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260317.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 17, 2026, Vol. 30, No. 76 Headlines 123 NORTH 4TH: Claims to be Paid from Property Sale Proceeds 200 ARPEGGIO: Hires Paul Reece Marr P.C. as Bankruptcy Counsel 40 SOUTH: Seeks Chapter 11 Bankruptcy in New York 407 SMILEY: Plan Exclusivity Period Extended to April 30 4US CORP: Hires Commercial Recovery as Financial Advisor 560 NIAGARA: Seeks to Hire Colligan Law LLP as Bankruptcy Counsel 6325 SHERIDAN: Seeks to Tap Colligan Law LLP as Bankruptcy Counsel A & A AUTO WORKS: Cash Collateral Hearing Set for March 18 AAM EQUIPMENT: Seeks to Hire Purple Wave Inc. as Auctioneer ABC LEGAL: Barings Participation Marks $498,408 Loan at 37% Off ABERCROMBIE & FITCH: S&P Affirms 'BB' ICR, Alters Outlook to Stable ACCELEVATION: Barings Participation Marks $280,732 Loan at 24% Off ACCREDITED LABS: Barings PI Virtually Writes Off $707,130 Loan AFC ACQUISITION: Gets Court OK to Use Cash Collateral AFC ACQUISITION: Hires Gatton & Associates P.C. as Counsel AGEAGLE AERIAL: Acquires Aerodrome Stake Under JV Framework ALABAMA AUTO TOP: Seeks Cash Collateral Access ALCOA-MARYVILLE: Cash Collateral Hearing Set for March 19 ALLIED DEVCORP: Unsecureds Owed $10K+ to Split $50K over 5 Years AM PYROTECHNICS: Norman Rouse Named Subchapter V Trustee AM PYROTECHNICS: Seeks to Hire W M Law as Bankruptcy Counsel AMC ENTERTAINMENT: Secures $425MM Facility to Refinance Odeon Notes AMERICAN ROLLER: Barings PI Marks $611,632 Loan at 40% Off AMERICO CHEMICAL: Barings Participation Marks $504K Loan at 25% Off AMERIESTATE LEGAL: Case Summary & 20 Largest Unsecured Creditors AMK PROPERTIES: Hires Lutrell + Carmody as Special Counsel AMK PROPERTIES: Hires Schriver Carmona & Company as Accountant AMK PROPERTIES: Hires Smeberg Law Firm as Bankruptcy Counsel ANGLIN CONSULTING: Creditors to Get Proceeds From Liquidating Trust APPLICATION BOOTCAMP: Barings PI Marks $1.2M Loan at 31% Off APPLIED AEROSPACE: Barings PI Marks $1.2M Loan at 86% Off APPLIED AEROSPACE: Barings PI Marks $1.2M Loan at 86% Off APPLIED AEROSPACE: Barings PI Marks $1.3M Loan at 38% Off ARGUS LOGISTICS: Barings Participation Marks $1.1MM Loan at 55% Off ARKHAM REALTY: Seeks Chapter 11 Bankruptcy in Pennsylvania ARTICON HOTEL: Court Extends Cash Collateral Access to May 15 ATBIZ LLC: Carol Fox of GlassRatner Named Subchapter V Trustee AUTOMATED FINANCIAL: Barings PI Marks $1.37MM Loan at 71% Off BARBEQUE EXCHANGE: Seeks Subchapter V Bankruptcy in Virginia BEAR COMPANY: Gets Final OK to Use Cash Collateral BEYOND MEAT: Fails to Meet Nasdaq's Minimum Bid Price Requirement BKF ENGINEERS: Barings Participation Marks $615,963 Loan at 28% Off BP HOLDINGS: Barings Participation Marks $1.2MM Loan at 45% Off BUSKE LOGISTICS: Barings Participation Marks $492K Loan at 36% Off BUZZFEED INC: Evaluates Options to Avert Insolvency C & S RESTAURANT: Commences Chapter 11 Bankruptcy in Florida CAI SOFTWARE: Barings Participation Marks $1MM Loan at 35% Off CALIFORNIA CUSTOM: Barings PI Marks $437,372 Loan at 28% Off CAPROCK GROUP: Barings Participation Marks $1.2MM Loan at 45% Off CAPROCK GROUP: Barings PI Marks $529,688 Loan at 37% Off CARR'S PLUMBING: Loses Bid for Enforcement of Automatic Stay CCJG ICHO: Seeks Chapter 7 Bankruptcy in California CEDAR VALLEY: Plan Exclusivity Period Extended to April 13 CELSIUS NETWORK: Fireblocks Hit With 'Staggering' Negligence Claims CHAMINADE UNIVERSITY: S&P Affirms 'BB+' Rating on 2015 Bond Rating CHOATE ENGINEERING: Seeks to Hire Mjemmet LLC as Accountant CLEANCO CARPET: Case Summary & 20 Largest Unsecured Creditors COKER: Barings Participation Marks $1.2MM Loan at 19% Off COMPREHENSIVE INTERVENTIONAL: Files Amendment to Disc. Statement CONSTRUCT GROUP: Hires Bruner Wright P.A. as Counsel CONTINENTAL TELEVISION: Seeks Chapter 11 Bankruptcy in Florida COPPER RIDGE LANDSCAPE: Commences Chapter 11 Bankruptcy in Pa. COURTESY SCREENING: Gets Interim OK to Use Cash Collateral CRUX SOLUTIONS: Case Summary & Nine Unsecured Creditors CTV PARADISE: Voluntary Chapter 11 Case Summary CUMULUS MEDIA: District Court Stays Nielsen Antitrust Lawsuit CUMULUS MEDIA: Files Chapter 11 to Implement $592MM Debt Reduction CUMULUS MEDIA: Plans to Go Private, Replace Board After Ch.11 Exit CUMULUS MEDIA: Unsecured Creditors Unimpaired in Prepackaged Plan DECKS DIRECT: Barings Participation Marks $1.4MM Loan at 43% Off DECKS DIRECT: Barings Participation Marks $276,000 Loan at 74% Off DEL CAMPO AL: Commences Chapter 11 Bankruptcy in Puerto Rico DELLA RAGIONE: Hires Law Offices Craig A. Diehl as Attorney DELLA RAGIONE: Seeks Cash Collateral Access DIOCESE OF OAKLAND: Rival Plans to Proceed in Chapter 11 Case DISTINCTIVELY OUTDOORS: Voluntary Chapter 11 Case Summary DIVERSIFIED WIRE: Case Summary & 20 Largest Unsecured Creditors DONNA DISHER: Seeks Chapter 11 Bankruptcy in Pennsylvania DOOR & WINDOW: Barings Participation Marks $522,207 Loan at 20% Off EDDIE BAUER: Creditors Challenge Cash Deal in Bankruptcy Case EFI PRODUCTIVITY: Barings PI Marks $195,396 Loan at 37% Off EFI PRODUCTIVITY: Barings PI Marks $694,695 Loan at 42% Off ELDORADO GOLD: S&P Upgrades ICR to 'BB-' on Improving Cash Flow EMPIRE FACILITY: Francis Brennan Named Subchapter V Trustee ENVUE MEDICAL: Bank of America Reports Stake Under 5% ERC TOPCO: Apollo Debt Solutions Marks $11MM 1L Loan at 66% Off ESDEC SOLAR: Apollo Debt Marks EU62.6M 1L Loan at 42% Off EXCLUSIVE OPTICAL: Seeks to Extend Plan Exclusivity to Aug. 5 EXPERT INSTITUTE: Barings PI Marks $390,859 Loan at 61% Off F4 PHANTOM: Seeks Chapter 11 Bankruptcy in Illinois FAIRHAVEN POKE: Commences Subchapter V Bankruptcy in Washington FAZELI PROPERTIES: Creditors to Get Proceeds From Liquidation FRANCESCA'S HOLDINGS: Secures Court OK for IP Sale to Altar'd State FUNKO INC: Names Andrew Oddie as Chief International Officer FW MONROE: Commences Chapter 7 Bankruptcy in New York GCDL HOLDINGS: Barings Participation Marks $1.2MM Loan at 31% Off GME SUPPLY: Barings Participation Marks $1.3MM Loan at 23% Off GREENWAVE TECHNOLOGY: Reports $5.28MM Q3 Loss Amid Cash Strain GUARDIAN FIRE: Barings Participation Marks $744,894 Loan at 56% Off HARVARD BIOSCIENCE: Stockholders OK 1-for-10 Reverse Split HAYDEES CAFE: Seeks Chapter 7 Bankruptcy in Georgia HAYSTACKID: Barings Participation Marks $1.0MM Loan at 42% Off HEMASOURCE INC: Barings Participation Marks $1.6MM Loan at 58% Off HIGH WIRE: Completes Acquisition of Thoth Aerospace Inc. HILB GROUP: Barings Participation Marks $779,214 Loan at 22% Off HOTEL ONE: Gets Final OK to Use Cash Collateral HTI TECHNOLOGY: Barings PI Marks $724,990 Loan at 29% Off HUDSON 1701/1706: Chapter 11 Lease Case Spurs New Evidence Demands ICE HOUSE: Barings Participation Marks $1.2MM Loan at 20% Off INCORA: Chapter 11 Uptier Fight Sparks $30MM D&O Suit INSPIRED HEALTHCARE: Hires DLA Piper as Conflicts Counsel INSPIRED HEALTHCARE: Hires M. Benjamin Jones of Ankura as CRO INSPIRED HEALTHCARE: Hires Raymond James as Investment Banker INSPIRED HEALTHCARE: Seeks to Hire McDermott Will as Counsel INSPIRED HEALTHCARE: Seeks to Hire Ordinary Course Professionals INTERNATIONAL SUPPORT: Seeks Chapter 11 Bankruptcy in Florida INVATECH PHARMA: Plan Exclusivity Period Extended to June 26 JAGUAR HEALTH: Risks Nasdaq Delisting Over Bid Price Noncompliance K&W LEGACY: Case Summary & 20 Largest Unsecured Creditors KANAWHA SCALES: Barings Participation Marks $1MM Loan at 56% Off LABRUZZO COMMERCIAL: Updates Unsecured Claims Details LAUNCHPAD HOME: Barings Participation Marks $1.5MM Loan at 65% Off LIVECONNECTIONS.ORG: Seeks Chapter 11 Bankruptcy in Pennsylvania LOCKMASTERS INC: Barings PI Marks $709,783 Loan at 24% Off M&B SERVICES: Gets Interim OK to Use Cash Collateral MAILTROPOLIS LLC: Gets OK to Use Cash Collateral MARC CAMPBELL: Case Summary & One Unsecured Creditor MARTINS FOOD: Gets Interim OK to Use Cash Collateral MCAFEE: Barings Participation Marks $34,369 Loan at 78% Off MEDIA RECOVERY: Barings Participation Marks $1.2M Loan at 22% Off MELPRO LLC: Hires Seeks to Hire William C. Johnson as Counsel MERCHANT INDUSTRY: Barings PI Marks $612,118 Loan at 34% Off MERYDE GROUP: Gets OK to Use Cash Collateral MINCED MEAL: Hires Joyce W. Lindauer Attorney PLLC as Counsel MISSION MICROWAVE: Barings PI Marks $717,442 Loan at 16% Off MLM OREGON: Voluntary Chapter 11 Case Summary MODERN MEDICAL: Gets Court OK to Use Cash Collateral MORE THAN PLUMBING: Unsecureds to Split $36K over 3 Years MSI EXPRESS: Barings Participation Marks $716,357 Loan at 26% Off MW MASON: Gets OK to Use Cash Collateral NARU LLC: Cash Collateral Hearing Set for March 19 NAVIA BENEFIT: Barings Participation Marks $1.7MM Loan at 31% Off NET AT WORK: Barings Participation Marks $1.6MM Loan at 32% Off NETRIX: Barings Participation Marks $1.7MM Loan at 16% Off NFN8 GROUP: Hires HMP Advisory as Financial Advisors NFN8 GROUP: Seeks to Hire Kane Russell Coleman as Counsel NORTH COUNTY PIZZA: Case Summary & 20 Largest Unsecured Creditors NORTH FLORIDA: Seeks to Hire Bruner Wright P.A. as Counsel NORTH STAR: Hires Bousquet Holstein as Special Corporate Counsel NORTH STAR: Hires Omni Agent Solutions as Administrative Agent NORTH STAR: Hires Wintergreen Inc as Restructuring Advisor NORTH STAR: Seeks to Hire Verrill Dana as Conflict Counsel OHEL BAPAZ: Voluntary Chapter 11 Case Summary OMEGA HOLDINGS: Barings Participation Marks $601K Loan at 29% Off ONSITE DEALER: Barings Participation Marks $1.6MM Loan at 75% Off ORYX SYSTEMS: Seeks to Hire Essex Richards P.A. as Counsel OVERALL HOME: Seeks Subchapter V Bankruptcy in Florida PACECAR ENTERTAINMENT: Seeks to Hire Bruner Wright as Counsel PALM FOLLY: Hard Seltzer Brand Seeks Chapter 7 Bankruptcy PARK 54 RESTAURANT: Gets OK to Use Cash Collateral PAT MCGRATH: To Relinquish Control of Cosmetics Brand in Ch.11 Deal PERENNIAL REAL: Commences Chapter 11 Bankruptcy in New York PERNA OIL: Greta Brouphy Named Subchapter V Trustee PERRIGO COMPANY: Price-Fixing MDL Trials to Start August 2027 PHOENIX FUND: Hires Sepulvado and Associates as Special Counsel PICO-UNION HOUSING: Case Summary & 20 Largest Unsecured Creditors POLARA: Barings PI Investors Marks $891,409 Loan at 21% Off POLYTEX HOLDINGS: Barings Participation Marks $2.3M Bond at 69% Off PRECISION TRADES: Seeks Cash Collateral Access PRND3L INC: Court Confirms Second Amended Plan of Reorganization PRO VISION: Barings Participation Marks $904,629 Loan at 19% Off PROFITOPTICS: Barings Participation Marks $831,452 Loan at 23% Off PROJECT HALO: Barings Participation Marks $1M Loan at 22% Off PROJECT PIZZA: Initiates Chapter 11 Bankruptcy in California RAILHEAD INC: Hires Martin Law Group P.C. as Legal Counsel RANDY'S WORLDWIDE: Barings PI Marks $446,415 Loan at 81% Off RAPID TEST: Case Summary & 20 Largest Unsecured Creditors RAPIDAIR: Barings Participation Marks $547,950 Loan at 51% Off REAL CHEMISTRY: Barings PI Marks $500,000 Loan at 28% Off REBORN COFFEE: Alex Yeon Joins Board Following Expansion to Seven REBORN COFFEE: Appoints Jung Jae Lim as Co-Chief Executive RKD GROUP: Barings Participation Marks $1.7M Loan at 19% Off ROCKET PHARMACEUTICALS: Reply on Bid to Dismiss Due April 1 ROI SOLUTIONS: Barings Participation Marks $1.4MM Loan at 28% Off SAILORMEN INC: Hires Peak Franchise Capital as Investment Banker SAN JUAN CROSSINGS: Seeks to Tap Fuller Law Firm as Legal Counsel SANDY PINES: Gets Interim OK to Use Cash Collateral SECTION 119: Case Summary & 20 Largest Unsecured Creditors SEKO WORLDWIDE: Barings PI Marks $979,165 Loan at 53% Off SHILO INN OCEAN SHORES: Gets Extension to Access Cash Collateral SHORELINE JUNK: Seeks to Hire Bruner Wright P.A. as Counsel SIGNATURE YHM: Plan & Disclosures Get Tentative Approval SILICON VALLEY: Court Told FDIC Holds Rights to Insurance Claims SISSON & SON: Gets Interim OK to Use Cash Collateral SMARTLING INC: Barings Participation Marks $1.7MM Loan at 32% Off SONICWALL: Barings Participation Marks $962,264 Loan at 36% Off SOUTHDOWN HOMES: Seeks Chapter 11 Bankruptcy in Pennsylvania SPARHAWK LLC: Case Summary & Four Unsecured Creditors SPATCO: Barings Participation Marks $1.6MM Loan at 24% Off SPIRIT AVIATION: Holders Consent to Deregistration of Shares SPOKANE INDUSTRIES: Court OKs DIP Loan From Principal SSP WASTE: Hires Wadsworth Garber Warner as Counsel STANDARD ELEVATOR: Barings Participation Marks $1M Loan at 18% Off STANDARD FREIGHT: Hires William G. Haeberle as Accountant SVEN SETIAWAN LEPSCHY: May 20 Hearing Set for Automatic Stay Motion SWOOP: Barings Participation Marks $500,00 Loan at 48% Off SYNIVERSE CORP: S&P Places 'B-' ICR on CreditWatch Negative T.C.'s GRIL: Cash Collateral Hearing Set for March 19 TAMPA AUTO: Commences Chapter 7 Bankruptcy in Florida TAVERN BAR: Gets Interim OK to Use Cash Collateral TAWR PROPERTY: Seeks to Hire Munsch Hardt Kopf & Harr as Attorney TAWR PROPERTY: Taps Douglas J. Brickley of Stout Risius as CRO TECH READY MIX: Seeks Cash Collateral Access TELEGRAPH COFFEE: Seeks Chapter 7 Bankruptcy in Nevada TELLICO RENTALS: Plan Exclusivity Period Extended to Dec. 10 TENCARVA MACHINERY: Barings PI Marks $1.9MM Loan at 17% Off TENCARVA MACHINERY: Barings PI Marks $541,779 Loan at 51% Off TWENTY EIGHT: Gets OK to Use Cash Collateral Until March 31 UHY LLP: Barings Participation Marks $1.9MM Loan at 47% Off UNIVERSAL AIR: Gets Interim OK to Use Cash Collateral UNOSQUARE: Barings Participation Marks $604,761 Loan at 42% Off US MAGNESIUM: Gets OK to Use Cash Collateral US MAGNESIUM: Seeks to Extend Plan Exclusivity to May 8 VANDERBILT MINERALS: Hires Bond Schoeneck & King as Co-Counsel VANDERBILT MINERALS: Hires Greenhill & Co LLC as Investment Banker VANDERBILT MINERALS: Seeks to Hire Jones Day as Bankruptcy Counsel VSM PROPERTIES: Plan Exclusivity Period Extended to Dec. 10 WARNER PACIFIC: Barings Participation Marks $1.3M Loan at 39% Off WEST DAUPHIN: Seeks Chapter 11 Bankruptcy in Pennsylvania WHITCRAFT HOLDINGS: Barings PI Marks $1.3M Loan at 20% Off WHITCRAFT HOLDINGS: Barings PI Marks $1.3MM Loan at 20% Off WHITCRAFT HOLDINGS: Barings PI Marks $372,728 Loan at 78% Off WILSON LANGUAGE: Barings PI Marks $612,319 Loan at 28% Off WOLVERINE WORLD: S&P Upgrades ICR to 'B+', Outlook Stable WOODCREST CONDOMINIUMS: Plan Exclusivity Period Extended to May 1 WOODLAND FOODS: Barings Participation Marks $1.22MM Loan at 18% Off X4 PHARMA: Morgan Stanley and Affiliates Hold 10.2% Equity Stake XANDRIA HOLDINGS: Case Summary & Four Unsecured Creditors ZEEP INCORPORATED: Case Summary & 20 Largest Unsecured Creditors ZIYAD: Barings Participation Marks $974,485 Loan at 44% Off ********* 123 NORTH 4TH: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------ 123 North 4th St Group LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated March 4, 2026. Formed in 2018, the Debtor is a domestic limited liability company formed pursuant to the laws of the State of New York with its principal place of business located at 164 Clymer Street, Brooklyn, NY 11211. The Debtor was formed to acquire title to the Property. The Debtor acquired the Property on January 23, 2019, for the sum of $2,665,000. On or about November 4, 2021, the Debtor refinanced the Property by securing a loan from Deepdale in the original principal amount of $3,200,000.00. Due to alleged defaults in paying Deepdale pursuant to its note and mortgage, on October 6, 2023, Deepdale commenced an action to foreclose its mortgage entitled Deepdale Funding BK II LLC v. 123 North 4th St. Group LLC, et al. in the Supreme Court of the State of New York, Kings County (Index No. 529047/2023) (the "Foreclosure Action"). On September 11, 2025, the Supreme Court entered a judgment, in the amount of $5,428,466.67, in the Foreclosure Action. A sale of the Property was scheduled for December 4, 2025 at 2:15 pm. The Property is a 5,000 SF mixed-use project, which prior to the Petition Date, has been under construction. The Property is approximately 35% complete. The remaining cost to complete construction is approximately $1,500,000. To raise these funds the Debtor contemplates obtaining debtor in possession financing ("DIP"). Subject to an order of this Court, the DIP loan will be used for (i) completion of construction costs, (ii) payment of Allowed Administrative Claims, and (iii) funding the Unsecured Creditors Fund, if necessary. Subject to an order of this Court, the DIP lender will be granted a priming lien on the Property and superpriority administrative expenses status. Class 5 consists of General Unsecured Claims. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction, release and discharge of Class 4 General Unsecured Claims, the holder of such Claims shall receive the following treatment: on the Effective Date, or as soon as possible after such Claims become Allowed Claims, each holder of a Class 5 General Unsecured Claim shall receive from the Disbursing Agent, unless otherwise agreed in writing between the Debtor and the holder of such Claim, the remaining Cash from the Sale Proceeds after payment of Statutory Fees, Administrative Claims, Professional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, Class 3 Claims, and Class 4 Claims. If the remaining Cash from the Sale Proceeds is insufficient to pay all holders of Allowed Class 5 Claims in full, then holders of Allowed Claims in Class 5 shall receive Pro Rata payment of $10,000 from the Unsecured Creditors Fund. Class 5 Claims are Impaired, and the holders of General Unsecured Claims are entitled to vote to accept or reject the Plan. The holders of Class 6 Membership Interests in the Debtor will keep their Membership Interests and will receive any remaining cash from the sale proceeds after all Statutory Fees, Administrative Claims, Professional Fee Claims, Non-Tax Priority Claims, Priority Tax Claims, as well as Class 1 Claims, Class 2 Claims, Class 3 Claims, Class 4 Claims, and Class 5 Claims have been paid. Class 6 Membership Interests are Impaired and are entitled to vote to accept or reject the Plan. Payments under the Plan will be paid from either the Sale Proceeds or Cash of the Debtor. The Sale Transaction will be implemented pursuant to the Bid Procedures. Prior to or on or about the Effective Date, the Property shall be sold to the Purchaser, free and clear of all Liens, Claims and encumbrances (except permitted encumbrances as determined by the Purchaser), with any such Liens, Claims and encumbrances to attach to the Sale Proceeds and disbursed in accordance with the provisions of the Plan. Except as set forth elsewhere in the Plan, all distributions to be made on the Effective Date shall be transferred to the escrow account of the Disbursing Agent at the closing of the Sale Transaction. A full-text copy of the Disclosure Statement dated March 4, 2026 is available at https://urlcurt.com/u?l=EGhCeI from PacerMonitor.com at no charge. Counsel to the Debtor: Joel M. Shafferman, Esq. Shafferman & Feldman LLP 137 Fifth Avenue, 9th Floor New York, NY 10010 Telephone: (212) 509-1802 E-mail: shaffermanjoel@gmail.com About 123 North 4th St Group LLC 123 North 4th St Group LLC is a single asset real estate company. 123 North 4th St Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y., Case No. 25-45843) on Dec. 4, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Shafferman & Feldman LLP. 200 ARPEGGIO: Hires Paul Reece Marr P.C. as Bankruptcy Counsel -------------------------------------------------------------- 200 Arpeggio Way LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, P.C. as bankruptcy counsel. The firm's services include: (a) providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's current rates are: Paul Reece Marr, Esq. $495 per hour Paralegal $275 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Marr disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Reece Marr, Esq. Paul Reece Marr, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About 200 Arpeggio Way LLC 200 Arpeggio Way LLC is a Georgia-based limited liability company engaged in real estate ownership and property management activities. The company primarily focuses on holding and managing residential or investment property assets 200 Arpeggio Way, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51499) on February 3, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Barbara Ellis-Monro presides over the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. 40 SOUTH: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- On March 10, 2026, 40 South Portland LLC filed for Chapter 11 protection in the United States Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 40 South Portland LLC 40 South Portland LLC is a limited liability company involved in real estate ownership and property investment activities. 40 South Portland LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41129) on March 10, 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 Elizabeth S. Stong handles the case. The Debtor is represented by Michael L. Previto, Esq. 407 SMILEY: Plan Exclusivity Period Extended to April 30 -------------------------------------------------------- Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts extended 407 Smiley Crossing LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 30 and June 29, 2026, respectively. As shared by Troubled Company Reporter, the Debtor filed its Petition commencing this Chapter 11 case on November 17, 2025. The Debtor, a single asset real estate debtor, is the Debtor-in-Possession and continues to operate its business pursuant to Orders of this Court. Courts consider a variety of factors in determining whether "cause" exists to warrant an extension of the exclusivity periods, including: (a) the size and complexity of the case, (b) the debtor's progress in resolving issues facing the estate and (c) whether an extension of time will harm the debtor's creditors. The first factor in determining whether "cause" exists to warrant the extension of exclusivity requested here is the size and complexity of the case. While this case, involving some $15 to $20 Million, is sizeable, as a single asset real estate Debtor, there are, effectively, only two parties with a significant economic interest in the case, the Debtor, and its secured lender. The Debtor explains that the complexity of the case comes from the nature of the Debtor's real estate asset, a residential and commercial mixed use building in Downtown Crossing, Boston, MA, wherein the residential component is fully leased but the commercial component is only temporarily leased at a below market rental and, with the current tenant considering re-leasing the property and other substantial retail tenants considering leasing the property on one of Boston's busiest retail blocks, the situation remains complex as the future of the commercial space in the Debtor's real estate asset will determine the nature of the Debtor's Chapter 11 reorganization. The second factor in determining whether "cause" exists to warrant the exclusivity extensions sought by the Debtor is the Debtor's progress in resolving issues facing the estate. The Debtor, in the less than three months since commencement of the case, has successfully obtained adversary use of cash collateral and employment of management, pursuant to Orders of this Court. In addition, the Debtor will, this month, commence making payments to its secured lender on the monthly amounts ordered by this Court pursuant to Section 362(d)(3) of the Bankruptcy Code. Additionally, the Debtor has been fully engaged in leasing its commercial space. The timing of its Chapter 11 filing, precipitated by lender litigation, meant that the first few months of the case ran through the Thanksgiving, Christmas and New Year's holidays and an unusually snowy and bitterly cold winter season, all factors slowing retail leasing decisions by retailers. The Debtor has, by any measure, made significant progress in the first few months of this case. 407 Smiley Crossing LLC is represented by: Stephen F. Gordon, Esq. The Gordon Law Firm LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: (617) 456-1270 E-mail: sgordon@gordinfirm.com About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, of The Gordon Law Firm LLP. 4US CORP: Hires Commercial Recovery as Financial Advisor -------------------------------------------------------- 4US Corp., Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Commercial Recovery Associates, LLC as financial advisor. The firm's services include: (a) assessing the Debtor's financial and operational condition; (b) evaluating the Debtor's existing liquidity and assisting with cash flow management and forecasting; (c) assisting the Debtor in developing and executing a strategic plan to restructure the Debtor's focus in the trucking industry; (d) assisting in communications and negotiations with creditors; (e) advising or restructuring alternatives and the formulation of a reorganization plan; (f) providing financial advice on adequate protection payments, use of cash collateral and debtor-in-possession financing; and (g) assisting with the Debtor's operating budgets, monthly operating reports, and projections for the Debtor's plan of reorganization. The firm will be paid at the rate of $500 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor paid the firm a retainer of $15,000. Mr. Handler disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 805 Greenwood Street Evanston, IL 60201 Tel: (312) 845-5001 About 4US Corp., Inc. 4US Corp, Inc. operates as a transportation and logistics company, providing freight hauling services through ownership of commercial trucks and trailers, including Freightliner trucks and Wabash, Dorsey, Mac, Fontaine, Hyundai, and Eagle trailers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01936) on February 2, 2026. In the petition signed by Eli Malikovsky, president, the Debtor disclosed $3,118,000 in total assets and $9,253,165 in total liabilities. Judge Timothy A. Barnes oversees the case. David Freydin, Esq., at LAW OFFICES OF DAVID FREYDIN, represents the Debtor as legal counsel. 560 NIAGARA: Seeks to Hire Colligan Law LLP as Bankruptcy Counsel ----------------------------------------------------------------- 560 Niagara Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Colligan Law LLP as counsel. The firm will represent, advise and assist the Debtor during the course of these proceedings, in connection with all legal matters for which it may require legal services or assistance. The firm will be paid at these hourly rates: Frederick Gawronski Attorney $475 Associate $295 Paralegal $140 Prior to the petition date, the firm received a retainer of $10,000 from the Debtor. Mr. Gawronski 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: Frederick J. Gawronski, Esq. Colligan Law LLP 12 Fountain Plaza, Suite 600 Buffalo, NY 14202 Telephone: (716) 885-1150 Facsimile: (716) 885-4662 Email: fgawronski@colliganlaw.com About 560 Niagara Holdings, LLC 560 Niagara Holdings, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10193) on February 17, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Carl L Bucki presides over the case. Frederick J. Gawronski, Esq. at Colligan Law LLP serves as the Debtor's counsel. 6325 SHERIDAN: Seeks to Tap Colligan Law LLP as Bankruptcy Counsel ------------------------------------------------------------------ 6325 Sheridan Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Colligan Law LLP as counsel. The firm will represent, advise and assist the Debtor during the course of these proceedings, in connection with all legal matters for which it may require legal services or assistance. The firm will be paid at these hourly rates: Frederick Gawronski Attorney $395 Associate $295 Paralegal $140 Prior to the petition date, the firm received a retainer of $2,500 from the Debtor. Mr. Gawronski 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: Frederick J. Gawronski, Esq. Colligan Law LLP 12 Fountain Plaza, Suite 600 Buffalo, NY 14202 Telephone: (716) 885-1150 Facsimile: (716) 885-4662 Email: fgawronski@colliganlaw.com About 6325 Sheridan Corporation 6325 Sheridan Corporation is a single asset real estate company. On January 27, 2026, 6325 Sheridan Corporation filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 26-10101). The filing reflects assets of up to $50,000 and liabilities of between $500,001 and $1 million. Judge Carl L. Bucki presides over the matter. The Debtor is represented by Frederick J. Gawronski, Esq., at Colligan Law, LLP. A & A AUTO WORKS: Cash Collateral Hearing Set for March 18 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on March 18 to consider extending A & A Auto Works on Grand, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral under the court's March 5 interim order expires on March 19. The initial order approved the payment of the Debtor's expenses from cash and cash equivalents, which constitute cash collateral of lien claimants including ECapital Loan Fund III, LP and the Illinois Department of Revenue. ECapital claims a secured interest in the Debtor's assets through loan documents originally issued by the U.S. Small Business Administration and Millennium Bank. The outstanding balance on the loans is estimated at about $1.85 million. As protection, ECapital and other lien claimants were granted replacement liens on the cash collateral and other property acquired by the Debtor after its Chapter 11 filing similar to their pre-bankruptcy collateral. The order is available at https://is.gd/eFuDbG from PacerMonitor.com. A & A owns three commercial real estate parcels in Chicago, Illinois: one unoccupied property at 6100 West Grand Avenue and two occupied properties at 6134–6138 West Grand Avenue where the auto body repair shop operates. The Debtor estimates the combined value of these properties to exceed $4 million. In addition to the real estate, the Debtor's assets include cash deposits, accounts receivable, furniture, tools, equipment, inventory, and other business assets valued at approximately $408,000. About A & A Auto Works on Grand Inc. A & A Auto Works on Grand, Inc. operates an auto body repair shop in Chicago, Illinois. A & A sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03824) on March 3, 2026, listing up to $10 million in both assets and liabilities. Angelo Resendez Jr., president of A & A, signed the petition. Gregory K. Stern, Esq., at Gregory K. Stern PC, represents the Debtor as legal counsel. AAM EQUIPMENT: Seeks to Hire Purple Wave Inc. as Auctioneer ----------------------------------------------------------- AAM Equipment, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ Purple Wave, Inc. as auctioneer. The firm will auction the Debtor's heavy construction equipment, consisting of bulldozers, excavators, forlifts, and related machinery. The firm will be paid at the rate of $100 per lot sold, plus retention of a buyer's premium of 10 percent which is collected directly from the winning bidder. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott Norene Purple Wave, Inc. 825 Levee Drive Manhattan, KS 66502 Tel: (866) 608-9283 About AAM Equipment, LLC AAM Equipment, LLC is engaged in renting heavy construction equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-80129) on February 2, 2026. In the petition signed by Aaron Moody, owner, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Christopher L. Hawkins oversees the case. Stuart Memory, Esq., at Memory Memory and Causby, LLP, represents the Debtor as legal counsel. ABC LEGAL: Barings Participation Marks $498,408 Loan at 37% Off --------------------------------------------------------------- Barings Participation Investors has marked its $498,408 loan extended to ABC Legal Services to market at $312,399 or 63% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to ABC Legal Services. The Loan accrues interest at a rate of 8.34% per annum. The Loan matures on Aug. 13, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About ABC Legal Services ABC Legal Services is a leading national provider of service-of-process solutions, handling the formal delivery of legal documents required to initiate litigation. ABERCROMBIE & FITCH: S&P Affirms 'BB' ICR, Alters Outlook to Stable ------------------------------------------------------------------- S&P Global Ratings revised its ratings outlook on Abercrombie & Fitch Co. to stable from positive. S&P also affirmed its 'BB' issuer credit rating on the company. S&P said, "The stable outlook reflects our expectation that revenue will continue to grow, albeit at a more moderate pace, driven by overall comparable sales growth and new store openings. In addition, we expect adjusted leverage will remain below 1x in 2026 despite a modest decline in adjusted EBITDA margin." Abercrombie & Fitch Co.'s reported elevated supply chain costs due to tariffs on imports and revenue growth deceleration to 6.4% in 2025. S&P said, "We forecast operating margins will modestly decline in 2026 as tariffs weigh on profitability. S&P Global Ratings-adjusted EBITDA margin decreased to 22.4% in fiscal 2025 compared to 24.3% in the prior year, largely due to elevated supply chain costs from tariffs, higher promotions on Abercrombie brands, and merchandise mix. The company has mitigated these costs through sourcing diversification, vendor negotiations, and operational efficiencies. We forecast adjusted EBITDA margin will further decline to about 22% in fiscal year 2026 largely due to higher tariffs on imports. The company estimates tariffs will increase costs an additional $40 million. "In 2027, we expect EBITDA margin will remain roughly the same as 2026. While freight cost has been trending favorably in recent quarters, we view the escalating geopolitical tensions as a risk that could increase costs in the intermediate term. "We forecast revenue growth to continue, albeit at a slower pace. Abercrombie reported revenue growth of 6.4% in fiscal 2025--less than half of the 15.6% growth in fiscal 2024. This trend continued into the fourth quarter, with Hollister brands' comparable sales growth slowing to 3% from 24% compared to the same quarter in the prior year. Abercrombie brands' comparable sales declined 7% in fiscal 2025, underperforming our expectations due to increased promotions to clear excess inventory from fashion misses. "We forecast revenue will grow 4.2% in 2026, driven by about 30 net new store openings and an increase in average unit retail (AUR) due to higher prices. In 2027, we expect revenue will expand 3.8% as the company opens new stores. "While we expect the company will continue to grow overall revenue this year following robust expansion in the last three years, comparable sales fluctuations at Abercrombie brands highlights its exposure to fashion risks, further amplified by a challenging macroeconomic environment. We believe increasing pressure from persistent inflation and declining purchasing power will lead consumers to seek further value, which could increase competition and promotional activity." In addition, consumer confidence could decline further from additional macroeconomic uncertainties and geopolitical tensions. This could hurt demand for discretionary products. Reported free operating cash flow (FOCF) will improve year-over-year. Reported FOCF decreased to $378 million in 2025 compared to $527 million in the prior year due to lower profitability, non-recurring working capital outflow and higher capital spending. Capital expenditure (capex) increased $56 million to $241 million in fiscal 2025, reflecting investments in an enterprise resource planning (ERP) implementation project and other technology investments, as well as store expansion and remodels. The company plans to expand its operations by opening new stores domestically while leveraging a more asset-light model internationally, which includes franchising and partnerships. S&P forecasts annual reported FOCF of $425 million-$450 million over the next 24 months, driven by working capital normalization and declines in capex. S&P expects the company will maintain credit metric cushion. S&P Global Ratings-adjusted leverage remained at less than 1x in fiscal 2025 as the company currently has no funded debt, only operating lease liabilities. The company nearly doubled its stock repurchases to $451 million compared to about $230 million in the prior year partially supported by free cash flow generation. This led to a decline in the company's cash balance to $785 million as of Jan. 31, 2026. S&P said, "Our base-case scenario assumes that the company will continue to use its FOCF to fund share repurchases. The company has no publicly stated leverage target and has operated without funded debt since July 2024. While we do not expect it to significantly increase leverage in the short-term, we believe the current capital structure is not representative of a longer-term capital structure. Accordingly, we apply our negative financial policy modifier to capture the risk of a leveraging event beyond what we currently include in our forecasts. "The stable outlook reflects our expectation that revenue will continue to grow, albeit at a more moderate pace, driven by overall comparable sales growth and new store openings. In addition, we expect adjusted leverage will remain below 1x in 2026 despite a modest decline in adjusted EBITDA margin." S&P could lower its ratings on Abercrombie if adjusted leverage approaches 3x. This could occur if: -- The company's operating performance deteriorates due to increased competition or fashion missteps such that its revenue and profitability contract below our forecast levels; or -- The company shifts to a less-conservative financial policy that entails large share repurchases, dividend payments, or debt-funded acquisitions. S&P could raise its ratings on Abercrombie if the company consistently expands its business operations and maintains adjusted leverage below 2x. This could occur if: -- The company continues to strengthen its main brands, minimizing comparable sales volatility; -- The company expands its business operations while maintaining its profitability and healthy inventory levels; and -- S&P expects it will maintain its conservative financial policy, sustaining S&P Global Ratings-adjusted leverage below 2x. ACCELEVATION: Barings Participation Marks $280,732 Loan at 24% Off ------------------------------------------------------------------ Barings Participation Investors has marked its $280,732 loan extended to Accelevation to market at $214,513 or 76% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Accelevation. The Loan accrues interest at a rate of 8.37% per annum. The Loan matures on Jan. 2, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Accelevation Accelevation is a vertically integrated designer, producer and installer of customized data center facility solutions and services in the U.S. market. ACCREDITED LABS: Barings PI Virtually Writes Off $707,130 Loan -------------------------------------------------------------- Barings Participation Investors has marked its $707,130 loan extended to Accredited Labs to market at $29,063 or 4% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Accredited Labs. The Loan accrues interest at a rate of 8.59% per annum. The Loan matures on Sept. 30, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Accredited Labs Accredited Labs provides calibration services for manufacturing and other equipment, along with product sales, rentals, repair services and related offerings. AFC ACQUISITION: Gets Court OK to Use Cash Collateral ----------------------------------------------------- AFC Acquisition Corporation got the green light from the U.S. Bankruptcy Court for the District of Mexico to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget pending the final hearing scheduled for March 31. The Debtor has one secured creditor with a claim to cash collateral -- the U.S. Small Business Administration. The SBA is owed approximately $1,912,156 from an Economic Injury Disaster Loan. It holds a perfected security interest in the Debtor's accounts and deposit accounts. As protection, the SBA and other potential creditors will receive a replacement lien on the Debtor's personal and intangible property covered by their pre-bankruptcy lien as well as on similar property acquired after the Debtor's Chapter 11 filing. The replacement lien will have the same priority and extent as the creditors' pre-bankruptcy lien. Meanwhile, the Debtor will maintain $150,000 in its accounts with BOKF, N.A. until they reach an agreement on the use of cash collateral, which must be approved by the court to become effective. BOKF, doing business as Bank of Albuquerque, is owed about $120,000 under a 2018 loan agreement secured by a mortgage on property not owned by the Debtor. As the Debtor's bank, BOKF also holds a security interest in the Debtor's accounts at BOKF. The order is available at https://is.gd/vp59H7 from PacerMonitor.com. About AFC Acquisition Corporation AFC Acquisition Corporation, doing business as American Home Furniture, sells living room, dining room, and bedroom furniture, mattresses, and home decor. AFC Acquisition sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 26-10283) on March 4, 2026, with between $1 million and $10 million in both assets and liabilities. Kenton Van Harten, chief executive officer, signed the petition. Judge Robert H. Jacobvitz oversees the case. Chris Gatton, Esq., at Gatton & Associates, P.C., represents the Debtor as legal counsel. AFC ACQUISITION: Hires Gatton & Associates P.C. as Counsel ---------------------------------------------------------- AFC Acquisition Corporation seeks approval from the U.S. Bankruptcy Court for the District of Mexico to employ Gatton & Associates, P.C. as counsel. The firm will provide these services: (a) represent and advise the Debtor regarding all aspects of this bankruptcy case including adversary proceedings; (b) prepare on behalf of the Debtor necessary legal papers; and (c) assist the Debtor in taking actions required to effect reorganization under subchapter V of Chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Chris Gatton, Attorney $300 per hour Benjamin Jacobs, Attorney $250 per hour Marcus Sedillo, Attorney $250 per hour Paralegals $140 per hour Document Clerk $40 per hour The firm was initially retained on January 28, 2026, and paid an initial retainer in the amount of $25,000. From January 28, 2026, through the Petition Date, Debtor paid the firm $17,869.41 relating to this bankruptcy representation. After filing the petition, $7,130.59 is held in trust by the Firm for the Debtor. Mr. Gatton 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: Chris M. Gatton, Esq. Gatton & Associates, P.C. 10400 Academy NE, Suite 350 Albuquerque, NM 87111 Telephone: (505) 271-1053 Facsimile: (505) 271-4848 Email: chris@gattonlaw.com About AFC Acquisition Corporation AFC Acquisition Corporation, doing business as American Home Furniture, sells living room, dining room, and bedroom furniture, mattresses, and home decor. AFC Acquisition Corporation, a Delaware Corporation in Albuquerque, NM, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.N.M. Case No. 26-10283) on March 4, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Kenton Van Harten as CEO, signed the petition. Judge Robert H Jacobvitz oversees the case. GATTON & ASSOCIATES, P.C. serve as the Debtor's legal counsel. AGEAGLE AERIAL: Acquires Aerodrome Stake Under JV Framework ----------------------------------------------------------- AgEagle Aerial Systems Inc. (dba, EagleNXT) disclosed in a regulatory filing that it entered into a private placement subscription with Aerodrome Group Ltd. Pursuant to the Agreement, the Company purchased 11,523,750 ordinary shares of Aerodrome at a price of 0.80 NIS per share for an aggregate of 9,219,000 NIS. The Agreement is subject to customary closing conditions. The Agreement also outlines the framework for the creation of a joint venture between EagleNXT and Aerodrome that will distribute advanced autonomous uncrewed systems in the United States and Canada. The formation of the joint venture is subject to the execution of mutually acceptable definitive documents setting forth the terms and conditions governing the joint venture and applicable regulatory approvals. In line with both its mission - Protects What Matters Most: lives, land, and the pursuit of peace - and its strategy to accelerate advanced uncrewed systems and technologies, EagleNXT has executed a strategic investment in Aerodrome. The investment boosts EagleNXT's capabilities in autonomy and precision strike. This move strengthens EagleNXT's position in cutting-edge autonomous defense technologies while fostering international collaboration. The investment includes a reserved right for EagleNXT to establish a U.S.