Bankruptcy Court, District of Maryland ("Court"): 1) approving the final report regarding payment of defense expenses, and distribution to Malpractice Claimants from the proceeds of the American International Specialty Lines Insurance Company ("AISLIC") policy ("AISLIC Policy 4762470") pursuant to the Final Distribution Report attached to the Motion as Exhibit 1; 2) releasing and discharging Gallagher Bassett and RDA from any and all liability, responsibility and or further duties relating to AISLIC Policy 4762470; 3) releasing AISLIC with regard to the foregoing and pursuant to the Termination Agreement and Release attached to the Motion as Exhibit 2; and 4) enjoining the Malpractice Claimants, their agents and attorneys from instituting, prosecuting or maintaining any claims asserted or assertable against Gallagher Bassett, RDA, AISLIC, their agents, affiliates, employees and servants, in any way related to AISLIC Policy 4762470. DEADLINE TO OBJECT: The deadline for Malpractice Claimants and interested parties to object to the Motion is April 10, 2026 by filing an objection with the bankruptcy clerk's office at Garmatz Federal Courthouse, 101 West Lombard Street, Suite 8530, Baltimore, MD 21201 and serving a copy of the objection to Gallagher Bassett's counsel by mail to Fox Rothschild LLP, c/o Heather L. Ries, 777 S. Flagler Drive, Suite 1700 W. Tower, West Palm Beach, FL 33401 or e-mail to hries@foxrothschild.com and dhibshman@foxrothschid.com. All documents filed in the case may be inspected at the bankruptcy clerk's office at the address listed above or through PACER (Public Access to Court Electronic Records at www.pacer.gov). Additionally, you may obtain a copy of the Motion by contacting Gallagher Bassett's counsel by e-mail at hries@foxrothschild.com or telephone at 561-804-4419. STOLI GROUP: Court Okays Appointment of Chapter 11 Trustee ---------------------------------------------------------- Judge Scott Everett of the U.S. Bankruptcy Court for the Northern District of Texas approved the appointment of William R. Patterson as Chapter 11 trustee for Stoli Group (USA), LLC and Claudia Springer for Kentucky Owl, LLC. The appointment followed a February 5 court order granting the motion filed by Fifth Third Bank, National Association, a senior secured lender, to appoint an independent trustee to take over the companies' bankruptcy cases. In its motion, Fifth Third Bank raised the following arguments: * The filing of the companies' motion to convert case from Chapter 11 to 7 represents gross mismanagement under the circumstances. Once their ownership concluded on a final basis that it would not move ahead with a reorganization, the companies should have immediately pivoted to an orderly wind-down of precisely the sort that Chapter 11 trustees should now oversee. Instead, the companies proposed the value-destroying option of a forced liquidation in Chapter 7, knowing that this would cause significant harm to these estates and, therefore, the creditors. * "Cause" has also existed for months due to the companies' repeated misuse of cash collateral to benefit non-debtor affiliates Louisiana Spirits, LLC and S.P.I. Spirits (Cyprus) Limited (i.e., the plan sponsor) to the detriment of the companies, issues which were raised in several prior pleadings. Mr. Patterson disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. A copy of the appointment order is available for free at https://urlcurt.com/u?l=fewb5M from PacerMonitor.com. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. STOLI GROUP: Lender Slams Committee's Bid to Oust Ch. 11 Trustees ----------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that in the Chapter 11 bankruptcy of Stoli Group USA LLC, secured lender Fifth Third Bank has pushed back against a request by the official committee of unsecured creditors to pursue the appointment of new Chapter 11 trustees. The bank’s opposition, filed this week in the bankruptcy court in Texas, highlights ongoing disagreements over control of the liquidation process and how best to preserve value for creditors. Stoli Group USA and its bourbon affiliate Kentucky Owl LLC have been navigating a complex restructuring since filing for Chapter 11 in late 2024, with parties debating whether to continue under Chapter 11 or seek conversion to Chapter 7 liquidation. The unsecured creditors' committee, frustrated by delays and lack of progress on a reorganization plan, moved to have new trustees installed to push the case forward more aggressively. Fifth Third Bank, holding a secured claim, countered that such a move was unnecessary and potentially harmful to secured creditor recoveries, the report states. The clash underscores broader strategic differences between secured and unsecured constituencies in bankruptcy. Fifth Third Bank's stance suggests it believes the current framework, including any appointed trustees or oversight mechanisms, should remain intact to maximize asset value and safeguard its secured interests, while the committee is seeking alterations it contends would better protect unsecured creditor recoveries, according to Law360. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. TALLGRASS ENERGY: Fitch Alters Outlook on BB LongTerm IDR to Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Long-Term Issuer Default Rating (IDR) of Tallgrass Energy Partners, LP (Tallgrass) at 'BB-' and Rockies Express Pipeline, LLC (ROCKIE) at 'BB'. Fitch has also affirmed Tallgrass' senior secured debt rating at 'BB+' with a 'RR1' Recovery Rating and senior unsecured debt rating at 'BB-'/'RR4'. Tallgrass Energy Finance Corp. (FinCo) is a co-obligor on Tallgrass' senior unsecured notes. Fitch has also affirmed ROCKIE's senior unsecured debt rating at 'BB'/'RR4'. The Rating Outlooks for Tallgrass and ROCKIE have been revised to Stable from Negative. The revision of Tallgrass's Rating Outlook reflects the successful construction and in-service placement of the phase 1 facilities of the Trailblazer Pipeline CO2 (TPCO2) project within budget and on schedule. Near-term leverage should be in the 7.5x-8.0x range (per Fitch's calculations), which is lower than its previous estimates. Although near-term leverage is on the higher end for the rating, further deleveraging potential exists over the medium term as growth projects come online, capex spend declines, and the sponsors remain supportive of the credit profile. The revision of ROCKIE's Rating Outlook reflects that of Tallgrass and remains constrained to one-notch above Tallgrass. Key Rating Drivers TPCO2 Project Execution Risk Subsides: The TPCO2 project came online in mid-4Q25 on time and within budget. Tallgrass started delivering volumes and commercial injections for all phase 1 facilities with no major operational issues in capturing, transporting or sequestering CO2. With the pipeline conversion work complete, all rights of way (ROW) and permits acquired to service the initial contracts, execution risk as substantially reduced. Fitch expects most of the phase 2 contracts to come online in 1Q26 and some in 3Q26/4Q26, without any meaningful delays or cost overruns. The TPCO2 project is currently only 25% commercialized, which is sufficient to support deleveraging. Further commercialization with minimal capex spends is likely, offering cashflow accretion and deleveraging potential. Leverage Declines but Remains High: Tallgrass' 2025 leverage was better than Fitch expected, driven by successful execution of the TPCO2 project and volume outperformance at its two largest assets: ROCKIE and Liberty Express Pipeline (LEP), and supported by contract additions and renewals. Tallgrass also mitigated the LEP contract cliff, extending weighted-average contract maturity to nearly five years from two. Fitch expects leverage in the 7.5x-8.0x range (with the Prairie ECI Acquiror LP's debt imputed) in 2026-2027 as ROCKIE advances the Critical Energy Reliability Link project, which requires substantial capex, before declining once the project enters service in 1H28. As a result, near-term headroom is limited. The exchange of ROCKIE preferred equity for new common equity of certain of its parent companies is leverage-neutral, as Fitch treated the preferreds as non-debt. ROCKIE's leverage remains strong for the rating. Robust Cash Flow Profile: Tallgrass is expected to generate nearly 95% of its EBITDA from fixed-fee contracts and over 75% from revenue assurance type long-term take-or-pay (TOP) or minimum volume commitment (MVC) contracts with creditworthy customers. This provides substantial stability and visibility of cash flows, particularly during downturns, thereby lowering business risk. The TPCO2 business does not contain volume assurance. However, the facilities it connects to operate at a very high utilization rate and currently produce CO2 well above volume expectations. Customer credit qualities have improved in the past few years but largely remains intact. Diversified Asset Base Enhances Stability: Tallgrass has a robust portfolio of midstream assets spread across multiple oil and gas producing regions in the U.S., with major assets like ROCKIE and LEP being regulated, highly contracted and well-utilized. The two assets together are expected to drive nearly 70% or more of Tallgrass' EBITDA. The CO2 business provides further diversification benefits, which is fee-based with no direct exposure to 45Q tax credits. In addition, Tallgrass has other relatively smaller but regulated natural gas pipelines and some unregulated crude, gas, and water gathering and processing business, further supporting asset diversity. Supportive Sponsor Relationship: Tallgrass' sponsors are instrumental in maintaining its credit profile, demonstrated by no distributions to the sponsors since the take private transaction in 2020, exchange of ROCKIE's preferred equity for new common equity of certain of its parent companies, and about $1.5 billion of cash equity injection in December 2025 to support growth while maintaining balance sheet strength. The sponsors aim for leverage below 6.5x (per management calculations at the Prairie ECI Acquiror, LP level), with distributions limited to servicing Prairie debt. Fitch anticipates continued sponsor support. Prudent Growth Funding: Tallgrass' unique asset base with access to natural gas, water, and carbon capture and sequestration positions it well to serve the growing AI data center-related power demand. The announced Cheyenne Power Project, which is awaiting final investment decision (FID), offers meaningful growth opportunity, business diversity, and long-term contract with an investment-grade counterparty. This project is expected to be largely funded by true sponsor equity and project level debt non-recourse to Tallgrass. Fitch expects any future, materially large growth project to receive similar funding, with minimal impact to Tallgrass' balance sheet. Tallgrass' Rating Linkage with Parent: Tallgrass is a subsidiary of Tallgrass Energy, LP, which is party to debt issued at Prairie ECI Acquiror, LP, and is collectively referred to as HoldCo. Fitch assesses HoldCo's Standalone Credit Profile (SCP) using consolidated metrics, noting that Tallgrass' SCP is stronger. Per Fitch's "Parent and Subsidiary Linkage Criteria," Tallgrass' ratings will be limited to one-notch from HoldCo, which is viewed to have a credit profile in line with a 'b+' rated midstream issuer. ROCKIE's Rating Linkage with Tallgrass: Fitch follows the stronger subsidiary path in applying the "Parent Subsidiary Linkage" criteria between ROCKIE and Tallgrass. Legal ring-fencing is porous due to the regulated nature of ROCKIE, and certain covenants in its credit agreement and bond indentures, which limit intercompany fund flow. Fitch assesses access and control as open because Tallgrass, as a dominant shareholder, can control all major transactions. There is also an expectation of a mix of external and intercompany funding at ROCKIE, and limited confidence in ROCKIE's ability to operate autonomously. Therefore, ROCKIE's rating is constrained one notch above Tallgrass'. Peer Analysis The Williams Companies, Inc. (Williams; BBB/Positive), like Tallgrass, operates FERC-regulated long-distance pipelines, alongside gathering and processing (G&P) businesses. Both have highly contracted, long-term revenue profiles with creditworthy customers and have stronger subsidiaries rated higher than their parents. Williams' larger operating size is partially offset by its larger, riskier gathering and processing business. Fitch projects Williams's near-term leverage to be lower than that of Tallgrass. Tallgrass' smaller scale and higher leverage accounts for the difference in IDR with Williams. Howard Midstream Energy Partners, LLC (Howard; BB-/Stable), like Tallgrass, operates long-distance pipelines and other assets across multiple oil and gas producing regions in the U.S. Howard is smaller, but more diversified. Howard has a larger, riskier G&P business, and only over 40% of EBITDA is underpinned by revenue assurance contracts, resulting in a weaker cash flow profile. However, Howard's lower near-term leverage expectations in the 4.5x range contrasts with much higher leverage expectations at Tallgrass, leading to similar IDRs. ROCKIE's ratings are constrained by those on its parent, Tallgrass. Without an explicit rating linkage, Fitch views ROCKIE's SCP as consistent with higher-rated midstream issuers in its coverage universe. In Fitch's coverage, midstream issuers (subsidiaries) with rating linkage to their parents, where the subsidiary has a stronger credit profile, include Texas Eastern Transmission, LP (TET; A-/Stable), Transcontinental Gas Pipeline Company, LLC (Transco; BBB+/Positive), Northwest Pipeline LLC (NWP; BBB+/Positive), and Southern Star Central Gas Pipeline Inc. (SSCGP; BBB/Stable). Ratings of each of these subsidiaries are limited to a one-notch difference from their parent's ratings, given the application of Fitch's Parent Subsidiary Linkage criteria. Fitch’s Key Rating-Case Assumptions - Fitch's oil and gas price deck; - Oil and gas activity levels in the regions where Tallgrass operates consistent with Fitch's base case for oil and gas prices; - Materially large growth projects, other than those currently reached FID, are funded off Tallgrass' balance sheet with a mix of sponsor equity and/or project level debt non-recourse to Tallgrass; - Distributions upstream consistent and limited to the amounts required to service the HoldCo debt; - Base interest rate on the credit facilities at Tallgrass, ROCKIE, and TPCO2 project reflects Fitch's "Global Economic Outlook"; - Successful re-contracting of a substantial portion of upcoming contract maturities at all assets. Corporate Rating Tool Inputs and Scores Tallgrass Energy Partners, LP Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb, Lower), 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 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+1 approach. Rockies Express Pipeline, 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+, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (a-, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+1 approach. RATING SENSITIVITIES Tallgrass Energy Partners, LP Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Proportionate consolidated EBITDA leverage (measured at the HoldCo level) that is expected to be above 8.0x for a sustained period; - A large customer with a long-term take or pay (ROCKIE) contract or MVC (Liberty Express) contract has a financial condition that is consistent with a potential bankruptcy filing, and the current market for Tallgrass' transportation service indicates the potential for a contract rejection; - Fitch's change in view of the company's relationship with its sponsors that is less supportive of its credit profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Proportionate consolidated EBITDA leverage (measured at the HoldCo level) that is expected to be below 7.0x for a sustained period; - A decrease in business risk, such as might occur with ROCKIE and/or LEP contracting a significant part of their capacity in a long-term revenue-assured relationship with investment grade shippers. Rockies Express Pipeline, LLC Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A negative rating action at Tallgrass; - EBITDA leverage approaching and expected to sustain above 6.0x; - One of the top four customers approaching a distressed financial condition, e.g., showing weak access to capital markets; or a collection of smaller companies being in a similar condition; - A large or a series of modest yet meaningful debt funded dividend paid to the parent and/or large debt funded growth project(s), implying a more aggressive financial policy at ROCKIE. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - ROCKIE's ratings are constrained by the ratings of its parent Tallgrass at a one-notch difference. If rating linkage did not exist, Fitch would likely rate it higher. In the presence of a rating linkage, only a positive rating action at Tallgrass could trigger positive rating action at the company. Liquidity and Debt Structure Tallgrass had total liquidity of approximately $2.26 billion as of Dec. 31, 2025. The company had roughly $822 million cash on its balance sheet, and approximately $1.44 billion available under its $1.5 billion first lien secured RCF (net of roughly $58 million in outstanding letters of credit). The credit facility matures on May 31, 2028, subject to repayment of the 5.50% senior unsecured notes due 2028 by Oct. 15, 2027. ROCKIE had a total liquidity of about $206 million as of Dec. 31, 2025. The company had about $36 million of cash on its balance sheet and full availability under its $170 million senior unsecured RCF. The credit agreement contains a sublimit of up to $75 million for letters of credit, and an uncommitted accordion feature of $30 million. The revolver matures on July 31, 2028. ROCKIE's next debt maturity is a $550 million 4.95% senior unsecured note due July 2029. Additionally, at Tallgrass' TPCO2 Project entities, the company has $140 million of working capital facility and $60 million of liquidity reserve, both of which were undrawn as of Dec. 31, 2025. These facilities mature in April 2030. Tallgrass, ROCKIE, and the TPCO2 Project entities were all compliant with the covenants on their credit facilities as of the latest quarter end and Fitch expects them to remain compliant with all the covenants over the forecast period. Issuer Profile Tallgrass owns and operates a variety of midstream assets, which are primarily long-distance interstate pipelines located in the U.S. ROCKIE is its largest asset, which is a FERC-regulated natural gas pipeline. Summary of Financial Adjustments Fitch typically adjusts midstream energy companies' EBITDA to exclude equity in earnings of unconsolidated affiliates but include cash distributions from unconsolidated affiliates. For additional perspective, Fitch evaluates Tallgrass and HoldCo relative to its proportionate/consolidation-based leverage, which includes pro rata EBITDA and pro rata debt (if any) of joint ventures. For Tallgrass and HoldCo, in addition to calculating leverage metrics inclusive of LEP's distributions as described above, Fitch also views it on a proportionately consolidated basis. Fitch also consolidates the TPCO2 project entities debt. Fitch had applied its "HoldCo PIK and Shareholder Loans" criteria, adjustment 7, under the January 2026 Fitch Corporate Rating Criteria, page no. 29, in evaluating ROCKIE's Preferred Equity, issued for the buy-in transaction, and considered it non-debt like. Lastly, Fitch measures leverage at Tallgrass with HoldCo's debt (Term Loan and Senior Secured Notes at Prairie ECI Acquiror LP) imputed due to the PSL relationship, in the above sensitivities and other parts of this report. 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 Tallgrass and ROCKIE. ESG Considerations Rockies Express Pipeline LLC has an ESG Relevance Score of '4' for Group Structure due to high number of entities in the family, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Tallgrass Energy Partners, LP has an ESG Relevance Score of '4' for Group Structure due to high number of entities in the family, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Tallgrass Energy Partners, LP has an ESG Relevance Score of '4' for Financial Transparency due to debt at other entities in the group structure which Fitch doesn't rate and doesn't have access to the financials, which has a negative impact on the credit profile, and is relevant to the rating[s] 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 ----------- ------ -------- ----- Rockies Express Pipeline LLC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Tallgrass Energy Partners, LP LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ Tallgrass Energy Finance Corp. senior unsecured LT BB- Affirmed RR4 BB- TECH READY: Seeks to Tap CENTURY 21 HomeStar as Real Estate Broker ------------------------------------------------------------------ Tech Ready Mix, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ CENTURY 21 HomeStar as real estate broker. The firm's services include: (a) pre-listing strategy, pricing guidance, and property positioning; (b) vendor coordination for staging, cleaning, minor repairs, and curb-appeal preparation; (c) professional media (photography, video walkthrough, drone where appropriate); (d) a customized website dedicated to the real estate; (e) Multiple Listing Service (MLS) exposure and targeted agent outreach; (f) controlled showing strategy and qualified-buyer management (as requested); (g) ongoing updates on market response, showing activity, and next-step recommendations; and (h) negotiate support and contract-to-close coordination through title and closing. Stanton Richardson, a real estate agent at CENTURY 21 HomeStar, will receive a commission of 2.5 percent of the first $100,000, 2 percent of next $400,000, 1.5 percent of next $500,00, 1 percent of balance above $1 million of the sale price payable from the proceeds of sale upon closing as set forth in the attached listing agreement. In addition, CENTURY 21 Homestar shall receive a $495 fee for the sale. Mr. Richardson 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: Stanton E. Richardson CENTURY 21 HomeStar 781 Beta Dr., Suite C Mayfield Village, OH 44143 Telephone: (440) 449-9100 About Tech Ready Mix Inc. Tech Ready Mix, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10413) on February 2, 2026. In the petition signed by Mark Perkins, president, the Debtor disclosed $5,750,280 in total assets and $11,041,817 in total liabilities. Judge Jessica E. Price Smith oversees the case. The Debtor is represented by Frederic P. Schwieg, Esq. TECHNICAL ARTS: Rob Toma Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------- Rob Toma asked the U.S. Bankruptcy Court for the District of New Jersey to authorize the appointment of a trustee to take over the Chapter 11 case of Technical Arts Group, LLC. The Debtor is an industry leader in event production and production equipment rentals. The company specializes in lighting, audio, video, staging, special effects, and event management. The Debtor's ownership is as follows: (i) KM Productions NY, Inc., which owns approximately 50% of the membership interests; (ii) Specialized Audio-Visual Inc., which owns approximately 33% of the membership interests; and (iii) Quality Audio and Visual Inc., which owns approximately 17% of the membership interests. SAVI is owned by Mr. Toma holding 70% of the shares, Michael Vitacco holding 20% of the shares, and Rosemary Vitacco holding the remainder. Mr. Toma argues that the Debtor's existing management team cannot be trusted. Indeed, there is a strong likelihood that the Debtor is diverting funds to its insiders as demonstrated by the February 2026 transfer to Mr. Vitacco's entity. Allowing management to remain in place where, upon information and belief, monies are being diverted only hurts the Debtor's ability to succeed in the chapter 11 trustee. The court should also immediately appoint a Chapter 11 trustee because the Debtor's control rests on disputed authority and estate funds have already been transferred to an insider's wholly-owned entity. No lesser relief adequately protects the estate, according to Mr. Toma. Mr. Toma requests, in the alternative, that the court appoint an examiner pursuant to Section 1104(c) of the Bankruptcy Code to conduct an independent investigation of the Debtor and the conduct of its current and former management and insiders in the event the court declines to appoint a chapter 11 trustee. Rob Toma is represented by: A.Y. STRAUSS LLC Eric H. Horn, Esq. Maria A.G. Harper, Esq. Ross A. Fox, Esq. 290 West Mount Pleasant Avenue, Suite 3260 Livingston, New Jersey 07039 Tel. (973) 287-0966 Fax (973) 533-0127 About Technical Arts Group LLC Technical Arts Group LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. The Company operates a 34,488-square-foot facility and employs 63 staff members, engaging additional freelance personnel as needed. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22241) on November 18, 2025. In the petition signed by Kevin Mignone, as co-president and chief revenue officer, the Debtor disclosed $10,944,828 in assets and $8,654,532 in liabilities. Judge Vincent F Papalia oversees the case. Richard D. Trenk, Esq. and Robert S. Roglieri, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C. represents the Debtor as legal counsel. TECHNIMARK HOLDINGS: $100MM Loan Add-on No Impact on Moody's B3 CFR ------------------------------------------------------------------- Moody's Ratings said that Technimark Holdings LLC's (Technimark) B3 corporate family rating and B3-PD probability of default rating are not affected by the proposed $100 million add-on to the company's $672 million senior secured first lien term loan maturing April 2031, which is rated B3. The outlook remains unchanged at stable. Proceeds from the proposed $100 million add-on, which will increase the size of the existing first lien term loan to $772 million, will be used to fund an acquisition for a purchase price of $41 million, pay down $33 million on the company's revolving credit facility, add $25 million of cash to the balance sheet, and pay related fees and expenses. Moody's expects pro forma 2025 leverage to increase modestly to 7.5x debt/EBITDA while interest coverage will remain above 2x EBITDA/interest expense. Technimark's B3 CFR reflects its high leverage, customer concentration and negative free cash flow as growth of the business is somewhat dependent on ongoing capital investment. The company's negative operating margin is also a constraining factor. Offsetting these challenges are Technimark's large proportion of revenues exposed to more stable end markets such as consumer-packaged goods, continued investment to grow its healthcare segment, and its long-term relationships with many key customers. Moody's expects Technimark to maintain adequate liquidity over the next 12 to 18 months, supported by $45 million of pro forma cash on the balance sheet, as well as Moody's expectations for the company's $75 million revolver expiring April 2029 to be undrawn after the transaction closes. Moody's expects free cash flow to remain negative over the next year as growth capital investment continues. Moody's do not expect Technimark to trigger or violate the springing covenant on the revolving credit facility. The stable outlook reflects the expectation of solid end market dynamics and new awards, which support stability in revenue and earnings. Headquartered in Asheboro, North Carolina, Technimark Holdings LLC is a manufacturer of injection-molded components for the consumer packaging, healthcare and select consumer durable and non-durable end markets. Technimark has been a portfolio holding of Oak Hill Capital Partners since June 2021. The company generated over $800 million of revenue for the last 12 months ended September 30, 2025. TERRA PROPERTY: Hires Restructuring Advisors Amid Note Exchange --------------------------------------------------------------- Terra Property Trust, Inc. previously filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission on February 13, 2026 relating to: (i) exchange offers to exchange the Company's unsecured 6.00% Senior Notes due June 30, 2026 and the unsecured 7.00% Senior Notes due March 31, 2026 of Terra Income Fund 6, LLC, the Company's wholly owned subsidiary, and (ii) a related consent solicitation with respect to the TPT Notes, each as more fully described in the Registration Statement. Pursuant to the Exchange Offers, each $25 principal amount of Existing Notes tendered will be exchanged for $25 principal amount of newly issued 7.00% Senior Secured Notes due 2029 issued by the Company. The Exchange Notes, in contrast to the Existing Notes, will be secured by a perfected first lien pledge in the equity interests of certain of the Company's direct subsidiaries, as more fully described in the Registration Statement. Holders of the Existing Notes that do not participate in the Exchange Offers will continue to hold the applicable series of unsecured Existing Notes, and if the requisite consents are received to amend the indenture governing the TPT Notes, the TPT Notes will afford significantly reduced covenant protection to holders of the TPT Notes compared to the covenants and other provisions governing the Exchange Notes. TIF6 is the obligor of the TIF6 Notes having an outstanding principal balance of approximately $38.4 million as of December 31, 2025. As of December 31, 2025, TIF6 had cash and cash equivalents of $0.4 million. TIF6 is a lender under that certain promissory note with the Company pursuant to which the Company owed TIF6 approximately $48.1 million as of December 31, 2025. The Promissory Note is due on March 31, 2027, and is not payable upon demand. As of December 31, 2025, TIF6 had assets of approximately $105.8 million, of which approximately $48.1 million consisted of that certain Promissory Note. The Company is not a guarantor of the TIF6 Notes and has no contractual obligation to lend or contribute money to TIF6 for TIF6 to repay the TIF6 Notes, although the Company may evaluate potential alternatives in connection with the maturity of the TIF6 Notes. Additionally, the Company is the obligor of the TPT Notes having an outstanding principal balance of approximately $80.4 million as of December 31, 2025. The Company had cash and cash equivalents of approximately $33.2 million, as of December 31, 2025. As of March 12, 2026, 3.80% of the TPT Notes and 0.37% of the TIF6 Notes have been tendered to the Company in connection with the Exchange Offers. There may not be sufficient liquidity for TIF6 to repay the TIF6 Notes at maturity while ensuring the Company remains a going concern, as the Company cannot provide any assurance that it will be able to obtain alternative or additional liquidity when needed or under acceptable terms, if at all, to be in a position to repay any remaining TPT Notes. As a result, the Company, consistent with its fiduciary duties, has engaged Portage Point Partners, LLC as restructuring banker and Alston & Bird LLP as restructuring counsel in connection with certain matters concerning the Existing Notes, which engagement could include evaluating various strategic alternatives, including restructuring options. Ladenburg Thalmann & Co. Inc. is serving as Dealer Manager for the Exchange Offers. Ladenburg Thalmann & Co. Inc. 640 5th Ave, 4th Floor New York, NY 10019 Phone: (212) 409-2679 Email: callman@ladenburg.com The Company continues to evaluate all of its options with respect to the Existing Notes and related matters and will act in accordance with its fiduciary duties while reserving all of its rights. About Terra Property Trust, Inc. Terra Property Trust, Inc. is an externally managed real estate investment trust that originates, invests in, and manages loans and assets secured by commercial real estate across the United States and makes strategic real estate equity and non-real estate-related investments that align with its investment objectives and criteria. The Company's objective is to continue to provide attractive risk-adjusted returns to its stockholders, primarily by earning high current income that allows for regular distributions and, in certain instances, benefiting from potential capital appreciation. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2016. The Company is externally advised by Terra REIT Advisors, LLC, an affiliate of Mavik Capital Management, LP. THOMAS ST. JOHN: Lawrence Adversary Case Heads to Mediation ----------------------------------------------------------- Judge Victoria S. Kaufman of the U.S. Bankruptcy Court for the Central District of California assigned the adversary proceeding captioned as DAVID K. GOTTLIEB, solely in his capacity as Chapter 7 Trustee for PHILIP M. LAWRENCE, I, Plaintiff(s), vs. THOMAS ST. JOHN, INC., a California Corporation; THOMAS ST. JOHN, an individual, DUN & DUN LLC, a California limited liability company, Defendants, ADVERSARY NO. 1:25-ap-01066-VK (Bankr. C.D. Cal.) to the mediation program. The Court appointed David M. Stern, Esq., of KTBS Law LLP, as mediator. A copy of the Court's Order dated February 26, 2026, is available at http://urlcurt.com/u?l=eZ16uhfrom PacerMonitor.com. Attorney for Plaintiff: Joe Rothberg, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: jmr@lnbyg.com Attorney for Defendant Thomas St. John, Inc.: Zev Shechtman, Esq. Steven F. Werth, Esq. SAUL EWING LLP 1888 Century Park East, Suite 1500 Los Angeles, CA 90067 Telephone: (310) 255-6100 Facsimile: (310) 255-6200 Email: Zev.Shechtman@saul.com steven.werth@saul.com Attorney for Thomas St. John, individually: Anthony Bisconti, Esq. BIENERT KATZMAN LITRELL WILLIAMS LLP 360 E. 2nd St. Suite 625 Los Angeles, CA 90012 Telephone: (949) 369-3700 Facsimile: (949) 369-3701 Email: tbisconti@bklwlaw.com Attorney for Special Litigation Counsel for Thomas St. John, individually, and Thomas St. John, Inc.: Michael Dailey, Esq. GORDON REES SCULLY MANSUKHANI 633 West Fifth Street, 52nd Floor Los Angeles, CA 90071 Telephone: (213) 576-5094 Facsimile: (213) 680-4470 Email: mdailey@grsm.com About Thomas St. John Thomas St. John, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11641) on February 28, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Barry Russell presides over the case. Michael Jay Berger, Esq. represents the Debtor as legal counsel. THUY & BACH-YEN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina issued an interim order allowing Thuy & Bach-Yen, Inc. to use cash collateral to fund business operations. The court authorized the Debtor to use cash collateral according to its operating budget, with a 10% variance allowance. The funds will be used to pay normal business expenses such as operations and other necessary costs. As protection, the U.S. Small Business Administration will receive a replacement lien on post-petition cash and inventory, and monthly payments of $431.97 beginning April 1. The Debtor must also provide monthly bank statements to the Bankruptcy Administrator and comply with other reporting requirements. The Debtor is a North Carolina corporation owned by Thuy Nguyen and Bach-Yen Nguyen and operates Glow Nail Spa in Morrisville, North Carolina, a business established in 2019. The Debtor intends to reorganize by reducing cash flow requirements and continuing operations through a consensual Chapter 11 plan. The Debtor identifies the SBA as a potential secured creditor with an interest in its cash collateral pursuant to a 2020 security agreement and UCC-1 financing statement. The SBA has not yet consented to the use of cash collateral. As of the petition date, the Debtor held approximately $19,644 in cash, which has been transferred into a debtor-in-possession account, along with unencumbered personal property valued at approximately $23,600. A further hearing is scheduled for April 2. About Thuy & Bach-Yen, Inc. Thuy & Bach-Yen, Inc. is a North Carolina corporation owned by Thuy Nguyen and Bach-Yen Nguyen and operates Glow Nail Spa in Morrisville, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00971-5-PWM) on March 3, 2026. In the petition signed by Ben Nguyen, representative, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Pamela W. McAfee oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. TKO WORLDWIDE: $900MM Loan Add-on No Impact on Moody's 'Ba2' CFR ---------------------------------------------------------------- Moody's Ratings said that TKO Worldwide Holdings, LLC's (TKO) $900 million senior secured first-lien term loan B5 add-on due November 2031 and $145 million upsize to its existing senior secured first-lien revolving credit facility to $350 million have no impact on TKO's ratings, including its Ba2 corporate family rating, and the Ba2-PD probability of default rating. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-1, reflecting very good liquidity. The outlook remains unchanged at positive. Proceeds from the proposed $900 million add-on are for general corporate purposes, which may include working capital and shares repurchases in connection with the company's previously announced $2 billion share repurchase program. Pro-forma for the $900 million debt raise Moody's expects total debt-to-EBITDA (inclusive of Moody's Adjustments) to increase to 3.2x from 2.7x at year-end 2025 and Moody's projects leverage at year end 2026 to be around 2.5x primarily driven by strong earnings momentum. Under Moody's base case for 2026, Moody's projects TKO (inclusive of IMG) will grow revenue and EBITDA by 20% and 30%, respectively, driven by (i) contractual step-ups in media rights, (ii) an expanding customer base, (iii) increased operating leverage at UFC and WWE, (iv) growth in the company's live events segments, and (v) a significant increase in revenue and profitability at IMG and its On Location businesses from the Milano Cortina 2026 Winter Olympics Games and the 2026 FIFA World Cup. TKO's Ba2 rating reflects the company's substantial scale and unique assets in live sports and entertainment, solid execution, long term revenue growth visibility, attractive and predictable profitability, and commitment to moderate leverage. The merger with WWE to form TKO Group Holdings, Inc. (TKO), completed in September 2023, and successfully integrated, has enhanced scale, operating leverage and diversified revenue streams. The combination continues to strengthen the company's ability to monetize content across multiple platforms, as evidenced by recently inked multi-year agreements with Paramount, ESPN/Disney, Netflix, and Versant, that commanded a premium compared to prior rights deals. Live sports and entertainment continue to attract strong interest from cable networks, streamers and traditional broadcasters, given their ability to deliver consistent ratings and large live audiences. The rating also considers M&A risks and the potential risks associated with being owned and controlled by Silver Lake Partners (a private equity firm based in California), through its ownership of Endeavor Group Holdings, Inc (EGH), which indirectly owns (via its subsidiaries) approximately 63% of the voting interests of TKO Group Holdings, Inc., the ultimate parent company of TKO Worldwide Holdings, LLC. Though the company has communicated a commitment to maintaining moderate leverage, its acquisitive history and the presence of a controlling shareholder accompanied by a significant debt burden at EGH introduce additional risk. Moody's expects TKO to maintain very good liquidity over the next 12-18 months. This is supported by (i) around $831 million in cash (as of Dec 31, 2025), (ii) Moody's expectations for meaningful free cash flow generation in 2026 of around $700 million (net of dividend payments), (iii) an upsized $350 million fully undrawn senior secured first lien revolving credit facility that expires in September 2030 (previously $205 million), and (iv) the recently announced $900 million add-on to the company's existing senior secured first lien term loan B5. The senior secured term loan is covenant lite and the senior secured revolving credit facility has a springing maximum leverage covenant of first lien debt-to EBITDA of 8.25x, if borrowing under the revolver exceeds the lower of 40% of capacity or $140 million. Moody's do not expect the revolver will be drawn over the next year, and if drawn, the cushion of covenant compliance should be ample. TKO Group Holdings, Inc. is a premium sports and entertainment company. TKO Group Holdings, Inc.'s businesses include UFC, the world's premier mixed martial arts organization; WWE, the global leader in sports entertainment; PBR, the world's premier bull riding organization; and its joint venture Zuffa Boxing, a professional boxing promotion. Together, these properties reach more than 1 billion households across 210 countries and territories and organize more than 500 live events year-round, attracting more than three million fans. TKO Group Holdings, Inc. also services and partners with major sports rights holders through IMG, an industry-leading global sports marketing agency; and On Location, a global leader in premium experiential hospitality. TLC OPERATIONS: Hires Gregory Stern and Monica O'Brien as Counsel ----------------------------------------------------------------- TLC Operations LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Gregory K. Stern, Esq. and Monica C. O'Brien, Esq., attorneys practicing in Chicago, Ill., as bankruptcy counsel. The attorneys will render these services: (a) review assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) prepare list of creditors, list of twenty largest unsecured creditors, schedules and statement of financial affairs; (c) give the Debtor legal advice with respect to its powers and duties in the operation and management of its financial affairs; (d) assist the Debtor in the prapration of schedules, statement of affairs and other necessary documents; (e) prepare applications to employ attorneys, accountants or other professional persons, motions fo turnover, motion for use of cash collateral, motions for use, sale of lease of property, motion to assume or reject executory contracts, plan, applications, motions, compliants, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (f) negotiate with creditors and other parties in interest, attend court hearings, meetings of creditors and meeetings with other parties in interest; (g) review proofs of claim and solicitation of creditors' acceptances of plan; and (h) perform all other legal services for the Debtor, which may be necessary or in furtherance of its reorganizational goals. The attorneys' hourly rates are as follows: Gregory Stern, Esq. $650 Monica O'Brien, Esq. 4550 In addition, the attorneys will seek reimbursement for expenses incurred. The attorneys received a special purpose retainer of $16,738 prior to filing. Mr. Stern and Ms. O'Brien disclosed in a court filing that they are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorneys can be reached at: Gregory K. Stern, Esq. Monica C. O'Brien, Esq. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Telephone: (312) 427-1558 About TLC Operations LLC TLC Operations, LLC holds multiple residential rental properties located throughout the Chicago metropolitan region. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00760) on January 16, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Luster Lockhart, manager, signed the petition. Judge Timothy A. Barnes presides over the case. Gregory K. Stern, Esq., and Monica C. O'Brien, Esq., represent the Debtor as counsel. TM36 LLC: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------- Lead Debtor: TM36, LLC 716 S. Frio Street, Suite 110 San Antonio, TX 78207 Business Description: TM36, LLC, StopLoss, LLC, StopLoss Logistics, LLC, StopLoss Specialists, LLC, and StopLoss Response Services, LLC provide emergency response and property restoration services focused primarily on large commercial buildings that have sustained significant disaster or weather-related damage. StopLoss LLC functions as the holding company for StopLoss Response Services, LLC, StopLoss Logistics, LLC, and TM36 LLC, while StopLoss Specialists, LLC holds contractor licenses and enters into project contracts. The subsidiaries support project execution through subcontracted restoration work, equipment logistics and transportation, and ownership of operational equipment. Chapter 11 Petition Date: March 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- TM36, LLC (Lead Case) 26-90386 StopLoss Specialists, LLC 26-90387 StopLoss, LLC 26-90388 StopLoss Response Services, LLC 26-90389 StopLoss Logistics, LLC 26-90390 Judge: Hon. Alfredo R Perez Debtors' Bankruptcy Counsel: Aaron J. Power, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Email: apower@porterhedges.com Debtors' Financial Advisor: VERITAS RESTRUCTURING GROUP TM36, LLC's Estimated Assets: $1 million to $10 million TM36, LLC's Estimated Liabilities: $1 million to $10 million StopLoss Specialists' Estimated Assets: $10 million to $50 million StopLoss Specialists' Estimated Liabilities: $1 million to $10 million StopLoss Response Services' Estimated Assets: $10 million to $50 million StopLoss Response Services' Estimated Liabilities: $10 million to $50 million The petitions were signed by Pablo Bonjour as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YQECCNA/TM36_LLC__txsbke-26-90386__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Cayman Construction LLC $2,016,538 24 Marie Dr. Metairie, LA 70053 2. Jon-Don $1,385,562 37302 Eagle Way Chicago, IL 60678 3. Garrett Mckenzie, Inc. $1,379,788 736 N Western Avenue Ste 331 Lake Forest, IL 60045 4. RC Solutions $485,797 3319 Knoll Ct. Mandeville, LA 70448 5. Fast Guard Security Service $338,597 925 S 21 Ave Hollywood, FL 33020 6. Homewood Suites By Hilton $298,170 755 Crossover Ln Memphis, TN 38117 7. FIH, LLC Consulting $263,155 3755 Hickory Park Ave. Titusville, FL 32780 8. American Express $207,764 C/O C T Corporation System 1999 Bryan Street Suite 900 Dallas, TX 75201 9. Ford Motor Credit Company, LLC $187,548 P.O. Box 650575 Dallas, TX 75265 10. Warden Security Services $179,642 1107 Summit Ave. Suite 2A Plano, TX 70574 11. Stone Mountain $142,021 4053 May St. Hillside, IL 60162 12. Five Star Labor Inc $140,321 854 Duncan Ave Kissimmee, FL 34744 13. Koala Roofing NC $133,000 408 W. Queen Street Edenton, NC 27932 14. IPFS Corporation $115,261 Po Box 730223 Dallas, TX 75373-0223 15. Meaux Accounting $109,312 9414 Gage Rd Maurice, LA 70555 16. Honesty Environmental Services Inc. $95,798 14420 West Sylvanfield Drive Suite 200 Houston, TX 77014 17. Gray & Company $94,138 3601 N I-10 Service Rd West Metairie, LA 70002 18. Cincinnati Insurance $94,105 6200 S. Gilmore Road Fairfield, OH 45014-5141 19. Park One Dallas $87,571 1201 Elm St. Dallas, TX 75270 20. Call N Haul Dumpster $82,828 Service, LLC 5320 Meadowlark Lane Birmingham, AL 35242 21. Roof Wrap Services LLC $81,515 P.O. Box 560279 Miami, FL 33256 22. Stafford Engineering, Inc $80,000 3525 Bonita Beach Rd, Suite 111 Bonita Springs, FL 34134 23. Aramsco $61,676 Po Box 783956 Philadelphia, PA 19178-3956 24. Chase Marshall Architects $59,156 1720 Kaliste Saloom Rd. Suite B5 Lafayette, LA 70508 25. Chavez Land Income Properties LP $55,000 250 West Court Street Suite 200E Cincinnati, OH 45202 26. Vedderprice P.C. $54,186 222 N. Lasalle Street, Suite 2500 Chicago, IL 60601 27. Beacon Building Products $53,554 3004 Cameron St. Lafayette, LA 70506 28. Ford Credit $52,615 Po Box 650575 Dallas, TX 75265 29. United Rentals $44,323 100 Myrick St Pensacola, FL 32505 30. Blue Cross Blue Shield Of Louisiana $37,108 5501 Johnston St. Lafayette, LA 70503 TMC MAINTENANCE: Seeks to Tap Jones & Walden as Bankruptcy Counsel ------------------------------------------------------------------ TMC Maintenance Co., LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as counsel. The firm will render these services: (a) prepare pleadings and applications; (b) conduct 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's hourly rates are as follows: Attorneys $225 - $500 Paralegal and Law Clerks $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. As of the petition date, the firm holds a $35,000 security retainer for purposes of this case and its representation of the Debtor in which the firm holds a lien. Leslie Pineyro, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is "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. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20266) on Feb. 24, 2026. In the petition signed by Jeffrey W. Guthrie, authorized representative, the Debtor disclosed up to $1 million in estimated assets and up to $10 million in estimated liabilities. The Debtor is represented by Leslie M. Pineyro, Esq., at Jones & Walden LLC. TR BELL TRUCKING: Commences Chapter 7 Bankruptcy in Pennsylvania ---------------------------------------------------------------- On March 05, 2026, TR Bell Trucking, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About TR Bell Trucking, LLC TR Bell Trucking, LLC is a trucking and transportation company that provides freight hauling and logistics services for commercial clients. The company operates in the transportation sector, supporting regional and local supply chain operations. TR Bell Trucking, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10903) on March 05, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Derek J. Baker handles the case. The debtor is represented by Michael A. Cibik, Esq. of Cibik Law, P.C. TREASURE VALLEY: Moody's Affirms 'Ba3' Rating on Revenue Bonds -------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 rating on Treasure Valley Classical Academy, ID's (TVCA) Nonprofit Facilities Revenue Bonds. The bonds were issued on behalf of the school by the Idaho Housing and Finance Association. The school has roughly $23 million of debt outstanding. The outlook on the underlying rating remains stable. RATINGS RATIONALE The Ba3 rating reflects weak financial performance in fiscal 2025, with sum sufficient debt service coverage of 0.3x. Operating performance will improve in fiscal 2026, driven by enrollment growth following the opening of a permanent facility to serve the upper grades and resulting in projected annual debt service coverage of at least 1.1x. TVCA has experienced difficulties expanding due to a zoning denial; however, the school has continued to grow enrollment while maintaining a waitlist despite operating out of temporary facilities, highlighting the academy's good competitive profile with solid student demand and strong academic performance. The rating is futher supported by the school's solid liquidity with 138 days cash on hand. These strengths are balanced against high leverage with a cash to debt ratio of only 14%, though there is no additional debt expected for at least the next several years. RATING OUTLOOK The stable outlook reflects the likelihood that the recently opened permanent facility to serve the upper grades will stabilize the school's financial performance in fiscal 2026 and allow them to gradually build their financial reserves in the coming years. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Maintenance of 1.5x annual debt service coverage -- Increased operational scope, as measured by operating revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Failure to achieve at least 1.1x annual debt service coverage in fiscal 2026 now that the permanent upper facility is operational -- Erosion of competitive profile, especially if enrollment falls below current level of 620 students PROFILE Treasure Valley Classical Academy is a charter school located in Fruitland, Idaho, which is on the northwestern edge of the Boise metropolitan area. The school served 620 students as of 2025-26 in grades K-12. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. TREEHOUSE DEVELOPMENT: Unsecureds Will Get 24% over 120 Months -------------------------------------------------------------- The Treehouse Development Group, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated March 2, 2026. The Debtor is an owner and operator of a historic church building in St. Petersburg, Florida. The church is undergoing renovations and current generates income by hosting a weekly outdoor farmer's market. Noam Krasniansky is the Managing Member of the Debtor. There are no other officers or directors. After the effective date of the order confirming the Plan, the current officers will continue managing the business. The Debtor purchased the historic church building in early 2024, and immediately began renovations. However, due to problems with the contractors and code issues with the local fire department, the Debtor's plans to host weddings and other events inside the church stalled, which caused it to fall behind on its financial obligations. The Debtor attempted a variety of forbearance and modification solutions prior to filing this bankruptcy. General unsecured creditors are classified in Class 3, and will receive an approximate distribution of 24% of their allowed claims, to be distributed as follows: Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. Class 3 consists of General allowable unsecured claims. The Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. This Class is impaired. Class 4 consists of Equity Security Holders of the Debtor. The Debtor will retain its equity in the property of the bankruptcy estate postconfirmation. This Class is impaired. Payments and distributions under the Plan will be funded by the income received through the continued business operations of the Debtor or Reorganized Debtor. The Debtor's principal is an entrepreneur with other business interests and will contribute as needed to ensure there are no shortfalls on plan payments. The Debtor intends to retain its current management and will continue to implement changes in its business model for more cost-effective operations, in addition to pursuing new opportunities for events and to offer other new customer opportunities. A full-text copy of the Disclosure Statement dated March 2, 2026 is available at https://urlcurt.com/u?l=MoRBrB from PacerMonitor.com at no charge. Counsel to the Debtor: Samantha L. 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 The Treehouse Development Group The Treehouse Development Group LLC, a single-asset real estate entity, owns a historic church at 921 10th Avenue N. in Saint Petersburg, Florida, with a comparable sale value of $1.9 million. The Treehouse Development Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09027) on Dec. 1, 2025. In its petition, the Debtor reports total assets of $1,900,224 and total liabilities of $1,673,701. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace. TSUNAMI RESTAURANTS: Seeks Chapter 11 Bankruptcy in Louisiana ------------------------------------------------------------- On March 2, 2026, Tsunami Restaurants, LLC, commenced a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Middle District of Louisiana. According to the filing, the debtor reports liabilities between $100,001 and $1,000,000 owed to an estimated 1–49 creditors. About Tsunami Restaurants, LLC Tsunami Restaurants, LLC is a hospitality company engaged in restaurant operations specializing in sushi and Asian-inspired dishes. The company operates dining establishments that cater to customers seeking modern and upscale culinary experiences. Tsunami Restaurants, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10176) on March 02, 2026. The debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000 in its bankruptcy petition. Honorable Bankruptcy Judge Michael A. Crawford presides over the case. The debtor is represented by H. Kent Aguillard, Esq. TURNER DEVELOPMENT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Turner Development, LLC. About Turner Development Turner Development LLC, doing business as Turner Development (TDL), is a real estate development company based in Washington, D.C. that undertakes commercial, mixed-use, residential, and rehabilitation projects in the Washington, D.C. metropolitan area and in parts of South Carolina, including developments such as Weeping Willows in North Augusta and the Old Aiken Hospital redevelopment in Aiken. Turner Development filed Chapter 11 petition (Bankr. D. D.C. Case No. 26-00077) on February 23, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Kristen E. Burgers, Esq., at Hirschler Fleischer, PC is the Debtor's legal counsel. TUTOR PERINI: Moody's Upgrades CFR to B1, Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded Tutor Perini Corporation's ("Tutor Perini") corporate family rating to B1 from B3, its probability of default rating to B1-PD from B3-PD, its rating of the company's senior secured first lien revolving credit facility to Ba1 from Ba3 and rating of its senior unsecured notes to B2 from Caa1, respectively. The company's speculative grade liquidity rating ("SGL") is upgraded to SGL-1 from SGL-2. The rating outlook is revised to stable from positive. Governance considerations under the Moody's ESG framework, including financial strategy and risk management, were a key driver of the rating action. RATINGS RATIONALE Tutor Perini performed better than Moody's expectations in 2025. Following negative earnings in the past several years due to project related charges, the company returned to positive earnings and generated Moody's Adjusted EBITDA of approximately $330 million in FY2025. The company also generated a robust free cash flow of approximately $564 million, driven primarily by strong project execution, collections from past project disputes, and upfront mobilization payments. Management's emphasis on settling prior disputed projects resulted in significant cash collections and reduction of unbilled receivables. Along with a focus on strong execution of current projects, the company has generated over $1.4 billion in free cash flow since 2022. A meaningful portion of the free cash flow generated during this time was utilized to repay outstanding debt. Following the repayment of the remainder portion of the term loan in the first quarter of 2025, Tutor Perini has the $400 million 11.875% unsecured notes as the only funded debt outstanding. As a result of debt repayment and earnings recovery, Moody's adjusted leverage decreased to approximately 1.4x as of December 31, 2025. In the absence of additional unanticipated project charges, Moody's expects the company's Moody's adjusted leverage in the low 1.0x range for the next 12 to 18 months. Tutor Perini's B1 CFR is supported by its good market position, meaningful scale and diversity across a number of US nonresidential building and civil construction markets, as well as a strong pipeline of opportunities over the medium-term, and limited competition on large civil infrastructure projects. The company's rating also benefits from its return to positive EBITDA and strong cash flow generation in recent years following settlement on past project disputes. Additionally, Tutor Perini's relatively conservative capital structure and financial policy provide additional support for its ratings. Tutor Perini's rating is constrained by its significant exposure to large fixed-price projects and historically inconsistent margin profile driven by legacy disputes. The company also had a history of large write-downs due to project disputes, which negatively impacted earnings as well as cash flow generation. While management has been focused on project execution, it remains a key risk whereby poor execution can result in lower margins and higher charges in the future. Additionally, a meaningful portion of the company's backlog projects is dependent on government funding, where unanticipated funding delays or cancellations could result in significant revenue and earnings impact. Tutor Perini's stable outlook reflects Moody's expectations that the company will continue to increase its earnings and generate positive free cash flow over the next 12 to 18 months while maintaining ample liquidity and a conservative financial policy. Tutor Perini has very good liquidity supported by $735 million of cash (including $362 million related to VIEs) as of December 31, 2025, full availability on its $170 million revolver maturing in August 2027, and free cash flow generation. Tutor Perini's credit agreement requires compliance with a maximum first lien net leverage ratio covenant of 2.25x. Moody's expects the company to remain in compliance over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if the company demonstrates a track record of positive EBITDA and free cash flow generation without incurring significant project charges, maintains ample liquidity, and sustains Moody's adjusted leverage below 3.0x, EBITDA/Interest and RCF/Net Debt above 4.0x and 15%, respectively. Moody's could downgrade the ratings if the company incurs additional material amount of unanticipated charges, fails to generate positive free cash flow on a consistent basis while unbilled receivables increase meaningfully, Moody's adjusted leverage is sustained above 4.0x. Ratings may also be downgraded if liquidity is weakened meaningfully. Tutor Perini Corporation is headquartered in Sylmar, California and provides general contracting, construction management and design-build services to public and private customers primarily in the United States. Tutor Perini's revenues for the trailing twelve months ended December 31, 2025 was approximately $5.5 billion. The company reports its results in three segments: Civil (51% of FY2025 revenues) is engaged in public works construction including the repair, replacement and reconstruction of highways, bridges and mass transit systems; Building (33% of FY2025 revenues), which handles large projects in the hospitality and gaming, sports and entertainment, correctional and detention, education, transportation and healthcare markets; Specialty Contractors (15% of FY2025 revenues) provides mechanical, electrical, plumbing and heating installation services. The principal methodology used in these ratings was Construction published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VERASTEM INC: Improved Cash Position Alleviates Going Concern Doubt ------------------------------------------------------------------- Verastem, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $209.5 million for the fiscal year ended December 31, 2025, compared to a net loss of $130.6 million for the fiscal year ended December 31, 2024. Revenues were $30.9 million for the fiscal year ended December 31, 2025, compared to $10 million for 2024. As of December 31, 2025, the Company had $246.4 million in total assets, $189.2 million in total liabilities, and $57.2 million in total stockholders' equity. As of December 31, 2025, the Company had cash and cash equivalents of $205.0 million and an additional $29.4 million in proceeds in January 2026 from the exercise of Warrants. In accordance with applicable accounting standards, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within 12 months after March 4, 2026, the date of the issuance of these consolidated financial statements. The Company expects its existing cash resources, including the proceeds from the exercise of Warrants in January 2026, along with revenue it expects to generate from sales of AVMAPKI FAKZYNJA CO-PACK and the availability to draw down $25.0 million under the Second Purchase pursuant to the Company's Note Purchase Agreement... will be sufficient to fund its planned operations through 12 months from the date of issuance of these consolidated financial statements. As of December 31, 2024, the Company had concluded that there was substantial doubt about its ability to continue as a going concern primarily due to anticipated operating losses for the foreseeable future since the Company did not yet have regulatory approval to sell any of its product candidates, and the Company continued to incur operating costs to execute its strategic plan, including costs related to research and development of its product candidates and commercial readiness activities. The Company's increased cash and cash equivalents position as of December 31, 2025, forecasted net product revenue following regulatory approval of AVMAPKI FAKZYNJA CO-PACK on May 8, 2025, and ability to draw down on the Second Purchase pursuant to the Note Purchase Agreement, alleviated the substantial doubt. The Company expects to finance its operations with its existing cash and cash equivalents, through revenue generated from sales of AVMAPKI FAKZYNJA CO-PACK, through potential future milestones and royalties received pursuant to the Company's Asset Purchase Agreement with Secura Bio, Inc., note drawdowns pursuant to the Note Purchase Agreement, or through other strategic financing opportunities that could include, but are not limited to collaboration agreements, future offerings of its equity, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or executed on favorable terms, and some could be dilutive to existing stockholders. If the Company fails to obtain additional future capital or generate sufficient net product revenue, it may be unable to complete its planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the U.S. Food and Drug Administration or foreign regulatory authorities. A full text copy of the Company's Annual Report is available at https://tinyurl.com/2hxxvzhk About Verastem, Inc. Verastem, Inc. is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma / mitogen activated pathway kinase pathway-driven cancers. The Company's pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition. * * * This concludes the Troubled Company Reporter's coverage of Verastem, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. VIRIDIS CHEMICAL: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Viridis Chemical, LLC 4582 Kingwood Dr., Suite E #152 Kingwood, TX 77345 Business Description: Viridis Chemical, LLC develops bio-based, low-carbon chemical technology and operates a chemical manufacturing facility producing ethyl acetate from 100% corn-based ethanol. The company is headquartered in Kingwood, Texas, and operates a plant in Columbus, Nebraska, which it acquired from Prairie Catalytic in 2021 and upgraded for commercial production. Using its proprietary Prairie Green catalytic process, the plant produces ethyl acetate with water and hydrogen as byproducts, reducing emissions by approximately 80% compared to conventional production methods. The company serves customers in coatings, packaging, consumer products, and pharmaceuticals, providing a sustainable alternative to hydrocarbon-based solvents, and competes with only two North American producers as well as a limited number of importers. At full capacity, the Nebraska plant is designed to run continuously and produce roughly 100 million pounds of ethyl acetate per year, offering supplier diversity to the North American market. Chapter 11 Petition Date: March 8, 2026 Court: United States Bankruptcy Court Southern District of Texas Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Viridis Chemical, LLC (Lead Case) 26-90393 Viridis Chemical Payroll Holdings, LLC 26-90394 Viridis Chemical Payroll, LLC 26-90395 Viridis Chemical NE Asset CO 1, LLC 26-90396 Viridis Chemical NE Asset CO 2, LLC 26-90397 Judge: Hon. Christopher M Lopez Debtors' Bankruptcy Counsel: Paul E. Heath, Esq. Abigail R. Emery, Esq. VINSON & ELKINS LLP 845 Texas Avenue, Suite 4700 Houston TX 77002 Tel: 713-758-2222 Fax: 713-758-2346 Email: pheath@velaw.com aemery@velaw.com AND Matthew D. Struble, Esq. 2001 Ross Avenue, Suite 3900 Dallas, Texas 75201 Tel: 214.220.7700 Fax: 214.220.7716 Email: mstruble@velaw.com AND George R. Howard, Esq. Emily C. Jungwirth, Esq. 1114 Avenue of the Americas, 32nd Floor New York, NY 10036 Tel: 212.237.0000 Fax: 212.237.0100 Email: ghoward@velaw.com ejungwirth@velaw.com Debtors' Investment Banker and Financial Advisor: CARL MARKS ADVISORY GROUP, LLC Debtors' Notice, Claims & Solicitation Agent: EPIQ CORPORATE RESTRUCTURING, LLC Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Patrick D. Killian as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NP3YKVI/Viridis_Chemical_LLC__txsbke-26-90393__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. PRAJ Industries Limited Trade Claim $353,899 Sarath Nair Praj Tower, S. No. 274 & 275/2, Bhumkar Chowk-Hinjewadi Road Hinjewadi Pune 411057 India Phone: +91 7767 808816 Email: sarathnair@praj.net 2. Reynolds IDC Trade Claim $275,815 Patrick Reynolds 16023 E. Fwy Ste 45 Channelview, TX 77530 Email: patrickr@reynoldsidc.com 3. Fusion Boiler Works, Inc. Trade Claim $156,711 3302, 16201 Fort St 8 Omaha, NE 68116 Email: randy@fusionboilerworks.com 4. Winbco Tank Company Trade Claim $142,980 Mark Milder (Controller) Po Box 618 Ottumwa, IA 52501 Phone: 641-683-1855 Email: markmilder@winbco.com 5. Central States Group Trade Claim $100,515 Andrew Marsh (Controller) Po Box 411832 Kansas City, MO 64141-1832 Phone: (402) 861-2371 Email: amarsh@centralstatesgroup.com 6. The Pipco Companies, Ltd Trade Claim $91,320 Amber Fisher (Contracts Mgr) Karen Shadid (Controller) 1409 W. Altorfer Drive Peoria, IL 61615 Phone: 3089-692-0030 Email: amberf@pipco-co.com 7. Archer Daniels Midland Co Contract/ $82,500 Colin Graves Capital P.O. Box 92572 Recovery Chicago, IL 60675-2572 Email: colin.graves@adm.com 8. JMS Southeast, Inc. Trade Claim $49,389 Toni Feruson (AR Admin) / Mitch Johnson (President/Owner) 105 Temperature Lane Statesville, NC 28677 Phone: 704-873-1835 Email: ar@jms-se.com 9. Control Instruments Trade Claim $41,864 Corporation 25 Law Drive Suite 1 Fairfield, NJ 07004 Phone: 973-575-9114 Email: sales@controlinstruments.com 10. Midwest Engineering & Trade Claim $33,775 Associates Fehr Graham & Associates, LLC Courtney Allyn / Todd Shankland (CFO) 101 W. Stephenson St Freeport, IL 61032 Phone: 309-222-8584 / 815-990-6235 Email: courtney.allyn@fehrgraham.com 11. Reliability Engineering, LLC Trade Claim $29,000 Joe Dexter (Owner) 1398 Ornsby Road Central City, NE 68826 Phone: 402-819-2239 Email: dexter@reliabilityengineeringllc.com 12. Piping Resources, Inc. Trade Claim $26,336 Paul Beckenhauer 4502 F St. Omaha, NE 68117 Phone: 402-277-6736 Email: pbeckenhauer@pipingresources.com 13. Endresshauser, Inc. Trade Claim $26,011 Zach Nadeau Dept 78795 Po Box 78000 Detroit, MI 48278-0795 Phone: 317.439.5269 Email: zach.nadeau@endress.com 14. Novaspect, Inc. Trade Claim $25,735 Rhonda Bunte Po Box 7621 Carol Stream, IL 60197-7621 Phone: 641-844-5187 Email: rbunte@novaspect.com 15. Consolidated Electrical Trade Claim $20,814 Distributors, Inc/Rensenhouse Garrett Whitten Po Box 850658 Minneapolis, MN 55485-0658 Phone: 402-564-9494 (W); 816-535-7313 Email: garrett.whitten@rensenhouse.com 16. Proflow Pumping Solutions Trade Claim $19,176 Howard Saubert Po Box 208 Posen, IL 60469 Phone: 708-272-1800 Email: howard.saubert@proflow96.com 17. Merit Mechanical Trade Claim $16,700 Derrick Hopper (Account Manager) 308 E Mcclure Bartonville, IL 61607 Phone: 309-696-4552 Email: derrick@meritmechanicalservice.com 18. Allied Instrumentation Trade Claim $12,212 Sarah Thuenen Po Box 18596 Palatine, IL 60055-8596 Phone: 563.359.0365 Email: sarah.thuenen@alliedvalve.com 19. Draco Mechanical Supply, Inc. Trade Claim $10,126 Kevin Kagay / Caitlyn 8029 Litzsinger Rd. Saint Louis, MO 63144 Phone: 800-732-5669 / 314-388-7670 X100 Email; kevink@dracomech.com 20. Vega Americas, Inc Trade Claim $8,293 Accounts Receivable Po Box 640162 Cincinnati, OH 45264-0162 Phone: 513-272-4227 Email: accounts.receivable.us@vega.com 21. Emerson LLLP Trade Claim $8,276 Pauline Rose Morales 1100 W Louis Henna Blvd Round Rock, TX 78681 Email: paulinerose.morales@emerson.com 22. Mettler-Toledo, LLC Trade Claim $6,068 Process Analytics Aditya Bhadange 900 Middlesex Turnpike, Bldg 8 Billerica, MA 01821 Phone: 930-200-1101 Email: aditya.bhadange@mt.com 23. Ramboll Americas Engineering Trade Claim $5,530 Solutions, Inc 333 West Wacker Drive Chicago, IL 60606 Email: receivable@ramboll.com 24. Linde, Inc. Trade Claim $5,264 Eric Alday Po Box 91385 Chicago, IL 60693-1385 Phone: 219-802-6913 Email: eric.alday@linde.com 25. ENPRO Incorporated Trade Claim $4,801 Doug Moser 75 Remittance Drive Suite 1270 Chicago, IL 60675-1270 Phone: 309-251-2914 Email: doug_moser@enproinc.com 26. Protect, LLC Trade Claim $3,867 Steve Stucky 15440 W 109th Street Lenexa, KS 66219 Phone: 316-202-7036 Email: steve.stucky@protect.llc 27. Rhenus Project Logistics USA, LLC Trade Claim $3,828 Alfonso Ortiz 299 Broadway Suite 1815 New York, NY 10007 Phone: 832.830.3711 Email: alfonso.ortiz@rhenus.com 28. Fastenal Company Trade Claim $3,149 Tabbitha Makenna P.O. Box 978 Winona, MN 55987-0978 Phone: 866.880.3278 Email: csqarcustomersupport@fastenal.com 29. SPX Technologies, Inc Trade Claim $2,500 7401 W. 129th Street Overland Park, KS 66213 Phone: 913-664-7401 Email: anooshfar.farbod@spx.com 30. Cintas Corporations No 2 Trade Claim $2,461 Po Box 88005 Chicago, IL 60680-1005 Email: hansenm@cintas.com VIRIDIS CHEMICAL: Seeks to Tap Epiq as Claims and Noticing Agent ---------------------------------------------------------------- Viridis Chemical, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq 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. Prior to the petition date, the Debtors provided Epiq an advance in the amount of $25,000. Kate Mailloux, a senior director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kate Mailloux Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2500 About Viridis Chemical LLC Viridis Chemical LLC is a bio-based chemical technology company. Viridis Chemical LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90393) on March 8, 2026. In its petition, the Debtor disclosed between $10 million and $50 million in both estimated assets and liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor tapped Paul E. Heath, Esq., and Matthew David Struble, Esq., at Vinson & Elkins as counsel and Epiq Corporate Restructuring, LLC as claims and noticing agent. WABNO HOSPITALITES: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On February 27, 2026, Wabno Hospitalites, Inc., filed for Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Wabno Hospitalites, Inc. Wabno Hospitalites, Inc., is a hospitality company engaged in the ownership and management of lodging, dining, and related service operations. Wabno Hospitalites, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-35202) on February 27, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Michelle L. Trier, Esq. of Genova, Malin & Trier, LLP. WARNER BROS: Moody's 'Ba1' Ratings Remain on Review for Downgrade ----------------------------------------------------------------- Moody's Ratings said that Warner Bros. Discovery, Inc.'s (WBD, Ba1, Rating Under Review for Downgrade) credit ratings remain on review for downgrade following the determination by its Board of Directors that Paramount Skydance Corporation's (PSKY; parent of Paramount Global (Baa3, Rating Under Review for Downgrade)) proposal to acquire all outstanding WBD common shares for $31 per share in cash constitutes a superior proposal and Netflix's announcement that it declined to submit a revised bid. PSKY has proposed to acquire WBD in its entirety, including the studios, HBO/HBO Max, and the Global Linear Networks segment (CNN, TNT, Discovery, HGTV, among others). This contrasts with the prior agreement between WBD and Netflix, which contemplated the sale of the studios and streaming assets to Netflix while leaving the legacy linear networks as a standalone company. On February 26, WBD announced that its Board of Directors had determined that PSKY's proposal to acquire all outstanding WBD common shares for $31 per share in cash constitutes a superior proposal relative to the previously agreed transaction with Netflix, Inc. (Netflix, A3 stable). On the same day, Netflix announced that, at the price required to match Paramount Skydance's offer, the transaction was no longer financially attractive and that it would decline to submit a revised bid. The key credit risk associated with the Paramount Global (Paramount) transaction is the elevated pro forma leverage profile of the combined entity, driven by substantial senior secured acquisition financing expected to be layered on top of WBD's already meaningful debt load. Moody's estimates that pro forma closing leverage could be significantly higher than current leverage at Paramount which Moody's estimates was near 5.0x (as of Q3 LTM). That said, leverage could decline relatively quickly given strong pro forma free cash flow generation, anticipated debt repayment, and the realization of targeted cost savings (excluding costs to achieve and any reinvestment of savings) over approximately 18 months to two years following closing. On February 19, Paramount disclosed the Department of Justice's review of the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") ended without any statutory impediment to closing the proposed transaction. Closing the transaction remains subject to certain other conditions, including but not limited to entry into a definitive merger agreement with WBD which Paramount expects in the very near term, shareholder approval and regulatory clearance in other relevant jurisdictions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The combination would be transformative, dramatically enhancing Paramount's scale, diversifying revenue, and improving margins. Yet it would present significant execution and integration risks, materially increase pro forma leverage at close and introduce complexity into the debt structure. Achieving synergies, consolidating technology platforms, and aligning pricing, distribution, and other strategies would require substantial time and investment, all amid rapid industry and technological shifts. Also, regulatory scrutiny could delay closing or require concessions, given the competitive implications in consolidating major news operations and film studios. Previously, Paramount has said it believes combining with WBD could produce up to $6 billion in potential cost synergies, on top of its own standalone savings targets, and believes its ownership would be supportive of the film industry and significantly increase the scale of its direct-to-consumer business by combining HBO Max with Paramount+. Assuming a simple combination with WBD based on results for the 12 months through September, Moody's estimates Paramount's net revenue could more than double and EBITDA could be more than 3.5x greater (before synergies). The review will focus on, among other considerations, the following: (i) likelihood and timing of transaction closing, (ii) the final pro forma capital structure including the extent of secured debt financing and whether any debt is rolled over, repaid, refinanced, or otherwise modified (iii) integration risks and the combined company's business and growth strategies, (iv) capital allocation priorities, (v) liquidity profile, (vi) board, governance and organizational structure. The ratings will remain under review for downgrade until Moody's have sufficient information regarding the post-closing credit profile and a high degree of certainty the transaction will close or be otherwise resolved. Depending on the outcome of the review, WBD's ratings could be confirmed, the ratings could be downgraded or the ratings could be withdrawn if the debt is repaid at closing. The principal methodology used in these ratings was Media published in September 2025. WASHINGTON REGIONAL: Moody's Lowers Revenue Bond Rating to Ba1 -------------------------------------------------------------- Moody's Ratings has downgraded Washington Regional Medical Center, AR's (WRMC) revenue bond rating to Ba1 from Baa3. The outlook remains negative. WRMC has approximately $255 million of debt outstanding as of FYE 2025. The downgrade to Ba1 reflects Washington Regional's sustained operating losses and resulting liquidity pressure, with continued underperformance relative to budget, highlighting a weakened financial track record. The lack of improvement in operating performance over multiple years suggests limited near term recovery and underscores governance as a key driver of this rating action. RATINGS RATIONALE The Ba1 rating reflects WRMC's leading market position and still solid liquidity, offset by prolonged financial stress and weak operating performance. The system produced a 0.0% operating cash flow margin in fiscal 2025, materially below budget and worse than prior year performance, reflecting persistent operating challenges that were exacerbated by the electronic health record implementation late in the year. While there are some prospects for revenue growth, including improved payor rates and potential market expansion, recent inability to execute on any performance improvement provides uncertainty around the level of potential operating improvement. Additionally, liquidity and leverage metrics will remain well below historical levels for several years amid ongoing cash declines. Reduced liquidity of approximately 105 days cash at fiscal year end 2025, combined with the system's modest size, limits WRMC's flexibility to absorb near term operating pressure. RATING OUTLOOK The negative outlook reflects the possibility of further operating performance volatility and liquidity erosion should management be unable to achieve targeted operating improvements. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Improved and sustained operating cash flow margins above 4% -- Growth in unrestricted liquidity such that days cash on hand can be sustained above 120 days and cash to debt over 85% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to demonstrate improvement in operating cash flow on a quarterly basis by fiscal year-end 2026 -- Further decline in cash to below 80 days cash -- Additional debt PROFILE Washington Regional Medical Center is a 425-bed acute care hospital and designated Level II Trauma Center located in Fayetteville, Arkansas. The health system operates many medical clinics throughout the primary service area. The Corporation's parent and sole member is Washington Regional Medical System, an Arkansas nonprofit corporation. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in October 2024. WC425X LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: WC425X LLC 1450 37th Street Brooklyn NY 11204 Business Description: WC425X LLC is a real estate services company that operates within the NAICS 5313 industry classification, which covers activities related to real estate. The company provides services that support real estate operations for property owners and investors. Chapter 11 Petition Date: March 9, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41112 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Solomon Rosengarten, Esq. SOLOMON ROSENGARTEN 2329 Nostrand Avenue Brooklyn NY 11210 Tel: 718-627-4460 E-mail: vokma@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Pfeiffer as 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/SJUN6ZI/WC425X_LLC__nyebke-26-41112__0001.0.pdf?mcid=tGE4TAMA WEST DAUPHIN: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: West Dauphin St LP 1609-21 Dauphin St Philadelphia PA 19132 Business Description: West Dauphin St LP owns a commercial property located at 1609-1621 Dauphin St with an estimated value of about $1.5 million. Chapter 11 Petition Date: March 9, 2026 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 26-10938 Judge: Hon. Derek J Baker Debtor's Counsel: Devin Uqdah, Esq. LEGIS GROUP LLC 3900 Ford Rd Suite B Philadelphia PA 19131 Tel: 484-682-5266 Email: duqdah@legislawyers.com Total Assets: $1,500,000 Total Liabilities: $4,000,000 The petition was signed by Julian Nix as CEO. 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/ZJ5WXNQ/WEST_DAUPHIN_ST_LP__paebke-26-10938__0001.0.pdf?mcid=tGE4TAMA WEST TECHNOLOGY: Moody's Cuts CFR to Ca, Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded West Technology Group, LLC's (West Technology) corporate family rating to Ca from Caa1 and its probability of default rating to Caa3-PD from Caa1-PD. Concurrently, Moody's downgraded the ratings of West Technology's senior secured first lien bank credit facilities, comprised of a senior secured first lien revolving credit facility expiring August 2026 and senior secured first lien term loan B3 due April 2027, to Caa3 from B2 and the rating of the senior secured second lien notes due April 2027 to Ca from Caa2. The outlook remains negative. West Technology is a provider of technology-enabled communications services. The rating downgrades and negative outlook reflect mounting operating pressures amid a looming revolver maturity in August 2026 and elevated refinancing risk tied to the term loan B3 and notes coming due in April 2027. The downgrades also reflect uncertainty around West Technology's ability to grow revenue and generate free cash flow over the next 12 to 18 months. Absent a near-term sale of its remaining WestCX business (consisting of TeleVox and Mosaicx) at a favorable valuation multiple, Moody's do not believe the company will have sufficient cash on hand to address next year's debt maturities. Any alternative resolution to the upcoming maturities may be viewed as distressed given the company's current liquidity and cash flow profile. RATINGS RATIONALE West Technology's Ca CFR reflects its upcoming debt maturities, very high financial leverage, and limited liquidity to address those maturities. The rating is further constrained by the company's small scale, execution risk in a highly competitive market as evidenced by declining revenue trends, and Moody's expectations of continued negative free cash flow over the next 12 months. In addition, uncertainty remains around both the timing and valuation of potential divestitures. The CFR is supported by the company's leading position in notification services. Last year, West Technology combined the TeleVox and Mosaicx businesses, with anticipated cost savings expected to improve long-term profitability. TeleVox's transition to a SaaS model is also expected to enhance revenue visibility through longer-term client contracts. Moody's views West Technology's liquidity as weak, driven primarily by cash balances that Moody's expects will be insufficient to address the senior secured first lien term loan and second lien notes maturing in April 2027. As of 30 September 2025, the company held $179 million of cash and had full availability under its $65.3 million revolver, which expires in August 2026. The revolver includes a springing maximum first lien net leverage covenant of 5.9x (with no step-downs), triggered when borrowings exceed 35% of commitments ($22.855 million). EBITDA definitions within the credit agreement allow for various addbacks, including non-recurring expenses and pro forma cost savings. West Technology's debt instrument ratings incorporate its probability of default, reflected in the Caa3-PD PDR, and the expected loss for the debt instruments. West Technology's senior secured first lien credit facilities comprising of the first lien revolver expiring August 2026 and term loan due April 2027 are rated Caa3. The rating reflects their first priority position in the capital structure and a meaningful cushion from the outstanding amount $446.448 million of senior secured second lien notes due April 2027 that is rated at Ca. The rating for the second lien notes reflect their subordination by a meaningful amount of secured debt in the capital structure and their weak recovery prospects in the event of a default. The negative outlook reflects the company's imminent refinancing risk and the prospect that any further deterioration in financial performance could reduce expected recoveries and heighten the risk of a restructuring. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings over time if the company strengthens its liquidity position and successfully extends the April 2027 maturities. Moody's could downgrade the ratings if the likelihood of a debt restructuring or default increases, or if expected lender recoveries weaken further. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. West Technology Group, LLC (f/k/a Intrado Corporation) is a provider of technology-enabled communications services. It was acquired by affiliates of Apollo Global Management, Inc. in October 2017. WESTSIDE TOW: Seeks to Use Cash Collateral ------------------------------------------ Westside Tow and Transport, Inc. asks the U.S. Bankruptcy Court for the Centeral District of California, Northern Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to maintain operations and pay essential expenses, including payroll. The company filed for bankruptcy on December 31, 2025, due to creditor pressure. The Debtor proposes using cash in accordance with a six-month budget, with any expenditures beyond this requiring creditor consent or further court order. To protect the interests of alleged secured creditors—Atacama Capital Management, LLC and Shannon Christiansen Seare Trust—the Debtor offers a replacement lien on post-petition assets. However, the Debtor disputes the secured status of these claims, asserting that documentation is insufficient to establish valid security interests. At the petition date, the Debtor had $255,687 in unrestricted cash and intercompany receivables, while the alleged secured creditor’s collateral was valued at $134,756. A copy of the motion is available at https://urlcurt.com/u?l=7cVUQP from PacerMonitor.com. About Westside Tow & Trucking Inc. Westside Tow & Trucking Inc. is a Los Angeles area towing and trucking company. Westside Tow & Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11352) on October 8, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Tamar Terzian, Esq., of Terzian Law Group, APC. WISHPOND TECHNOLOGIES: Inks Forbearance w/ Lender After Asset Sale ------------------------------------------------------------------ Wishpond Technologies Ltd. announces that it has closed its previously announced sale of its Viral Loops product and related assets to Emerge Commerce Ltd. for total cash consideration of $2,300,000 effective March 9, 2026. Under the terms of the Transaction, Wishpond received $2,100,000 paid at closing, with the remaining $200,000 payable on the one-year anniversary of closing. Viral Loops is a referral marketing campaign software platform originally acquired by Wishpond in April 2022. Wishpond has applied approximately $1.6 million of the proceeds toward repayment of its senior credit facility, representing a significant reduction in the Company's outstanding indebtedness and improving its financial flexibility. The remaining proceeds will support ongoing working capital requirements. Ali Tajskandar, Chairman and CEO of Wishpond, commented: "Closing the sale of Viral Loops represents an important step in strengthening Wishpond's balance sheet and enhancing our financial flexibility. By reducing debt and reallocating capital toward our core AI-driven marketing platform, we are positioning the Company to focus on innovation and long-term growth across our integrated product suite." Viral Loops was operated as a standalone referral marketing platform within Wishpond's broader product ecosystem. The divestiture of the Viral Loops assets is not expected to materially impact the Company's core AI-enabled marketing and sales platform or its broader strategic initiatives. In connection with the Transaction, Wishpond has entered into a forbearance agreement with its senior lender, National Bank of Canada, pursuant to which the lender has agreed to forbear from exercising certain rights under the Company's credit facility during the forbearance period, subject to customary conditions including the application of a portion of the proceeds from the Transaction toward repayment of the facility. The forbearance period extends to December 31, 2026, unless terminated earlier in accordance with its terms. The Transaction is an arm's length transaction and no finder's fees were payable in connection with the Transaction. About Wishpond Technologies Ltd. Wishpond is a Vancouver-based provider of AI-enabled marketing and sales solutions that help businesses grow more efficiently. The Company's vision is to create a fully autonomous AI-enabled platform that streamlines the entire customer acquisition journey, from lead generation and engagement to deal closure, enabling businesses to scale cost-effectively while driving higher conversions. Wishpond offers an all-in-one marketing suite that integrates AI-driven tools such as an AI Website Builder, AI Email Automation, and SalesCloser AI, a conversational AI-based virtual sales agent that leverages generative AI to conduct personalized sales calls and product demos, increasing efficiency, reducing costs, and enhancing customer satisfaction. With a focus on innovation, Wishpond has filed multiple patent applications in conversational AI, reinforcing its leadership in AI-enabled marketing automation. The Company serves small-to-medium-sized businesses across various industries, providing a powerful yet cost-effective alternative to fragmented marketing solutions. Wishpond employs a Software-as-a-Service (SaaS) business model, generating most of its revenue from subscription-based recurring revenue, which ensures strong revenue predictability and cash flow visibility while continuously expanding its AI capabilities. Wishpond is listed on the TSX Venture Exchange under the ticker "WISH", and on the OTCQX Best Market under the ticker "WPNDF". XWELL INC: Eliminates Series G Preferred Stock via $9MM Repurchase ------------------------------------------------------------------ XWELL, Inc. previously reported in a regulatory filing on Form 8-K filed with the Securities and Exchange Commission that on January 14, 2025, the Company entered into a Securities Purchase Agreement with certain accredited investors, pursuant to which it agreed to sell to the Preferred Investors: (i) shares of the Company's Series G Convertible Preferred Stock, par value $0.01 per share, (ii) Series A warrants to acquire shares of the Company's Common Stock, and (iii) Series B warrants to acquire shares of Common Stock. In addition, as previously reported in a Report on Form 8-K, filed with the SEC on November 4, 2025, on November 3, 2025, the Company entered into that certain Securities Exchange and Amendment Agreement with the Preferred Investors, pursuant to which, among other things, the Company agreed to exchange a portion of the Company's outstanding shares of Series G Preferred Stock held by the Preferred Investors, including all accrued and unpaid dividends thereon, for senior secured convertible notes. As previously reported on the Prior 8-K, the Company entered into that certain Omnibus Agreement, dated as of February 24, 2026, with the Preferred Investors, pursuant to which, the Company agreed to: (i) repurchase from the Preferred Investors the Notes, (ii) redeem all outstanding shares of the Series G Preferred Stock, which were held by the Preferred Investors, and (iii) redeem all outstanding Series Warrants, which were held by the Preferred Investors, for an aggregate cash purchase price of $9,000,000, which was paid with the proceeds of the Private Placement. The closing of the Repurchase occurred on March 2, 2026. On March 4, 2026, in connection with the Repurchase, the Company filed a Certificate of Elimination with respect to the Series G Preferred Stock with the Delaware Secretary of State which became effective as of 4:00 p.m. Eastern Time on March 4, 2026. The Certificate of Elimination: (i) eliminates the previous designation of 4,000 shares of Series G Convertible Preferred Stock, none of which were outstanding at the time of filing, (ii) causes such shares of Series G Preferred Stock to resume the status of authorized but unissued shares of preferred stock of the Company and (iii) eliminates all reference to the Series G Preferred Stock from the Company's Amended and Restated Certificate of Incorporation, as amended. A full text of the Certificate of Elimination is available at https://tinyurl.com/yyfk4357 About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $21.7 million in total assets, $18.3 million in total liabilities, and a total equity of $3.1 million. XWELL INC: Raises $31.3MM in Series H Preferred Stock Deal ---------------------------------------------------------- XWELL, Inc. previously reported in a regulatory filing on Form 8-K filed with the Securities and Exchange Commission that on February 24, 2026, it entered into a Securities Purchase Agreement with an accredited investor for the issuance and sale of: (i) shares of the Company's newly-designated Series H Convertible Preferred Stock, with a par value of $0.01 per share and a stated value of $1,000 per share, convertible into shares of the Company's common stock, par value $0.01 per share, with an initial conversion price of $0.47 per share, and (ii) warrants to purchase shares of Common Stock, at an initial exercise price of $0.345 per share. The initial closing of the Private Placement with respect to 30,832 shares of Preferred Stock and Warrants to purchase up to 65,600,000 shares of Common Stock for aggregate gross proceeds of $30,832,000 occurred on February 27, 2026, and a subsequent closing of the Private Placement with respect to 501 shares of Preferred Stock and Warrants to purchase up to 1,065,957 shares of Common Stock for aggregate gross proceeds of $501,000 occurred on March 3, 2026. The Company collectively issued 31,333 shares of Preferred Stock initially convertible into up to 66,665,957 shares of Common Stock and Warrants to purchase up to 66,665,957 shares of Common Stock in the Private Placement. The aggregate gross proceeds from the Private Placement were $31,333,000. In connection with the Private Placement, pursuant to a placement agency agreement, dated as of February 24, 2026, by and between the Company and Dominari Securities LLC, the Company engaged the Placement Agent to act as an exclusive placement agent in connection with the Private Placement and agreed to, among other things, issue to the Placement Agent warrants to purchase up to 5,333,277 shares of Common Stock, with the same terms as the Warrants, except that the Placement Agent Warrants have a term of five years from the date of issuance. Filing of Certificate of Designations On February 26, 2026, the Company filed the Certificate of Designations, thereby creating the Preferred Stock. The Certificate of Designations became effective with the Secretary of State of the State of Delaware upon filing. A full text copy of the Certificate of Designations is available at https://tinyurl.com/3ncwsrf4 About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $21.7 million in total assets, $18.3 million in total liabilities, and a total equity of $3.1 million. XYTEL CORP: Receivership Sale of Plant Equipment Ends March 17 -------------------------------------------------------------- A Tiger Group online auction opening on March 10 features tools, rolling stock and a wide array of metalworking, fabrication, plant support and testing and measurement equipment. Assets in the sale are from the closed Roebuck plant of Xytel Corp., which is now in receivership. The company specialized in the engineering and design of pilot plants in sectors such as chemical processing, pharmaceuticals, biotech and food production. It has completed more than 1,000 such projects since 1974. "Xytel was a sophisticated operation with a great many assets that are in high demand in the construction industry and are quite expensive to buy new," noted Chad Farrell, Managing Director, Tiger Commercial & Industrial. "A facility-wide liquidation of this type is a strong opportunity." The timed, online auction at SoldTiger.com opens on Tuesday, March 10 at 10:30 a.m. (ET) and closes on Tuesday, March 17 at 10:30 a.m. (ET). Highlights of the online auction include: -- Genie S-85 4x4 diesel telescopic boom lift -- 2014 Freightliner M2 box truck with liftgate -- JLG E450AJ electric articulating boom lift -- Hitachi X-MET8000 XRF gun analyzer -- Toyota and Nissan LPG forklifts -- MIG, TIG and orbital welders -- Steelcase office chairs Additional equipment includes: -- Cutting, welding, bending and shaping equipment for metal fabrication work -- General hand and power tools -- Conveyors and racking -- Compressors, cleaning equipment, safety gear and general maintenance supplies -- Office furniture, workstations, computers and peripherals For asset photos, descriptions and other information, visit https://soldtiger.com/sales/xytel-pilot-plant-process-systems-manufacturer/ Inspections are available on Mon., March 16 from 10 a.m. to 4 p.m. (ET) To arrange an inspection or obtain other information: email: auctions@tigergroup.com call: (805) 497-4999. Media Contacts: At Tiger Group Maria Hoang call: (805) 497-4999 email: 410255@email4pr.com At Jaffe Communications: Elisa Krantz call: (908) 789-0700 email: 410255@email4pr.com. Xytel, Inc. was founded in 2011. The company's line of business includes the manufacturing of special industry machinery. YELLOW CAB: Dismissal of Cimino Personal Injury Case Affirmed ------------------------------------------------------------- In the appeal styled LUCIANE R. CIMINO, Plaintiff-Appellant, v. IKE R. EHIREME, a/k/a IKE R. EHIRHIEME; YELLOW CAB AFFILIATION, INC., a/k/a YELLOW CAB COMPANY; IKE R. EHIREME, a/k/a IKE R. EHIRHIEME, as Agent of Yellow Cab Affiliation, a/k/a Yellow Cab Company; YC8, LLC; and IKE R. EHIREME, a/k/a IKE R. EHIRHIEME, as Agent of YC8, LLC, Defendants-Appellees, Justices Ramon Ocasio III, David R. Navarro and Freddrenna M. Lyle of the Illinois Appellate Court, First District, affirmed the judgment of the Circuit Court of Cook County dismissing Luciane Cimino's personal injury case with prejudice. These consolidated appeals all arise out of litigation related to the personal injury and negligence claims of pro se plaintiff Luciane Cimino. Cimino alleged she was injured following an encounter with a taxicab driven by defendant Ike Ehireme and owned by defendants Yellow Cab Affiliation, Inc., and YC8, LLC. Cimino's case was ultimately dismissed with prejudice as a sanction for repeatedly violating court orders. On appeal, Cimino argues that the court abused its discretion by dismissing her complaint with prejudice as a sanction and raises claims of other errors in the pre-dismissal proceedings. The record shows that, throughout the case, Cimino engaged in a course of litigation conduct that can reasonably be viewed as a vexatious refusal to accept adverse rulings. After her case was transferred to the municipal department, Cimino filed at least eleven motions or petitions effectively challenging that decision, and eight of those eleven were filed after the court barred her from filing any further motions for reconsideration or "clarification" on the ruling. She filed serial motions on several different issues, and she was warned that continuing to file frivolous motions could result in her case being dismissed with prejudice. Those warnings did not deter her, leading the court to conclude that Cimino's persistent filing of repetitive, frivolous motions warranted dismissal with prejudice. According to the panel, "That ultimate sanction was severe, to be sure, but on this record, we cannot say that it was unreasonable for the court to find that it was justified by the circumstances. That decision was not an abuse of discretion, so we find no error." Aside from challenging the dismissal of her complaint with prejudice, Cimino argues that the court erred by not deeming the defendants to have admitted certain facts raised in her requests to admit, by transferring the case from the law division to the municipal department, and by closing discovery prematurely, without notice, and then sending the case to arbitration. The panel says, "Cimino's complaint was dismissed with prejudice as a sanction for her litigation conduct, and we have found that dismissal on that basis was proper. These other alleged errors would not change that determination, so they do not provide a basis for appellate relief." A copy of the Court's Order dated March 5, 2026, is available at https://urlcurt.com/u?l=AUTkbo About Yellow Cab Affiliation Chicago, Illinois-based Yellow Cab Affiliation, Inc., filed for Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-09539) on March 18, 2015. The petition was signed by Michael Levine, president. Bankruptcy Judge Hon. Carol A. Doyle presides over the case. Matthew T. Gensburg, Esq., and Martin S Kedziora, Esq., at Greenberg Traurig, LLP, and Bruce Zirinksky represent the Debtor in its restructuring effort. The Debtor estimated assets at $1 million to $10 million and debt of $10 million to $50 million. On November 2016, the Debtor's case was converted into a Chapter 7 proceeding. Michael Desmond of Figliulo & Silverman PC was appointed as Chapter 7 trustee. ZIVIEA INC: Case Summary & 15 Unsecured Creditors ------------------------------------------------- Debtor: Ziviea, Inc. d/b/a CompressionSale.com 701 Market Street, Suite 111 Saint Augustine, FL 32095 Business Description: Ziviea, Inc., doing business as CompressionSale.com, operates an online retail platform that sells compression garments and related medical support products, including stockings, socks, sleeves, and braces. The company distributes compression wear from various manufacturers and provides sizing guides and product information to assist customers in selecting compression products for circulation and support needs. Ziviea, Inc. operates from Saint Augustine, Florida and serves customers through its e-commerce website. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00938 Judge: Hon. Jacob A Brown Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Total Assets: $388,475 Total Liabilities: $6,338,107 The petition was signed by Arun Reddy as CEO and director. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R6Y6LMA/Ziviea_Inc_dba_CompressionSalecom__flmbke-26-00938__0001.0.pdf?mcid=tGE4TAMA [] Fitch Affirms Ratings on 10 Building Products Issuers -------------------------------------------------------- Fitch Ratings has affirmed the ratings of 10 building products issuers and their related subsidiaries and affiliates. 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. The companies are: 1. Installed Building Products, Inc. 2. Owens Corning 3. Fortune Brands Innovations, Inc. 4. James Hardie International Group Ltd. 5. RPM International Inc. 6. Mohawk Industries, Inc. 7. Standard Building Solutions Inc. 8. Sherwin-Williams Company (The) 9. MasterBrand, Inc. 10. New AMI I, LLC Corporate Rating Tool Inputs and Scores Installed Building Products, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual 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 'bb+'. To derive the IDR: No adjustments were made to the SCP, resulting in an IDR of 'BB+'. Owens Corning Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the 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+'. To derive the IDR: No adjustments were made to the SCP, resulting in an IDR of 'BBB+'. Fortune Brands Innovations, 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-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual 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'. To derive the IDR: No adjustments were made to the SCP, resulting in an IDR of 'BBB'. James Hardie International Group Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a-, 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 actual year 2024 (ending March 31, 2025), 10% 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 'bbb'. To derive the IDR: Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in an equalized approach. RPM International Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Higher), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024 (ending May 31, 2025), 40% for the forecast year 2025 and 40% for the forecast year 2026 (financial year-end: May 31). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Mohawk Industries, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (a, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+'. Standard Building Solutions Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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: No adjustments were made to the SCP, resulting in an IDR of 'BB'. Sherwin-Williams Company (The) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Moderate), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (a, Moderate), Profitability (a, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: No adjustments were made to the SCP, resulting in an IDR of 'BBB+'. MasterBrand, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Higher), Financial Structure (bbb-, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual 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 'bb+'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. New AMI I, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (b, Higher), Financial Structure (b, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- New AMI I, LLC LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB senior secured LT B+ Affirmed RR3 B+ RPM International Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Mohawk Capital Finance S.A. senior unsecured LT BBB+ Affirmed BBB+ JH North America Holdings Inc. u LT IDR BBB Affirmed BBB senior secured LT BBB+ Affirmed BBB+ James Hardie International Group Ltd. LT IDR BBB Affirmed BBB Owens Corning LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 MasterBrand, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Installed Building Products, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BBB- Affirmed RR2 BBB- Standard Building Solutions Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BB+ Affirmed RR2 BB+ James Hardie International Finance DAC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Mohawk Industries, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ James Hardie Building Products, Inc. LT IDR BBB Affirmed BBB Fortune Brands Innovations, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Sherwin-Williams Company (The) LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 [] Fitch Affirms Ratings on 11 NA Aerospace & Defense Companies --------------------------------------------------------------- Fitch Ratings has affirmed 11 North American aerospace and defense companies' ratings and the ratings of their related entities. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Ratings Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. The companies are: 1. The Boeing Company 2. Cubic Corporation 3. FTAI Aviation Ltd / FTAI Aviation Investors LLC 4. HEICO Corporation 5. Hexcel Corporation 6. Huntington Ingalls Industries, Inc. 7. Arxis (Kaman Corporation, Qnnect, LLC, Sanders Industries Holdings, Inc., Quantic Electronics, LLC, Quantic Corporate Holdings, Inc.) 8. L3Harris Technologies, Inc. 9. Lockheed Martin Corporation 10. Peraton Corporation 11. Signia Aerospace, LLC Corporate Rating Tool Inputs and Scores The Boeing 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 (a, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (bb+, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (a, 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB-'. Cubic 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 (b+, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (b+, Higher), Profitability (ccc-, Lower), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -2 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'cc'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'CC'. FTAI Aviation Ltd Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 made no adjustments to the SCP, resulting in an IDR of 'BB+' HEICO 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 (bbb+, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bbb+, Higher), Profitability (a, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+' Hexcel 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 (bbb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB-' Huntington Ingalls Industries, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Lower), Market and Competitive Positioning (a+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. Arxis 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+, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (a, 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 'a' results in no adjustment. - The SCP is 'b+'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+' L3Harris Technologies, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a-, Lower), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+' Lockheed Martin 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 (a, Lower), Market and Competitive Positioning (a, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (a, Lower), Financial Structure (a, Higher), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'a'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'A'. Peraton 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 (bb-, Lower), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bb-, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'ccc+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC+'. Signia Aerospace, 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 (bb+, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (a, Lower), Financial Structure (b, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2023, 10% for the forecast 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 made no adjustments to the SCP, resulting in an IDR of 'B+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- The Boeing Company LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 Hexcel Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Falcon Buyer LLC LT IDR B+ Affirmed B+ FTAI Aviation Ltd. LT IDR BB+ Affirmed BB+ preferred LT BB- Affirmed RR6 BB- International Water-Guard Industries, Inc. LT IDR B+ Affirmed B+ Peraton Corporation LT IDR CCC+ Affirmed CCC+ senior secured LT B Affirmed RR2 B Senior Secured 2nd Lien LT CCC- Affirmed RR6 CCC- Kaman Corporation LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Thermo TopCo L.P. LT IDR B+ Affirmed B+ Peraton Inc. LT IDR CCC+ Affirmed CCC+ International Mezzo Technologies, Inc. LT IDR B+ Affirmed B+ Qnnect, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Cubic Corporation LT IDR CC Affirmed CC Lockheed Martin Corporation LT IDR A Affirmed A ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 Quantic Electronics, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Peraton Holding Corp. LT IDR CCC+ Affirmed CCC+ Perspecta Enterprise Solutions LLC senior unsecured LT BBB+ Affirmed BBB+ Quantic Corporate Holdings, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Atlas CC Acquisition Corp. LT IDR CC Affirmed CC senior secured LT C Affirmed RR6 C senior secured LT CCC+ Affirmed RR1 CCC+ Huntington Ingalls Industries, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Sanders Industries Holdings, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- HEICO Corporation LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ FTAI Aviation Investors LLC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- L3Harris Technologies, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 Signia Aerospace, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- [] Fitch Affirms Ratings on Eight North American Services Cos. -------------------------------------------------------------- Fitch Ratings has affirmed eight North American Services companies' and their related subsidiaries' and affiliates' ratings. 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. The companies are: 1. Ellis Aggregator UK LP 2. FactSet Research Systems, Inc. 3. VT Topco, Inc. 4. Project Boost Purchaser, LLC 5. CohnReznick Advisory LLC 6. R.R. Donnelley & Sons Company 7. KinderCare Learning Companies, Inc. 8. Wash MidCo Inc. Corporate Rating Tool Inputs and Scores Ellis Aggregator UK LP. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb+, Lower), Profitability (bb-, 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. - 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+'. FactSet Research Systems, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Lower), Financial Structure (a+, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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+'. VT Topco, 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, Moderate), Market and Competitive Positioning (bb+, Lower), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b, Moderate), Profitability (bbb, Lower), Financial Structure (b-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Project Boost Purchaser, 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-, Moderate), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bbb+, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. CohnReznick Advisory 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 (b-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Lower), Profitability (bb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (b+, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. R.R. Donnelley & Sons Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb+, Lower), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (b+, Moderate), Financial Structure (b, Higher), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b'. KinderCare Learning Companies, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (bbb, Lower), Profitability (bb-, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Wash MidCo 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 (b+, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, 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 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 'bb-'. Recovery Analysis See Ellis Aggregator UK LP., VT Topco, Inc. Project Boost Purchaser, LLC, CohnReznick Advisory LLC, R.R. Donnelley & Sons Company, KinderCare Learning Companies, Inc. RAC's for their respective analysis. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Boost Parent, LP LT IDR B Affirmed B Project Boost Purchaser, LLC LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- VT Topco, Inc. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ R.R. Donnelley & Sons Company LT IDR B Affirmed B senior unsecured LT B- Affirmed RR5 B- senior secured LT BB Affirmed RR1 BB senior secured LT BB- Affirmed RR2 BB- sr sec. 2nd Lien LT B- Affirmed RR5 B- FactSet Research Systems, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Ellis Aggregator UK LP LT IDR B+ Affirmed B+ PEX Holdings, LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Currahee Borrower Sub LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ CohnReznick Advisory LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ KinderCare Learning Companies, Inc. LT IDR B+ Affirmed B+ KUEHG Corp. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Wash MidCo Inc. LT IDR BB- Affirmed BB- Wash BidCo Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ [] Seward & Kissel Launches Financial Risk Management Practice -------------------------------------------------------------- Seward & Kissel announced on March 11, 2026, the launch of the Financial Institution Risk Management (FIRM) practice designed to help financial institutions proactively manage risk, respond to regulatory and litigation challenges, and protect enterprise value in an increasingly complex environment -- formalizing a service offering that Seward & Kissel has been providing its clients for decades. Drawing on a team of cross-disciplinary attorneys from across the Firm's core practice groups and leveraging its more than a century of financial services experience, FIRM offers a unified platform to address the full spectrum of legal, regulatory, and operational risks facing financial institutions today. The practice is co-headed by partners Russell Johnston and David Mulle. "Being a leading firm in the financial services industry for more than 125 years, we are regularly evaluating the risks affecting our clients and how we can deliver value to them beyond the legal issue at-hand," said Managing Partner Daniel Bresler. "FIRM further enables us to draw from our entire bench of diverse, talented attorneys to create consolidated, nimble legal teams on a matter-by-matter basis for existing and new clients facing evolving markets and an ever-challenging regulatory environment." FIRM is designed to support clients at all stages of risk exposure, whether they are: -- Standing up new business lines; -- Remediating legacy or ongoing issues; or -- Defending against insider threats, external attacks, regulatory scrutiny, or litigation. FIRM's areas of focus include, among others, investor disputes, governance concerns, supervisory and control issues, liquidations, regulatory examinations and enforcement, transaction diligence, and financial crime compliance, and it is structured to address matters at the front-end, mid-stream, or in response to event-driven challenges. "Our clients operate in environments where risk is constant and multi-dimensional," said Kevin Neubauer, co-head of Seward & Kissel's Investment Management Group. "FIRM draws upon our deep subject--matter expertise and our long history of advising financial institutions through complex, high-stakes situations." The practice serves a broad range of financial market participants, including funds, asset managers, private equity and venture capital firms, banks, broker--dealers, family offices, and their senior executives. "This initiative builds on areas where Seward & Kissel has achieved sustained success and responds directly to what clients are asking for -- sophisticated risk management advice delivered seamlessly across disciplines," said Nick Katsanos, chair of Seward & Kissel's Corporate Group. "FIRM formalizes our ability to support clients across a wide variety of matters, all within a single, coordinated framework." With the launch of FIRM, Seward & Kissel reinforces its commitment to helping financial institutions anticipate risk, respond decisively, and protect their businesses in an evolving regulatory and market landscape. About Seward & Kissel LLP Seward & Kissel LLP, founded in 1890, is a leading U.S. law firm with offices in New York City and Washington, D.C., with particular expertise in the financial services, investment management, banking, and shipping industries. The Firm is well known for its representation of investment advisers and related investment funds, broker-dealers, major commercial banks, institutional investors, and transportation companies. Its practices primarily focus on corporate, M&A, securities, finance, litigation (including white collar), restructuring/bankruptcy, real estate, regulatory, tax, employment, and ERISA for clients seeking legal expertise in these areas. [] U.S. Foreclosures Up 20% Year Over Year in February ------------------------------------------------------ ATTOM, the leading provider of property data, AI-powered analytics, and real estate intelligence solutions, released its February 2026 U.S. Foreclosure Market Report, which shows there were a total of 38,840 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- down 4 percent from a month ago and up 20 percent from a year ago. "Foreclosure activity in February marked the twelfth consecutive month of annual increases, extending a gradual upward trend that began early last year," said Rob Barber, CEO at ATTOM. "While filings dipped slightly from January, both foreclosure starts and completed foreclosures remain higher than a year ago. Even with the continued rise, overall foreclosure levels remain well below historic norms." Indiana, South Carolina, and Florida lead the nation in worst foreclosure rates Across the nation, one in every 3,701 housing units had a foreclosure filing in February 2026. States with the worst foreclosure rates were Indiana (one in every 1,597 housing units with a foreclosure filing); South Carolina (one in every 2,217 housing units); Florida (one in every 2,277 housing units); Delaware (one in every 2,443 housing units); and Illinois (one in every 2,590 housing units). Among metro areas with populations of 200,000 or more, Lakeland, FL recorded the worst foreclosure rate in February 2026, with one filing for every 1,075 housing units. Following Lakeland were Punta Gorda, FL (one in every 1,211 housing units); Indianapolis, IN (one in every 1,249); Evansville, IN (one in every 1,316); and Columbia, SC (one in every 1,433). Texas, Florida, and California recorded the most foreclosure starts nationwide Lenders started the foreclosure process on 25,928 U.S. properties in February 2026, down 2 percent from last month but up 14 percent from a year ago. States that had the greatest number of foreclosure starts in January 2026 included: Texas (3,390 foreclosure starts); Florida (3,250 foreclosure starts); California (2,440 foreclosure starts); Georgia (1,331 foreclosure starts); and Indiana (1,197 foreclosure starts). Contrary to the national numbers, those major metropolitan areas with a population greater than 1 million that had the largest year-over-year decreases in the number of foreclosure starts in February 2026 included: Tucson, AZ (decrease from 115 foreclosure starts in February 2025 to 24 in February 2026); New Orleans, LA (decrease from 146 to 55 foreclosure starts); Buffalo, NY (decrease from 88 to 57 foreclosure starts); Philadelphia, PA (decrease from 743 to 482 foreclosure starts); and Minneapolis, MN (decrease from 218 to 143 foreclosure starts). Annual increase in completed foreclosures continues In February 2026, Lenders repossessed 4,077 U.S. properties through completed foreclosures (REOs), a decrease of 14 percent from last month and an increase of 35 percent from last year. States that had the greatest number of REOs in February 2026, included: Texas (453 REOs); Michigan (432 REOs); Florida (364 REOs); California (335 REOs); and Pennsylvania (234 REOs). Contrary to the national trend, those major metropolitan statistical areas (MSAs) with a population greater than 1 million and at least 20 REO's that saw the greatest annual decline in the number of REOs in February 2026 included: St. Louis (decrease from 91 REO's in February 2025 to 53 in February 2026); Baltimore, MD (decrease from 74 to 59 REO's); Chicago, IL (decrease from 154 to 132 REO's); Riverside, CA (decrease from 58 to 53 REO's); and New Orleans, LA (decrease from 39 to 36 REO's). Key highlights from the February 2026 foreclosure data ATTOM's February 2026 U.S. Foreclosure Market Report shows 38,840 U.S. properties with a foreclosure filing, down 4 percent from January but up 20 percent from a year ago, marking the twelfth consecutive month of annual increases. Foreclosure starts rose 14 percent year over year to 25,928, while completed foreclosures increased 35 percent annually to 4,077, reflecting a continued gradual normalization of foreclosure activity in early 2026. Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM delivers AI-driven property intelligence built on one of the nation's most trusted property data assets, covering 158 million U.S. properties--99% of the population. Our engineered, multi-sourced real estate data spans property tax, deeds, mortgages, foreclosure, environmental risk, property conditions, natural hazards, neighborhood insights, and geospatial boundaries, rigorously validated for advanced analytics. ATTOM supports analytics and AI-driven applications through flexible delivery options including APIs, bulk licensing, cloud delivery, market trend products, and the MCP Server for AI-powered, agentic access to engineered property data--enabling organizations to automate analysis and scale property intelligence across industries. [^] BOOK REVIEW: A History of the New York Stock Market ------------------------------------------------------- Author: Robert Sobel Publisher: Beard Books Soft cover: 395 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/the_big_board.html First published in 1965, The Big Board was the first history of the New York stock market. It's a story of people: their foibles and strengths, earnestness and avarice, triumphs and crash-and-burns. It's full of entertaining anecdotes, cocktail-party trivia, and tales of love and hate between companies and investors. Early investments in North America consisted almost exclusively of land. The few securities holders lived in cities, where informal markets grew, with most trading carried out in the street and in coffeehouses. Banking, insurance, and manufacturing activity increased only after the Revolution. In 1792, 24 prominent New York businessmen, for whom stock- and bond-trading was only a side business, met under a buttonwood tree on Wall Street and agreed to trade securities on a common commission basis. Five securities were traded: three government bonds and two bank stocks. Trading was carried out at the Tontine Coffee-House in a call market, with the president reading out a list of stocks as brokers traded each in turn. The first half of the 19th century was heady for security trading in New York. In 1817, the Tontine gave way to the New York Stock and Exchange Board, with a more organized and regulated system. Canal mania, which peaked in the late 1820s, attracted European funds to New York and volume soared to 100 shares a day. Soon, the railroads competed with canals for funding. In the frenzy, reckless investors bought shares in "sheer fabrications of imaginative and dishonest men," leading an economist of the day to lament that "every monied corporation is prima facia injurious to the national wealth, and ought to be looked upon by those who have no money with jealousy and suspicion." Colorful figures of Wall Street included Jay Gould and Jim Fisk, who in 1869 precipitated one of the worst panics in American financial history by trying to corner the gold market. Almost lynched, the two were hauled into court, where Fisk whined, "A fellow can't have a little innocent fun without everybody raising a halloo and going wild." Then there was Jay Cooke, who invented the national bond drive and, practically unaided, financed the Union effort in the Civil War. In 1873, however, faulty judgement on railroad investments led to the failure of Cooke & Co. and a panic on Wall Street. The NYSE closed for ten days. A journalist wrote: "An hour before its doors were closed, the Bank of England was not more trusted." Despite J. P. Morgan's virtual single-handed role in stemming the Knickerbocker Trust panic of 1907, on his death in 1913, someone wrote "We verily believe that J. Pierpont Morgan has done more harm in the world than any man who ever lived in it." In the 1950s, Charles Merrill was instrumental in changing this attitude toward Wall Streeters. His firm, Merrill Lynch, derisively known in some quarters as "We, the People" and "The Thundering Herd," brought Wall Street to small investors, traditionally not worth the effort for brokers. The Big Board closes with this story. Asked by a much younger man what he thought stocks would do next, J.P. Morgan "never hesitated for a moment. He transfixed the neophyte with his sharp glance and replied 'They will fluctuate, young man, they will fluctuate.' And so they will." Robert Sobel died in 1999 at the age of 68. A professor at Hofstra University for 43 years, he was a prolific historian of American business, writing or editing more than 50 books. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***