-based joint venture, subject to mutual agreement and regulatory approvals. Aerodrome specializes in target discriminating technologies at the intersection of autonomy, precision strike, and next-generation aerial warfare. This investment aligns with EagleNXT's mission to deliver innovative uncrewed systems and enable technologies that serve defense, public safety, agriculture, and commercial customers worldwide. By partnering with Aerodrome, EagleNXT gains access to proven expertise in autonomous precision capabilities. This builds the EagleNXT portfolio and supports long-term growth in strategic markets and promotes collaboration between the U.S. and Israeli defense innovators, key NATO allies focused on developing solutions to shared security challenges. "Aerodrome Group's advanced work in autonomous loitering munitions is helping shape the reality of modern UAS tactics and precision operations," said Bill Irby, CEO of EagleNXT. "This strategic investment shows our commitment to expanding access to transformative technologies that enhance security and operational effectiveness for our defense forces." This transaction demonstrates EagleNXT's ongoing commitment to invest in high-potential partners that complement its core focus on uncrewed technologies for diverse applications. About EagleNXT AgEagle Aerial Systems Inc. (dba, EagleNXT) (NYSE: UAVS) is a leading developer of high-performance drones, advanced sensors, and intelligent software solutions that deliver critical aerial intelligence to customers around the world. With more than one million flights conducted globally, EagleNXT's platforms are trusted across defense, public safety, agriculture, infrastructure, and environmental monitoring applications. The Company's drone systems have achieved multiple industry firsts, including FAA approvals for Operations Over People (OOP) and Beyond Visual Line of Sight (BVLOS), as well as EASA C2 certification in Europe and inclusion on the U.S. Department of Defense's Blue UAS list. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $34,465,282 in total assets, $6,129,041 in total liabilities, and a total stockholders' equity of $28,336,241. ALABAMA AUTO TOP: Seeks Cash Collateral Access ---------------------------------------------- Alabama Auto Top Specialists, Inc. asks the U.S. Bankruptcy Court for the Northern District of Alabama for authority to use cash collateral and provide adequate protection. The business is a family-owned auto shop established in 1976 and located in Birmingham, Alabama. It specializes in convertible tops, sunroofs, upholstery, and related services, including installation, repair, and custom work for different vehicle models. The Debtor previously entered into a loan agreement with the U.S. Treasury's Small Business Administration on May 22, 2020, for a loan totaling $150,000. The loan has a maturity date of June 22, 2050. To secure repayment of the loan, the Debtor executed a security agreement granting the SBA a security interest in various categories of its personal property, including inventory, accounts receivable, general intangibles, and the proceeds derived from those assets. A financing statement was filed with the Alabama Secretary of State to perfect this security interest. As a result of this arrangement, the SBA holds a secured claim against many of the Debtor's business assets. The Debtor provides an estimate of the value of its assets to demonstrate the scope of the SBA's collateral. According to the Debtor's principal, David West, the company's accounts receivable were valued at approximately $41,158 as of the bankruptcy filing date, although actual collections may vary. Inventory is estimated to be worth around $10,000 on a cost basis, office furniture approximately $7,500, and rolling stock not pledged to the SBA about $10,000. In addition, the Debtor possesses small tools valued at roughly $500. Based on these estimates, the Debtor asserts that the SBA holds a substantial interest in the company’s collateral and its related proceeds. To protect the SBA's interest while using the cash collateral, the Debtor proposes to provide adequate protection. Specifically, the Debtor offers to extend the SBA's pre-petition liens to new or replacement liens, commonly referred to as rollover liens, that would cover future receivables, inventory, equipment, and the proceeds generated from those assets during the bankruptcy case. In addition, the Debtor proposes to begin making monthly adequate protection payments directly to the SBA, with the first payment to be made as soon as reasonably possible. The exact amount of these payments has not yet been determined but would serve to compensate the SBA for any potential decrease in the value of its collateral while the Debtor uses the funds to operate. The Debtor also submitted historical operating budgets covering the previous three months to provide insight into the company's financial activity and to support its projected operating budget moving forward. According to the Debtor, access to the cash collateral is critical to the success of its reorganization efforts. Without these funds, the business would be unable to pay essential operating expenses such as utilities, employee payroll, payroll taxes, insurance premiums, and payments to vendors that supply goods and services necessary for daily operations. The Debtor argues that denying access to the cash collateral would cause immediate and potentially irreparable harm to the bankruptcy estate and could force the company to cease operations. A copy of the motion is available at https://urlcurt.com/u?l=ANqBEi from PacerMonitor.com. About Alabama Auto Top Specialists, Inc. Alabama Auto Top Specialist, Inc. is an Alabama-based automotive service company specializing in vehicle roof systems, upholstery, and related auto restoration services. Alabama Auto Top Specialist, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00436) on February 5, 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 Tamara O. Mitchell handles the case. The Debtor is represented by Frederick Mott Garfield, Esq., of Spain & Gillon, LLC. ALCOA-MARYVILLE: Cash Collateral Hearing Set for March 19 --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee is set to hold a hearing on March 19 to consider extending Alcoa-Maryville Restaurant, Inc.'s authority to use cash collateral. The Debtor was initially allowed to access cash collateral through March 19 under the court's March 6 interim order. The initial order allowed the Debtor to use up to $95,000 in cash collateral to fund operations in accordance with its budget, subject to a 10% variance. The funds qualify as cash collateral as certain secured creditors including Ascentium Capital, Lendistry SMLC, LLC, and Regions Financial Corporation may hold valid liens on substantially all of the Debtor's assets, such as accounts, inventory, equipment, and related proceeds. To protect the interests of secured creditors, the Debtor offers several forms of protection. These include maintaining and operating the business in a way that preserves the value of estate assets and leaving all existing creditor liens intact to the extent permitted by law. The Debtor also commits to complying with tax and reporting obligations during the bankruptcy process, including depositing employment taxes when payroll is paid, submitting proof of those deposits to the U.S. Trustee, filing all post-petition payroll and tax returns on time, and fully funding payroll taxes such as IRS Form 941 quarterly taxes. Moreover, the Debtor commits to file monthly operating reports in accordance with federal and local bankruptcy rules. If the Debtor fails to comply with these requirements, the U.S. Trustee may file a certificate of non-compliance, which could lead to dismissal of the bankruptcy case or conversion to another Chapter if deemed in the best interest of creditors. About Alcoa-Maryville Restaurant Inc. Alcoa-Maryville Restaurant, Inc. operates a full-service American restaurant under the Midland Restaurant brand at its location in Alcoa, Tennessee. The company provides breakfast, lunch, and dinner offerings with traditional and country-style fare, serving the local community. Alcoa-Maryville Restaurant sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30337) on February 28, 2026. In the petition signed by Steven Nelson, owner, the Debtor disclosed $437,944 in assets and $1,005,914 in liabilities. Judge Suzanne H. Bauknight oversees the case. Kelli D. Holmes, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC, represents the Debtor as legal counsel. ALLIED DEVCORP: Unsecureds Owed $10K+ to Split $50K over 5 Years ---------------------------------------------------------------- Allied DevCorp, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated March 4, 2026. The Debtor is a North Carolina limited liability company and the Member is a North Carolina resident. Because North Carolina income tax law follows federal income tax law, the issues discussed above applies equally to the Debtor and the Member for state income tax purposes. The Debtor is the sole shareholder of The Colonial Inn, a historic 10,000 square foot, two-story, and twenty-eight room boutique hotel, restaurant, and event space located in Hillsborough, North Carolina, which was originally built in 1838. Since the filing of the Bankruptcy Case, and in accordance with the Lease Agreement, the Debtor has continued to lease the Hotel Premises to Colonial Inn. Prior to the Petition Date, and based upon the substantial damage to the Hotel Premises caused by the negligent actions of All Weather Heating & Cooling, Inc. the Debtor and Colonial Inn agreed to an abatement of the rental payments that were required under the Lease Agreement, with those amounts that would have been paid to the Debtor being utilized by Colonial Inn to remedy said damages and, if necessary, replace and repair components and improvements on the Hotel Premises. The Debtor anticipates that the abetment of rental payments under the Lease Agreement will cease as of July 1, 2026, at which point, the Debtor will begin receiving rental payments of $40,000.00 from Colonial Inn in exchange for its exclusive use, possession, and occupancy of the Hotel Premises. Payments to be made under the Plan will produce the following income tax effects: (1) Payment of Administrative Claims generally will be deductible by the Debtor, to the extent not already deducted; (2) Payment of Secured Claims generally will not be deductible by the Debtor, as they have already been included in the basis of the assets securing the debt or cost of goods sold, or applied towards payment of previously deducted expenses; (3) Payment of Unsecured Claims will be deductible by the Debtor to the extent (i) the payment thereof would produce a deduction outside of Chapter 11, and (ii) a deduction for the subject payment has not already been accrued; and (4) The Debtor will recognize income or loss on the sale of any assets sold in an amount equal to the difference between its amount realized on each sale and its adjusted basis or cost of goods sold in the subject asset(s) immediately prior to the transfer. The amount realized will include the amount of any nonrecourse indebtedness which is eliminated as the result of a sale. Class 9 consists of General Unsecured Claims less than $10,000.00. This Class consists of the Allowed, Undisputed, Noncontingent, Unsecured Claims listed in Schedule F by the Debtor or as otherwise approved by the Court, and any Deficiency Claims known to the Debtor at the time of the filing of this Plan in an amount less than $10,000.00. The Debtor shall pay the holders of Allowed Claims in this Class, in full, within 180 days of the Effective Date. This Class shall be impaired. Class 10 consists of General Unsecured Claims known to the Debtor at the time of the filing of this Plan in an amount greater than $10,000.00. The Debtor shall pay the holders of Allowed Claims in this Class, in accordance with the Liquidation Analysis, the sum of $50,000.00 (the "Total Class 10 Unsecured Dividend"), in five annual installments of $10,000.00. This Class shall be impaired. The Equity Security Holders shall retain their membership and ownership interests in the Debtor and, to the extent necessary, shall remit the New Value Contribution in exchange for retention of their membership interests in the Debtor after the Effective Date. The terms of this Plan, including payments to Creditors set forth hereunder, shall be derived from the following sources: (1) Rental income and revenues generated from the lease of the Shopping Center to Tenants and collection of prepetition and post-petition accounts receivable from Tenants and/or applicable third parties; and (2) Recoveries, if any obtained from the Litigation Claims, as well as any claims, causes of action or adversary proceedings filed by the Debtor in the Bankruptcy Case. A full-text copy of the Disclosure Statement dated March 4, 2026 is available at https://urlcurt.com/u?l=q83hGc from PacerMonitor.com at no charge. Counsel to the Debtor: Joseph Z. Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Telephone: (919) 296-5040 Facsimile: (919) 977-7101 About Allied DevCorp LLC Allied DevCorp LLC, based in Raleigh, North Carolina, owns the property at 153 W King St., Hillsborough, NC 27278, along with significant operational and furnishing assets used in the hotel business. The Company also holds 100% ownership of Colonial Inn Hillsborough, Inc., which leases the premises and operates The Colonial Inn as a boutique hotel with guest rooms, dining, and event spaces. Allied DevCorp LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03652) on Sept. 18, 2025. In its petition, the Debtor reports total assets of $3,700,032 and total liabilities of $4,655,943. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by Joseph Z. Frost, Esq. of Buckmiller & Frost, PLLC. AM PYROTECHNICS: Norman Rouse Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Norman Rouse as Subchapter V trustee for AM Pyrotechnics, LLC. Ms. Rouse will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Rouse declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Norman E. Rouse 5957 Easte 20th Street Jopli, MO 64801 Phone: 417.782.2222 Email: nrouse@cwrcave.com About AM Pyrotechnics LLC AM Pyrotechnics manufactures and supplies fireworks and custom pyrotechnic products, including ball shells, cylinder shells, mines, comets, Roman candles, and other specialty effects, and also designs and produces professional fireworks displays. The company provides custom fireworks solutions tailored to client specifications and offers bid evaluation services related to fireworks shows. AM Pyrotechnics is based in Buffalo, Missouri. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60143) on Feb. 27, 2026, with $1,432,967 in assets and $938,851 in liabilities. Aaron Mayfield, CEO and owner, signed the petition. Judge Brian T. Fenimore presides over the case. Ryan A. Blay, Esq. at WM Law, PC represents the Debtor as bankruptcy counsel. AM PYROTECHNICS: Seeks to Hire W M Law as Bankruptcy Counsel ------------------------------------------------------------ AM Pyrotechnics, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Wagoner Bankruptcy Group, P.C. d.b.a. W M Law as its counsel. The firm's services include preparing bankruptcy forms and schedules; attending meetings and court hearings; preparing a disclosure statement and Chapter 11 plan; filing monthly operating reports; dealing with creditors; and resolving issues related to confirmation of the Debtor's plan. The hourly rates of the firm's attorneys and staff are as follows: Attorney, Ryan A. Blay $400 Attorney, Jeffrey L. Wagoner $300 Attorney, Errin P. Stowell $300 Attorney, Ryan M. Graham $300 Attorney, Chelsea Williamson $300 Attorney, Megan M. Tiede $275 Attorney, Bryan P. Cardwell $275 Attorney, Luke Trusdale $250 Paralegal, Douglas Sisson $175 Paralegal, Ana Van Noy $175 Paralegal, Betsy Hayman $175 Paralegal, Rosana Tovalin $175 Paralegal, Sylvia Camacho $175 Paralegal, Michael Sandri $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor, plus $1,738 for the Chapter 11 filing fee. Ryan Blay, Esq., president of W M Law, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey L. Wagoner, Esq. Ryan A. Blay, Esq. Wagoner Bankruptcy Group, P.C. dba W M Law 15095 W. 116th St. Olathe, KS 66062 Telephone: (913) 422-0909 Facsimile: (913) 428-8549 Email: bankruptcy@wagonergroup.com blay@wagonergroup.com About AM Pyrotechnics, LLC AM Pyrotechnics manufactures and supplies fireworks and custom pyrotechnic products, including ball shells, cylinder shells, mines, comets, Roman candles, and other specialty effects, and also designs and produces professional fireworks displays. AM Pyrotechnics, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60143) on February 27, 2026, listing $1,432,967 in assets and $938,851 in liabilities. The petition was signed by Aaron Mayfield as CEO and owner. Judge Brian T Fenimore presides over the case. Ryan A. Blay, Esq. at WM LAW, PC serves as the Debtor's counsel. AMC ENTERTAINMENT: Secures $425MM Facility to Refinance Odeon Notes ------------------------------------------------------------------- AMC Entertainment Holdings, Inc. disclosed in a regulatory filing that the Company, together with its wholly-owned subsidiary Odeon Finco PLC, entered into a commitment letter with Deutsche Bank AG New York Branch providing for a new senior secured credit facility of Odeon in an aggregate principal amount of up to $425,000,000. Odeon intends to use the proceeds of the Odeon Credit Facility, if consummated, to refinance its existing 12.750% Senior Secured Notes due 2027 and pay related fees and expenses. The Odeon Credit Facility is expected to strengthen the Company's balance sheet, extend debt maturities, and reduce interest rates while preserving flexibility to streamline and simplify the capital structure. In connection with entering into the Commitment Letter, the Company has decided not to proceed with its previously announced offering of senior notes and new term loan facility at this time. The Odeon Credit Facility is expected to consist of a senior secured term loan due 2031, with a fixed 10.50% interest rate and is expected to be issued with 2.00% original issue discount. The final terms of the Odeon Credit Facility, including the senior secured term loan, will be subject to execution of definitive credit documentation and the satisfaction of customary closing conditions. The Odeon Credit Facility is expected to close on or before April 6, 2026. A full text copy of the Commitment Letter is available at https://tinyurl.com/2vpdf5ac Cleansing Materials In connection with the Commitment Letter, the Company previously entered into a confidentiality agreement with the Lender, pursuant to which the Company provided certain confidential information to the Lender and agreed to publicly disclose the Cleansing Materials. The Cleansing Materials include certain revenue and attendance figures for Odeon Cinemas Group Limited for the year-to-date period ending February 28, 2026 and an update to the Company's previous commentary on the industry box office, which are available at https://tinyurl.com/mppsdm6w The Cleansing Materials were provided by the Company solely to facilitate negotiations concerning the Odeon Credit Facility and were not prepared with a view toward public disclosure and should not be relied upon to make an investment decision with respect to the Company. The Cleansing Materials should not be regarded as an indication that the Company or any third party considers the Cleansing Materials to be a reliable prediction of future events, and the Cleansing Materials should not be relied upon as such. Neither the Company nor any third party has made or makes any representation to any person regarding the accuracy of any Cleansing Materials or undertakes any obligation to publicly update the Cleansing Materials to reflect circumstances existing after the date when the Cleansing Materials were prepared or conveyed or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the Cleansing Materials are shown to be in error. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of December 31, 2025, the Company had $8,017.8 million in total assets, $9,912.6 in total liabilities, and $1,894.8 in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). AMERICAN ROLLER: Barings PI Marks $611,632 Loan at 40% Off ---------------------------------------------------------- Barings Participation Investors has marked its $611,632 loan extended to American Roller Company to market at $368,673 or 60% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term loan extended to American Roller Company. The loan accrues interest at a rate of 8.42% (SOFR + 4.750%) per annum. The loan matures on Oct. 16, 2031. Barings Participation Investors is a registered investment company that provides investors with access to a diversified portfolio of participation interests in privately negotiated corporate financings. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About American Roller Company American Roller Company is a provider of aftermarket surface treatment services for rollers used in industrial manufacturing processes. AMERICO CHEMICAL: Barings Participation Marks $504K Loan at 25% Off ------------------------------------------------------------------- Barings Participation Investors has marked its $504,515 loan extended to Americo Chemical Products to market at $378,168 or 75% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Americo Chemical Products. The Loan accrues interest at a rate of 8.72% (SOFR + 5.000%) per annum. The Loan matures on April 30, 2029. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Americo Chemical Products Americo Chemical Products is a provider of customized specialty chemical solutions and services focused on pretreatment of metal surfaces and related applications. AMERIESTATE LEGAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Ameriestate Legal Plan, Inc. 3525 Hyland Ave., Suites 145 and 155 Costa Mesa, CA 92626 Business Description: AmeriEstate Legal Plan, Inc., based in Costa Mesa, California, provides estate planning services including living trusts, wills, powers of attorney, and related asset-protection planning solutions. The company works with attorneys to prepare legal documents and assist individuals and families with estate transfer planning and probate avoidance strategies. Chapter 11 Petition Date: March 11 , 2023 Court: United States Bankruptcy Court Central District of California Case No.: 26-10748 Judge: Hon. Scott C Clarkson Debtor's Counsel: Michael G. Spector, Esq. LAW OFFICES OF MICHAEL G. SPECTOR 2122 N. Broadway Santa Ana, CA 92706 Tel: 714-835-3130 Fax: 714-558-7435 E-mail: mgspector@aol.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Gregory Reese 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/FUFNGFA/Ameriestate_Legal_Plan_Inc__cacbke-26-10748__0001.0.pdf?mcid=tGE4TAMA AMK PROPERTIES: Hires Lutrell + Carmody as Special Counsel ---------------------------------------------------------- AMK Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Lutrell + Carmody Law Group as special counsel. The firm will prosecute and defend adversary and state litigation proceedings on behalf of the bankruptcy estate, including Cause No. 2023V-054 styled Amigo Flatonia, Inc. v. AMK Properties, LLC, et al, and the investigation of claims against Makhani Properties, LLC, Aminmohamed Makhani, and Security State Bank and Trust. The firm will be paid at the rates of $355 to $600 per hour. The firm will be paid a retainer in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Luttrell disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leslie M. Luttrell, Esq. 100 N.E Loop 410 One International Centre, Ste. 615 San Antonio, TX 78216 Tel: (210) 426-3605 Email: luttrell@lclawgroup.net 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. AMK PROPERTIES: Hires Schriver Carmona & Company as Accountant -------------------------------------------------------------- AMK Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Schriver, Carmona & Company, PLLC as accountant. The firm will assist the Debtor with preparing monthly operating reports, proformas and account entry adjustments, and to assist with litigation accounting. The firm will be paid at these rates: Partner $350 per hour Manager/Senior $225 per hour Staff $150 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Schriver disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Derek Schriver Schriver, Carmona & Company, PLLC 7550 IH-10 West, Suite 504 San Antonio, TX 78229 Tel: (210) 680-0350 Fax: (210) 390-0802 Email: dschriver@scc-cpa.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. AMK PROPERTIES: Hires Smeberg Law Firm as Bankruptcy Counsel ------------------------------------------------------------ AMK Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ The Smeberg Law Firm, PLLC as bankruptcy counsel. The firm will give the Debtor legal advice with respect to the Case, the Debtor's powers and duties as Debtor-in-Possession and management of the Debtor's property, and to perform all legal services for the Debtor-in-Possession that may be necessary. The firm's current hourly billing rates are: Ronald J. Smeberg $475 per hour Attorneys $475 per hour Associate Attorneys $325 per hour Legal Assistants/Paralegals $200 per hour Non partner attorneys $400 per hour Accounting Professionals $250 per hour Smeberg Law Firm is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Ronald J. Smeberg, Esq. The Smeberg Law Firm, PLLC 4 Imperial Oaks San Antonio, TX 78248 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.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. ANGLIN CONSULTING: Creditors to Get Proceeds From Liquidating Trust ------------------------------------------------------------------- Anglin Consulting Group, Inc., filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement with respect to Plan of Reorganization dated March 4, 2026. The Debtor has been in operation since 2011. The Debtor was founded by Yashieka Anglin, an African American woman, who controls 100% of it. Anglin is an 8(a) government contractor. On or about December 15, 2023, Anglin purchased Blackfish Federal, LLC. On or about December 15, 2023, Anglin purchased Blackfish Federal, LLC from Donald Jones and John Folino. Anglin borrowed $5.0 million for GovCon and $9.5 million from GovCon II to fund the purchase. Additionally, Anglin signed a note for $7.5 million of seller financing. On April 21, 2025, GovCon II confessed judgment in the Circuit Court for Fairfax County, Virginia, against Anglin, Blackfish and Yashieka Anglin, in the amount of $10,273,574.00 plus $475,000 in fees plus 20% interest. The GovCon Entities thereafter issued garnishments to Blackfish Federal, causing Blackfish Federal to potentially not be able to make payroll to its 173 employees, as well as pay management fees to Anglin, which fund the payment of Anglin's employees. On August 8, 2025, the Circuit Court for Fairfax County, Virginia, held a hearing on debtor's interrogatories issued to Anglin. Due to a medical issue, Ms. Anglin did not attend. Accordingly, the Circuit Court for Fairfax County, Virginia entered the temporary restraining order ("TRO") requiring the immediate transfer of Anglin's share in Blackfish to the GovCon Entities (the "Transfer"). This case was filed to avoid the Transfer. The Debtor filed a Complaint to avoid the Transfer at the beginning of the case, but ultimately lost its motion for a temporary restraining order. After further litigation, the Debtor entered mediation with the GovCon Entities, after which it obtained approval of a settlement. Class 2 consists of Allowed General Unsecured Claims filed against and/or scheduled by the Debtor in the original aggregate amount of approximately $24,895,937.48, which includes the disputed General Unsecured Claim of Donald Jones in the amount of $7,591,666.63. Holders of Class 2 Claims shall receive, pro rata, the first proceeds of the Liquidating Trust, after payment of the SBA and its expenses. Class 2 is Impaired, and is entitled to vote to accept or reject the Plan. The plan vests litigation causes of action in a liquidating trust, while keeping government contracts and other business assets in the Reorganized Debtor. A liquidating trust (the "Liquidating Trust") will be created and a liquidating trustee (the "Liquidating Trustee") will be mutually selected by ACG and the Funds; provided, however, that if ACG and the Govcon Funds cannot agree on the identity of the Liquidating Trustee, ACG and the Govcon Funds will request that the Small Business Administration ("SBA") select the Liquidating Trustee by choosing either ACG's proposed Liquidating Trustee or the Govcon Funds' proposed Liquidating Trustee; provided further, however, that, in the event that the SBA declines to so select, the Hon. Kevin R. Huennekens (the "Arbitrator") shall so select. The Reorganized Debtor will (i) continue operating outside of the Liquidating Trust, (ii) not be administered by the Liquidating Trustee, and (iii) continue to be owned and administered by Ms. Anglin; provided, however, that the Reorganized Debtor will (A) take all steps necessary to ensure that the Liquidating Trustee has standing to pursue the ACG Claims (e.g., assigning causes of action), and (B) cooperate with the Liquidating Trustee in connection with the Liquidating Trustee's pursuit of the ACG Claims. The Reorganized Debtor will have no obligation to make payments under the Plan except for Professional Fees and those payments required to be made to the SBA. A full-text copy of the Disclosure Statement dated March 4, 2026 is available at https://urlcurt.com/u?l=sE7pFy from PacerMonitor.com at no charge. Counsel to the Debtor: Justin P. Fasano, Esq. McNamee Hosea, PA 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Email: jfasano@mhlawyers.com About Anglin Consulting Group Anglin Consulting Group Inc. is a professional services firm specializing in management consulting, financial and healthcare solutions, and operational support for public and private organizations. The Company provides certified American Sign Language (ASL) interpretation services, ensuring accessibility and effective communication for clients who are deaf or hard of hearing. Anglin serves a diverse client base including federal, state, and local government agencies, commercial businesses, and non-profits, leveraging its SBA 8(a), Economically Disadvantaged Woman-Owned, Service-Disabled Veteran-Owned, and HUBZone certifications to deliver comprehensive, inclusive solutions. Anglin Consulting Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00328) on August 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Justin P. Fasano, Esq. at McNamee Hosea, PA. APPLICATION BOOTCAMP: Barings PI Marks $1.2M Loan at 31% Off ------------------------------------------------------------ Barings Participation Investors has marked its $1,211,170 loan extended to Application Bootcamp LLC to market at $830,221 or 69% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Application Bootcamp LLC. The Loan accrues interest at a rate of 8.69% (SOFR + 5.000%) per annum. The Loan matures on April 21, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Application Bootcamp LLC Application Bootcamp LLC offers comprehensive educational counseling services, including personalized college admissions advising, essay guidance and standardized test tutoring for middle school through post-college students. APPLIED AEROSPACE: Barings PI Marks $1.2M Loan at 86% Off --------------------------------------------------------- Barings Participation Investors has marked its $1,204,285 loan extended to Applied Aerospace Structures Corp. to market at $165,115 or 14% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior term loan extended to Applied Aerospace Structures Corp. The loan accrues interest at a rate of 8.35% (SOFR + 4.500%) per annum. The loan matures on Dec. 01, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Applied Aerospace Structures Corp. Applied Aerospace Structures Corp. is a leading provider of specialized large-scale composite and metal-bonded structures for aircraft, space and land/sea platforms. APPLIED AEROSPACE: Barings PI Marks $1.2M Loan at 86% Off --------------------------------------------------------- Barings Participation Investors has marked its $1,204,285 loan extended to Applied Aerospace Structures Corp. to market at $165,115 or 14% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Applied Aerospace Structures Corp. The Loan accrues interest at a rate of 8.35% (SOFR + 4.500%) per annum. The Loan matures on Dec. 1, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Applied Aerospace Structures Corp. Applied Aerospace Structures Corp. is a leading provider of specialized large-scale composite and metal-bonded structures for aircraft, space and land/sea platforms. APPLIED AEROSPACE: Barings PI Marks $1.3M Loan at 38% Off --------------------------------------------------------- Barings Participation Investors has marked its $1,346,928 loan extended to Applied Aerospace Structures Corp. to market at $830,087 or 62% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Applied Aerospace Structures Corp. The loan accrues interest at a rate of 8.17% (SOFR + 4.500%) per annum. The loan matures on Nov. 29, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Applied Aerospace Structures Corp. Applied Aerospace Structures Corp. is a leading provider of specialized large-scale composite and metal-bonded structures for aircraft, space and land/sea platforms. ARGUS LOGISTICS: Barings Participation Marks $1.1MM Loan at 55% Off ------------------------------------------------------------------- Barings Participation Investors has marked its $1,186,479 loan extended to Argus Logistics to market at $538,930 or 45% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Argus Logistics. The Loan accrues interest at a rate of 8.45% (SOFR + 4.750%) per annum. The Loan matures on Dec. 19, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Argus Logistics Argus Logistics is an asset-light provider of managed transportation services, acting as an outsourced supply chain management provider to mid-sized shippers on long-term contracts. ARKHAM REALTY: Seeks Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------- On March 4, 2026, Arkham Realty and Property Management Limited Liability Company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Arkham Realty and Property Management Limited Liability Company Arkham Realty and Property Management Limited Liability Company is a real estate management firm that provides property management, leasing, and related services for residential and commercial properties. Arkham Realty and Property Management Limited Liability Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20610) on March 4, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. The debtor is represented by Donald R. Calaiaro, Esq., of Calaiaro Valencik. ARTICON HOTEL: Court Extends Cash Collateral Access to May 15 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered its fourth interim order authorizing Articon Hotel Services, LLC to use cash collateral. The fourth interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from March 13 to May 15, strictly in accordance with a budget, subject to a 10% variance on each expense category. The Debtor projects total operational expenses of $1,242,251.78 for the period from March to May. As adequate protection, the SBA will be granted valid and perfected replacement liens on the Debtor's property, whether acquired before or after its Chapter 11 filing. These replacement liens will have the same priority and extent as the SBA's pre-bankruptcy lien. In addition, the Debtor must permit the SBA and the Subchapter V trustee to inspect its books and records upon reasonable notice; maintain and pay insurance premiums protecting the SBA's collateral; provide evidence of collateral upon request; and properly maintain and manage the collateral. These measures are designed to safeguard the SBA's interests while cash collateral is being used. A further hearing is set for May 11. Articon's cash collateral consists of $46,542 in cash and $2,044,390 in accounts receivable. The only secured creditor asserting an interest in the cash collateral is the U.S. Small Business Administration, which holds a claim of $514,721. Articon filed for Subchapter V Chapter 11 relief due to ongoing litigation with Baldwin Enterprises. It currently operates as a debtor-in-possession from leased premises in Mount Prospect, Illinois, and employs three individuals. About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ATBIZ LLC: Carol Fox of GlassRatner Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for ATBIZ LLC. Ms. Fox 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. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About ATBIZ LLC ATBIZ is a Miami, Florida-based wholesale distributor and exporter of appliances, consumer electronics, furniture, and related products, serving retailers, importers, and distributors across the United States, the Caribbean, Central America, and South America. The company offers a catalog of products including TVs, audio equipment, small and large home appliances, health and beauty items, commercial appliances, and furniture. It also provides OEM and private-label manufacturing services, handling product design, quality control, and logistics for business clients. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12500) on Feb. 27, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Giovanni Ramos, manager, signed the petition. Geoffrey Aaronson, Esq. at AARONSON SCHANTZ BAILEY P.A. represents the Debtor as legal counsel. AUTOMATED FINANCIAL: Barings PI Marks $1.37MM Loan at 71% Off ------------------------------------------------------------- Barings Participation Investors has marked its $1,372,876 loan extended to Automated Financial Systems to market at $393,592 or 29% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to Automated Financial Systems. The Loan accrues interest at a rate of 8.73% (SOFR + 5.000%) per annum. The Loan matures on Aug. 31, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Automated Financial Systems Automated Financial Systems is a U.S.-based provider of loan management software for large and mid-sized banks and other financial institutions. BARBEQUE EXCHANGE: Seeks Subchapter V Bankruptcy in Virginia ------------------------------------------------------------ On March 10, 2026, The Barbeque Exchange, L.L.C. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Virginia. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on April 9, 2026, at 01:00 PM via crmtg Ch 11: By telephone. Dial 1-888-330-1716, Passcode 7310927. About The Barbeque Exchange, L.L.C. The Barbeque Exchange, L.L.C. is a restaurant and food service company specializing in barbecue cuisine and related food offerings. The company serves both dine-in and catering customers and operates within the hospitality industry. The Barbeque Exchange, L.L.C. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60291) on March 10, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Rebecca B. Connelly the case. The debtor is represented by H. David Cox, Esq., of Cox Law Group, PLLC. Richard C. Maxwell serves as the Subchapter V Trustee. BEAR COMPANY: Gets Final OK to Use Cash Collateral -------------------------------------------------- Bear Company, LLC received final approval from the U.S. Bankruptcy Court for the District of Nebraska to use cash collateral to fund operations. Under the order, Bear Company, LLC is authorized to use its cash including cash collateral from the petition date through April 30 to pay post-petition operating expense in accordance with its budget. Total spending must not exceed 120% of the gross monthly budgeted expenses. Two creditors may assert security interests in the Debtor's assets: Nebraska Enterprise Fund (NEF), which holds a promissory note originally for $26,500 secured by a blanket lien perfected via UCC filing, and Credibly of Arizona, LLC, which extended a $44,600 loan secured by a broad security agreement covering accounts, receivables, equipment, general intangibles, and other assets, also perfected by UCC filing. As part of the order, creditors claiming an interest in the collateral are granted adequate protection for any decline in value caused by the debtor's use of the funds. The court also ruled that its findings and conclusions take effect immediately upon entry of the order, despite certain bankruptcy rules that might otherwise delay enforcement. Finally, the court retained jurisdiction to interpret and enforce the order and resolve any issues arising from the debtor's use of the collateral during the authorized period. About Bear Company LLC Bear Company, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 26-80083) on January 26, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas L. Saladino presides over the case. Patrick Raymond Turner, Esq., at Turner Legal Group, LLC represents the Debtor as bankruptcy counsel. BEYOND MEAT: Fails to Meet Nasdaq's Minimum Bid Price Requirement ----------------------------------------------------------------- Beyond Meat, Inc. disclosed in a regulatory filing that it received a deficiency letter from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, for the 30 consecutive business days prior to March 4, 2026, the closing bid price for the Company's common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1). The Nasdaq deficiency letter has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Global Select Market under the symbol "BYND" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until August 31, 2026 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of ten consecutive business days before the Compliance Date. If the Company does not regain compliance with the Minimum Bid Price Requirement by August 31, 2026, the Company may be eligible for additional time to regain compliance. To qualify, the Company would be required to transfer to The Nasdaq Capital Market and meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary. If the Company meets these requirements, following a transfer to The Nasdaq Capital Market, Nasdaq will inform the Company that it has been granted an additional 180 calendar days to regain compliance. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company's securities are subject to delisting, at which point the Company would have an opportunity to appeal the delisting determination to a hearings panel. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement, including initiating a reverse stock split. On November 19, 2025, the Company's stockholders approved at a special meeting of stockholders held on November 19, 2025, a series of 30 alternate amendments to the Company's Restated Certificate of Incorporation to effect: (i) a reverse stock split of the issued and outstanding shares of the Company's common stock and (ii) a proportionate reduction in the number of authorized shares of common stock (and correspondingly decrease the total number of authorized shares of capital stock), as described in the Company's proxy statement filed with the U.S. Securities and Exchange Commission ("SEC") on October 17, 2025 (the "Proxy Statement"). As a result, in the event that the Company's board of directors (the "Board") determines that a reverse stock split is in the best interests of the Company and its stockholders, including in order to regain compliance with the Minimum Bid Price Requirement, the Board has the authority and flexibility to elect to effect a reverse stock split and to determine the reverse stock split ratio from among the approved proposed reverse stock split amendments as described in the Proxy Statement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq Listing Rules. About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of September 27, 2025, the Company had $599.7 million in total assets, $1.4 billion in total liabilities, and $784.1 million in total stockholders' deficit. BKF ENGINEERS: Barings Participation Marks $615,963 Loan at 28% Off ------------------------------------------------------------------- Barings Participation Investors has marked its $615,963 loan extended to BKF Engineers to market at $443,597 or 72% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to BKF Engineers. The Loan accrues interest at a rate of 8.72% (SOFR + 5.000%) per annum. The Loan matures on Aug. 23, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About BKF Engineers BKF Engineers provides civil engineering, land surveying and land planning services to government agencies, institutions, developers, design professionals, contractors, school districts and corporations across the West Coast. BP HOLDINGS: Barings Participation Marks $1.2MM Loan at 45% Off --------------------------------------------------------------- Barings Participation Investors has marked its $1,235,998 loan extended to SBP Holdings to market at $677,235 or 55% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to SBP Holdings. The Loan accrues interest at a rate of 8.72% (SOFR + 5.000%) per annum. The Loan matures on March 27, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About SBP Holdings SBP Holdings is a specialty product distribution platform providing mission-critical products, services and technical expertise across industrial rubber and fluid power segments. BUSKE LOGISTICS: Barings Participation Marks $492K Loan at 36% Off ------------------------------------------------------------------ Barings Participation Investors has marked its $492,755 loan extended to Buske Logistics Inc. to market at $315,644 or 64% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to Buske Logistics Inc. The loan accrues interest at a rate of 8.84% (SOFR + 5.000%) per annum. The loan matures on Oct. 31, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Buske Logistics Inc. Buske Logistics Inc. is a provider of value-added warehousing and logistics services specializing in storage, handling, packaging, inspection, kitting and component sequencing. BUZZFEED INC: Evaluates Options to Avert Insolvency --------------------------------------------------- Hannah Miller of Law360 reports that BuzzFeed Inc. disclosed that it is considering strategic alternatives to address mounting financial challenges, cautioning investors that there is significant uncertainty surrounding the company’s ability to remain in business. The warning accompanied the release of its fourth-quarter earnings report. According to Chief Financial Officer Matt Omer, the company has implemented a range of cost-cutting measures, including reductions in operational spending and efforts to shrink its real estate footprint. However, he said legacy commitments continue to place pressure on the company's balance sheet. Omer said management is now reviewing potential strategic steps that could help the company finish a broader transformation effort aimed at restoring long-term profitability. The review is intended to identify solutions that would enable BuzzFeed to operate sustainably going forward. Because of that ongoing evaluation, the company said it is not issuing financial guidance for 2026. BuzzFeed noted that it will continue analyzing available options as it works to strengthen its financial position. About BuzzFeed Inc. Buzzfeed, Inc. owns and operates a news and entertainment website, buzzfeed.com C & S RESTAURANT: Commences Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ On March 6, 2026, C & S Restaurant Group, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About C & S Restaurant Group, LLC C & S Restaurant Group, LLC operates in the restaurant and food service industry, managing dining establishments and related hospitality operations. C & S Restaurant Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00517) on March 6, 2026. In its petition, the debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The debtor is represented by Joseph Trunkett, Esq., of Trunkett Law Firm, LLC d/b/a Gulf Coast Bankruptcy Law Firm. CAI SOFTWARE: Barings Participation Marks $1MM Loan at 35% Off -------------------------------------------------------------- Barings Participation Investors has marked its $1,000,000 loan extended to CAi Software to market at $646,371 or 65% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to CAi Software. The Loan accrues interest at a rate of 8.62% (SOFR + 4.750%) per annum. The Loan matures on Aug. 9, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About CAi Software CAi Software is a vendor of mission-critical, production-oriented software serving niche manufacturing and distribution sectors. CALIFORNIA CUSTOM: Barings PI Marks $437,372 Loan at 28% Off ------------------------------------------------------------ Barings Participation Investors has marked its $437,372 loan extended to California Custom Fruits & Flavors to market at $312,801 or 72% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to California Custom Fruits & Flavors. The loan accrues interest at a rate of 9.08% (SOFR + 5.000%) per annum. The loan matures on Feb. 26, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About California Custom Fruits & Flavors California Custom Fruits & Flavors develops and manufactures value-added, custom-formulated processed fruit and flavor bases for customers across private label, branded, direct grocery and food-service channels. CAPROCK GROUP: Barings Participation Marks $1.2MM Loan at 45% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,217,178 loan extended to The Caprock Group (aka TA/TCG Holdings, LLC) to market at $672,087 or 55% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior term loan extended to The Caprock Group (aka TA/TCG Holdings, LLC). The Loan accrues interest at a rate of 8.47% (SOFR + 4.750%) per annum. The Loan matures on Dec. 22, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About The Caprock Group The Caprock Group is a wealth manager focused on ultra-high-net-worth individuals, typically overseeing investable assets of $25 million to $30 million per client. CAPROCK GROUP: Barings PI Marks $529,688 Loan at 37% Off -------------------------------------------------------- Barings Participation Investors has marked its $529,688 loan extended to The Caprock Group (aka TA/TCG Holdings, LLC) to market at $332,300 or 63% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to The Caprock Group (aka TA/TCG Holdings, LLC). The Loan accrues interest at a rate of 8.47% (SOFR + 4.750%) per annum. The Loan matures on Dec. 22, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About The Caprock Group The Caprock Group is a wealth manager focused on ultra-high-net-worth individuals, typically overseeing investable assets of $25 million to $30 million per client. CARR'S PLUMBING: Loses Bid for Enforcement of Automatic Stay ------------------------------------------------------------ Judge Mitchell L. Herren of the U.S. Bankruptcy Court for the District of Kansas denied without prejudice the second amended motion of Carr's Plumbing and Maintenance, LLC for an order: (i) enforcing automatic stay; (ii) compelling Fox Funding Group, LLC to immediately cease interfering with Debtor's accounts receivable; and (iii) awarding sanctions. Debtor is a plumbing and maintenance contactor providing services around the Wichita, Kansas area, and employs about 75 individuals. Debtor's principal, Christopher Carr, has been employed by Debtor since 2016. In March 2021, Debtor began a lending relationship with Intrust Bank, and Intrust Bank obtained a security interest in all Debtor's assets, including its accounts and receivables. A couple of years later, in February 2023, Debtor signed its first contract with Fox Funding. Fox Funding filed a UCC financing statement at this same time. The current version of the parties' agreement, modified several times over the next couple of years, is reflected in a Future Receivables Sale and Purchase Agreement, dated February 19, 2025. Under the Agreement, Debtor sells, assigns, and transfers to Fox Funding the Purchased Percentage of all Debtor's accounts receivable and payment rights up to the Purchased Amount, which shall be remitted to Fox Funding in the manner set for forth in this Agreement until the entire Purchased Amount has been delivered. In consideration of the sale, under the Agreement Debtor would receive the $625,000 Purchase Price, less fees, for a net of $606,250. The Court notes the testimony and evidence about what Debtor actually received, however, was unclear. At some point in the spring of 2025, Debtor apparently defaulted under the terms of the parties' agreement, but the basis of that default was not explained (or even addressed). On May 7, 2025, the parties entered a Settlement Agreement. Under the Settlement Agreement, Debtor agreed to pay to Fox Funding $872,000.00 as settlement in full of Fox Funding's claims against Debtor and Mr. Carr. The $872,000 would be paid by Debtor sending $12,576 to Fox Funding every Friday as a weekly payment until paid in full. About nine months later, on or around February 1, 2026, Debtor stopped making payments to Fox Funding. On February 3, 2026, Fox Funding sent letters to at least some of the general contractors who owed Debtor on open accounts. The February 3, 2026 letters informed the general contractors Fox Funding purchased Debtor's receipts, filed a UCC-1 financing statement, and had obtained a perfected security interest in the Debtor's receipts. At least two entities, Intuit, Inc. and Simpson's Construction Services, received the letters, both asking for the same $570,149.48. On February 4, 2026, Debtor filed its Chapter 11 petition. Fox Funding was provided notice of Debtor's bankruptcy. On the same date the petition was filed, and apparently after being provided notice of the filing, Fox Funding sent a letter to multiple entities stating that that any funds that have been placed on hold and have accumulated from February 4, 2026, to the present should be released to Debtor. The Court is unclear who or how many entities received this postpetition letter. Debtor claims the receivables are interests of the Debtor in property and are property of the estate under Sec. 541(a). Debtor then argues the February 4, 2026, letters were postpetition acts to interfere with and exercise control over Debtor's property and acts to collect on a prepetition claim, and asserts violations of Secs. 362(a)(3) and (a)(6). Fox Funding argues the receivables were sold outright prepetition, and Debtor had no property interest in them (at all) at filing. Debtor argues the receivables remain its property and Fox Funding is simply a junior lien claimant -- a secured party, but junior to Intrust Bank. The Court concludes Debtor has not carried its burden of proof to show a stay violation under either Sec. 362(a)(3) or Sec. 362(a)(6). Regarding Sec. 362(a)(3), Debtor has not shown Fox Funding is exercising control over property of the estate. The Court concludes an adversary proceeding is necessary to address the threshold issue of what constitutes estate property. The Court does not have sufficient facts to make a determination about who is a secured creditor, what amounts are owed to each creditor, or who is first in line on the receivables as collateral. The Court cannot determine the total receivables that remain "owed" to Fox Funding, how much of those receivables are being held by third parties -- i.e., the general contractors, or how much Fox Funding has been paid to date. The Court does not know the basis for any alleged default by Debtor, or when or how the default occurred. The record did not provide the evidence needed to reach a conclusion about the fundamental facts necessary to a decision under Sec. 362(a)(3). A copy of the Court's Order dated March 9, 2026, is available at http://urlcurt.com/u?l=1qxPvP About Carr's Plumbing and Maintenance LLC Carr's Plumbing and Maintenance, LLC runs a plumbing business in Wichita, Kansas. Carr's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10101) on February 4, 2026. In the petition signed by Christopher Carr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mitchell L. Herren oversees the case. Mark J Lazzo, Esq., at Mark J Lazzo PA, represents the Debtor as legal counsel. CCJG ICHO: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------- On March 9, 2026, Ccjg Icho, LLC, filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern 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 Ccjg Icho, LLC Ccjg Icho, LLC is a limited liability company engaged in commercial business operations in California. The company provides services and operational support within its industry sector while managing local business activities. Ccjg Icho, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00946) on March 9, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher B. Latham handles the case. CEDAR VALLEY: Plan Exclusivity Period Extended to April 13 ---------------------------------------------------------- Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas extended Cedar Valley Cypress TX LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 13 and June 12, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that Courts examine numerous factors to determine whether a debtor has had an adequate opportunity to develop, negotiate, and propose a chapter 11 plan and thus whether there is "cause" for extension of the Exclusivity Periods. The Debtors claim that here, the relevant factors strongly favor initial extensions of the Exclusivity Periods: * As reflected by the Order Granting Complex Chapter 11 Bankruptcy Case Treatment, the Debtors' cases are large and complex. * The Debtors have made progress toward a viable chapter 11 exit strategy. Since the Petition Date, the Debtors have, among other things, hired various professionals to help the Debtors through the reorganization process, filed their schedules of assets and liabilities and statements of financial affairs, successfully defended against a motion to lift the automatic stay and motion to transfer venue, and the Debtors are in the process of securing critical financial and operational relief through debtor in possession financing. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the Exclusivity Periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies benefit by providing the Debtors with sufficient time to continue to work toward a disposition of the Debtors' assets and/or a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to their estates and the greatest recovery to their creditors. Extending exclusivity benefits all creditors by preventing the drain on time and resources that inevitably occurs if competing plans were to be filed. Counsel to the Debtors: Jason S. Brookner, Esq. Emily F. Shanks, Esq. Gray Reed 1601 Elm Street, Suite 4600 Dallas, TX 75201 Tel: (214) 954-4135 Fax: (214) 953-1332 Email: jbrookner@grayreed.com eshanks@grayreed.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 Oct. 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. CELSIUS NETWORK: Fireblocks Hit With 'Staggering' Negligence Claims ------------------------------------------------------------------- Dorothy Atkins of Law360 Bankruptcy Authority reports that Celsius Network's Chapter 11 plan administrator asked a New York bankruptcy court Wednesday, March 11, 2026, to compel Fireblocks to respond to discovery requests in a case related to the cybersecurity firm's alleged role in the platform’s financial losses. The administrator said that obtaining this information is essential for evaluating claims and pursuing potential recovery for creditors. The complaint asserts that Fireblocks, which provided cryptocurrency custody and transaction infrastructure, may have been negligent in safeguarding assets, which contributed to significant customer losses and Celsius's eventual bankruptcy. The plan administrator is seeking documents, internal communications, and technical records to determine whether Fireblocks had any responsibility for the collapse, the report cites. The administrator asked the court to issue an order requiring full cooperation in discovery, arguing that any delay or refusal could prejudice creditors and obstruct the Chapter 11 process. Compliance, they say, is crucial to assessing damages and pursuing remedies against the cybersecurity provider, according to report. 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. CHAMINADE UNIVERSITY: S&P Affirms 'BB+' Rating on 2015 Bond Rating ------------------------------------------------------------------ S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB+' long-term rating on Chaminade University of Honolulu, Hawaii's series 2015A special-purpose revenue bonds. The outlook revision reflects the university's growth in financial resources as measured by cash and investments, which have more than doubled since fiscal 2020, and help provide a cushion against potential market pressures. The positive outlook also reflects our expectation that a low discount rate will provide flexibility to sustain breakeven or positive operations. S&P said, "We analyzed Chaminade's environmental, social, and governance credit factors pertaining to the university's market position, management and governance, and financial performance. We believe that Chaminade's location in Hawaii exposes it to elevated environment-related risks such as hurricanes, which could damage the university's facilities. Chaminade carries property insurance coverage for major environmental events: earth movement, flood, and named storms. Despite the elevated environmental risks, we view the university's social and governance risks as neutral factors in our credit rating analysis. "The positive outlook reflects our expectation that there is a one-in-three chance we could raise the rating within the next two years. "We could revise the outlook to stable if Chaminade's enrollment or other demand metrics see an established trend of pressure or material one-year weakening, if operating results produce a trend of material negative operations on a full-accrual basis, or if financial resource ratios weaken materially. "We could consider a positive rating action if the university's financial resources continue to grow, operations remain positive, and enrollment remain relatively stable." CHOATE ENGINEERING: Seeks to Hire Mjemmet LLC as Accountant ----------------------------------------------------------- Choate Engineering Performance, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Mjemmet, LLC as accountant. The firm's services include: (a) assisting the Debtor in general accounting and tax related matters; (b) preparing on behalf of the Debtor any necessary accounting and/or tax forms or other related papers; (c) preparing pro forms for the plan of reorganization and potential post-petition lenders; and (d) performing all other accounting or tax related services necessary on behalf of Debtor. The firm will be paid $12,000 per month. Mr. Jones disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matt Jones Mjemmet, LLC 30 N. Gould St., Ste 36823 Sheridan, WY 82801 About Choate Engineering Performance, LLC 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. CLEANCO CARPET: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Cleanco Carpet, Window & Air Duct Cleaning, LLC 901 E 2nd Ave., STE 206 Spokane, WA 99202 Business Description: CleanCo Carpet, headquartered in Spokane Valley, Washington, provides cleaning services for homes and businesses, covering air ducts, carpets, dryer vents, tile/grout, and wood floors. Its IICRC-certified technicians use professional equipment and methods to remove dust, allergens, and stains, improving indoor air quality and maintaining property surfaces. Founded in 2004 as a family-run company, CleanCo Carpet serves the Inland Northwest, focusing on personalized service and consistent operations. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-00422 Judge: Hon. Frederick P Corbit Debtor's Counsel: Steven M. Palmer, Esq. CAIRNCROSS & HEMPELMANN, P.S. 524 Second Avenue Suite 500 Seattle, WA 98104 Tel: 206-587-0700 Email: spalmer@cairncross.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Craig Elmblad 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/OZWBF6Q/Cleanco_Carpet_Window__Air_Duct__waebke-26-00422__0001.0.pdf?mcid=tGE4TAMA COKER: Barings Participation Marks $1.2MM Loan at 19% Off --------------------------------------------------------- Barings Participation Investors has marked its $1,276,370 loan extended to Coker to market at $1,276,370 or 81% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term loan extended to Coker. The loan accrues interest at a rate of 8.17% (SOFR + 4.500%) per annum. The loan matures on March 20, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Coker Coker provides consulting and advisory services to healthcare organizations, focusing on enabling client transformation initiatives. COMPREHENSIVE INTERVENTIONAL: Files Amendment to Disc. Statement ---------------------------------------------------------------- Comprehensive Interventional Care Centers PLLC and its affiliates submitted an Amended Disclosure Statement in support of Amended Joint Plan of Reorganization dated March 5, 2026. The Debtors believe that, through this bankruptcy proceeding, they can reject unnecessary leases, liquidate unused assets, restructure their debts and operations, and ultimately right-size their business. Upon successfully reorganizing, the Debtors' will have created a leaner, profitable, and sustainable enterprise for the benefit of the Debtors' creditors and other parties-in interest. Pursuant to the SFS Plan Stipulation, the Debtors granted voluntary surrender and stay relief with respect to the SFS Equipment and SFS Collateral that they no longer needed at the Gilbert Premises and Flagstaff Premises, and retained certain equipment subject to the SFS Leases and Loans (i.e., the SFS Retained Equipment) that is currently used in the Debtors' operations. The estimated fair market value of the SFS Retained Equipment is approximately $496,967. The SFS Retained Equipment is fully encumbered by SFS' lien as provided in the SFS Plan Stipulation. According to the Debtors' Schedules and the proofs of claim filed against the Debtors, there is approximately $15,500,000 in general unsecured claims that have been asserted against the Debtors. The Debtors intend to continue operating their medical practice, which specializes in minimally invasive vascular, oncologic cardiac intervention and limb salvage, in two primary locations in Gilbert, Arizona and Flagstaff, Arizona. The Debtors intend to substantively consolidate their assets, liabilities, and operations with each other, and to jointly operate as "Comprehensive Interventional Care Centers, PLLC" following confirmation of this Plan. The Debtors intend to pay their creditors from (a) Cash-on-Hand as of the Effective Date, (b) revenues generated from the operation of the Property for a period of three years from the Effective Date, (c) the New Value Contribution to the Reorganized Debtor from the Interest Holder, and (d) the proceeds of sales of equipment owned by the Debtors that is not necessary for the continued operation of the Debtors' business. The Interest Holder will continue to own and manage the Reorganized Debtor. Like in the prior iteration of the Plan, Class 3-A consists of any and all Allowed Unsecured Claims that are not otherwise classified in the Plan. This Class is impaired. Allowed Unsecured Claims in this Class will be treated as follows: * Beginning on the first day of the fourth month following the Effective Date of the Plan, and for a period of three years thereafter, the Reorganized Debtor will make quarterly distributions to holders of Allowed Unsecured Claims, pro rata, in amounts equal to 75% of the Reorganized Debtors' cumulative Net Revenues (the "Unsecured Claim Distributions") derived from the prior three-month period. * Upon the conclusion of the Unsecured Claim Distributions irrespective of the amount any holder of a Claim within this Class 3-A has received on account of such Claim, the unpaid balance of all of the Claims within this Class 3-A will be deemed extinguished, released, and discharged in full. * So long as the Reorganized Debtor is making distributions to holders of Allowed Unsecured Claims as provided herein, any Net Revenue accumulated by the Reorganized Debtor in excess of the Unsecured Claim Distributions, can be used by the Reorganized Debtor in any way that it sees fit, in the exercise of its business judgment, including, but not limited to, the payment of operating expenses, the commencement of capital projects, and the payment, and/or the settlement, in whole or in part, of any Allowed Claim outstanding under the Plan. The Plan will be funded from the Debtors' Cash-on-Hand, the proceeds from the sales of certain unnecessary equipment and other assets of the Debtors, Net Revenues from the operation of the Reorganized Debtors' business, and the New Value Contribution. A full-text copy of the Amended Disclosure Statement dated March 5, 2026 is available at is https://urlcurt.com/u?l=YMxyOJ from PacerMonitor.com at no charge. Counsel to the Debtors: Wesley D. Ray, Esq. Philip R. Rudd, Esq. James S. Samuelson, Esq. Sacks Tierney P.A. 4250 N. Drinkwater Blvd., 4th Floor Scottsdale, AZ 85251-3693 Tel: (480) 425-2600 Fax: (480) 970-4610 Email: Wesley.Ray@SacksTierney.com Philip.Rudd@SacksTierney.com About Comprehensive Interventional Care Comprehensive Interventional Care Centers PLLC is a multispecialty medical practice with a team of experts in interventional radiology, vein care, podiatry, cardiology, and vascular surgery, offering cutting-edge treatments with minimal risk and recovery time. They focus on treating a wide range of conditions, including neuropathy, vascular diseases, vein issues, ulcers, and heart disease. Comprehensive Interventional Care Centers PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No.25-01225) on February 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Wesley D. Ray, Esq. at Sacks Tierney PA. CONSTRUCT GROUP: Hires Bruner Wright P.A. as Counsel ---------------------------------------------------- Construct Group SE, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, P.A. as counsel to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Bruner, Attorney $450 Bryon Wright III, Attorney $425 Samantha Kelley, Attorney $400 Paralegal $175 The firm received $16,738 as a retainer for this proceeding. Mr. Wright III 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: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About Construct Group SE, Inc. Construct Group SE, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-40125-KKS) on March 4, 2026. The Debtor hires Bruner Wright, P.A. as counsel. CONTINENTAL TELEVISION: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------------- On March 3, 2026, Continental Television Broadcasting Inc. voluntarily filed for Chapter 11 protection in the Southern District of Florida bankruptcy court. Court filings show the company owes between $100,001 and $1,000,000 to 1-49 creditors. Proofs of claim are due no later than May 12, 2026. A Meeting of Creditors under Section 341(a) to be Held on April 7, 2026 at 10:00 AM by TELEPHONE. About Continental Television Broadcasting Inc. Continental Television Broadcasting Inc. is a U.S.-based broadcaster specializing in television programming and media content production. The company distributes content across multiple channels and platforms to serve regional and national markets. Continental Television Broadcasting Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12681) on March 3, 2026, with estimated assets and liabilities each ranging from $100,001 to $1,000,000. The debtor is represented by Eric D. Yankwitt, Esq. COPPER RIDGE LANDSCAPE: Commences Chapter 11 Bankruptcy in Pa. -------------------------------------------------------------- On March 5, 2026, Copper Ridge Landscape & Design, LLC, filed a voluntary Chapter 11 bankruptcy in the Western District of Pennsylvania. Court documents indicate the debtor reports $100,001 to $1,000,000 in liabilities owed to between 1 and 49 creditors. About Copper Ridge Landscape & Design, LLC Copper Ridge Landscape & Design, LLC operates in the landscaping services sector, offering outdoor design, landscape installation, and maintenance services for residential and commercial properties. Copper Ridge Landscape & Design, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20622) on March 5, 2026, reporting estimated assets and liabilities each ranging from $100,001 to $1,000,000. The debtor is represented by Dennis J. Spyra, Esq. COURTESY SCREENING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a second interim order granting Courtesy Screening, Inc.'s emergency motion to use cash collateral. The Debtor may use cash collateral to pay court-authorized amounts, including Subchapter V trustee payments, and to fund ordinary and necessary operating expenses under the amended budget, with up to a 10% variance per line item. Additional expenditures may be made with written approval from merchant cash advance lenders and other providers of short-term, high-interest financing. The lenders include Fora Financial, OnDeck Capital, Parafin (Jobber Capital) and Vox Funding. As of the petition date, the Debtor owed $434,141 to these lenders, which may assert an interest in the cash collateral. The Debtor projects total operational expenses of $221,270.00 for March; $235,742 for April. As adequate protection, the lenders will be granted replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens, without the need for further filings. The Debtor must maintain customary insurance coverage, comply with all debtor-in-possession obligations, and provide Funders reasonable access to records and premises. The order preserves all parties' rights, including the ability to seek modified adequate protection or further restrictions on cash collateral use. It does not determine the validity, extent, or amount of any secured claim. A continued hearing is scheduled for May 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/AQm0U from 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. CRUX SOLUTIONS: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: Crux Solutions LLC Waddell's Riverside Funeral Directors 6938 Westover St. Houston, TX 77087 Business Description: Crux Solutions LLC, doing business as Waddell's Riverside Funeral Directors, is a locally owned funeral home based in Houston, Texas, providing funeral, memorial, and celebration of life services, as well as cremation and pre-planning options. The company offers professional support to families throughout the planning process and maintains online obituaries to serve the community. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-31623 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Elias Yazbeck, Esq. THE LAW OFFICE OF ELIAS M. YAZBECK, PLLC 4119 Montrose Blvd Suite 470 Houston TX 77006 Tel: (281) 755-7320 Email: elias@yazbecklaw.com Total Assets: $804,432 Total Liabilities: $1,650,303 The petition was signed by Latonya Alexander as manager. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RYBJZ5Y/Crux_Solutions_LLC__txsbke-26-31623__0001.0.pdf?mcid=tGE4TAMA CTV PARADISE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: CTV Paradise LLC 3047 Alachua Place New Port Richey, FL 34655 Business Description: CTV Paradise, LLC is a Florida-based homebuilder engaged in residential construction, currently owning and developing a single waterfront property at 4718 Paradise Way SE in St. Petersburg. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01916 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Tomas J. Yi, Esq. YI|Z LAW GROUP LLC 6421 N. Florida Ave. Suite D#23 Tampa FL 33604 Tel: (813) 388-8341 E-mail: tomas@yiandzlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tom Phanco as managing member and CEO. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YIM4BXQ/CTV_PARADISE__flmbke-26-01916__0001.0.pdf?mcid=tGE4TAMA CUMULUS MEDIA: District Court Stays Nielsen Antitrust Lawsuit ------------------------------------------------------------- Judge Jeannette A. Vargas of the U.S. District Court for the Southern District of New York entered an order staying the case captioned as CUMULUS MEDIA NEW HOLDINGS INC., Plaintiff, -v- THE NIELSEN COMPANY (US) LLC, Defendant, Case No. 25-cv-08581-JAV (S.D.N.Y.) pursuant to Section 362(a) of the Bankruptcy Code. On March 10, 2026, a Suggestion of Bankruptcy was filed in this case, advising that on March 4, 2026, Plaintiff Cumulus Media New Holdings Inc. filed a voluntary petition for relief pursuant to Chapter 11, Title 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas. Pursuant to Section 362(a) of the Bankruptcy Code, counterclaims by Defendant The Nielsen Company (US) LLC against Cumulus are stayed until the earlier of (i) the termination of the automatic stay pursuant to Section 362(c) of the Bankruptcy Code, and (ii) entry by the Bankruptcy Court of an order lifting the stay with respect to such counterclaims. Cumulus's claims against Nielsen are stayed pending further order of the Court. By June 9, 2026, the parties must submit a joint letter regarding the status of the bankruptcy proceedings. Any submission will not constitute a waiver or modification of the application of the automatic stay. Complaint Plaintiff Cumulus Media New Holdings Inc. is a Delaware corporation with its headquarters located at 780 Johnson Ferry Rd NE, Suite 500, Atlanta, GA 30342. Cumulus maintains offices across the United States, including in New York, NY. Cumulus is an audio media company comprised of entities owning and/or operating 395 radio stations across the United States, as well as Westwood One, which provides syndicated programming nationally. Westwood One's portfolio features a variety of popular programs, including syndicated talk shows such as The Mark Levin Show, music programming such as American Country Countdown, and exclusive live sports coverage, including National Football League ("NFL") and National Collegiate Athletic Association ("NCAA") broadcasts. Through Westwood One, Cumulus offers national advertisers a streamlined solution with a single point of sale for their campaigns. Defendant The Nielsen Company (US) LLC is a Delaware limited liability company, with its headquarters located at 675 6th Ave, New York, NY 10010. Nielsen is the only provider of national radio ratings data and either the only or the dominant provider of local radio ratings data in 80 geographies in which Cumulus has radio stations. Nielsen is responsible for sales, marketing, distribution, technical support, and customer service related to radio ratings products in the United States, including throughout this Judicial District. According to the Complaint, in September 2024, Nielsen announced a new policy to illegally maintain its market power in both the National Radio Ratings Data Market and the Local Radio Ratings Data Markets (the "Tying Policy"). Specifically, Nielsen announced that if a national network owns, manages, operates, or has a sales or operating agreement or similar business relationship with local radio stations (a "shared-ownership local radio station"), Nielsen would exclude from the national radio ratings data purchased by the national network any geographies where the shared-ownership local radio stations do not purchase Nielsen's local radio ratings data. Thus, under this new Tying Policy, unless Cumulus subscribes to Nielsen's local radio ratings data in all the geographies where it and Nielsen have a presence, Westwood One would lose access to the Nationwide product (i.e., comprehensive national radio ratings data). The Complaint alleges the practical effect of Nielsen's Tying Policy is to coerce Cumulus into purchasing local radio ratings data it neither wants nor needs in order to preserve access to indispensable national radio ratings data -- so that Westwood One can sell to national advertisers and advertising agencies that require broad, consistent advertising exposure across the country. The Complaint asserts Nielsen's coercion deprives customers of the ability to freely choose alternatives, including Eastlan Ratings, even if such alternatives are likely to be cheaper and superior for those customers. The Complaint claims Cumulus will suffer injuries of the type that antitrust laws were intended to prevent, including but not limited to reduced choice, stifled innovation, increased prices and costs, reduced quality, and inhibition of the free flow of competition on the merits. Because of Nielsen's violation of Section 2 of the Sherman Act, Cumulus seeks appropriate equitable relief to enjoin Nielsen from continuing to engage in anticompetitive behavior, the Tying Policy, and to remedy the harms that Nielsen's illegal tying has caused. Cumulus seeks an award of treble damages or, in the alternative, disgorgement of Nielsen's ill-gotten gains. A copy of the Complaint is available at http://urlcurt.com/u?l=0XEMF1from PacerMonitor.com. A copy of the Court's Order dated March 11, 2026, is available at http://urlcurt.com/u?l=Sv8dRqfrom PacerMonitor.com. Counsel for Plaintiff Cumulus Media New Holdings Inc.: Claude G. Szyfer, Esq. HOGAN LOVELLS US LLP 390 Madison Avenue New York, NY 10017 Telephone: (212) 918-3000 Facsimile: (212) 918-3100 Email: claude.szyfer@hoganlovells.com - and - Jennifer Fleury, Esq. Charles Loughlin, Esq. Jamie Lee, Esq. Alisa Lu, Esq. Ashley Ifeadike, Esq. Tianyu Dong, Esq. HOGAN LOVELLS US LLP 555 Thirteenth Street, N.W. Washington, DC 20004 Telephone: (202) 637-5600 Facsimile: (202) 637-5910 Email: jennifer.fleury@hoganlovells.com chuck.loughlin@hoganlovells.com jamie.lee@hoganlovells.com alisa.lu@hoganlovells.com ashley.ifeadike@hoganlovells.com tianyujohn.dong@hoganlovells.com About Cumulus Media Inc. Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month -- wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 394 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact, and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas 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. As of Sept. 30, 2025, the Company had $1,078,217,000 in total assets and $1,135,135,000 in total liabilities. Judge Alfredo R. Perez oversees the case. Lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP serve as counsel. Porter Hedges LLP, represents the Debtor as local counsel. The Debtors hired as Alvarez & Marsal North America, LLC as restructuring advisor; Moelis & Company as financial advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global as claims, noticing, solicitation & certification agent. CUMULUS MEDIA: Files Chapter 11 to Implement $592MM Debt Reduction ------------------------------------------------------------------ Cumulus Media Inc. disclosed in a regulatory filing that the Company and certain of its direct and indirect subsidiaries, intend to implement a comprehensive debt restructuring in accordance with a Restructuring Support Agreement and ABL Commitment Letter with its key debtholders. The Restructuring is expected to substantially deleverage the Company's balance sheet by over $592 million through an equitization of a substantial portion of the Company's funded debt and to reduce the Company's annual cash interest expense by approximately $49 million. The Restructuring Support Agreement contemplates effectuating the Restructuring through a joint prepackaged plan of reorganization of the Company Parties in voluntary cases filed on March 4, 2026 pursuant to chapter 11 of title 11 of the United States Code. The Company does not expect any adverse operational impact from the Restructuring and plans to continue to operate and pay vendors and employees in the ordinary course of business as "debtors in possession" under the jurisdiction of the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court") in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Restructuring Support Agreement and ABL Commitment Letter In furtherance of the contemplated Restructuring, on March 4, 2026, prior to launching the Solicitation and prior to commencing the Chapter 11 Cases, the Company Parties entered into a: (i) restructuring support agreement with an ad hoc group of: (a) certain lenders of the Company's outstanding term loans under that certain Credit Agreement, dated as of May 2, 2024 and (b) certain holders of the Company's 8.00% senior secured first-lien notes due 2029 issued under that certain Indenture, dated as of May 2, 2024 and (ii) that certain commitment letter with Fifth Third Bank, as administrative agent, and the lenders from time to time party to that certain Credit Agreement, dated as of March 6, 2020. Pursuant to the Restructuring Support Agreement, the Consenting 2029 Holders have agreed, subject to certain terms and conditions, to, among other things, support the Plan. The material terms of the Plan are set forth in the Restructuring Term Sheet, which terms, subject to Bankruptcy Court approval, include, among other things: * all existing equity securities of the Company, including the Class A common stock and Class B common stock, shall be cancelled and the holders of such interests will not receive or retain any recovery or distribution; * each holder of a claim under the Existing ABL Credit Facility shall receive its pro rata share of new loans under an amended and restated ABL Credit Agreement; * each holder of a secured claim under the 2029 Credit Agreement and the 2029 Indenture shall receive its pro rata share of: (a) $50 million of newly issued convertible notes and (b) new Class A and Class B common stock issued by the reorganized Company and/or warrants that are exercisable for New Common Stock, which New Common Stock (inclusive of the shares issuable upon the full exercise of the Special Warrants) will constitute, in the aggregate, 95% of the New Common Stock issued on the effective date of the Plan, subject to dilution on account of the 10% of the New Common Stock reserved for the management incentive plan; * each holder of claims under the 2026 Credit Agreement and 2026 Indenture (each, as defined below) and each holder of deficiency claims under the 2029 Credit Agreement and the 2029 Indenture shall receive its pro rata share of the New Common Stock and/or Special Warrants, which New Common Stock (inclusive of the shares issuable upon the full exercise of the Special Warrants) will constitute, in the aggregate, 5% of the New Common Stock issued on the Plan Effective Date, subject to dilution on account of the MIP Equity; * each holder of a general unsecured claim shall be paid in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to its claim; and * certain other holders and creditors will receive treatment as detailed in the Restructuring Term Sheet and the Plan. Commitments In accordance with the Restructuring Support Agreement, each Consenting 2029 Holder agreed, among other things, to: (i) timely take all reasonable actions necessary to support, implement and consummate the Restructuring Transactions and vote in favor of the Plan on a timely basis following commencement of the Solicitation; (ii) use commercially reasonable efforts to cooperate with and assist the Company Parties in obtaining additional support for the Restructuring Transactions from the Company Parties' other stakeholders; (iii) not object to, delay, impede or take any other action to interfere with acceptance, implementation or consummation of the Restructuring Transactions; (iv) give any notice, order, instruction or direction to the applicable agents and trustees, reasonably necessary to give effect to the Restructuring Transactions; and (v) negotiate in good faith and execute and implement certain definitive documents that are consistent with the Restructuring Support Agreement. In accordance with the Restructuring Supporting Agreement, the Company Parties agreed, among other things, to: (i) pursue, cooperate, support and take all steps reasonably necessary and desirable to consummate the Restructuring Transactions in accordance with the Restructuring Support Agreement; (ii) to the extent any legal or structural impediment arises that would prevent, hinder or delay the consummation of the Restructuring Transactions, take all steps reasonably necessary and desirable to address any such impediment; (iii) use commercially reasonable efforts to obtain any and all required regulatory or other third-party approvals for the Restructuring Transactions; (iv) negotiate in good faith and take all steps reasonably necessary to execute and deliver any required agreements to effectuate and consummate the Restructuring Transactions; (v) use commercially reasonable efforts to obtain additional support for the Restructuring Transactions from other stakeholders; (vi) provide counsel for the Consenting 2029 Holders a reasonable opportunity to review draft copies of certain documents that the Company Parties intend to file with Bankruptcy Court; (vii) not object to, delay, impede or take any other action to interfere with acceptance, implementation or consummation of the Restructuring Transactions; and (viii) not modify the Plan, in whole or in part, in a manner that is not consistent with the Restructuring Support Agreement in all material respects. Milestones The Restructuring Support Agreement contains various milestones, or dates by which the Company Parties are required to, among other things, obtain certain orders of the Bankruptcy Court and consummate the Restructuring Transactions, including the following: * the Company Parties shall launch the Solicitation; * by no later than three days after the Petition Date, the Bankruptcy Court shall have entered an order setting the date of the hearing to confirm the Plan and an interim order approving the Company's use of cash collateral; * by no later than 30 days after the Petition Date, the Bankruptcy Court shall have entered an order authorizing and approving the Company's use of cash collateral on a final basis and setting forth the terms and conditions for such use; provided, that this Milestone may be extended by the Company Parties by up to 25 days if the purpose of such extension is solely to align the hearing on the Final Cash Collateral Order with the hearing to consider confirmation of the Plan; * by no later than 55 days after the Petition Date, the Bankruptcy Court shall have entered an order confirming the Plan; and * by no later than 75 days after entry of the Confirmation Order, the Plan Effective Date shall have occurred; provided, that this Milestone may be extended by the Company Parties by up to 120 days solely to the extent the Company Parties have otherwise complied with the Restructuring Support Agreement and the definitive documents and all conditions to the Plan Effective Date have been satisfied other than: (i) the receipt of required regulatory or other governmental approvals and (ii) any conditions that, by their nature, can only be satisfied on the Plan Effective Date. Termination; Amendment The Restructuring Support Agreement may be terminated upon the occurrence of certain events, including: (i) the failure to meet any of the Milestones; (ii) the occurrence of certain material breaches of the terms of the Restructuring Support Agreement; (iii) the mutual agreement of the Company Parties and the Required Consenting 2029 Holders; and (iv) in the case of the Company Parties, if the board of directors, board of managers or such similar governing body of any Company Party determines, after consulting with counsel, that proceeding with any of the Restructuring Transactions would be inconsistent with the exercise of its fiduciary duties or applicable law; provided, that the applicable Company Party provides a customary "fiduciary out" notice to the counsel to the Consenting 2029 Holders within two business days after the date of such determination. The Restructuring Support Agreement shall automatically terminate upon the occurrence of the Plan Effective Date and may be amended with the consent of the Required Consenting 2029 Holders and the Company Parties. Although the Company intends to pursue the Restructuring in accordance with the terms in the Restructuring Support Agreement, there can be no assurance that the Company will be successful in completing a restructuring or any similar transaction on the terms set forth in the Restructuring Support Agreement, on different terms, or at all. A full text copy of the Restructuring Support Agreement is available at https://tinyurl.com/3pr9zysd The representations, warranties and covenants contained in the Restructuring Support Agreement have been made solely for the purpose of such agreement and as of specific dates, for the benefit of the parties thereto. In addition, such representations, warranties and covenants: (i) may have been qualified by confidential disclosures exchanged between the parties, (ii) are subject to materiality qualifications contained in the agreements which may differ from what may be viewed as material by investors, and (iii) have been included in the agreements for the purpose of allocating risk between the contracting parties rather than establishing matters of fact. Investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of actual facts or circumstances, and the subject matter of representations and warranties may change after the date as of which such representations or warranties were made. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the date of the agreement, which subsequent information may or may not be fully reflected in the Company's public disclosures. Voluntary Petitions for Reorganization under Chapter 11 On March 4, 2026 (i.e., the Petition Date), the Company Parties filed voluntary petitions to commence the Chapter 11 Cases in the Bankruptcy Court to implement the Plan effectuating the Restructuring in accordance with the Restructuring Support Agreement and the ABL Commitment Letter. On March 4, 2026, prior to commencing the Chapter 11 Cases, the Company commenced the solicitation of the Plan with a related disclosure statement. The Company has requested that the Bankruptcy Court administer the Chapter 11 Cases jointly for administrative purposes only under the caption In re Cumulus Media Inc., et al. The Company Parties continue to operate their business as debtors-in-possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company Parties have filed with the Bankruptcy Court customary motions seeking "first day" relief intended to ensure the Company Parties' ability to continue their ordinary course operations during the Chapter 11 Cases, including the authority to use cash collateral, pay employee wages and benefits and vendors and suppliers in the ordinary course of business, and other customary operational and administrative relief. Event of Default The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company's obligations under the following instruments: * the ABL Credit Agreement; * the 2029 Credit Agreement; * the 2029 Indenture; * the Credit Agreement, dated as of September 26, 2019, by and among Cumulus Media Intermediate Inc., Cumulus Media New Holdings, Inc. and certain of its subsidiaries, as borrowers, Bank of America, N.A., as administrative agent and the lenders from time to time party thereto; and * the Indenture, dated as of June 26, 2019, by and among Holdings, as issuer, the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee, pursuant to which Holdings issued 6.75% senior notes due 2026. The Debt Instruments provide that as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed as a result of the Chapter 11 Cases, and the creditors' rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code. Changes in Board On March 4, 2026, Thomas Castro and Brian Kushner resigned from their positions as directors of the Company effective immediately. Neither of the directors resigned as a result of any disagreement with the Company on any matter relating to its operations, policies or practices. Immediately following such resignations, Elizabeth Abrams and David Tolley were appointed directors of the Company. In accordance with the Restructuring Support Agreement, Ms. Abrams and Mr. Tolley were selected by the Company from a slate of four nominees proffered by the Required Consenting 2029 Holders. In connection with their appointments, each of Ms. Abrams and Mr. Tolley are expected to enter into engagement agreements with the Company, pursuant to which, among other things, each will receive compensation equal to $40,000 per month, payable in cash, for their service as directors of the Board during the pendency of the Chapter 11 Cases. The newly appointed directors will serve on the Transaction Committee of the Board, and Ms. Abrams will also serve on the Audit Committee of the Board. There are no other arrangements or understandings between any of the newly appointed directors and any other persons pursuant to which such director was appointed as a director of the Company. None of the newly appointed directors have any family relationships with any of the Company's directors or executive officers nor any direct or indirect material interest in any transaction or proposed transaction required to be disclosed under Item 404(a) of Regulation S-K. Commencement of the Solicitation Pursuant to the Restructuring Support Agreement, on March 4, 2026, prior to filing the Chapter 11 Cases, the Company Parties commenced the Solicitation, including by distributing the Disclosure Statement and other solicitation materials to certain eligible holders of claims against the Company Parties that are entitled to vote on the Plan. A copy of the Disclosure Statement (including the Plan and certain other exhibits attached thereto) is available at https://tinyurl.com/2r238mk6 The Current Report on Form 8-K does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this Current Report on Form 8-K a solicitation of consents to or votes to accept the Plan. Any solicitation or offer will only be made pursuant to the Disclosure Statement (as may be amended) and only to such persons and in such jurisdictions as is permitted under applicable law. Press Release On March 5, 2026, the Company issued a press release announcing the Company's entry into the Restructuring Support Agreement, commencement of the Solicitation and filing of the Chapter 11 Cases. The press release is available at https://tinyurl.com/yhrbxs5c Cleansing Materials Prior to the filing of the Chapter 11 Cases, the Company entered into confidentiality agreements with certain of the Consenting 2029 Holders as part of the negotiations of the Restructuring Support Agreement. Pursuant to the NDAs, the Company agreed to publicly disclose certain information, including material non-public information disclosed to such Consenting 2029 Holders upon the occurrence of certain events set forth in the NDAs. A copy of Cleansing Materials is available at https://tinyurl.com/32mx7st5 The information in Cleansing Materials is based upon, among other things, assumptions with respect to the Company's revenue, operating expenses, cost of capital, and performance as set forth in Cleansing Materials. Any financial projections or forecasts included in Cleansing Materials were not prepared with a view toward public disclosure or compliance with the published guidelines of the Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants regarding projections or forecasts. The projections do not purport to present the Company's financial condition in accordance with accounting principles generally accepted in the United States. The Company's independent accountants have not examined, compiled, or otherwise applied procedures to the projections and, accordingly, do not express an opinion or any other form of assurance with respect to the projections. The inclusion of the projections herein should not be regarded as an indication that the Company or its representatives consider the projections to be a reliable prediction of future events, and the projections should not be relied upon as such. Neither the Company nor any of its representatives has made or makes any representation to any person regarding the ultimate outcome of the Company's proposed restructuring compared to the projections, and none of them undertakes any obligation to publicly update the projections to reflect circumstances existing after the date when the projections were made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the projections are shown to be in error. Additional Information on the Chapter 11 Cases Court filings and information about the Chapter 11 Cases can be found at a website maintained by the Company's claims agent KCC/Verita Global, LLC at https://veritaglobal.net/cumulusmedia, by calling: Tel: (877) 634-7177 (toll-free) Tel: +(424) 236-7223 (international) or by submitting an inquiry at https://www.veritaglobal.net/cumulusmedia/inquiry. The documents and other information available via website or elsewhere are not part of this Current Report and shall not be deemed incorporated herein. Cautionary Note Regarding the Company's Securities The Company cautions that trading in its securities (including its Class A common stock and Class B common stock) now and during the pendency of the Chapter 11 Cases is and will be highly speculative and poses substantial risks. Trading prices for these securities may bear little or no relationship to the actual recovery, if any, by the holders of the Company's securities in the Chapter 11 Cases. The Company expects that holders of its securities could experience a significant or complete loss on their investment, depending on the outcome of the Chapter 11 Cases. In particular, the Plan contemplates that all shares of the Company's Class A common stock and Class B common stock will be cancelled for no consideration and the holders of such stock will not receive or retain any recovery or distribution. About Cumulus Media, Inc. Cumulus Media Inc. is a radio broadcasting and audio content provider. Cumulus Media Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90346) on March 4, 2026, listing estimated assets and liabilities between $1 billion and $10 billion each. As of September 30, 2025, Cumulus Media had $1,078,217,000 in total assets and $1,135,135,000 in total liabilities. The Hon. Alfredo R. Perez presides over the cases. Cumulus Media is represented by lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP as its legal counsel. The Debtors also hired Alvarez & Marsal North America, LLC, as restructuring advisor, Moelis & Company, as financial advisor, and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims, noticing, solicitation, and certification agent. Cumulus Media and affiliates previously sought voluntary Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 17-13381) in November 2017. The company successfully emerged from this bankruptcy on June 4, 2018, with a significantly deleveraged balance sheet. CUMULUS MEDIA: Plans to Go Private, Replace Board After Ch.11 Exit ------------------------------------------------------------------ Cameron Coats of Daily Headlines reports that Cumulus Media Inc. is preparing to exit the public markets as part of a prepackaged Chapter 11 bankruptcy plan that would wipe out existing shareholders and hand control of the broadcaster to its lenders. The restructuring also calls for a complete overhaul of the company's board and leaves open the possibility of leadership changes. A prepackaged bankruptcy allows a company to negotiate the core elements of its restructuring with major creditors before filing for court protection. Because the terms are largely agreed upon in advance, the court process can move more quickly than a typical Chapter 11 case, avoiding lengthy litigation and negotiations, the report states. According to the plan, lenders would take ownership of the reorganized company once the restructuring closes. Holders of secured claims due in 2029 would receive roughly 95% of the equity in the reorganized business, while other debt holders would split the remaining 5%. Current shareholders would receive nothing as their equity interests are canceled. The plan also calls for the company to delist its stock and deregister under the Exchange Act, ending its obligations as a publicly traded firm. The existing board led by Chairman Andy Hobson would step down and be replaced by directors selected through the restructuring process. Meanwhile, the company is updating employment agreements with CEO Mary Berner and CFO Frank Lopez-Balboa while reserving a portion of new equity for a management incentive plan, the report cites. About Cumulus Media Inc. Cumulus Media Inc. is a radio broadcasting and audio content provider. Cumulus Media Inc. and affiliates 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. CUMULUS MEDIA: Unsecured Creditors Unimpaired in Prepackaged Plan ----------------------------------------------------------------- Cumulus Media Inc. and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Prepackaged Plan of Reorganization dated March 5, 2026. The Company is a media company delivering premium audio content to a quarter of a billion people every month and providing highly efficient traditional and digital media solutions to tens of thousands of companies. Beginning in Q4 2025, the Company and its advisors advanced discussions regarding the terms of a comprehensive restructuring transaction with its key stakeholders, including the ABL Agent and an ad hoc group of secured lenders represented by Gibson, Dunn & Crutcher LLP, as counsel and Guggenheim Securities, LLC, as investment banker (the "Ad Hoc Group"). The Debtors determined that a prepackaged filing anchored by an agreement with their key stakeholders on the terms of a comprehensive restructuring would avoid a value destructive freefall, minimize execution risk, reduce cost and disruption, and was in the best interests of all stakeholders. Following significant arm's-length negotiations, on March 4, 2026, the Debtors and the members of the Ad Hoc Group entered into that certain Restructuring Support Agreement (the "Restructuring Support Agreement") which contemplates an in-court restructuring of the Debtors through a prepackaged chapter 11 plan. The Restructuring Support Agreement provides for a substantial deleveraging of the Debtors' balance sheet by approximately $592 million, a reduction in annual cash interest expense of approximately $49 million, and a streamlined capital structure that positions the reorganized Company to compete effectively and pursue future strategic opportunities. In parallel with the negotiation of the Restructuring Support Agreement, the Debtors also engaged in discussions with the ABL Parties in an effort to develop a broadly supported and comprehensive series of restructuring transactions. The Debtors and the ABL Parties ultimately entered into a commitment letter that provides for up to $100 million in aggregate commitments under an amended and restated ABL Facility (the "ABL Commitment Letter"). The ABL Parties and the Ad Hoc Group have also consented to the Debtors' use of Cash Collateral during the chapter 11 cases pursuant to a negotiated interim cash collateral order, thereby avoiding costly and distracting litigation at the outset of these cases. Under the terms of the Plan, and in accordance with the Restructuring Support Agreement, the Debtors expect to deleverage their balance sheet through the equitization of 2029 Secured Claims and Other Funded Debt Claims. Additionally, Allowed General Unsecured Claims will be Unimpaired under the Plan to ensure strong go-forward relationships with contract counterparties, vendors and customers. The key terms of the Plan are as follows: * 2029 Secured Claims will be canceled in exchange for (i) 95% of the equity in the reorganized Company distributed on the Effective Date and (ii) the Exit Convertible Notes; * Other Funded Debt Claims will be canceled in exchange for 5% of the equity in the reorganized Company distributed on the Effective Date; * the Reorganized Debtors will enter into the Restated ABL Credit Agreement the proceeds thereof shall be utilized to refinance claims outstanding under the ABL Credit Agreement in satisfaction of the ABL Facility Claims; * Allowed General Unsecured Claims will be Unimpaired under the Plan and treated in the ordinary course; and * all Existing Equity Interests will be cancelled for no consideration on the Effective Date. Through the Restructuring Transactions, the Debtors expect to emerge from these Chapter 11 Cases with a sustainable capital structure that will leave the Debtors' businesses intact and substantially deleveraged, providing for a reduction of approximately $592 million of debt upon emergence. This de-leveraging will enhance the Debtors' long term growth prospects and competitive position and allow them to emerge from chapter 11 better positioned to pursue value maximizing opportunities and withstand competition in the broadcast radio and audio content industry. The Debtors expect to generate the liquidity necessary to support their go-forward operations through ordinary course operations and draws on the ABL Facility. Moreover, the Plan provides a framework for the long-term sustainability of the Debtors’ business for the benefit of their employees, vendors, and customers. Class 6 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors (in consultation with the Required Consenting 2029 Holders) agrees to a less favorable treatment on account of such Claim or such Claim has been paid or Disallowed by Final Order prior to the Effective Date, on and after the Effective Date, the Reorganized Debtors shall continue to pay or treat each Allowed General Unsecured Claim in the ordinary course of business as if the Chapter 11 Cases had never been commenced, subject to all claims, defenses, or disputes the Debtors and Reorganized Debtors may have with respect to such Claims, including as provided in Article IV.S of the Plan; provided that Allowed Lease Rejection Claims shall be paid in full on the later of (i) the Effective Date or (ii) entry of a Final Order Allowing a Lease Rejection Claim. This Class is unimpaired. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with (i) Cash on hand, (ii) the Plan Securities, and (iii) the New ABL Loans. A full-text copy of the Disclosure Statement dated March 5, 2026 is available at https://urlcurt.com/u?l=6goGBH from Kurtzman Carson, claims agent. Proposed Co-Counsel to the Debtors: John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Jack M. Eiband, Esq. PORTER HEDGES LLP 1000 Main St., 36th Floor Houston, Texas 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 Email: jhiggins@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jeiband@porterhedges.com AND Paul M. Basta, Esq. Jacob A. Adlerstein, Esq. Kyle J. Kimpler, Esq. Sarah Harnett, Esq. Stephanie P. Lascano, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: pbasta@paulweiss.com jadlerstein@paulweiss.com kkimpler@paulweiss.com sharnett@paulweiss.com slascano@paulweiss.com About Cumulus Media Inc. Cumulus Media Inc., a Delaware-based corporation organized in 2018, operates as an audio-first media company providing content to approximately 250 million monthly listeners, primarily through 394 owned-and operated radio stations across 84 U.S. markets and national platforms including Westwood One and the Cumulus Podcast Network. The company generates revenue mainly from broadcast radio advertising, supplemented by digital advertising and ancillary services, and offers local digital marketing solutions alongside one of the largest U.S. streaming audio advertising networks. Its operations include nationally syndicated sports, news, talk, and entertainment programming, original podcast production, and integrated advertising services across broadcast, digital, mobile, social, and voice-activated platforms. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90346) on March 5, 2026, with $1,078,217,000 in assets as of Sept. 30, 2025, and $1,135,135,000 in debts as of Sept. 30, 2025. Richard Denning, executive vice president, secretary & general counsel, signed the petition. Judge Alfredo R. Perez presides over the case. The Debtors tapped Porter Hedges LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global as claims agent. DECKS DIRECT: Barings Participation Marks $1.4MM Loan at 43% Off ---------------------------------------------------------------- Barings Participation Investors has marked its $1,425,161 loan extended to Decks Direct to market at $814,962 or 57% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Decks Direct. The Loan accrues interest at a rate of 10.44% (SOFR + 6.500%) per annum. The Loan matures on Dec. 28, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Decks Direct Decks Direct is an e-commerce, direct-to-consumer seller of specialty residential decking products in the United States. DECKS DIRECT: Barings Participation Marks $276,000 Loan at 74% Off ------------------------------------------------------------------ Barings Participation Investors has marked its $275,709 loan extended to Decks Direct to market at $70,603 or 26% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in an Incremental Term Loan due extended to Decks Direct. The Loan accrues interest at a rate of 10.44% (SOFR + 6.500%) per annum. The Loan matures on Dec. 28, 2028. Barings Participation Investors is a closed-end management investment company, first offered to the public in 1988, whose shares are traded on the New York Stock Exchange under the trading symbol "MPV". The Trust's share price can be found in the financial section of newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings. The Trust is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Trust can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Decks Direct Decks Direct is an e-commerce, direct-to-consumer seller of specialty residential decking products in the United States. DEL CAMPO AL: Commences Chapter 11 Bankruptcy in Puerto Rico ------------------------------------------------------------ On March 9, 2026, Del Campo Al Norte Restaurant Corporation filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Del Campo Al Norte Restaurant Corporation Del Campo Al Norte Restaurant Corporation operates in the restaurant and food service industry, providing dining and hospitality services. Del Campo Al Norte Restaurant Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01003) on March 9, 2026. In its petition, the debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge for the District of Puerto Rico handles the case. The debtor is represented by Luis D. Flores Gonzalez, Esq., of Luis D. Flores Gonzalez Law Office. DELLA RAGIONE: Hires Law Offices Craig A. Diehl as Attorney ----------------------------------------------------------- Della Ragione, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Law Offices of Craig A. Diehl as its attorney. The firm will render these services: (a) advise Debtor-in-Possession with respect to its rights, powers, duties and obligations as Debtor-in-Possession in the administration of this case and the management of its property; (b) prepare pleadings, applications and conduct examinations incidental to administration; (c) advise and represent Applicant in connection with all applications, motions, or complaints for reclamation, adequate protection, sequestration, relief from stays, appointment of trustee or examiner, and all other similar matters; (d) develop the relationship of the status of Debtor-in-Possession to the claims of creditors in these proceedings; (e) advise and assist the Debtor-in-Possession in the formulation and presentation of a Plan pursuant to Chapter 11, Subchapter V, of the Bankruptcy Code and concerning any and all matters relating thereto; and (f) perform any and all other legal services incident and necessary. The Law Offices of Craig A. Diehl will be paid at these rates: Attorneys $300 per hour Legal Assistants $195 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The Law Offices of Craig A. Diehl received a retainer in the amount of $5,000, plus the filing fee of $1,738. Craig Diehl, Esq., Esq., a partner at the Law Offices of Craig A. Diehl, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Craig A. Diehl can be reached at: Craig A. Diehl, Esq. Law Offices of Craig A. Diehl 3464 Trindle Rd. Camp Hill, PA 17011 Tel: (717) 763-7613 Fax: (717) 763-8293 About Della Ragione, Inc. Della Ragione, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00572) on March 2, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Henry W Van Eck presides over the case. Craig A. Diehl, Esq. at Law Offices of Craig A. Diehl serves as the Debtor's counsel. DELLA RAGIONE: Seeks Cash Collateral Access ------------------------------------------- Della Ragione, Inc. asks the U.S. Bankruptcy Court for the Middle District of Pennsylvania for authority to use cash collateral and provide adequate protection. The Debtor operates a restaurant and relies primarily on the daily revenue generated from its ongoing business activities. At the time of filing, a creditor identified as CT Corporation System held a first-priority perfected security interest in several of the Debtor's assets, including cash, accounts receivable, and proceeds derived from those assets. Because these funds qualify as cash collateral under the Bankruptcy Code, the Debtor must obtain court approval before using them. The Debtor states that attempts were made to contact CT Corporation System regarding the use of cash collateral, but no response was received. As a result, the Debtor seeks court authorization to use the funds under the relevant provisions of the Bankruptcy Code. The Debtor explains that immediate access to these funds is necessary for the Debtor to continue operating the restaurant and to cover essential expenses such as lease payments, payroll, utilities, and food supplies. To protect the secured creditor's interest, the Debtor proposes granting CT Corporation System a replacement lien on the cash and accounts receivable to the same extent and priority as the prepetition lien. If the replacement lien proves insufficient, the Debtor also proposes granting the creditor a superpriority administrative claim under the Bankruptcy Code. A copy of the motion is available at https://urlcurt.com/u?l=GnTgce from PacerMonitor.com. About Della Ragione Inc. Della Ragione, Inc. operates a restaurant in Carlisle, Pa. Della Ragione sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00572) on March 2, 2026, listing up to $50,000 in assets and up to $500,000 in liabilities. Strato Dellaragione, president of Della Ragione, signed the petition. Judge Henry W. Van Eck oversees the case. Craig A. Diehl, Esq, at the Law Offices of Craig A. Diehl, represents the Debtor as bankruptcy counsel. DIOCESE OF OAKLAND: Rival Plans to Proceed in Chapter 11 Case ------------------------------------------------------------- Vince Sullivan of Law360 reports that on Friday, March 13, 2026, a California bankruptcy judge ruled that two competing Chapter 11 plans in the bankruptcy case of the Roman Catholic Diocese of Oakland should proceed in parallel, saying both contain deficiencies that require further work. The judge told lawyers for the diocese and the unsecured creditors committee that advancing both proposals could help the court evaluate the best possible outcome. According to the court, each plan raises concerns regarding its feasibility, treatment of abuse claims, and overall structure. Because of those issues, the judge said it would be premature to favor one plan over the other at this point in the proceedings. The Oakland diocese entered Chapter 11 after facing a wave of lawsuits tied to allegations of sexual abuse. Allowing both proposals to move forward could give creditors and survivors a clearer comparison of the options while encouraging negotiations toward a workable settlement, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DISTINCTIVELY OUTDOORS: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Distinctively Outdoors, Inc. 3173 Route 46 East Parsipanny, NJ 07054 Business Description: Distinctively Outdoors is an outdoor living design and retail showroom based in Parsippany, New Jersey. The company offers products and solutions for residential outdoor spaces, including hot tubs, pergolas, outdoor kitchens, grills and appliances, fire features, patio furniture, and decking materials. It operates a showroom where customers can view and select outdoor living products and works with homeowners on the planning and design of customized backyard environments. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-12693 Debtor's Counsel: Douglas J. McGill, Esq. WEBBER MCGILL LLC 100 E. Hanover Avenue Suite 401 Cedar Knolls, NJ 07927 Tel: (373) 739-9559 Email: dmcgill@webbermcgill.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John Belzel as sole shareholder. 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/3G3KJ7A/Distinctively_Outdoors_Inc__njbke-26-12693__0001.0.pdf?mcid=tGE4TAMA DIVERSIFIED WIRE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Diversified Wire & Cable, Inc. d/b/a Diversified Cabinet Build d/b/a Diversified Group d/b/a Diversified Training d/b/a Diversified Wireless d/b/a GLD Group d/b/a GLDG d/b/a GLDGroup d/b/a Wire & Cable Distribution d/b/a Diversified Wire & Cable d/b/a Diversified Assemblies d/b/a Diversified Assembly d/b/a Diversified Design Services d/b/a Diversified Professional Design Services d/b/a GLD, Inc. d/b/a Great Lakes Wire & Cable, Inc. d/b/a Great Wire d/b/a Greatwire 42600 Mound Road Sterling Heights, MI 48314 Business Description: Diversified Wire & Cable, Inc. supplies wire and cable products and supports telecommunications and technology infrastructure projects with related engineering and integration services. The company provides cable assembly, cabinet build solutions, and systems design assistance while operating a service center that fulfills both custom and large-volume orders. It works with contractors and corporate clients to source and deliver the cabling components needed for network and technology installations. Chapter 11 Petition Date: March 12, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-42632 Judge: Hon. Maria L Oxholm Debtor's Counsel: Lynn M. Brimer, Esq. STROBL PLLC 33 Bloomfield Hills Parkway Suite 125 Bloomfield Hills, MI 48304 Tel: (248) 540-2300 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dean Stanton 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/AXGA7LA/Diversified_Wire__Cable_Inc__miebke-26-42632__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AJCCULI/Diversified_Wire__Cable_Inc__miebke-26-42632__0001.0.pdf?mcid=tGE4TAMA DONNA DISHER: Seeks Chapter 11 Bankruptcy in Pennsylvania --------------------------------------------------------- On March 9, 2026, Donna Disher Corporation filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western 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 Donna Disher Corporation Donna Disher Corporation is a business entity engaged in commercial operations and administrative services, providing operational support within its business sector. Donna Disher Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20648) on March 9, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. The debtor is represented by Christopher M. Frye, Esq., of Steidl & Steinberg, P.C. DOOR & WINDOW: Barings Participation Marks $522,207 Loan at 20% Off ------------------------------------------------------------------- Barings Participation Investors has marked its $522,207 loan extended to Door & Window Guard Systems to market at $415,587 or 80% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Door & Window Guard Systems. The Loan accrues interest at a rate of 8.17% (SOFR + 4.500%) per annum. The Loan matures on March 28, 2031. Barings Participation Investors is a closed-end management investment company, first offered to the public in 1988, whose shares are traded on the New York Stock Exchange under the trading symbol "MPV". The Trust's share price can be found in the financial section of newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Door & Window Guard Systems Door & Window Guard Systems provides modular, high-grade steel panels used to secure door and window openings on vacant residential, commercial and government buildings. EDDIE BAUER: Creditors Challenge Cash Deal in Bankruptcy Case ------------------------------------------------------------- Randi Love of Bloomberg Law reports that a group of junior creditors in the bankruptcy of Eddie Bauer LLC has objected to the retailer’s proposed cash collateral arrangement, saying it unfairly favors secured lenders. The dispute surfaced in filings made Wednesday in the U.S. Bankruptcy Court for the District of New Jersey. The creditors' committee argued that Eddie Bauer's lenders are already oversecured because they can recover debts from additional units controlled by Catalyst Brands. That structure, the committee said, provides the lenders with ample protection without further concessions. The committee also opposed the proposed grant of protection liens and superpriority claims. These provisions would give lenders priority rights over unencumbered assets such as avoidance actions and commercial tort claims that could otherwise be used to repay other creditors, the report states. In its filing, the committee warned that approving the proposal would effectively divert valuable estate assets to the secured lenders. It urged the court to limit the scope of the protections and preserve potential recoveries for junior creditors. About Eddie Bauer LLC Eddie Bauer is an outdoor apparel brand was founded in Seattle in 1920 and has built a reputation around clothing and gear for hiking, travel, and outdoor recreation. It sells outdoor apparel, footwear, and equipment designed for travel and adventure. The company currently reports operating over 250 locations throughout North America. Eddie Bauer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422) on February 9, 2026. In its petition, the Debtor reports Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. EFI PRODUCTIVITY: Barings PI Marks $195,396 Loan at 37% Off ----------------------------------------------------------- Barings Participation Investors has marked its $195,396 loan extended to EFI Productivity Software to market at $122,671 or 63% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to EFI Productivity Software. The loan accrues interest at a rate of 8.82% (SOFR + 5.000%) per annum. The loan matures on May 23, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About EFI Productivity Software EFI Productivity Software is a provider of ERP software solutions purpose-built for the print and packaging industry. EFI PRODUCTIVITY: Barings PI Marks $694,695 Loan at 42% Off ----------------------------------------------------------- Barings Participation Investors has marked its $694,695 loan extended to EFI Productivity Software to market at $405,566 or 58% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in an Incremental term loan extended to EFI Productivity Software. The loan accrues interest at a rate of 8.82% (SOFR + 5.000%) per annum. The Loan matures on May 23, 2030. Barings Participation Investors is a registered investment company that provides investors with access to a diversified portfolio of participation interests in privately negotiated corporate financings. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About EFI Productivity Software EFI Productivity Software is a provider of ERP software solutions purpose-built for the print and packaging industry. ELDORADO GOLD: S&P Upgrades ICR to 'BB-' on Improving Cash Flow --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Vancouver-based gold producer Eldorado Gold Corp. to 'BB-' from 'B+' and removed it from CreditWatch, where S&P placed it with positive implications on Feb. 4, 2026. S&P said, "At the same time, we revised our recovery rating to '3' from '2' and affirmed our 'BB-' issue-level rating on the company's unsecured debt. "The positive outlook reflects our expectation that Eldorado will maintain very low leverage and transition to positive FOCF once Skouries enters commercial production later this year." Favorable gold prices continue to benefit Eldorado's operating cash flow, improving the company's liquidity and financial flexibility as it nears completion of its Skouries development project in Greece. S&P said, "We estimate the company will improve and sustain S&P Global Ratings-adjusted debt to EBITDA (gross leverage) below 1x and generate robust free operating cash flow (FOCF) following the successful completion and ramp-up of the Skouries project over the next few years. "The upgrade and positive outlook primarily reflect our view that Eldorado will generate robust cash flow and low leverage over the next few years. Eldorado's financial results continue to benefit from favorable gold prices, which helped the company generate S&P Global Ratings' adjusted EBITDA of more than $1 billion in 2025, up from just over $700 million in 2024. The price of gold has jumped significantly, with an average price in 2025 of about $3,444 per ounce (oz), up 44% since 2024, and we assume the average price will further increase in 2026. Higher earnings over the past couple of years has strengthened credit measures, with 2025 gross leverage of about 1.3x and about $870 million of cash on hand, despite continued spending to fund the Skouries project in Greece. "The company has steadily advanced its Skouries copper-gold development project over the past few quarters. As of Dec. 31, 2025, the project was about 90% complete, with about $250 million of spending remaining under the recently revised project cost estimate of $1.3 billion (including $180 million of accelerated operational spending). We estimate the company will begin production in third quarter of 2026 (a few months later than we had previously assumed) and subsequently will ramp up to commercial production in late 2026. With incremental progress on the project, we believe execution and financial risks associated with the project have significantly declined. "At the same time, Eldorado had a large cash balance of about $870 million billion as of Dec. 31, 2025. This, combined with improved FOCF prospects under our gold price assumptions, provides Eldorado with significant financial flexibility and a liquidity cushion to manage setbacks, which could potentially include further cost overruns or delays related to the Skouries project or operational challenges. "Gold prices remain strong in 2026, with spot prices above $5,000/oz, which is above our recently increased price assumptions of $4,500/oz for the remainder of the year. Under our base case, we expect Eldorado's cash flow and leverage measures to improve further, especially once Skouries begins commercial production later this year. We expect EBIDTA growth to support sustained gross leverage at or below 1.0x going forward, despite our assumption that the average price of gold will gradually decline to $3,000/oz in 2028. We expect increased operating cash flow and lower capex will transition Eldorado into positive FOCF before the end of this year. We estimate the company will generate about $2 billion of FOCF in 2027-2028, assuming Skouries achieves steady state operations by mid-2027. We believe this FOCF generation will provide the company with ample capacity to invest in growing production, continue shareholder returns, and reduce its debt. "Eldorado's scale and operating breadth are limited compared with those of similarly rated peers. Our rating on Eldorado reflects our view that it is a relatively small-scale gold producer (currently less than 500,000 ounces of annual gold production) with limited operating breadth. The company operates two gold-producing mines in Türkiye and one each in Greece and Canada. Its two largest mines are Kisladag in Türkiye and the Lamaque complex in Canada, together constituting about 73% of its gold production in 2025. "In our view, this concentration exposes the company to potential operating disruptions that could include equipment or geological issues, labor disputes, and regulatory changes. Our rating also considers the historical volatility of Eldorado's profitability. Eldorado's margins and returns on capital are highly sensitive to gold-price fluctuations due in part to its high operating leverage and more than 95% of its revenue coming from gold. "Near-term development projects will increase Eldorado's scale and operating breadth. The Skouries project is a new mine development in Northern Greece that we estimate will produce an average of 140,000 ounces of gold and 67 million pounds of copper per year, with an initial mine life of about 20 years." Separately, Eldorado recently announced it entered into a definitive agreement to acquire Foran for approximately C$3.8 billion in an almost all-stock deal, which will bring a nearly completed McIlvenna Bay development project (85% complete as of Dec. 31, 2025) into the company's portfolio upon close of acquisition. The development involves an underground mine in Sask., Canada, and the company expects it will produce annually about 41 million pounds (Mlbs) of copper, 20 thousand ounces (koz) of gold, 444 koz of silver, and 54 Mlbs of zinc, with a reserve mine life of about 18 years. S&P anticipates the transaction will close in the second quarter of 2026, subject to the votes of both companies' stockholders, the receipt of regulatory approvals, and the fulfillment of customary closing conditions. S&P said, "In our view, the addition of Skouries and McIlvenna Bay will enhance Eldorado's scale and operating breadth by adding new mines in stable jurisdictions, culminating into six operating assets in three countries. The expected copper production from these new projects will also improve the company's commodity diversity and reduce its predominant gold exposure. "We forecast Eldorado's annual gold-equivalent production will increase more than 80% to about 900 koz by the end of 2027, compared with Eldorado's 2025 production of 488 koz, which will support higher earnings and cash flow over the next several years. We expect the combined entity's S&P Global Ratings-adjusted debt to EBITDA, pro forma the acquisition, will be well below 1.0x in 2027 and anticipate it will generate sizable FOCF once the Skouries and McIlvenna Bay mines are in steady state operations, despite our assumption for a gradual decline in the gold price to $3,000/oz in 2028. "The positive outlook reflects our expectation that Eldorado will maintain very low leverage and transition to positive FOCF once Skouries enters commercial production later this year. Under our assumptions, including an average price of gold at about $4,500/oz for the remainder of 2026 and $3,700 in 2027, we expect Eldorado's adjusted debt to EBITDA to be at or below 1x with close to $1 billion of cash that we do not net against debt." S&P could revise its outlook on Eldorado to stable within the next 12 months if it expects S&P Global Ratings-adjusted debt to EBITDA to sustain at or above 1.5x. This could occur if: -- Lower-than-expected production, profit margins, or significant delays in the ramp-up at Skouries results in weaker earnings and FOCF than S&P expects; or -- The company pursues a financial policy that is more aggressive than S&P currently views it, potentially leading to higher leverage. S&P could upgrade Eldorado within the next 12 months if: -- The company makes good progress on the ramp-up of Skouries and McIlvenna Bay, enhancing the company's scale and operating breadth; and -- S&P expects the company to sustain S&P Global Ratings-adjusted debt to EBITDA below 1.5x and generate adjusted FOCF to debt above 25%. EMPIRE FACILITY: Francis Brennan Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Francis Brennan, Esq., at Whiteman Osterman & Hanna, LLP as Subchapter V trustee for Empire Facility Management LLC. Mr. Brennan will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brennan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Francis Brennan, Esq. Whiteman Osterman & Hanna LLP 80 State Street, 11th Floor Albany, NY 12207 Phone: (518) 487-7600 Email: fbrennan@woh.com About Empire Facility Management LLC Empire Facility Management LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-30137) on Feb. 27, 2026, with $100,001 to $500,000 in assets and liabilities. Jeb Lincoln Singer, Esq. at J. Singer Law Group represents the Debtor as legal counsel. ENVUE MEDICAL: Bank of America Reports Stake Under 5% ----------------------------------------------------- Bank of America Corp /DE/, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 14 shares of common stock (with shared voting and dispositive power through subsidiaries BofA Securities, Inc. and Bank of America, N.A.) of ENvue Medical, Inc.'s common stock, representing an ownership of less than 5 percent (0.0%) of the 1,088,192 shares outstanding as of December 5, 2025, as reported in the Company's Form 424B3 filed December 18, 2025. Bank of America Corp /DE/ may be reached through: Monica Yako, Authorized Signatory 100 N Tryon St Charlotte, NC 28255 Tel: 704-386-8486 A full-text copy of Bank of America Corp /DE/'s SEC report is available at: https://tinyurl.com/2rfwfw9a About ENvue Medical ENvue Medical, Inc. (formerly known as NanoVibronix, Inc.) operates as a medical device company. The Company focuses on non-invasive biological response-activating devices that target wound healing and pain therapy. ENvue Medical develops medical devices based on its proprietary therapeutic ultrasound technology. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54.4 million in total assets, $11.9 million in total liabilities, and $42.5 million in total stockholders' equity ERC TOPCO: Apollo Debt Solutions Marks $11MM 1L Loan at 66% Off --------------------------------------------------------------- Apollo Debt Solutions BDC has marked its $11,004,000 loan extended to ERC Topco Holdings, LLC to market at $3,741,000 million or 34% of the outstanding amount, according to Apollo Debt's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Apollo Debt Solutions BDC is a participant in a First Lien Secured Debt - Term Loan extended to ERC Topco Holdings, LLC. The 1L Loan accrues interest at a rate of 10.43% per annum. The 1L Loan matures on March 29, 2030. Apollo Debt Solutions BDC is a business development company that provides debt financing solutions, primarily to middle-market and corporate borrowers. The Fund is led by Earl Hunt as Chairperson, Chief Executive Officer and Trustee (Principal Executive Officer) and Eric Rosenberg as Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Earl Hunt Apollo Debt Solutions BDC 9 West 57th Street New York, NY 10019 Telephone: (212) 515-3200 About ERC Topco Holdings, LLC ERC Topco Holdings, LLC operates Eating Recovery Center, a behavioral health provider specializing in treatment for eating disorders and related conditions. ESDEC SOLAR: Apollo Debt Marks EU62.6M 1L Loan at 42% Off --------------------------------------------------------- Apollo Debt Solutions BDC has marked its EU62,693,000 loan extended to Esdec Solar Group B.V. to market at EU36,102,000 or 58% of the outstanding amount, according to Apollo Debt's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Apollo Debt Solutions BDC is a participant in a First Lien Secured Debt loan extended to Esdec Solar Group B.V. The 1L Loan accrues interest at a rate of 8.52% per annum. The 1L Loan matures on Aug. 30, 2028. Apollo Debt Solutions BDC is a business development company that provides debt financing solutions, primarily to middle-market and corporate borrowers. The Fund is led by Earl Hunt as Chairperson, Chief Executive Officer and Trustee (Principal Executive Officer) and Eric Rosenberg as Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Earl Hunt Apollo Debt Solutions BDC 9 West 57th Street New York, NY 10019 Telephone: (212) 515-3200 About Esdec Solar Group B.V. Esdec Solar Group B.V., known as Esdec, supplies rooftop solar mounting systems and related hardware for residential and commercial photovoltaic installations. EXCLUSIVE OPTICAL: Seeks to Extend Plan Exclusivity to Aug. 5 ------------------------------------------------------------- Exclusive Optical, Inc. asked the U.S. Bankruptcy Court for the Eastern District of New York to to extend its exclusivity periods to file a plan of reorganization and disclosure statement to Aug. 5, 2026. The Debtor explains that it needs an additional time to negotiate settlement terms with the U.S. Small Business Administration and other Creditors, to obtain Court approval for the reached terms and thereafter to file a plan of reorganization and disclosure statement, offering treatment to the main and other remaining creditors of the estate. The Debtor claims that the requested extensions of the exclusivity period to file a plan will not harm any economic stakeholder. Rather, the time will be used to resolve a claim filed by the U.S. Small Business Administration. Moreover, should any events occur or there be a significant change in circumstances, a party in interest may move to reduce the time period to file a plan. The Debtor asserts that it should be afforded a full, fair. And reasonable opportunity to negotiate, propose, file, and solicit acceptances of its chapter 11 plan. This first requested extension of the time period to file a plan is warranted and necessary to afford the debtor a meaningful opportunity to pursue the chapter 11 reorganization process and build a consensus among economic stakeholders all as contemplated by chapter 11 of the Bankruptcy Code. Exclusive Optical Inc. is represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Exclusive Optical Exclusive Optical, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44904) on October 9, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, at Law Offices Of Alla Kachan P.C., serves as the Debtor's counsel. EXPERT INSTITUTE: Barings PI Marks $390,859 Loan at 61% Off ----------------------------------------------------------- Barings Participation Investors has marked its $390,859 loan extended to Expert Institute Group to market at $150,507 or 38% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term Loan extended to Expert Institute Group. The loan accrues interest at a rate of 8.12% (SOFR + 4.250%) per annum. The Loan matures on March 4, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Expert Institute Group Expert Institute Group is a healthcare-focused outsourced B2B legal services provider that connects plaintiff law firms with expert witnesses, medical record review, background checks and AI-enabled diligence tools to support more efficient case outcomes. F4 PHANTOM: Seeks Chapter 11 Bankruptcy in Illinois --------------------------------------------------- On March 8, 2026, F4 Phantom Investments LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About F4 Phantom Investments LLC F4 Phantom Investments LLC is an investment holding company engaged in managing financial assets and investment interests across various business ventures. F4 Phantom Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04109) on March 8, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David H. DeCelle handles the case. The debtor is represented by J. Kevin Benjamin, Esq., of Benjamin Legal Services PLC. FAIRHAVEN POKE: Commences Subchapter V Bankruptcy in Washington --------------------------------------------------------------- On March 10, 2026, Fairhaven Poke, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Fairhaven Poke, LLC Fairhaven Poke, LLC is a restaurant company specializing in Hawaiian-style poke bowls and other casual dining offerings. The company operates in the foodservice industry, serving dine-in and takeout customers in Washington state. Fairhaven Poke, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10735) on March 10, 2026. In its petition, the debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. The case is overseen by Honorable Bankruptcy Judge Christopher M. Alston. The debtor is represented by Jennifer L. Neeleman, Esq. and Thomas D. Neeleman, Esq., of Neeleman Law Group, P.C. FAZELI PROPERTIES: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------- Fazeli Properties LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement in support of Liquidating Plan dated March 5, 2026. Established in 2017, Debtor owns the Real Property, located in Temecula, Riverside County California. Since its inception, Debtor has leased the Real Property for use as a winery by its tenant. Operating over the past several months as a debtor-in-possession, Debtor has worked diligently to create a plan of liquidation. Within the Case, legal counsel (Till Law Group) has been retained, a meeting of creditors held and concluded in accord with Section 341(a) of the Bankruptcy Code, a Status Conference has been held, and Debtor successfully prevented Willow River's attempt to advance the foreclosure process (the "Foreclosure") against the Real Property. On January 15, 2026, Willow River Filed its motion for relief from the automatic stay (the "Motion") in the Case, for authorization to advance the foreclosure process commenced by the NOD. The relief sought in the Motion would have allowed Willow to proceed with the Foreclosure and jeopardize Debtor's ability to maximize value in the Case for all stakeholders by marketing and selling the Real Property and the Personal Property. On January 6, 2026, Debtor filed its application ("Application") to employ GRE Land & Commercial Real Estate, Inc. to market and sell the Real Property. The Real Property is comprised of approximately 11.49 acres of land, vineyards, 24,000 sf of buildings and 16,000 sf of covered patios located at 37320 De Portola Rd., Temecula CA 92590. The Debtor expects that, through GRE's marketing and sales process, it will realize sufficient proceeds to implement the Plan. The Debtor wishes to liquidate its assets and settle all its affairs pursuant to the terms of this Plan. Administrative and non-tax priority claims will be paid in full, either by the Effective Date or on terms agreed upon with each such individual creditor. Priority tax claims (if any) will be paid in full, either by the Effective Date or on terms agreed upon with each such individual creditor. All other creditor claims will be paid in full, either by the Effective Date or on terms agreed upon with each such individual creditor. Any creditor claims held by insiders of Debtor will only be repaid after all other claims against the estate are fully treated under this Plan. This is a liquidation plan. In other words, Debtor seeks to liquidate its assets, pay all creditors in full, and dissolve its organization. Class 4 consists of Allowed General Unsecured Claims, which include the Claims of the Debtor's guaranty pertaining to the loans of Fazeli Vineyards LLC dba Fazeli Cellars. Except to the extent that the holders of General Unsecured Claims agree to a different treatment, Debtor shall pay Cash in full payment to the holders of Allowed General Unsecured Claims on the later of (i) the Effective Date, or (ii) ten days after the sale of the Real Property is closed. Each holder of an Allowed Class 4 Claim is anticipated to be paid in full following the successful liquidation of the Real Property. Class 5 consists of the Allowed Interests. Fazeli Family Trust is the sole equity interest holder of the Debtor and shall retain its interest in the Debtor. Payments that are required to be made to Creditors under the Plan shall be made from the amounts in the Estate on the Effective Date, or amounts collected thereafter, including the amounts received from the sale of the Real Property and the Personal Property. On or prior to the Effective Date, pursuant to section 363(b) of the Bankruptcy Code, and utilizing commercially reasonable means, Debtor shall cause the Real Property and the Personal Property to be marketed for sale for a commercially reasonable purchase price. A full-text copy of the Disclosure Statement dated March 5, 2026 is available at https://urlcurt.com/u?l=jvSx6P from PacerMonitor.com at no charge. Counsel to the Debtor: James E. Till, Esq. David Nealy, Esq. Till Law Group 120 Newport Center Drive Newport Beach, CA 92660 Phone: (949) 524-4999 Email: james.till@till-lawgroup.com david.nealy@till-lawgroup.com About Fazeli Properties LLC Fazeli Properties LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B) that engages in property management, real estate appraisal, and related support functions within the real estate services sector. Fazeli Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18771) on December 5, 2025. In its petition, the Debtor reports estimated assets of $10 million-$50 million and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by James E. Till, Esq. of Till Law Group. FRANCESCA'S HOLDINGS: Secures Court OK for IP Sale to Altar'd State ------------------------------------------------------------------- Randi Love of Bloomberg Law reports that women's retailer Francesca's, currently under Chapter 11 bankruptcy protection, won approval from the U.S. Bankruptcy Court in New Jersey to sell its intellectual property to Stand Out For Good Inc., parent of Altar'd State, for $7 million. The sale is part of the retailer's efforts to restructure and repay creditors. Stand Out For Good emerged as the buyer after a planned auction was canceled due to the absence of other qualified offers, Francesca's attorney Vincent Roldan of Mandelbaum Barrett PC said during the Thursday hearing. The selection ensures the company can proceed without further bidding delays, the report states. Objections to the sale were addressed prior to the hearing, clearing procedural hurdles and allowing the IP transfer to be finalized. The approval enables Francesca's to leverage its brand assets to generate funds during bankruptcy, according to Bloomberg. A committee representing unsecured creditors also reached a settlement with Francesca's regarding the timing of payments from the sale, providing additional reassurance to creditors. The case illustrates how distressed retail brands can restructure while maximizing the value of their intellectual property, the report states. About Francesca's Acquisition LLC Francesca’s Acquisition LLC is a privately held retail enterprise that operates the francesca's and franki by francesca's boutique chains, headquartered in Houston, Texas. The company's boutiques offer a curated mix of women's fashion, accessories, jewelry, and lifestyle products, combining a boutique shopping experience with e‑commerce convenience. The business was relaunched under this entity after the francesca’s brand was sold out of bankruptcy proceedings in 2021. Francesca's Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11312) on February 5, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Vincent J. Roldan, Esq., of Mandelbaum Salsburg PC. FUNKO INC: Names Andrew Oddie as Chief International Officer ------------------------------------------------------------ Funko, Inc. disclosed in a regulatory filing that the Company, its subsidiary, Funko UK, Ltd, and Andrew Oddie entered into a Letter Agreement amending the Service Agreement by and between the Company's subsidiary, Funko UK, Ltd, and Andrew Oddie, dated May 12, 2022, including as modified by letter dated May 1, 2024 and by letter dated September 9, 2024. Pursuant to the Letter Agreement, Mr. Oddie's job title is changed to Chief International Officer, he will no longer reside in the United States for the purposes of his employment and his compensation is unchanged, except that the relocation terms contained in the September 9, 2024 letter will no longer apply (other than as expressly set out in the Letter Agreement). A full text copy of the Letter Agreement is available at https://tinyurl.com/3pvr546a About Funko, Inc. Funko, Inc. is a global pop culture lifestyle brand, with a diverse collection of brands, including Funko, Loungefly, and Mondo, and an industry-leading portfolio of licenses. Funko delivers industry-defining products that span vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art, and music collectibles, many of which are at the forefront of the growing Kidult economy. Through these products, which include the iconic original Pop! line, Bitty Pop!, and Pop! Yourself, Funko inspires fans across the globe to express their passions, build community, and have fun. Founded in 1998 and headquartered in Washington state, Funko has offices, retail locations, operations, and licensed partnerships in major consumer geographies across the globe. As of September 30, 2025, the Company had $699.3 million in total assets, $515.7 million in total liabilities, and $183.6 million in total stockholders' equity. In the quarterly report, Management evaluated the Company's future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the Financial Covenants under its Credit Agreement for the 12 months from the date of issuance of the financial statements and determined that, the Company is forecasting that it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants as of the end of the fiscal quarter ending December 31, 2025 and future fiscal quarters and potentially will not be in compliance with the covenants with respect to a Refinancing Transaction or a Sale Transaction. In addition, based on the forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next 12 months and, relatedly, it may not be in compliance with its minimum Qualified Cash covenant in future periods. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. FW MONROE: Commences Chapter 7 Bankruptcy in New York ----------------------------------------------------- On March 10, 2026, Fw Monroe Holdings LLC filed for Chapter 7 protection in the United States Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Fw Monroe Holdings LLC Fw Monroe Holdings LLC is a limited liability company engaged in holding and managing investment or real estate-related assets. Fw Monroe Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41132) on March 10, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by counsel not listed in the filing. GCDL HOLDINGS: Barings Participation Marks $1.2MM Loan at 31% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,247,128 loan extended to GCDL Holdings LLC to market at $862,183 or 69.1% of the outstanding amount, according to Baring Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to GCDL Holdings LLC. The Loan accrues interest at a rate of 9.67% (SOFR + 6.000%) per annum. The Loan matures on Aug. 21, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About GCDL Holdings LLC GCDL Holdings LLC is a full-service dental laboratory providing in-house removable, crown and bridge, implant, orthodontic and sleep appliance products. GME SUPPLY: Barings Participation Marks $1.3MM Loan at 23% Off -------------------------------------------------------------- Barings Participation Investors has marked its $1,349,232 loan extended to GME Supply to market at $1,040,889 or 77% of the outstanding amount, according to Baring Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to GME Supply. The Loan accrues interest at a rate of 8.92% (SOFR + 5.250%) per annum. The Loan matures on Sept. 9, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About GME Supply GME Supply is a tech-enabled specialty distributor of fall protection, rigging materials, workwear, and industrial tools and gear serving technicians and contractors across telecom, utility, aerial construction, renewable energy and other industrial markets. GREENWAVE TECHNOLOGY: Reports $5.28MM Q3 Loss Amid Cash Strain -------------------------------------------------------------- Greenwave Technology Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $5,277,679 for the three months ended September 30, 2025, as compared to $4,797,666 during the same period in 2024. For the three months ended September 30, 2025, the Company generated $12,676,052 in revenues, as compared to $8,505,187 during the same period in 2024. For the nine months ended September 30, 2025, the Company generated $31,049,810 in revenues, as compared to $24,891,859 during the same period in 2024. As of September 30, 2025, the Company had cash of $1,450,367 and a working capital deficit (current liabilities in excess of current assets) of $(13,715,081). The accumulated deficit as of September 30, 2025 was $(514,174,816). For the nine months ended September 30, 2025, the Company had a loss from operations of $13,451,242 and cash used in operating activities of $5,860,291. These conditions raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months from March 6, 2026, the date of issuance of the unaudited condensed consolidated financial statements. If the Company raises additional funds by issuing equity securities, its stockholders would experience dilution. Additional debt financing, if available, may involve covenants restricting its operations or its ability to incur additional debt. Any additional debt financing or additional equity that the Company raises may contain terms that are not favorable to it or its stockholders and require significant debt service payments, which diverts resources from other activities. The Company's ability to raise additional capital will be impacted by market conditions and the price of the Company's common stock. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/zkspxjsb About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, 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 net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $59,850,782 in total assets, $27,178,210 in total liabilities, and $32,672,572 in total stockholders' equity. GUARDIAN FIRE: Barings Participation Marks $744,894 Loan at 56% Off ------------------------------------------------------------------- Barings Participation Investors has marked its $744,894 loan extended to Guardian Fire Services to market at $330,585 or 44% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term loan extended to Guardian Fire Services. The loan accrues interest at a rate of 8.29% (SOFR + 4.500%) per annum. The loan matures on Oct. 31, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Guardian Fire Services Guardian Fire Services is a provider of fire safety services including testing, inspection and monitoring, service and repair, replacement and upgrade, and installation of fire protection equipment such as sprinkler systems, alarms and suppression systems. HARVARD BIOSCIENCE: Stockholders OK 1-for-10 Reverse Split ---------------------------------------------------------- Harvard Bioscience, Inc. held its Special Meeting of Stockholders where a total of 27,715,066 shares of the Company's common stock, $0.01 par value per share, were present electronically or by proxy at the Special Meeting, representing approximately 61.97% of the Company's outstanding Common Stock as of the January 21, 2026 record date. The following are the voting results for the proposals considered and voted upon at the Special Meeting, all of which were described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on January 30, 2026. Proposal 1: Approval of an amendment to the Company's Second Amended and Restated Certificate of Incorporation, to effect a reverse stock split of the Company's issued and outstanding Common Stock, at a ratio in the range of 1-for-5 and 1-for-15, with such ratio to be determined at the discretion of the Board of Directors of the Company. Votes FOR: 27,004,721 Votes AGAINST: 677,700 Votes ABSTAINED: 32,645 Broker Non-Votes: 0 The stockholders approved the Reverse Stock Split Proposal. Proposal 2: Approval of the adjournment or postponement of the Special Meeting, if necessary, to continue to solicit votes for Proposal No. 1. Votes FOR: 26,970,042 Votes AGAINST: 630,369 Votes ABSTAINED: 114,655 Broker Non-Votes: 0 Following stockholder approval of the Reverse Stock Split Proposal, the Board approved a final reverse stock split ratio of 1-for-10. Following such approval, the Company filed an amendment to its Charter with the Secretary of State of the State of Delaware to effect the reverse stock split, with an effective time of 4:30 p.m. Eastern Time on March 13, 2026. The reverse stock split will reduce the number of shares of Common Stock issued and outstanding from approximately 44,179,894 to approximately 4,471,989. Following the reverse stock split, the authorized number of shares of Common Stock will remain at 80,000,000. The Common Stock continues to trade on The Nasdaq Global Market on a split-adjusted basis under the symbol "HBIO" with a new CUSIP number, 416906204. A full text copy of the Charter Amendment is available at https://tinyurl.com/wactuhb3 About Harvard Bioscience, Inc. Harvard Bioscience, Inc. is a developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company's products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. Hartford, Connecticut-based L J Soldinger Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that as of December 31, 2024, the Company was in default of certain debt covenants under its existing credit agreement, in which the Company had outstanding indebtedness of $37.4 million. As of September 30, 2025, the Company had $78 million in total assets, $63.9 million in total liabilities, and $14.1 million in total stockholders' equity. HAYDEES CAFE: Seeks Chapter 7 Bankruptcy in Georgia --------------------------------------------------- On March 6, 2026, Haydees Cafe & Cantina Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Haydees Cafe & Cantina Inc Haydees Cafe & Cantina Inc operates in the restaurant and hospitality industry, providing café-style dining, cantina offerings, and food and beverage services. Haydees Cafe & Cantina Inc sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20333) on March 6, 2026. In its petition, the debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge James R. Sacca handles the case. The debtor is represented by William A. Rountree, Esq., of Rountree Leitman Klein & Geer, LLC. HAYSTACKID: Barings Participation Marks $1.0MM Loan at 42% Off -------------------------------------------------------------- Barings Participation Investors has marked its $1,014,481 loan extended to HaystackID to market at $583,384 or 58% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to HaystackID. The Loan accrues interest at a rate of 8.45% (SOFR + 4.750%) per annum. The Loan matures on Jan. 31, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About HaystackID HaystackID is a provider of eDiscovery, advisory and review services that help corporations and law firms manage complex, data-intensive investigations and litigation. HEMASOURCE INC: Barings Participation Marks $1.6MM Loan at 58% Off ------------------------------------------------------------------ Barings Participation Investors has marked its $1,687,608 loan extended to HemaSource, Inc. to market at $711,671 or 42% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term loan extended to HemaSource, Inc. The Loan accrues interest at a rate of 8.22% (SOFR + 4.500%) per annum. The Loan matures on Aug. 31, 2029. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About HemaSource, Inc. HemaSource, Inc. is a technology-enabled distributor of consumable medical products to plasma collection centers. HIGH WIRE: Completes Acquisition of Thoth Aerospace Inc. -------------------------------------------------------- High Wire Network, Inc. disclosed in a regulatory filing that it entered into a Securities Exchange Agreement with Thoth Aerospace Inc., a New York corporation, Dennis O'Leary, the sole shareholder of Thoth, and Mark W. Porter, the Company's sole officer and director and a holder of shares of the Company's Series B Preferred Stock. Pursuant to the Agreement, at the closing on March 3, 2026, the Selling Shareholder transferred all of the issued and outstanding securities of Thoth to the Company in exchange for the issuance by the Company of 16,597,353 shares of the Company's common stock, par value $0.00001 per share, representing 80% of the issued and outstanding capital stock of the Company on a fully diluted basis immediately after the Closing. In addition, at the Closing, Mark W. Porter sold 1,000 shares of the Company's Series B Preferred Stock to the Selling Shareholder for $1.00. The number of shares of Common Stock issued to the Selling Shareholder was calculated pursuant to the following formula: Shares = (Target Percentage × Total Outstanding Shares) divided by (1 - Target Percentage), where Target Percentage equals 80% and Total Outstanding Shares means all issued and outstanding shares of Common Stock plus all shares issuable upon exercise or conversion of options, warrants, convertible securities and other rights, whether or not then exercisable or vested, on a fully diluted basis immediately prior to the issuance of the shares to the Selling Shareholder. The Agreement contains customary representations and warranties by the parties, including representations and warranties by the Company regarding its organization, capitalization, authority, compliance with laws, absence of material litigation, and the accuracy of its SEC filings, and representations and warranties by Thoth regarding its organization, capitalization, authority, compliance with laws, financial statements, and absence of material litigation. Each party's representations and warranties are subject to exceptions disclosed in the applicable disclosure letter. The Agreement also contains covenants of the Company (unless waived), including that from the date of the Agreement through the Closing, the Company would operate its business in the ordinary course, preserve business relationships, maintain DTC eligibility for its Common Stock, and refrain from specified actions (including issuing securities, incurring material indebtedness, or disposing of material assets) without the consent of Thoth. The Agreement includes anti-dilution protections prohibiting the Company from issuing securities or taking other dilutive actions prior to Closing without Thoth's consent. The Closing was subject to customary closing conditions (unless waived), including the accuracy of the parties' representations and warranties, compliance with covenants, absence of any material adverse effect with respect to the Company, delivery of closing deliverables, evidence that the Company's Common Stock is DTC-eligible, absence of any pending governmental action preventing the transaction, and execution of a global settlement and mutual release agreement between the Company and Mark W. Porter. A full text copy of the Agreement is available at https://tinyurl.com/4mjcnwz5 Global Settlement and Mutual Release Agreement In connection with the transactions contemplated by the Agreement, the Company, Thoth, the Selling Shareholder, and Mark W. Porter entered into a Global Settlement and Mutual Release Agreement. Pursuant to the Settlement Agreement, the Company agreed to pay Mark W. Porter an aggregate settlement amount of $150,000 in full and final settlement of all amounts claimed to be owed by the Company to Mr. Porter, including amounts under certain promissory notes, unpaid compensation, and other claims. The settlement amount is payable in installments equal to 5% of the gross proceeds received by the Company from each draw under a post-Closing registered equity line of credit, if and when such draws occur, until the settlement amount is paid in full. Upon execution of the Settlement Agreement, all promissory notes and related instruments held by Mr. Porter were deemed satisfied, cancelled, and extinguished in full. The Settlement Agreement contains mutual releases, with Mr. Porter releasing the Company, Thoth, and the Selling Shareholder from all claims arising on or before the effective date, and the Company, Thoth, and the Selling Shareholder releasing Mr. Porter from all claims arising prior to the Closing, subject to customary carve-outs for fraud, intentional misrepresentation, willful misconduct, criminal conduct, and certain other matters. The Settlement Agreement was a condition to the Closing of the transactions contemplated by the Agreement. A full text of the Settlement Agreement is available at https://tinyurl.com/4vv7rbf6 Completion of Acquisition or Disposition of Assets On March 3, 2026, the Company completed the acquisition of all of the issued and outstanding securities of Thoth pursuant to the Agreement. As a result of the transaction, Thoth became a wholly-owned subsidiary of the Company. Thoth is a New York corporation. The authorized capitalization of Thoth consists of 1,000,000 shares of common stock, 1,000,000 of which were issued and outstanding prior to the transaction. Prior to the transaction, all of the issued and outstanding securities of Thoth were held by the Selling Shareholder. The aggregate consideration paid by the Company for the Thoth securities consisted of the issuance of 16,597,353 shares of Common Stock to the Selling Shareholder, representing 80% of the issued and outstanding capital stock of the Company on a fully diluted basis immediately after the Closing. Thoth delivered to the Company interim unaudited financial statements for the period ended September 30, 2025. Changes in Control On March 3, 2026, as a result of the issuance of 16,597,353 shares of Common Stock to the Selling Shareholder pursuant to the Agreement described in Item 1.01 above, and the sale of 1,000 shares of the Company's Series B Preferred Stock by Mark W. Porter to the Selling Shareholder, a change in control of the Company occurred. Following the Closing, the Selling Shareholder holds 80% of the issued and outstanding capital stock of the Company on a fully diluted basis and 1,000 shares of Series B Preferred Stock. The Selling Shareholder's business address is 3 Columbus Circle, Floor 15, New York, NY 10019. Departure of Directors and Officers Effective March 3, 2026, in connection with the transactions, Mark W. Porter resigned from all officer and director positions held with the Company. Appointment of Directors and Officers Dennis M. O'Leary, age 62, was appointed as the Company's Chief Executive Officer and as a director of the Company effective March 3, 2026. Mr. O'Leary is the sole shareholder of Thoth and served as Chief Executive Officer of Thoth prior to the acquisition by the Company. Mr. O'Leary is a serial entrepreneur with significant international experience having founded Sulu Electric Power and Light Corp (Philippines), a firm with expertise in utility scale power generation and solar energy. In 2010, Mr. O'Leary co-founded DarkPulse Technologies Inc., a wholly-owned subsidiary of DarkPulse, Inc., which is developing specialized devices that monitor activities along national borders and provide structural health and safety monitoring of oil and gas pipelines. He holds extensive start-up experience including multiple exit strategies. Mr. O'Leary currently serves as Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Secretary and Treasurer of DarkPulse, Inc., a position he has held since April 2018. Mr. O'Leary is an Ambassador for the Province of New Brunswick, Canada, and a Research Member of the NATO Science and Technology Organization. He has served as a member of the Board at Arizona State University's School of Engineering, Global Resolve as Chair of the Impact Committee. His previous employment includes the NYPD where he worked as a member of the Manhattan North Tactical Narcotics Team, which prosecuted establishments involved in the illegal distribution of narcotics. He was a member of a joint taskforce working with the DEA and USINS in the execution of warrants related to narcotics trafficking. While at the NYPD, he was assigned to the Department of Justice as a member of the FBI's investigative team with internal designation C14. He is a licensed private pilot with turbine experience. Mr. O'Leary was selected to serve as a director of the Company due to his extensive experience as a chief executive officer and entrepreneur in technology and infrastructure industries. There are no family relationships between Mr. O'Leary and any director or executive officer of the Company. There are no arrangements or understandings between Mr. O'Leary and any other person pursuant to which Mr. O'Leary was appointed as an officer or director of the Company, other than as described in the transactions. There are no transactions between Mr. O'Leary and the Company that would be reportable under Item 404(a) of Regulation S-K. About High Wire High Wire Network, Inc., incorporated on Jan. 20, 2017, is a global provider of managed cybersecurity, managed networks, and tech-enabled professional services delivered exclusively through a channel sales model. The Company's Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints, and users via multiyear recurring revenue contracts in this fast-growing technology segment. HWN has continuously operated under the High Wire Networks brand for 23 years. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates substantial doubt about its ability to continue as a going concern As of September 30, 2025, the Company had $1,228,300 in total assets, $7,402,284 in total liabilities, and a total stockholders' deficit of $6,173,984. HILB GROUP: Barings Participation Marks $779,214 Loan at 22% Off ---------------------------------------------------------------- Barings Participation Investors has marked its $779,214 loan extended to The Hilb Group, LLC to market at $611,146 or 78% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to The Hilb Group, LLC. The Loan accrues interest at a rate of 8.47% (SOFR + 4.750%) per annum. The Loan matures on Oct. 31, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About The Hilb Group LLC The Hilb Group LLC is an insurance brokerage platform providing insurance and employee benefits programs to middle-market companies along the Eastern Seaboard. HOTEL ONE: Gets Final OK to Use Cash Collateral ----------------------------------------------- Hotel One Partners Miramar Beach, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral. The final order signed by Judge Jerry Oldshue, Jr. authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments of U.S. trustee quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 15% for each line item; and additional amounts subject to approval by Community Bank of Louisiana. All post-petition franchise fees owed to Holliday Hospitality Franchising, LLC (HHF) under the Staybridge Suites license agreement are not subject to the budget limits and must be paid in full monthly, according to the court order. As adequate protection, Community Bank of Louisiana, the Debtor's primary secured lender, will be granted a replacement lien on the Debtor's post-petition cash collateral, including cash, cash equivalents, accounts, and related proceeds. This replacement lien will have the same priority as the bank's pre-bankruptcy lien. The debtor must also maintain proper insurance coverage on its property in accordance with its loan agreements and comply with all obligations required of a debtor-in-possession under bankruptcy law. The order also requires the debtor to continue paying post-petition franchise fees owed to Holliday Hospitality Franchising, LLC under the Staybridge Suites hotel license agreement in the ordinary course of business. The court retains jurisdiction to enforce the terms of the order, and the rights of creditors or any future creditors' committee to challenge liens or request modifications remain preserved. Community Bank of Louisiana holds liens on the Debtor's assets including its 116-unit Staybridge Suites hotel in Miramar Beach, Florida. These liens extend to cash and cash equivalents, including rental income, deposits, and other proceeds from the property, constituting cash collateral under 11 U.S.C. section 363(a). The final order is available at https://is.gd/6FDjHB from PacerMonitor.com. Community Bank of Louisiana is represented by: Robert J. Powell, Esq. Moorhead Law Group, PLLC 127 Palafox Place, Suite 200 Pensacola, FL 32502 Phone: (850) 466-4093 Fax: (850) 477-0982 rpowell@moorheadlaw.com heidi@moorheadlaw.com bbangle@moorheadlaw.com About Hotel One Partners Miramar Beach LLC Hotel One Partners Miramar Beach, LLC is a Kentucky limited liability company and the owner of the 116-unit Staybridge Suites hotel in Miramar Beach, Florida. Hotel One Partners sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31131) on November 7, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case. The Debtor is represented by Edward J. Peterson, III, Esq., at Berger Singerman, LLP. HTI TECHNOLOGY: Barings PI Marks $724,990 Loan at 29% Off --------------------------------------------------------- Barings Participation Investors has marked its $724,990 loan extended to HTI Technology & Industries Inc. to market at $516,110 or 71% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to HTI Technology & Industries Inc. The Loan accrues interest at a rate of 12.52% (SOFR + 8.500%) per annum. The Loan matures on Feb. 2, 2026. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About HTI Technology & Industries Inc. HTI Technology & Industries Inc. is a designer and manufacturer of powered motion solutions for industrial customers. HUDSON 1701/1706: Chapter 11 Lease Case Spurs New Evidence Demands ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge said Thursday, March 12, 2026, she could not rule on whether the plans for the former Hudson Hotel were acceptable, citing the need for more evidence from two entities associated with the property. The judge highlighted that a full understanding of the parties' intentions is necessary before making any decision on the Chapter 11 sale. The bankruptcy case involves contested bids for the Hudson Hotel, with the estate seeking to secure the highest value for creditors. Both entities submitted plans, but the court said additional clarity is required on funding, execution strategy, and ultimate purpose for the site, the report relays. The court ordered the entities to provide supplemental evidence detailing their redevelopment plans, financing sources, and anticipated timelines. This additional information will be considered in the next hearing and could be decisive in approving a plan or sale that benefits the bankruptcy estate, the report states. About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. ICE HOUSE: Barings Participation Marks $1.2MM Loan at 20% Off ------------------------------------------------------------- Barings Participation Investors has marked its $1,168,627 loan extended to Ice House America to market at $933,725 or 80% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Ice House America. The Loan accrues interest at a rate of 9.91% (SOFR + 6.000%) per annum. The Loan matures on Jan. 12, 2030. Barings Participation Investors is a registered investment company that provides investors with access to a diversified portfolio of participation interests in privately negotiated corporate financings. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Ice House America Ice House America is a manufacturer and operator of automated ice and water vending units, with more than 4,200 machines in service primarily in the Southeastern United States. INCORA: Chapter 11 Uptier Fight Sparks $30MM D&O Suit ----------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that bankrupt aerospace supply-chain company Incora has launched a lawsuit against multiple insurers seeking coverage for defense costs arising from litigation over a prepetition uptier financing deal. The debtor says the expenses fall within the protections provided by its directors and officers insurance policies. The dispute traces back to a 2022 transaction in which certain lenders exchanged their existing notes for newly issued debt with higher priority. Creditors left out of the exchange filed lawsuits alleging the restructuring improperly stripped liens and disadvantaged other noteholders, the report states. Incora maintains that defending those claims has generated substantial legal costs and that its insurers have refused to pay despite contractual obligations to do so. The company is now asking the court to compel the insurers to provide coverage and reimburse the defense expenses tied to the uptier fight, according to Law360. About Incora Incora -- http://www.incora.com/-- is the trade name for the group of companies formed by Wesco Aircraft and Pattonair, a provider of comprehensive supply chain management services to the global aerospace and other industries. Beginning with a strong foundation in aerospace and defense, Incora also utilizes its supply chain expertise to serve industrial manufacturing, marine, pharmaceutical and beyond. Incora incorporates itself into customers' businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. The company is headquartered in Fort Worth, Texas, with a global footprint that includes 68 locations in 17 countries and more than 3,800 employees. Wesco Aircraft Holdings, Inc., doing business as Incora, and 43 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 23-90611) on June 1, 2023. Wesco Aircraft estimated assets and debt of $1 billion to $10 billion as of the bankruptcy filing. The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as bankruptcy counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and conflicts counsel. Kurtzman Carson Consultants, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Morrison Foerster, LLP as its counsel; Piper Sandler & Co. as investment banker; and Province, LLC as financial advisor. INSPIRED HEALTHCARE: Hires DLA Piper as Conflicts Counsel --------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ DLA Piper LLP (US) as conflicts counsel. The firm's services include: a. assisting and advising the DST Debtors in their consultations, meetings and negotiations with the other Debtors and all other parties in interest regarding the administration of the Chapter 11 Cases and matters in which the interests of the DST Debtors may be in conflict with or otherwise diverge from the interests of the other Debtors in the Chapter 11 Cases; b. assisting the DST Debtors in analyzing the claims asserted against and interests asserted in the DST Debtors, in negotiating with the holders of such claims and interests, and in bringing, participating in, or advising the DST Debtors with respect to contested matters and adversary proceedings; c. assisting the DST Debtors in their analysis of, and negotiations with, the other Debtors or any party in interest, among other things, financings, use, sale or leasing of the DST Debtors' assets; d. assisting the DST Debtors in their analysis of, and negotiations with, the Debtors or any party in interest, in the negotiation, formulation, confirmation and implementation of a chapter 11 plan for the DST Debtors, and all pleadings, agreements and documentation related thereto, in matters in which the interests of the DST Debtors may be in conflict with or otherwise diverge from the interests of the other Debtors in the Chapter 11 Cases; e. reviewing and analyzing all complaints, motions, applications, orders and other pleadings filed with the Court, so as to be able to advise the DST Debtors in matters in which the interests of the DST Debtors may be in conflict with or otherwise diverge from the interests of the other Debtors in the Chapter 11 Cases, and advising the DST Debtors with respect to their position thereon and the filing of any response thereto; f. assisting the DST Debtors in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters and administrative proceedings as may be necessary or appropriate in furtherance of the DST Debtors' duties and objectives in connection with the foregoing; and g. performing such other legal services as may be necessary or as may be requested by the DST Debtors in accordance with the DST Debtors' powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: James Muenker (Partner), Dallas/Houston $1,795 per hour Rachel Nanes (Partner), Miami $1,750 per hour Shant Eulmessekian (Associate), Los Angeles $1,090 per hour Corinne Smith (Associate), Chicago $985 per hour Tennille Wilson (Case Manager), Miami $460 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: (a) Question: Did DLA Piper agree to any variations from, or alternatives to its standard billing arrangements for this engagement? Answer: No. DLA Piper and the DST Debtors have not agreed to any variations from, or alternatives to, DLA Piper's standard billing arrangements for this engagement. The rate structure provided by DLA is appropriate and is not significantly different from (a) the rates that DLA Piper charges for other nonbankruptcy representations, or (b) the rates of other comparably skilled professionals. (b) Question: Do any of the DLA Piper professionals in this engagement vary their rate based on the geographic location of the debtor's chapter 11 case? Answer: No. The hourly rates used by DLA Piper in representing the DST Debtors are consistent with the rates that DLA Piper charges other comparable clients involved in chapter 11 proceedings, regardless of the location of the chapter 11 case. (c) Question: If DLA Piper has represented the DST Debtors in the 12 months prepetition, disclose DLA Piper's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If DLA Piper's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: DLA Piper did not represent the DST Debtors prepetition. (d) Question: Has the DST Debtors approved DLA Piper's budget and staffing plan, and, if so, for what budget period? Answer: DLA Piper and the DST Debtors have not discussed a specific budget but have discussed staffing. Mr. Muenker disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James P. Muenker, Esq. DLA Piper LLP (US) 1900 North Pearl Street, Suite 2200 Dallas, TX 75201 Telephone: (214) 743-4500 Facsimile: (214) 743-4545 Email: james.muenker@us.dlapiper.com About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. INSPIRED HEALTHCARE: Hires M. Benjamin Jones of Ankura as CRO ------------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ankura Consulting Group, LLC, and designate M. Benjamin Jones as chief restructuring officer. The firm will provide these services: (a) review status of current operations, financial performance and primary drivers of financial distress, analyze the Debtors' assets, liabilities and other commitments, including transactions with other affiliated entities and gain an understanding of existing leadership, organizational culture, as well as capital and legal structures; (b) review the Debtors' existing cash flow forecasts, and to the extent necessary, update and/or refine cash flow forecasting models and methodologies, assist the Debtors in managing liquidity, including the monitoring of disbursements, actual cash flow versus projections and evaluating and implementing options to extend the liquidity runway, review the Debtors' existing short-term cash flow forecast and convert such forecast to debtor-in-possession cash flow forecast which shall be revised to the extent necessary; (c) assist the Debtors and their other advisors in evaluating all strategic alternatives available to the Debtors and in developing and implementing agreed upon restructuring strategies and leading communications and negotiations with key stakeholders regarding the restructuring; (d) assist the Debtors' financial staff in preparing necessary reporting and disclosures during the pendency of these Chapter 11 Cases; (e) assist the Debtors and their advisors in pursuing a sale process, or in the event a non-sale reorganization path is selected, assist the Debtors' management and their other advisors in negotiating with the relevant parties in interest in developing an executable plan of reorganization; and (f) perform such other professional services as may be requested by the Debtors and agreed to by Ankura in writing. The firm will be paid at these rates: Senior Managing Director $1,380 - $1,545 per hour Managing Director $1,140 - $1,280 per hour Director/Senior Director $785 - $1,085 per hour Associate/Senior Associate $525 - $725 per hour Paraprofessionals $395 - $455 per hour Ankura received an initial advance retainer from the Debtors in the amount of $250,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. M. Benjamin Jones is a Senior Managing Director at Ankura, assured the court that his firm is "disinterested" as such term is defined in Bankruptcy Code section 101(14). The firm can be reached through: M. Benjamin Jones Ankura Consulting Group, LLC 485 Lexington Avenue, 10th Floor New York, NY 10017 Phone: (212) 818-1555 Email: ben.jones@ankura.com About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. INSPIRED HEALTHCARE: Hires Raymond James as Investment Banker ------------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Raymond James & Associates as investment banker. The firm will provide these services: a. review and analyze the Debtors' business, operations, properties, financial condition and interested parties on a stand-alone and consolidated basis; b. evaluate the Debtors' debt capacity, including by advising the Debtors generally as to available financing and assist in the determination of an appropriate capital structure; c. evaluate potential transaction alternatives and strategies as discussed and approved by the Debtors; d. prepare documentation within Raymond James's area of expertise that is required in connection with a transaction; e. identify interested parties regarding one or more particular transactions; f. contact interested parties on behalf of the Debtors and with prior written consent by the Debtors, which Raymond James, after consultation with the Debtors' management, believes meet certain industry, financial, and strategic criteria and assist the Debtors in negotiating and structuring a transaction; g. advise the Debtors as to potential transactions involving (i) the possible sale or transfer of all or a substantial portion of the business, revenues, income, operations or assets of the Debtors or (ii) the acquisition by an interested party in of all or a substantial portion of the assets or operations of the Debtors (a "Business Combination Transaction," as more fully described in the Engagement Letter); h. advise the Debtors on tactics and strategies for negotiating with holders of the Debtors' debt or other claims of the Debtors ("Stakeholders"); i. advise the Debtors on the timing, nature and terms of any new securities, other considerations or other inducements to be offered to their Stakeholders in connection with any recapitalization, reorganization, or restructuring; j. participate in the Debtors' board of directors meetings as determined by the Debtors to be appropriate, and, upon request, provide periodic status reports and advice to the board with respect to matters falling within the scope of Raymond James's retention; and k. analyze materials prepared by the Debtors' other advisors in connection with a potential transaction and negotiations with the Stakeholders. The firm will be paid at these fees: a. Monthly Advisory Fee. The Debtors shall pay Raymond James an "Advisory Fee" of $150,000 per month which will be billed monthly in the same amount on the first business day of every month through the term of the Engagement Letter. b. Financing Transaction Fee. If, during the term of the Engagement Letter (the "Term") or during the eighteen (18) months following any termination of this Agreement (the "Tail Period"), any transactions, arrangements or undertakings involving the issuance of debt, securities exchangeable or convertible into common or preferred stock, or equity or equity-linked securities for or on behalf of the Debtors, or securing loans or credit facilities for the Debtors or such other financing of any type (a "Financing Transaction" as more fully described in the Engagement Letter) is agreed upon and subsequently closes (the "Financing Transaction Closing"), regardless of when such Financing Transaction Closing occurs, whether on a stand-alone basis or to consummate any other Transaction, the Debtors will pay Raymond James immediately and directly out of the proceeds of such Transaction, at the Financing Transaction Closing of each Financing Transaction as a cost of sale of each Financing Transaction, a non-refundable cash transaction fee (the "Financing Transaction Fee"), as a cost of such Financing Transaction, equal to the sum of (A) Two percent (2.00%) of the Proceeds of all debt capital raised, and (B) Five percent (5.0%) of equity or equity linked securities raised. Provided, however, that to the extent the Financing Transaction includes an uncommitted accordion or similar credit feature, the Financing Transaction Fee for such accordion or similar feature will be payable upon the commitment of such credit facility or its funding irrespective of the date of such commitment or funding. c. Restructuring Transaction Fee. If, during the Term or during the Tail Period, any recapitalization, reorganization, restructuring, sale or transfer of the Debtors' existing and potential debt obligations, partnership interest, membership interests, unfunded pension and retiree medical liabilities, tax claims, litigations claims and other liabilities (collectively, the "Existing Obligations," as more fully described in the Engagement Letter) that is achieved, without limitation, through a solicitation of waivers and consents from the holders of Existing Obligations, amendment or renegotiation of terms, conditions or covenants, rescheduling of maturities, change in interest rates, repurchase, settlement, cancellation, or forgiveness of Existing Obligations, or conversion of Existing Obligations into equity, or an exchange offer involving new securities in exchange for Existing Obligations, or other similar transaction or series of transactions (a "Restructuring Transaction," as more fully described in the Engagement Letter) is agreed upon and subsequently closes, or any amendment to or other changes in the instruments or terms pursuant to which any Existing Obligations were issued or entered into becomes effective (as applicable, a "Restructuring Transaction Closing"), regardless of when such Restructuring Transaction Closing occurs, the Company will pay Raymond James a non-refundable cash transaction fee of the greater of (A) $3,500,000 or (B) Two percent (2.0%) of the par amount of Existing Obligations that are involved in a Restructuring Transaction (the "Restructuring Transaction Fee"), as a cost of such Transaction, For the avoidance of doubt, the Company will pay the Restructuring Transaction Fee, as a cost of the Restructuring Transaction, to Raymond James upon the earlier of (i) the closing of each Restructuring Transaction or (ii) the date on which any amendment to or other changes in the instruments or terms pursuant to which any Existing Obligations were issued or entered into became effective. d. Business Combination Transaction Fee. If, during the Term or during the Tail Period, any Business Combination Transaction is agreed upon and subsequently closes (the "Business Combination Closing" and together with any Financing Closing or Restructuring Closing, each a "Closing")), regardless of when such Business Combination Closing occurs, the Debtors will pay Raymond James immediately and directly out of the proceeds at the Business Combination Closing, as a cost of sale of such Business Combination Transaction, a non-refundable cash transaction fee (the "Business Combination Transaction Fee" and together with any Financing Fee or Restructuring Fee, each a "Transaction Fee"), as a cost of such Transaction, based upon the Transaction Value in the Transaction, equal to the greater of (A) $3,500,000 (the "Minimum Business Transaction Fee") or (B) Two and one-quarter percent (2.25%) of the Transaction Value. For the avoidance of doubt, the aggregate amount of consideration to be paid to Raymond James (in addition to the Monthly Advisory Fee and Expenses) shall not exceed the greater of (i) Two and a quarter (2.25%) of the aggregate of the Transaction Value for all Transactions hereunder, and (ii) $3,500,000. e. For clarity and notwithstanding anything else set forth elsewhere in the Engagement Letter, in consideration of Raymond James's agreement to provide the services for a Transaction Fee that is contingent upon a Closing, Raymond James will be paid such Transaction Fee when due and payable in accordance with the terms and conditions of Section 2 of the Engagement Letter regardless of who identified the Transaction or Whether Raymond James participated in the negotiation of a Definitive Agreement governing the Transaction. During the Term and thereafter, the Debtors will promptly inform Raymond James of the signing of any Definitive Agreement or any Closing for which a Transaction Fee could be Payable upon Closing. f. Single Transaction Fee. For the avoidance of doubt, Raymond James and the Debtors agree that if a single Transaction constitutes both a Restructuring Transaction and a Business Combination Transaction, then Raymond James shall only be paid the greatest of the applicable Restructuring Transaction Fee or Business Combination Transaction Fee, pursuant to the terms of the Engagement Letter. Raymond James is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: David B. Fields, CFA Raymond James & Associates, Inc. 300 Conshohocken State Road, Suite 400 West Conshohocken, PA 19428 Tel: (484) 849-8644 Email: raymondjames.com About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. INSPIRED HEALTHCARE: Seeks to Hire McDermott Will as Counsel ------------------------------------------------------------ Inspired Healthcare Capital Holdings, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ McDermott Will & Schulte LLP as counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors-in-possession in the continued management and operation of their business and properties; b. advising and consulting on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of the Debtors' creditors, equity holders, and other parties-in-interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. advising the Debtors in connection with any potential sale of assets or transfer of operations; g. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; h. advising the Debtors regarding tax matters; i. assisting the Debtors in reviewing, assessing, estimating, and resolving claims asserted against the Debtors' estates; j. advising the Debtors regarding insurance and regulatory matters; k. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' chapter 11 estates, or otherwise further the goals of the Debtors in these Chapter 11 Cases; l. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto, including the review and analysis of potential claims and causes of action that may be released under such a plan; and m. performing all other necessary legal services for the Debtors in connection with the prosecution of the Chapter 11 Cases, including: (i) analyzing the Debtors' leases and contracts and the potential assumption and assignment or rejection thereof; (ii) analyzing the validity of liens asserted against the Debtors; and (iii) advising the Debtors on corporate and litigation matters. The firm will be paid at these rates: Partners $1,700 - $2,740 per hour Associates $985 - $1,645 per hour Paraprofessionals $440 - $910 per hour Prior to the Petition Date, McDermott received payments and advances in the aggregate amount of $4,186,100.24. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: (a) Question: Did DLA Piper agree to any variations from, or alternatives to its standard billing arrangements for this engagement? Answer: No. DLA Piper and the DST Debtors have not agreed to any variations from, or alternatives to, DLA Piper's standard billing arrangements for this engagement. The rate structure provided by DLA is appropriate and is not significantly different from (a) the rates that DLA Piper charges for other nonbankruptcy representations, or (b) the rates of other comparably skilled professionals. (b) Question: Do any of the DLA Piper professionals in this engagement vary their rate based on the geographic location of the debtor's chapter 11 case? Answer: No. The hourly rates used by DLA Piper in representing the DST Debtors are consistent with the rates that DLA Piper charges other comparable clients involved in chapter 11 proceedings, regardless of the location of the chapter 11 case. (c) Question: If DLA Piper has represented the DST Debtors in the 12 months prepetition, disclose DLA Piper's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If DLA Piper's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: DLA Piper did not represent the DST Debtors prepetition. (d) Question: Has the DST Debtors approved DLA Piper's budget and staffing plan, and, if so, for what budget period? Answer: DLA Piper and the DST Debtors have not discussed a specific budget but have discussed staffing. Mr. Helt disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: 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 About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. INSPIRED HEALTHCARE: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ the following ordinary course professionals. Professionals Service Michael Owen Ryan LLC Tax Appeal Services 8101 Windrose Ave. Suite 2000 Plano, TX 75024 Email: michael.owen@ryan.com Mark Connot Nevada Local Counsel Connot Law Office PLLC 8965 S Eastern Ave, Suite 382 Las Vegas, NV 89123 Email: mconnot@connotlaw.com Marcus Eyth Davis Wright Tremaine LLP Oregon Local Counsel 560 SW 10th Avenue, Suite 700, Portland, OR 97205 Email: MarcusEyth@dwt.com Steven Jerome Arizona Local Counsel Snell & Wilmer LLP One East Washington Street, Suite 2700 Phoenix, AZ 85004 Jennifer Hall Land Use Legal Services Rose Law Group 7144 E. Stetson Drive, Suite 300 Scottsdale, AZ 85251 Email: jhall@roselawgroup.com; Daniel F. McCann Legal Services Giovanniello Law Group Six Pointe Drive, Suite 520 Brea, CA 92821 Email: dfm@giolawgroup.com Francis O'Malley Tax Services Worsek & Vihon LLP 180 North LaSalle St, Suite 3010, Chicago, IL 60601 fomalley@wvproptax.com Leanne Hoskins Legal Services Quintairos, Prieto, Wood & Boyer, P.A. 9300 S Dadeland Blvd #4 Miami, FL 33156 Email: billingdepartment@qpwblaw.com Jeff Van Wagner Financial Consulting Alliance Pension Consultants, LLC 3 Parkway North, Suite 200, Deerfield, IL 60661 Email: jvanwagner@alliancepension.com Randolph E. White Legal Services White & Wolnerman, PLLC 950 Third Avenue, 11th Floor New York, NY 10022 Email: rwhite@wwlawgroup.com Sonya Rosenberg Legal Services Neal, Gerber & Eisenberg LLP 225 West Randolph St, Suite 2800 Chicago, IL 60606 Email: srosenberg@nge.com Nora Walsh, Esq. Legal Services Patzik, Frank & Samotny Ltd. 200 South Wacker Dr, Suite 2700 Chicago, IL 60606 Email: nwalsh@pfs-law.com About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. INTERNATIONAL SUPPORT: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------- On March 4, 2026, International Support Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 100-199 creditors. About International Support Group LLC International Support Group LLC is a business services company that provides operational and logistical support solutions for corporate and institutional clients. The firm focuses on delivering management and administrative services across multiple sectors. International Support Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12738) on March 4, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Peter D. Russin handles the case. The debtor is represented by Thomas L. Abrams, Esq. INVATECH PHARMA: Plan Exclusivity Period Extended to June 26 ------------------------------------------------------------ Judge Christine M. Gravelle of the U.S. Bankruptcy Court for the District of New Jersey extended InvaTech Pharma Solutions, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 26 and August 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that it has spent considerable time and effort negotiating with the prospective investors, the anticipated outcome of which will substantively affect a potential plan of reorganization or orderly liquidation. Due to the length and complexity of the ongoing negotiations and discussions hitherto engaged, there will be insufficient time before the current exclusivity period expires to finalize a plan of reorganization or orderly liquidation. Therefore, additional time is necessary. The Debtor asserts that it has continued to keep an open line of communication with interested parties concerning all matters related to the case. As detailed in the Fourth Patel Certification, the Debtor has successfully conducted extensive negotiations that have informed the Debtor's decisions on an appropriate plan. At this point, all that remains is the completion of the due diligence process between the anticipated stalking horse bidder and Debtor's landlord to finalize the Debtor's plan. The Debtor further asserts that it is not seeking an extension of the exclusive period to pressure creditors to submit to any demands. The Debtor anticipates that the substantive terms around which a plan will be proposed will be reached shortly. InvaTech Pharma Solutions LLC is represented by: Daniel M. Stolz, Esq. Donald W. Clarke, Esq. Genova Burns LLC 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 Email: (973) 467-2700 About InvaTech Pharma Solutions LLC InvaTech Pharma Solutions LLC, doing business as Inva Tech Pharma Solutions LLC and Inva-Tech Pharma Solutions LLC, is a specialty pharmaceutical company that develops, manufactures, and markets generic prescription products. The Company's cGMP-compliant facility supports ANDA scale manufacturing and packaging of tablets, capsules, and liquid in bottles. With a dedicated team, InvaTech is committed to meeting industry regulations, exceeding deadlines, and delivering exceptional service to its partners. InvaTech Pharma Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-11482) on February 13, 2025. In its petition, the Debtor reported estimated assets between $1 billion and $10 billion and estimated liabilities between $10 million and $50 million. Judge Christine M. Gravelle oversees the case. Daniel M. Stolz, Esq., at Genova Burns, LLC is the Debtor's legal counsel. Citibank, N.A., as secured creditor, is represented by: Teresa Sadutto-Carley, Esq. Goetz Platzer LLP One Penn Plaza 31st Floor New York, NY 10119 Telephone: 212-593-3000 Facsimile: 212-593-0353 tsadutto@goetzplatzer.com Provident Bank, as secured creditor, is represented by: Angela Nascondiglio Stein, Esq. Meyner and Landis LLP One Gateway Center, Suite 2500 Newark, NJ 07102 (973) 602-3432 astein@meyner.com JAGUAR HEALTH: Risks Nasdaq Delisting Over Bid Price Noncompliance ------------------------------------------------------------------ Jaguar Health, Inc. disclosed in a regulatory filing that it received a written notification from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that because the bid price for the Company's common stock for 30 consecutive business days prior to March 5, 2026, had closed below the minimum $1.00 per share, the Company was no longer in compliance with the requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2). Further, the Notice stated that, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company was not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A) due to the fact that the Company effected a reverse stock split over the prior one-year period or effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. The Notice stated that unless the Company requests an appeal before a Hearings Panel, the Company's securities would be scheduled for delisting from Nasdaq. Accordingly, the Company intends to request an appeal before the Panel, and at which point, such timely request will automatically stay any further suspension or delisting action by Nasdaq at least pending the ultimate conclusion of the hearing process. There can be no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able to regain compliance and thereafter maintain its listing on Nasdaq. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of September 30, 2025, the Company had $49.5 million in total assets, $45.1 million in total liabilities, $4.4 million in total stockholders' equity. K&W LEGACY: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: K&W Legacy, LLC 4847 Navy Road Unit 402 Millington, TN 38053 Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Western District of Tennessee Case No.: 26-21407 Judge: Hon. Denise E Barnett Debtor's Counsel: Ted I. Jones, Esq. JONES & GARRETT LAW FIRM, An Association of Attorneys 2670 Union Ave., Ext Suite 1220 Memphis, TN 38112 Tel: 901-526-4249 Fax: 901-525-4312 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Keyla Walker 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/U7D5LII/KW_Legacy_LLC__tnwbke-26-21407__0001.0.pdf?mcid=tGE4TAMA KANAWHA SCALES: Barings Participation Marks $1MM Loan at 56% Off ---------------------------------------------------------------- Barings Participation Investors has marked its $1,000,000 loan extended to Kanawha Scales and Systems to market at $439,492 or 44% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Kanawha Scales and Systems. The Loan accrues interest at a rate of 8.09% (SOFR + 4.250%) per annum. The Loan matures on Oct. 31, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Kanawha Scales and Systems Kanawha Scales and Systems is a full-service provider of weighing and automated industrial control solutions, including service and calibration, MRO equipment, integrated engineered systems and data collection platforms. LABRUZZO COMMERCIAL: Updates Unsecured Claims Details ----------------------------------------------------- LaBruzzo Commercial Properties, LLC, submitted a Disclosure Statement to accompany Third Amended Plan dated March 5, 2026. The Debtor initiated this Chapter 11 case after becoming financially distressed due to delinquent property taxes and paying a loan for 996 South Main Street, which became vacant during the COVID-19 pandemic due to closures of the daycare occupying the building. The Plan is to be implemented by the reorganized Debtor through: * The sale of 996 South Main Street, which has been completed. * Renting the office space at 292 Pine Street at $900.00 per month starting on March 1, 2025. * Construction of the duplex at 207 Willow Street and 1145 Water Street, which will be completed by November 2026, and which will be leased at $950.00 per unit. * Any monthly shortfall in revenue will be made up by Debtor's sole member Joseph L. LaBruzzo. See attached Declarations of Joseph LaBruzzo and Charlotte LaBruzzo, regarding their capability and willingness to provide needed plan funding in the event of a shortfall. Class 6 General Unsecured Claim of United States of America o/b/o Small Business Administration. The claim of United States of America o/b/o Small Business Administration is to be paid $150.00 monthly. As the only representative of Class 6, United States of America o/b/o Small Business Administration has indicated it accepts this plan treatment, and shall waive the liquidation alternative test requirement in support of Plan confirmation. This Class is impaired. Source of funds for plan payments will be derived from Debtor's Income. A full-text copy of the Disclosure Statement dated March 5, 2026 is available at is https://urlcurt.com/u?l=jMCQDW from PacerMonitor.com at no charge. Counsel to the Debtor: Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About LaBruzzo Woodlands LaBruzzo Woodlands, LLC, is engaged in activities related to real estate. The Debtor offers duplexes, tri-plexes apartments, and houses as well as commercial spaces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Case No. 23-10389) on July 27, 2023. In the petition signed by Joseph LaBruzzo, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge John C. Melaragno oversees the case. Brian C. Thompson, Esq., at Thompson Law Group, P.C., is the Debtor's legal counsel. LAUNCHPAD HOME: Barings Participation Marks $1.5MM Loan at 65% Off ------------------------------------------------------------------ Barings Participation Investors has marked its $1,587,000 loan extended to LaunchPad Home Group to market at $557,458 or 35% of the outstanding amount, according to Barings Participation Investors’ N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to LaunchPad Home Group. The Loan accrues interest at a rate of 10.72% (SOFR + 7.000%) per annum. The Loan matures on Sept. 30, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About LaunchPad Home Group LaunchPad Home Group is a provider of lake management services, including fish stocking and pond aeration equipment sales and services. LIVECONNECTIONS.ORG: Seeks Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------------- On March 10, 2026, LiveConnections.org filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Eastern District of Pennsylvania. According to the filing, the Debtor reports liabilities ranging from $1 million to $10 million owed to between 50 and 99 creditors. A meeting of creditors under Section 341(a) to be held on April 16, 2026 at 10:00 AM at ALTERNATE TELEPHONIC CONFERENCE. About LiveConnections.org LiveConnections.org is a nonprofit arts organization dedicated to presenting concerts and fostering musical collaboration while supporting emerging and established performers. LiveConnections.org sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10973) on March 10, 2026. The petition lists estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Ashley M. Chan presides over the case. The Debtor is represented by Albert Anthony Ciardi III, Esq., of Ciardi Ciardi & Astin. LOCKMASTERS INC: Barings PI Marks $709,783 Loan at 24% Off ---------------------------------------------------------- Barings Participation Investors has marked its $709,783 loan extended to Lockmasters Inc. to market at $536,076 or 76% of the outstanding amount, according to Barings Participation Investors' N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Lockmasters Inc. The Loan accrues interest at a rate of 8.67% (SOFR + 5.000%) per annum. The Loan matures on Sept. 1, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-720 About Lockmasters Incorporated Lockmasters Incorporated is a distributor of third-party locks and related hardware, including safes, high-security cabinets and locksmith tools, serving commercial and industrial end markets such as financial services, education, automotive and data centers. M&B SERVICES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The United States Bankruptcy Court for the Central District of California, Northern Division issued an order authorizing M&B Services, Inc. to use cash collateral on an interim basis and continues operating as a debtor-in-possession during the restructuring process. The court granted the motion in part and allowed the debtor to use cash collateral on an interim basis. The funds must be used according to a budget attached to the declaration filed in support of the motion. The order permits the debtor to use the cash collateral from February 11, 2026 with a 10% variance allowed for each budget line and overall spending. The authorization remains effective until the earliest of several events, including dismissal or conversion of the bankruptcy case, confirmation of a reorganization plan, or further court review of the issue. The court also addressed the claims of Jon Gambill and Michele Gambill, who assert a security interest in the debtor's personal property. At this stage, the court decided that these judgment creditors will not receive adequate protection. A further hearing on the continued use of cash collateral is scheduled for March 25. About M&B Services Inc. M&B Services, Inc. is a Southern California plumbing company in Oxnard, California. M&B Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 9:26-bk-10164-RC)) on February 6, 2026. In the petition signed by Martin Alvarez, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Ronald A Clifford III oversees the case. Vanessa M. Haberbush, Esq., at Haberbush, LLP, represents the Debtor as legal counsel. MAILTROPOLIS LLC: Gets OK to Use Cash Collateral ------------------------------------------------ The United States Bankruptcy Court for the Middle District of Florida, Orlando Division issued a third preliminary order authorizing Mailtropolis, LLC to use cash collateral. Under the order, the debtor is authorized to use cash collateral through April 7. The funds may be used to pay expenses authorized by the court, including quarterly fees owed to the United States Trustee and the ordinary operating expenses listed in the debtor's proposed budget. The debtor may also spend up to 10% above each budgeted line item and may request additional expenditures if approved in writing by the secured creditor within 48 hours. The Debtor projects total monthly operational expenses of $27,571. As adequate protection for secured creditors, the court granted them a post-petition replacement lien on the debtor's cash collateral with the same validity, priority, and extent as their pre-petition lien. The debtor is also required to maintain insurance on its property in accordance with its loan and security agreements and must continue fulfilling all duties required of a debtor-in-possession under the Bankruptcy Code and court orders. The order does not prejudice the rights of creditors or other parties in interest to later seek changes to the use of cash collateral or to challenge the validity or priority of liens. It also preserves the authority of the United States Trustee to appoint a creditors' committee if appropriate. A continued preliminary hearing is scheduled for April 7. About Mailtropolis LLC Mailtropolis, LLC, doing business as We Are Kymera, provides full-service marketing solutions that include strategy and consulting, branding and design, website development, and digital marketing services across multiple channels. It offers lead-generation programs, social media management, search engine optimization, and campaign execution along with print and direct-mail capabilities. It serves businesses seeking integrated marketing support across both digital and traditional platforms. Mailtropolis sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07813) on December 2, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as legal counsel. MARC CAMPBELL: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Marc Campbell Enterprises Inc. 3305 East Main Street Russellville, AR 72802 Business Description: Marc Campbell Enterprises Inc. is a real estate company that owns and leases commercial property in Russellville, Arkansas. The company's operations center on a commercial property on East Parkway Drive, which it holds as a revenue-generating asset within the local real estate market. Chapter 11 Petition Date: March 12, 2026 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 26-10946 Debtor's Counsel: Frank H. Falkner, Esq. DILKS LAW FIRM P.O. Box 34157 Little Rock, AR 72203 Tel: (501) 244-9770 Fax: (888) 689-7626 Email: frank@dilkslawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Marc Campbell as president. The Debtor listed United Community Bank, located in Greenville, South Carolina, as its only unsecured creditor, reporting a claim of $2 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3FJOQQA/Marc_Campbell_Enterprises_Inc__arebke-26-10946__0001.0.pdf?mcid=tGE4TAMA MARTINS FOOD: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, issued a third interim order authorizing Martins Food Technology, LLC to use cash collateral on an interim basis. Under the order, the Debtor may use cash collateral to pay necessary operating expenses and court-authorized costs according to an approved operating budget. The Debtor may exceed individual budget line items by up to 10% or exceed them by more than that amount as long as the total excess spending across all categories does not exceed 10% of the total budget. The authorization remains effective until the court issues another order. To protect the interests of secured creditors, the court granted post-petition replacement liens that maintain the same priority and validity as the creditors’ pre-petition liens. The Debtor must also provide access to business records and premises for inspection upon request and must maintain proper financial reporting and compliance with bankruptcy requirements. As additional adequate protection, the Debtor must make a $7,000 payment to Farm Credit Leasing Corporation (FCL) this month and maintain insurance coverage on its property and equipment. The court scheduled a continued hearing on March 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/1fCbH from PacerMonitor.com. About Martins Food Technology LLC Martins Food Technology, LLC, doing business as Naples Fresh, is a family-owned agricultural company based in Naples, Florida, specializing in greenhouse-grown hydroponic lettuce and herbs. It operates fully controlled, bio-secure facilities that use advanced technology to produce fresh, flavorful, and non-GMO greens year-round. Martins Food Technology emphasizes sustainable farming practices and innovation to deliver local produce while minimizing environmental impact. Martins Food Technology filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02199) on November 5, 2025, with $898,467 in assets and $3,113,463 in liabilities. Saint Clair Martins, managing member, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. MCAFEE: Barings Participation Marks $34,369 Loan at 78% Off ----------------------------------------------------------- Barings Participation Investors has marked its $34,369 loan extended to Mcafee to market at $7,561 or 22% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a loan extended to Mcafee. The Loan accrues interest at a rate of 6.250 10.350 per annum. The Loan matures on July 27, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Mcafee Mcafee is a cybersecurity software company known for providing consumer and enterprise security solutions, including antivirus and device protection products. MEDIA RECOVERY: Barings Participation Marks $1.2M Loan at 22% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,264,780 loan extended to Media Recovery, Inc. to market at $980,705 or 78% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term loan extended to Media Recovery, Inc. The Loan accrues interest at a rate of 8.17% (SOFR + 4.500%) per annum. The Loan matures on Sept. 30, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Media Recovery, Inc Media Recovery, Inc. is a global manufacturer and developer of shock, temperature, vibration and other condition indicators and monitors for in-transit and storage applications. MELPRO LLC: Hires Seeks to Hire William C. Johnson as Counsel ------------------------------------------------------------- Melpro, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ William C. Johnson, Jr., Esq., an attorney practicing in Maryland, as counsel. Mr. Johnson's services include: (1) provide general advice and counsel concerning compliance with the requirements of Chapter 11; (2) prepare any necessary amendments to the Debtor's schedules, statement of financial affairs, and related documents as appropriate; (3) represent the debtor in possession in all contested matters; (4) represent as appropriate in any related matters in other Courts; (5) advise and counsel the structure of a plan and any required amendments thereto; (6) advise feasibility of confirmation of a plan and representation in connection with the confirmation process; (7) provide liaison, consultation, and where appropriate, negotiation with creditors and other parties in interest; (8) review of relevant financial information; (9) review of claims with a view to determining which claims are allowable and in what amounts; (10) prosecute claims objections, as appropriate; (11) represent the Section 341 meeting of creditors and at any hearings or status conferences in court; and (12) provide such representations as may be necessary and appropriate to the case. Mr. Johnson will be paid at the rate of $500 per hour. Mr. Johnson will also be reimbursed for reasonable out-of-pocket expenses incurred. William C. Johnson, Jr., Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William C. Johnson, Jr., Esq. 6305 Ivy Lane Suite 630 Greenbelt, Maryland 20770 Tel: (301) 477-3450 Fax: (301) 477-4813 Email: William@JohnsonLG.Law 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. MERCHANT INDUSTRY: Barings PI Marks $612,118 Loan at 34% Off ------------------------------------------------------------ Barings Participation Investors has marked its $612,118 loan extended to Merchant Industry to market at $405,838 or 66% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Merchant Industry. The loan accrues interest at a rate of 8.47% (SOFR + 4.750%) per annum. The loan matures on Sept. 19, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Merchant Industry Merchant Industry is a merchant acquiror that provides payment processing and other value-added services to small and midsize business merchants. MERYDE GROUP: Gets OK to Use Cash Collateral -------------------------------------------- The United States Bankruptcy Court for the Eastern District of New York approved a stipulation allowing Meryde Group of Hotels LLC to use cash collateral during its Chapter 11 bankruptcy case. Under the agreement, the court authorized the debtor to use rental income—considered the lender's cash collateral—to pay necessary operating expenses, United States Trustee fees, and compensation to the managing member. The Debtor projects total operational expenses of $25,772. The debtor had previously obtained a loan of $4.85 million from Centra Capital White Plains LLC, secured by the property and rental income. The debtor later defaulted on the loan, and the lender claims that the total indebtedness had increased to about $8.13 million as of January 29, 2026, with interest accruing daily. Although the debtor disputes the exact amount owed, it acknowledges that the lender holds valid and perfected liens on the property and rental income. As adequate protection, the lender receives replacement liens on post-petition collateral and rental proceeds to protect against any decrease in the value of its collateral resulting from the debtor's use of the funds. The authorization to use cash collateral remains effective until the earliest of several events, including the sale of the property, a court order extending the period, an event of default or April 30. If the debtor violates the agreement, the lender may terminate the debtor's right to use the rental income and seek relief from the automatic stay. The agreement also preserves the rights of both parties to pursue further remedies or challenge claims during the bankruptcy proceedings. About Meryde Group of Hotels LLC Meryde Group of Hotels LLC is a hospitality company engaged in the ownership and operation of hotel properties. Meryde Group of Hotels LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22056) on January 21, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Douglas J. Pick, Esq. of Pick & Zabicki LLP. MINCED MEAL: Hires Joyce W. Lindauer Attorney PLLC as Counsel ------------------------------------------------------------- Minced Meal Prep LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Joyce W. Lindauer Attorney, PLLC as counsel to handle its Chapter 11 case. The firm will be paid at these hourly rates: Joyce Lindauer, Attorney $625 Paul Geilich, Of Counsel $595 Dian Gwinnup, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $11,738 from the Debtor. Ms. Lindauer and Mr. Geilich disclosed in court filings 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: Joyce W. Lindauer, Esq. Paul B. Geilich, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 About Minced Meal Prep LLC Minced Meal Prep LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 26-30895) on March 2, 2026. The firm hires Joyce W. Lindauer Attorney, PLLC as counsel. MISSION MICROWAVE: Barings PI Marks $717,442 Loan at 16% Off ------------------------------------------------------------ Barings Participation Investors has marked its $717,442 loan extended to Mission Microwave to market at $601,207 or 84% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term loan extended to Mission Microwave. The Loan accrues interest at a rate of 9.17% (SOFR + 5.500%) per annum. The Loan matures on March 1, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Mission Microwave Mission Microwave is a leading provider of high-performance solid-state power amplifiers and block upconverters used in ground-based, maritime, airborne and space-based satellite communication applications. MLM OREGON: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: MLM Oregon, LLC 493 S. Robertson Blvd. Beverly Hills, CA 90211 Business Description: MLM Oregon, LLC holds a residential property at 15985 N Applegate Rd, Grants Pass, Oregon, valued at $5 million, and concentrates its activities on managing this single real estate asset. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 2:26-bk-12319 Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Total Assets: $5,000,000 Total Liabilities: $2,718,611 The petition was signed by Marvin Markowitz as managing member. The Debtor stated in the petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K7CH25A/MLM_OREGON_LLC__cacbke-26-12319__0001.0.pdf?mcid=tGE4TAMA MODERN MEDICAL: Gets Court OK to Use Cash Collateral ---------------------------------------------------- Modern Medical Aesthetics, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recently held hearing, the court granted the Debtor final approval to use cash collateral to fund operations in accordance with its budget. The Debtor is a Florida limited liability company formed in February 2020 with its principal place of business in St. Petersburg, Florida. The business operates as a full-service medical spa and wellness center offering aesthetic and cosmetic services. Although it provides treatments typically associated with medical procedures, the Debtor does not qualify as a health care business under the Bankruptcy Code because it does not primarily provide regulated medical treatment such as surgery, diagnosis of disease, or hospital-style healthcare services. The Debtor is wholly owned by Tawney Jo Chapman and employs three staff members: a physician assistant, a nurse practitioner, and a licensed aesthetician. The spa provides services including Botox and injectable treatments, dermal fillers, facials and skincare treatments, body contouring procedures such as CoolSculpting, laser skin treatments, microneedling, PlasmaPen procedures, women’s wellness services, and weight loss programs. The Debtor's business generates significant revenue despite its financial difficulties. Average monthly gross revenue ranges between approximately $60,000 and $72,000. During 2025, the Debtor generated total gross revenue of $814,519, while January 2026 revenue was approximately $58,693. Despite this steady income, the Debtor was forced to seek bankruptcy protection due to heavy merchant cash advance debt obligations. These financing arrangements required automatic withdrawals of approximately $21,000 per month from the debtor’s operating accounts. The recurring debits severely strained the Debtor's finances and ultimately left it unable to sustain normal operations. By the petition date, the Debtor's primary operating bank account had a negative balance, demonstrating the severe liquidity crisis caused by these financing arrangements. Filing the bankruptcy case allowed the Debtor to benefit from the automatic stay under the Bankruptcy Code, which temporarily halted creditor collection actions and provided an opportunity to reorganize. Several secured creditors assert claims against the Debtor's assets totaling approximately $302,374, while the collateral securing those claims is estimated to be worth about $108,500. One major secured creditor is Jack A. Olmstead, who holds a claim of approximately $129,450 arising from a promissory note executed in May 2024. This debt is secured by several medical devices used in the spa's treatments, including an Optimas system, a CoolSculpting machine, and a Morpheus device. Olmstead previously filed a lawsuit in Florida state court seeking repayment and repossession of the equipment but the bankruptcy filing has stayed that litigation. Another secured creditor, Medshift, holds a $95,000 claim secured by an Agnes RF device used for cosmetic treatments. The U.S. Small Business Administration holds a claim of approximately $49,754 related to an Economic Injury Disaster Loan obtained during the COVID-19 pandemic. That loan is secured by several pieces of equipment, including a Skin Pen, Emsculpt device, Hydrafacial system, Pronox system, and other tools. Additionally, Fratello Capital, LLC holds a claim of about $28,170 arising from a merchant cash advance agreement executed in October 2025. In addition to these secured claims, the Debtor reported that seven UCC-1 financing statements have been filed against it in the Florida Secured Transaction Registry. Some of these filings assert security interests in specific equipment, while others claim blanket liens on all of the debtor's assets. One significant filing is held by McKesson Corporation, a major medical supply distributor for the debtor, which claims a blanket lien covering all assets of the business, including accounts receivable and proceeds. Other filings were made by representatives such as C T Corporation System and Corporation Service Company, asserting security interests in equipment, inventory, receivables, and other personal property. Several filings were made in connection with merchant cash advance agreements and assert interests in the debtor’s future receivables. Two of these filings were recorded shortly before the bankruptcy filing, within approximately two weeks of the petition date, which the debtor notes may be subject to challenge under bankruptcy avoidance provisions. The Debtor reserves the right to dispute the validity, priority, or enforceability of any of these liens and to challenge whether certain merchant cash advance agreements should be treated as true sales of receivables or as disguised secured loans. At the time of the bankruptcy filing, the Debtor had extremely limited cash resources. Its primary operating account showed a negative balance of approximately $1,987, and a secondary account held only $100. Scheduled accounts receivable were reported as zero, meaning the total cash available at filing was essentially negligible. However, the Debtor emphasized that its business continues to generate substantial monthly revenue through patient treatments and services, with payments typically processed through the payment processor Stripe and deposited into its Truist bank account. Because several creditors claim liens on accounts receivable or other business assets, some or all of this post-petition revenue may constitute cash collateral under bankruptcy law. To protect any secured creditors whose collateral may include the cash being used, the Debtor offers several forms of adequate protection. First, any creditor with a valid and perfected lien will receive a replacement lien on post-petition cash collateral to the same extent and priority as its pre-petition lien, subject to certain administrative expenses such as trustee and U.S. Trustee fees. The Debtor also commits to maintaining insurance on all collateral, operating within the approved budget with limited variance, and filing monthly operating reports with the court. About Modern Medical Aesthetics LLC Modern Medical Aesthetics, LLC operates as a full-service medical spa and wellness center offering aesthetic and cosmetic services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:26-bk-01368) on February 23, 2026. In the petition signed by Tawney Chapman, manager, the Debtor disclosed up to $500,000 in both assets and liabilities. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as legal counsel. MORE THAN PLUMBING: Unsecureds to Split $36K over 3 Years --------------------------------------------------------- More Than Plumbing, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Combined Plan of Reorganization and Disclosure Statement dated March 5, 2026. The Debtor is a Michigan limited liability company that is wholly owned by Just Jake, LLC. The Debtor has filed this Plan of Reorganization with the intention of continuing in business. Just Jake, LLC and Levi Moore have both guaranteed repayment of the Newtek Indebtedness owed by Built Solid Renovations, LLC, d/b/a Rock Solid Exteriors ("Built Solid"), along with the Debtor. More than Plumbing has asserted an unsecured claim against Levi Moore's affiliate business, Built Solid, in the amount of $57,188. Built Solid is currently a debtor in a Chapter 11 case pending before this Court, Case No. 25-51248. The immediate cause of the Debtor's bankruptcy filing was its execution of that certain Unconditional Guaranty dated April 4, 2024, pursuant to which the Debtor unconditionally guaranteed the obligations of its affiliate, Built Solid, to Newtek Bank in the original principal amount of $1,750,000 arising from SBA Loan No. 57887591-05 (the "Newtek Indebtedness"). The Debtor's need for bankruptcy protection does not arise from its own operations, but solely from its guaranty obligations relating to Built Solid. Built Solid has experienced significant financial losses in recent years and commenced a chapter 11 case contemporaneously with this filing. Upon Built Solid's default under the Newtek Indebtedness, the Debtor became liable under the guaranty, resulting in a substantial contingent liability. But for its guaranty of the Newtek Indebtedness and Built Solid's default as the primary obligor, the Debtor would not have sought bankruptcy protection. The Debtor intends to use the chapter 11 process, in coordination with Built Solid's parallel case, to address these guaranty-related liabilities, stabilize the enterprise, and preserve going-concern value for the benefit of creditors, customers, and employees. Class II shall consist of the Allowed Claims of Unsecured Creditors. The Debtor estimates that the total of all Allowed Unsecured Claims will equal approximately $1,750,000 (Newtek Bank Guaranty) $46,552.54 (Chase Bank) for a total estimated claim pool of $1,796,552.54 (the "Estimated Claim Pool"). The Debtor shall pay a total of $36,000 (the "Unsecured Distribution") to Holders of Allowed Class II Claims over the three-year life of the Plan. The Debtor shall pay the Unsecured Distribution in bi-annual installments of $6,000 with the first installment due on September 30, 2026, and every six months thereafter until a total of $36,000 has been distributed to Allowed Class II Claims. The Debtor is entitled to prepay this amount at any time without penalty. All payments shall be distributed to Holders of Allowed Unsecured Claims on a Pro Rata basis. This Class is Impaired. Class III shall consist of Allowed Interests. The Interests of the Debtor are wholly owned by Just Jake, LLC. Just Jake, LLC shall retain its Allowed Interests in the Debtor in the same percentages as held in the Debtor and subject to the Debtor's prepetition operating agreement, which is assumed upon the Confirmation Date. The Debtor reasonably believes that ongoing operations shall be sufficient to fund the Plan. Other sources of cash may be explored and utilized by the Debtor to the extent that cash infusions are necessary to meet the obligations of the Plan. To the extent additional monies are needed, it is contemplated that funds will come from Debtor's principal as an interest-bearing loan, which shall be evidenced by a promissory note, and may be on a secured or unsecured basis. A full-text copy of the Combined Plan and Disclosure Statement dated March 5, 2026 is available at https://urlcurt.com/u?l=2cgXQk from PacerMonitor.com at no charge. Counsel for the Debtor: Kim K. Hillary, Esq. Aubrey Carr, Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Ave., Ste. 100 Bloomfield Hills, MI 48304 (248) 540-3340 About More Than Plumbing LLC More Than Plumbing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51252) on November 5, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Thomas J. Tucker oversees the case. Schafer and Weiner, PLLC, is the Debtor's legal counsel. MSI EXPRESS: Barings Participation Marks $716,357 Loan at 26% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $716,357 loan extended to MSI Express to market at $529,588 or 74% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to MSI Express. The loan accrues interest at a rate of 8.47% (SOFR + 4.750%) per annum. The loan matures on March 24, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About MSI Express MSI Express is a contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods companies. MW MASON: Gets OK to Use Cash Collateral ---------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division issued an order authorizing MW Mason Construction, Inc. to use cash collateral. The stipulation concerns the Debtor's request to use cash collateral, which refers to funds or assets that are subject to a secured creditor's lien. In this case, the collateral is tied to Kapitus, meaning the creditor has a security interest in certain funds generated or held by the Debtor. Through the order, the court authorized MW Mason Construction, Inc. to use Kapitus's cash collateral under the specific terms and conditions outlined in the stipulation between the parties. This authorization allows the Debtor to access necessary funds to continue business operations during the Chapter 11 bankruptcy process while still protecting the creditor's secured interest. The court scheduled the next hearing for March 25. About MW Mason Construction Inc. MW Mason Construction, Inc. is a construction services provider in the United States, working across residential and commercial sectors. It delivers general contracting, design-build, and renovation services, prioritizing high-quality results, project efficiency, and client satisfaction. MW Mason Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11589) on November 25, 2025. Its petition reports estimated assets between $100,001 and $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Ronald A. Clifford, III presides over the case. The Debtor is represented by William C. Beall, Esq., at Beall and Burkhardt, APC. NARU LLC: Cash Collateral Hearing Set for March 19 -------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada is set to hold a hearing on March 19 to consider extending Naru LLC's authority to use cash collateral. The Debtor was initially allowed to access cash collateral through March 19 under the court's Feb. 20 interim order. The interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and authorized the Debtor's continued monthly payments of $4,893.14 to Newtek Bank as adequate protection. The interim order also authorized the Debtor to grant Newtek Bank superpriority claim and replacement security interests in its assets to the extent the collateral value decreases due to the use of cash collateral. About Naru LLC Naru LLC, doing business as Pier 215, is a Nevada-based limited liability company. Naru LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10815-mkn) on February 9, 2026. In the petition signed by Krissy Jung, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Mike K. Nakagawa oversees the case. Matthew C. Zirzow, Esq., at Laron & Zirzow, LLC, represents the Debtor as legal counsel. NAVIA BENEFIT: Barings Participation Marks $1.7MM Loan at 31% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,700,476 loan extended to Navia Benefit Solutions, Inc. to market at $1,169,038 or 69% of the outstanding amount, according to Barings Participation’s N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Navia Benefit Solutions, Inc. The loan accrues interest at a rate of 8.17% per annum. The loan matures on Dec. 31, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Navia Benefit Solutions, Inc. Navia Benefit Solutions, Inc. is a third-party administrator of employee-directed healthcare benefits. NET AT WORK: Barings Participation Marks $1.6MM Loan at 32% Off --------------------------------------------------------------- Barings Participation Investors has marked its $1,675,014 loan extended to Net at Work to market at $1,130,843 or 68% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Net at Work. The loan accrues interest at a rate of 8.42% per annum. The loan matures on Sept. 13, 2029. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Net at Work Net at Work is a small and midsize business-focused IT services provider specializing in software sales, implementation, managed services and hosting solutions. NETRIX: Barings Participation Marks $1.7MM Loan at 16% Off ---------------------------------------------------------- Barings Participation Investors has marked its $1,725,000 loan extended to Netrix to market at $1,725,000 or 84% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Netrix. The loan accrues interest at a rate of 9.22% per annum. The loan matures on Aug. 31, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Netrix Netrix is a U.S.-based managed services provider focused on security, cloud and digital workplace solutions. NFN8 GROUP: Hires HMP Advisory as Financial Advisors ---------------------------------------------------- NFN8 Group, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ HMP Advisory Holdings, LLC DBA Harney Partners as financial advisors. The firm's services include: a. providing Erik White as CRO for the Debtors, with such role encompassing the responsibilities and authorities as set forth in the Engagement Letter; b. consulting on all aspects of the Debtors' business activities and operations, including budgeting, cash management and financial management; c. providing the services of other members of HP to provide advisory services in an efficient and cost effective manner; d. attending hearings, providing information and analyses for inclusion in bankruptcy court filings; e. providing testimony, as needed, in these chapter 11 cases; f. supporting negotiations with the creditors and other constituents in these chapter 11 cases; g. preparing monthly financial reports as required of a debtor in possession and other financial reporting required by the Office of the United States Trustee on behalf of a debtor in possession; h. working with the Debtors and their professionals to maximize the value of the Debtors' estate; and i. providing such other services by the Debtors and agreed to by HP. The firm will be paid at these rates: President/EVP $700 to $900 per hour Managing Director $550 to $750 per hour Senior Manager/Director $450 to $600 per hour Manager $350 to $500 per hour Senior Consultant $300 to $400 per hour Support Staff $180 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. White disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Erik White, HMP ADVISORY HOLDINGS, LLC, dba HARNEY PARTNERS Westech 360 8911 North Capital of Texas Highway, Suite 2120 Austin, TX 78759 Telephone: (512) 592-7740 Facsimile: (734) 494-2160 E-mail: ewhite@harneypartners.com About NFN8 Group, Inc. NFN8 Group, Inc., through its subsidiaries NFN8 Capital, LLC and NFN8 Holdings, LLC, operates industrial-scale Bitcoin mining operations across multiple facilities in the United States, managing thousands of high-performance mining computers supported by dedicated power, cooling, and network infrastructure. The Company's revenues are primarily derived from Bitcoin block rewards and transaction fees, supplemented by equipment sales, leases, joint ventures, and hosting fees, which are used to fund operations, maintain its mining fleet, and meet financial obligations. Its business is classified under the cryptocurrency and blockchain services sector, focusing on large-scale digital asset mining and infrastructure management. NFN8 Group, Inc., and its two subsidiaries sought Chapter 11 protection (Bankr. W.D. Texas Lead Case No. 26-10193) on Feb. 2, 2026. NFN8 Group listed assets of up to $50,000 and debt of $1 million to $10 million. Subsidiary NFN8 Capital listed assets and debt of $1 million to $10 million. The Hon. Shad M Robinson presides over the case. Kane Russell Coleman Logan PC is serving as the Debtors' bankruptcy counsel. HMP Advisory Holdings, LLC, d/b/a Harney Partners, is the Debtors' financial advisor. Erik White, a managing director of Harney Partners, has been designated as CRO of the Debtors. Winston & Strawn LLP is representing the Debtors in the lawsuit filed by Mobile Med Work Health Solutions, et al. NFN8 GROUP: Seeks to Hire Kane Russell Coleman as Counsel --------------------------------------------------------- NFN8 Group, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Kane Russell Coleman Logan PC as counsel. The firm's services include: -- Preparation and filing of any petition, motions, applications, schedules, statement of affairs, and plan which may be required; -- Representation of the Debtors at the meeting of creditors, confirmation hearing and any adjourned hearings thereof; -- Representation of the Debtors in adversary proceedings and other contested bankruptcy matters; -- Taking all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved and the preparation of objections to claims filed against the Debtors' estates; -- Prepare on behalf of the Debtors, as debtors in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; -- Advise and consult with the Debtors concerning (i) legal questions arising in administering and reorganizing the Debtors' estates and (ii) the Debtors' rights and remedies in connection with their estates' assets and creditors' claims; -- Assist the Debtors in the formulation of a disclosure statement and a plan of reorganization, and assist the Debtors in obtaining confirmation and consummation of a plan of reorganization, and such further actions as may be required in connection with the administration of the Debtors' estates; -- necessary and advisable, take all appropriate actions in connection with the sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code, or otherwise; -- Assist the Debtors in preserving and protecting the value of the Debtors' estates; -- appear before the Court, any appellate courts and the United States Trustee and protect the interests of the Debtors and the assets of the estate before such courts and the United States Trustee; -- Investigate and potentially prosecute preference, fraudulent transfer and other causes of action arising under the Debtors' avoidance powers; and -- Perform any and all other legal services for the Debtors that the Debtors deem necessary and appropriate to faithfully discharge its duties as a debtors-in-possession. The firm will be paid at these rates: Trip Nix $700 per hour Casey Roy $645 per hour JaKayla DaBera $575 per hour Abby Rogers $495 per hour Paralegals $355 to $375 per hour The Debtor paid the firm an initial retainer of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The Firm provides the following responses to the questions set forth in Part D of the U.S. Trustee's Fee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: The Firm's billing rates and material financial terms are the same for the Debtors' post-petition engagement as they were for the pre-petition engagement. The Firm's pre-petition billing rates were the same standard hourly rates disclosed herein above. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Yes, consistent with the terms of the DIP Budget, the Debtor has prepared and approved. Mr. Nix disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William R. "Trip" Nix, Esq. Casey Roy, Esq. Abigail Rogers, Esq. Kane Russell Coleman Logan PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Telephone: (512) 487-6650 Email: tnix@krcl.com croy@krcl.com arogers@krcl.com About NFN8 Group, Inc. NFN8 Group, Inc., through its subsidiaries NFN8 Capital, LLC and NFN8 Holdings, LLC, operates industrial-scale Bitcoin mining operations across multiple facilities in the United States, managing thousands of high-performance mining computers supported by dedicated power, cooling, and network infrastructure. The Company's revenues are primarily derived from Bitcoin block rewards and transaction fees, supplemented by equipment sales, leases, joint ventures, and hosting fees, which are used to fund operations, maintain its mining fleet, and meet financial obligations. Its business is classified under the cryptocurrency and blockchain services sector, focusing on large-scale digital asset mining and infrastructure management. NFN8 Group, Inc., and its two subsidiaries sought Chapter 11 protection (Bankr. W.D. Texas Lead Case No. 26-10193) on Feb. 2, 2026. NFN8 Group listed assets of up to $50,000 and debt of $1 million to $10 million. Subsidiary NFN8 Capital listed assets and debt of $1 million to $10 million. The Hon. Shad M Robinson presides over the case. Kane Russell Coleman Logan PC is serving as the Debtors' bankruptcy counsel. HMP Advisory Holdings, LLC, d/b/a Harney Partners, is the Debtors' financial advisor. Erik White, a managing director of Harney Partners, has been designated as CRO of the Debtors. Winston & Strawn LLP is representing the Debtors in the lawsuit filed by Mobile Med Work Health Solutions, et al. NORTH COUNTY PIZZA: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: North County Pizza, Inc. DBA Domino's Pizza 3516 Seagate Way #120 Oceanside, CA 92056 Business Description: North County Pizza, Inc. operates a Domino's Pizza franchise in Oceanside, California, managing daily restaurant operations, including food preparation and delivery. The privately held company serves the local community with a small, hands-on management team. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Southern District of California Case No.: 26-00968 Debtor's Counsel: Richard Sturdevant, Esq. FINANCIAL RELIEF LAW CENTER, APC 1200 Main St. Suite C Irvine, CA 92614 Tel: 714-442-3335 E-mail: rich@bwlawcenter.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Shane Casey 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/5QL3WHA/North_County_Pizza_Inc__casbke-26-00968__0001.0.pdf?mcid=tGE4TAMA NORTH FLORIDA: Seeks to Hire Bruner Wright P.A. as Counsel ---------------------------------------------------------- North Florida Adult Training Center, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, P.A. to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Bruner, Attorney $450 Bryon Wright III, Attorney $425 Samantha Kelley, Attorney $400 Paralegal $175 The firm received $11,738 as a retainer for this proceeding. Mr. Wright III 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: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About North Florida Adult Training Center, LLC North Florida Adult Training Center, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-40118-KKS) on March 2, 2026. The Debtor hires Bruner Wright, P.A. as counsel. NORTH STAR: Hires Bousquet Holstein as Special Corporate Counsel ---------------------------------------------------------------- North Star Health Alliance, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Bousquet Holstein PLLC as special corporate counsel. The firm will provide legal services including general corporate matters, labor and employment, employee benefits and general litigation. The firm will be paid at these rates: Partners $440 to $530 per hour Associates $320 to $330 per hour Paralegals $240 to $300 per hour Bousquet Holstein holds a general unsecured claim in the amount of $101,111.57 against the Debtors for services rendered prior to the Petition Date. Mr. Valentino disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John L. Valentino Bousquet Holstein PLLC 110 West Fayette Street One Lincoln Center, Suite 1000 Syracuse, NY 13202 Tel: (315) 422-1500 About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. NORTH STAR: Hires Omni Agent Solutions as Administrative Agent -------------------------------------------------------------- North Star Health Alliance, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Omni Agent Solutions, Inc. as administrative agent. Omni will provide these services: (a) assist with, among other things, the preparation of Debtor's schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; (b) assist with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (c) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Chapter 11 Case; (d) generate stipulated orders soliciting Interest Owners' consent to a sale of the Property under section 363(h) of the Bankruptcy Code, collect and tabulate the same, and, if necessary, testify in support of the results; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan and accompanying confirmation order; (f) comply with applicable federal, state, municipal, and local statutes, ordinances, rules, regulations, orders, and other requirements; and (g) provide such other administrative services as may be requested from time to time by Debtor. Omni Agent's standard and custom services will be compensated at these hourly rates: Office Services $50-$75 Case Administration Services $80-$275 Claims Management $80-$275 Noticing Services $80-$275 Schedules and SOFA Services $80-$275 Solicitation Services $80-$295 Disbursement/Treasury Services $150-$295 Communications Services - Call Center $75-$175 Quality Control/Oversight Management $150-$275 Senior Management/Consulting Services $225-$275 Programming and IT Customization $95-$175 Omni is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Paul H. Deutch Omni Agent Solutions, Inc. 5955 De Soto Avenue, Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 E-mail: Bosborne@omniagnt.com About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. NORTH STAR: Hires Wintergreen Inc as Restructuring Advisor ---------------------------------------------------------- North Star Health Alliance, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Wintergreen, Inc. as financial and restructuring advisor. The firm's services include: a. reviewing the Debtors' cash position, financial plans, strategic plans, and business alternatives; b. reviewing and assessing the pre-petition management of the Debtors' business; c. evaluating the Debtors' operations and ongoing viability as a going concern; d. valuing the Debtors' assets and assisting in preparation of a liquidation analysis; and e. any additional services that the Debtors deem appropriate and feasible in order to advise the Debtors in these Chapter 11 Cases and as more fully detailed in the Engagement Letter. The firm will be paid at these rates: Rob Bloom $450 per hour Jonathan Pantenburg $450 per hour Other Principals $450 per hour Senior Consultant $300-$400 per hour Consultant $250 per hour The firm received from the Debtor a retainer of $325,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bloom disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Rob Bloom Wintergreen, Inc. 190 US Route 1, Suite 215 Falmouth, ME 04105 Tel: (866) 627-2286 About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. NORTH STAR: Seeks to Hire Verrill Dana as Conflict Counsel ---------------------------------------------------------- North Star Health Alliance, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Verrill Dana LLP as special conflicts counsel. The Debtor needs the firm's legal assistance in connection with Medicare reimbursement matters. The firm will be paid at these rates: Attorneys $270 to $1,140 per hour Paralegals $200 to $465 per hour The firm will be paid a retainer in the amount of $75,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Clement Jr. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roger A. Clement, Jr. Verrill Dana LLP One Portland Square, 10th Floor Portland, ME 04101-4054 Tel: (207) 774-4000 About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. OHEL BAPAZ: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Ohel Bapaz, LLC 12051 Nantes Ave Los Banos, CA 93635 Business Description: Ohel Bapaz, LLC is a California-registered limited liability company that owns and manages agricultural land in Los Banos, California, including multiple parcels in Merced County. The company's operations are focused on farming and other agricultural activities on these properties. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-11030 Judge: Hon. Jennifer E Niemann Debtor's Counsel: Justin D. Harris, Esq. HARRIS LAW FIRM, PC 7110 N. Fresno St., Ste 400 Fresno, CA 93720 Tel: 559-272-5700 Fax: 559-554-9989 Email: jdh@harrislawfirm.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Farain Saremi as managing member. The Debtor stated in the petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N34RN3I/Ohel_Bapaz_LLC__caebke-26-11030__0001.0.pdf?mcid=tGE4TAMA OMEGA HOLDINGS: Barings Participation Marks $601K Loan at 29% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $601,171 loan extended to Omega Holdings to market at $424,239 or 71% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a senior term loan extended to Omega Holdings. The loan accrues interest at a rate of 8.97% per annum. The loan matures on March 30, 2029. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Omega Holdings Omega Holdings is a distributor of aftermarket automotive air conditioning products. ONSITE DEALER: Barings Participation Marks $1.6MM Loan at 75% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,623,841 loan extended to Onsite Dealer Solutions to market at $409,148 or 25% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to Onsite Dealer Solutions. The Loan accrues interest at a rate of 8.64% (SOFR + 4.750%) per annum. The Loan matures on Oct. 15, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Onsite Dealer Solutions Onsite Dealer Solutions is a regional provider of automotive reconditioning services, offering detailing, refinishing, paintless dent repair and other "make-ready" services for vehicle inventory. ORYX SYSTEMS: Seeks to Hire Essex Richards P.A. as Counsel ---------------------------------------------------------- Oryx Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Essex Richards, P.A. as bankruptcy counsel. The firm will render these services: (a) provide legal advice concerning the responsibilities as a Chapter 11 Debtor and the continued management of its business; (b) negotiate, prepare, and pursue confirmation of a Chapter 11 plan and approval of disclosure statement, and all related reorganization agreements and/or documents; (c) prepare all necessary motions, applications, reports, orders, objections and the like associated with prosecuting the Chapter 11 case; (d) prepare and appear in Bankruptcy Court to protect the Debtor's best interests; (e) perform all other legal services for the Debtor which may become necessary in this Chapter 11 case; and (f) prosecute and defend the Debtor in all adversary proceedings related to the base case. The firm's current hourly rates: John C. Woodman $475 per hour Paralegal $200 per hour Staff $65 per hour In addition, the firm will seek reimbursement for expenses incurred. The Debtor paid the firm a retainer of $15,000. Mr. Woodman 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: John C. Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Telephone: (704) 377-4300 About Oryx Systems, Inc. Oryx Systems Inc. is a technology company providing software solutions and systems integration services for business and industrial applications. Oryx Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30244) on February 27, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The debtor is represented by John C. Woodman, Esq. of Essex Richards. OVERALL HOME: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On March 3, 2026, Overall Home Remodeling LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. Section 341(a) meeting to be held on 4/6/2026 at 12:00 PM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238# About Overall Home Remodeling LLC Overall Home Remodeling LLC is a Florida-based home improvement company specializing in residential remodeling, renovations, and construction services. The firm provides project management and remodeling solutions to homeowners in the region. Overall Home Remodeling LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01465) on March 3, 2026. In its petition, the debtor reports estimated assets and liabilities each in the range of $100,001-$1,000,000. The case is overseen by Honorable Bankruptcy Judge Lori V. Vaughan. L. Todd Budgen serves as Subchapter V Trustee. PACECAR ENTERTAINMENT: Seeks to Hire Bruner Wright as Counsel ------------------------------------------------------------- Pacecar Entertainment, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, P.A. as counsel to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Bruner, Attorney $450 Bryon Wright III, Attorney $425 Samantha Kelley, Attorney $400 Paralegal $175 The firm received $11,738 as a retainer for this proceeding. Mr. Wright III 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: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About Pacecar Entertainment, LLC Pacecar Entertainment, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-40092-KKS) on Feb. 17, 2026. The Debtor hires Bruner Wright, P.A. as counsel. PALM FOLLY: Hard Seltzer Brand Seeks Chapter 7 Bankruptcy --------------------------------------------------------- Daniel Kline of The Street reports that Palm Folly Hard Seltzer LLC filed for Chapter 7 liquidation on March 1, 2026, in the U.S. Bankruptcy Court for the Northern District of Florida, under case No. 26-30196-KKS, presided over by Judge Karen K. Specie. The company intends to liquidate assets to satisfy creditors instead of reorganizing. The debtor reports estimated assets of $65,423 and liabilities of about $1.21 million, with 1-49 creditors listed. Classified as a "no-asset" case, unsecured creditors may receive minimal or no recovery once administrative expenses are paid. A 341 creditors meeting is scheduled for April 9, 2026, where the trustee and creditors can examine the company's financial records. The filing reflects the company's inability to continue operations and initiates the formal liquidation process, according to The Street. Holcar Properties LLC, based in Nashville, is listed as Palm Folly’s largest non-priority creditor with an unsecured lease claim of $1.12 million, alongside $18,743.46 owed to American Express, according to WhatNow. The company posted $272,563.49 in revenue for the 12 months ending December 31, 2025, down 18% from $332,226.71 in 2024, the news outlet noted. About Palm Folly Hard Seltzer LLC Palm Folly Hard Seltzer LLC is a beverage company specializing in the production and distribution of flavored hard seltzers. The company operates in the alcoholic beverage industry, offering a variety of carbonated, low-calorie alcoholic drinks for retail and on-premise consumption. Palm Folly Hard Seltzer LLC is based in the United States and targets health-conscious consumers seeking alternative alcoholic beverages. Palm Folly Hard Seltzer LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-30196) on March 1, 2026. In its petition, the Debtor reports estimated assets of about $65,423 and esstimated liabilities of $1.21 million. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Shiraz Ali Hosein, Esq. of Anchors Smith Grimsley. PARK 54 RESTAURANT: Gets OK to Use Cash Collateral -------------------------------------------------- The United States Bankruptcy Court for the District of Massachusetts, Eastern Division issued a further order authorizing Park 54 Restaurant Group LLC to continue using cash collateral on an interim basis. The court considered the debtor's emergency motion requesting authority to use cash collateral belonging to several secured creditors, including WebBank, Square Advance, FundPro Solutions, LG Funding, Ocean Funding Corp., CFG Merchant Solutions LLC, Union Funding Source, and Door Dash Capital, many of whom claim security interests through merchant cash advance agreements. The court granted the motion on an interim basis and authorized the debtor to collect and use accounts receivable and other cash collateral in the ordinary course of business. The funds may be used according to the operating budget attached to the order, with an allowable overall variance of up to 10% from the budgeted amounts. This authority enables the debtor to continue operating its restaurant business while restructuring under Chapter 11. As adequate protection for the secured creditors, the court granted them replacement liens on the debtor’s post-petition property, maintaining the same validity, priority, and extent of their pre-petition liens to the degree that their collateral value may decline due to the debtor's use of the funds. The order also directs LG Funding and Door Dash Capital to release any restraints on the debtor’s accounts receivable and payment processing funds held by Toast Inc. and Shift4 Payments, allowing those proceeds to be remitted to the debtor. A further hearing on continued use of cash collateral is scheduled for April 22, with objections due by April 20. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/jUlgn from PacerMonitor.com. About Park 54 Restaurant Group LLC Park 54 Restaurant Group, LLC, doing business as Park 54 Restaurant & Lounge, operates a full-service restaurant at 81 Fairmount Avenue in Hyde Park, Massachusetts, serving American, Southern, Caribbean, and soul cuisine with signature dishes such as chicken and waffles, shrimp and lobster grits, and Rasta pasta. The Company offers private event space through its upstairs "Oasis Room," accommodating up to 50 guests for gatherings including birthdays and repass services. Founded by Hyde Park resident Tasha Hull, Park 54 emphasizes a community-oriented dining experience inspired by the 54th Massachusetts Volunteer Infantry, the first African American regiment to serve in the Civil War. Park 54 Restaurant Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12185) on October 10, 2025, with $627,265 in assets and $1,837,756 in liabilities. Tasha Hull, manager, signed the petition. Judge Christopher J. Panos presides over the case. David B. Madoff, Esq., at Madoff & Khoury, LLP represents the Debtor as legal counsel. PAT MCGRATH: To Relinquish Control of Cosmetics Brand in Ch.11 Deal ------------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that Pat McGrath, the British makeup artist celebrated for her high-fashion cosmetics and her work with celebrities such as Taylor Swift, has struck a deal to pull her company, Pat McGrath Labs, out of bankruptcy. As part of the agreement, she will surrender control of the business to outside investors. The arrangement grants GDA Luma Capital Management a 65% common equity stake in Pat McGrath Labs, giving the firm majority control. This change effectively positions GDA as the primary decision-maker for the brand moving forward, the report cites. GDA will also receive new preferred equity in exchange for forgiving the debt it had previously extended to the company. The deal aims to restructure the company's capital and allow it to continue operations without the burden of legacy obligations, Bloomberg News reports. Filed in Florida bankruptcy court on Monday, March 2, 2026, the deal allows McGrath to maintain a role in the company's creative operations while relinquishing financial and managerial authority. Analysts note that such arrangements are increasingly common among founder-led consumer brands facing debt challenges, the report relays. 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. PERENNIAL REAL: Commences Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On March 10, 2026, Perennial Real Estate Group, Inc. filed for Chapter 11 protection in the United States Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) filed by the Office of the United States Trustee to be held on April 13, 2026 at 12:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. About Perennial Real Estate Group, Inc. Perennial Real Estate Group, Inc. is a real estate company engaged in property investment, development, and management activities. Perennial Real Estate Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41134) on March 10, 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 Jil Mazer-Marino handles the case. The Debtor is represented by Michael A. King, Esq. PERNA OIL: Greta Brouphy Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Greta Brouphy, Esq., at Heller Draper & Horn, LLC as Subchapter V trustee for Perna Oil & Gas LLC. Ms. Brouphy will be paid an hourly fee of $425 for her services as Subchapter V trustee and an hourly fee of $125 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Brouphy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Greta M. Brouphy Heller Draper & Horn, LLC 650 Poydras St., Ste. 2500 New Orleans, LA 70130-6175 Telephone: 504-299-3300-; Fax 504-299-33 Email: gbrouphy@hellerdraper.com About Perna Oil & Gas LLC Perna Oil & Gas LLC is an independent oil and gas exploration and production company formed in 2020 that focuses on the acquisition, development and operation of oil-weighted assets in the United States. The company operates assets in South East Louisiana and holds working interests in drilling and production programs in Osage County, Kay County and Wagoner County, Oklahoma, including operated and non-operated wells, and manages its portfolio through in-house field personnel. Perna Oil & Gas expanded its Louisiana operations in February 2023 through the acquisition of assets from Carolyn Energy Partners LLC, increasing its production and acreage position while participating in ongoing drilling and workover activities across its Oklahoma interests. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-10168) on Feb. 27, 2026, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Christian Feller, manager, signed the petition. Judge Michael A. Crawford presides over the case. Ryan J. Richmond, Esq. at STERNBERG, NACCARI & WHITE, LLC represents the Debtor as legal counsel. PERRIGO COMPANY: Price-Fixing MDL Trials to Start August 2027 ------------------------------------------------------------- Perrigo Company PLC disclosed in its Form 10-K Report for the fiscal period ending December 31, 2025 filed with the Securities and Exchange Commission on February 26, 2026, that the price-fixing MDL trials for bellwethers is to start in August 2027 and January 2028. Beginning in 2016, the Company, along with other manufacturers, was named as a defendant in lawsuits in the United States and Canada generally alleging anticompetitive conduct with respect to the sale of generic drugs by the Company's former Rx business. The complaints have been filed by putative classes of direct purchasers, end payors, and indirect resellers, as well as individual direct and indirect purchasers that have opted out of the putative classes, including pharmacies, health insurers, hospitals, self-insured employers, retail customers and certain cities and counties. The complaints allege a conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers for various generic drugs in violation of federal and state antitrust and consumer protection laws. There are 45 complaints naming Perrigo entities as defendants that are currently pending in the MDL court and several other state and federal courts. Five additional complaints naming Perrigo entities as defendants were filed in 2025 by certain pharmacy chains, health insurers and self-insured employers. While most of the class complaints involve alleged single-drug conspiracies, the three putative classes and many of the opt-out plaintiffs have each filed over-arching conspiracy complaints alleging that Perrigo and other manufacturers (and some individuals) entered into an "overarching conspiracy" that involved allocating customers, rigging bids, and raising, maintaining, and fixing prices for various products. The vast majority of the lawsuits described in this section have been consolidated in the In re Generic Pharmaceuticals Pricing Antitrust Litigation multidistrict litigation ("MDL") MDL No. 2724 (United States District Court for Eastern District of Pennsylvania). The MDL Court initially designated three sets of cases to proceed as the first phase of "bellwethers," meaning that they will proceed on a more expedited basis than the other cases in the MDL. Those cases are (a) class actions alleging "single drug" conspiracies, one set involving Clobetasol and one set involving Clomipramine; and (b) the third Complaint filed by the State Attorneys General alleging an overarching conspiracy concerning various topical products (described below). Perrigo was initially named as a defendant in the Clobetasol class bellwether cases, but the classes voluntarily dismissed their claims against Perrigo relating to "single drug" conspiracies involving Clobetasol in May 2023. Summary judgment motions in the State bellwether case were initially filed in September 2024, and briefing on those motions is complete. The court certified classes of direct and "end-user" customers of the products at issue on March 7, 2025. The Third Circuit accepted an appeal of the class certification decisions in the class bellwether cases on June 17, 2025. All district court proceedings in those cases are stayed pending resolution of that appeal. On October 15, 2024, the MDL Court selected the first multi-drug complaint brought by direct action plaintiff Humana, Inc., which names Perrigo as a defendant, to proceed in the second phase of bellwether cases in the MDL. Fact discovery in the Humana bellwether case closed on October 1, 2025. Expert discovery will close on February 27, 2026. Summary judgment briefing will begin on March 6, 2026, and be completed by April 20, 2026. Trial is scheduled to begin on September 15, 2026. On September 26, 2025, the MDL Court selected three additional multi-drug complaints brought by direct action plaintiffs Kroger Co., Cigna Corp., and CVS Pharmacy, Inc., each of which names Perrigo as a defendant, to proceed in the third phase of bellwether cases in the MDL. The Court in February 2026 issued orders designating portions of the complaints in the Kroger and Cigna cases as bellwethers with the trials in those bellwethers set to start in August 2027 and January 2028 respectively, and setting schedules for the remaining pretrial deadlines in those cases. Perrigo Company PLC is a provider of over-the-counter health and wellness solutions. It is headquartered in Ireland and markets around the world. PHOENIX FUND: Hires Sepulvado and Associates as Special Counsel --------------------------------------------------------------- The Phoenix Fund LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Sepulvado and Associates, P.S.C., d/b/a Sepulvado, Maldonado & Couret, as special counsel. The firm will represent and advise the Debtor in these matters: a) the defense against the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico's ("OCIF," per its Spanish acronym) Amended Motion for Entry of Order to Continue OCIF's Enforcement Action, or in the Alternative, for Relief from the Automatic Stay; b) the defense against OCIF's Urgent Motion for Order Recognizing Authority of the Prepetition Receiver to Act on Behalf of the Debtor in Possession; c) the defense and prosecution of all matters arising from the Amended Complaint and Order of (I) Cease and Desist, (II) Liquidation of Private Equity Fund, and (III) Interim and Permanent Appointment of Receiver to Carry Out the Liquidation issued against the Debtor on February 18, 2026; d) all foreseeable adversary proceedings that may be commenced in or in connection with this Chapter 11 case; e) all foreseeable contested matters governed by Bankruptcy Rule 9014; and f) such additional disputes, or proceedings as may arise during the pendency of this Chapter 11 case that require the expertise, knowledge, and assistance of SMC. The firm's current rates are: Partners and Of Counsel Up to $350 per hour Senior Associates $230 to $260 per hour Associates $150 to $225 per hour Paralegals $130 per hour The firm received a retainer in the amount of $200,000. As disclosed in the court filings, Sepulvado and Associates does not hold or represent an interest adverse to the estate, and is a disinterested person as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lee R. Sepulvado-Ramos, Esq. Sepulvado and Associates, P.S.C. d/b/a Sepulvado, Maldonado & Couret AON Center, Suite 990 304 Ponce de Leon Avenue San Juan, Puerto Rico 00918 Tel: (787) 756-5656 Fax: (787) 294-0073 Email: lsepulvado@smclawpr.com About The Phoenix Fund LLC The Phoenix Fund LLC is a Puerto Rico based private equity firm formed in 2018 and headquartered in Guaynabo, Puerto Rico. The company focuses on making strategic equity and debt investments in privately held businesses in Puerto Rico and international markets. Phoenix Fund LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23, 2026. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. The Debtor is represented by Alexis Fuentes Hernandez, Esq. of Fuentes Law Offices, LLC. PICO-UNION HOUSING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Pico-Union Housing Corporation 1038 Venice Blvd. Los Angeles, CA 90015 Business Description: Pico-Union Housing Corporation is a Los Angeles-based nonprofit housing developer and property manager that develops, preserves, and operates affordable housing for low- and very-low-income households, primarily in the Pico-Union neighborhood and other areas of the city. Founded in 1971, the organization owns and manages about 1,000 residential units financed through tax-exempt bonds, low-income housing tax credits, and government-supported housing programs including Section 8 contracts. The organization also provides community development programs focused on employment, education, and economic support for residents. Chapter 11 Petition Date: March 12, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-12372 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: David M. Goodrich, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 E-mail: dgoodrich@go2.law Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Gloria Farias as executive director. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YWKWW6Q/Pico-Union_Housing_Corporation__cacbke-26-12372__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Sunset Apartments Note Holder $3,203,972 Housing Cor 1038 Venice Blvd Los Angeles, CA 90015 2. Dolores-Frances Aff. Note Holder $2,092,626 Housing, LLP 1038 Venice Blvd Los Angeles, CA 90015 3. Luisa Apartments $1,862,139 Limited Partnership 1038 Venice Blvd Los Angeles, CA 90015 4. Mid-Wilshire Note Holder $553,100 Apartments Housing Cor 1038 Venice Blvd Los Angeles, CA 90015 5. L.A. Department of Services $498,111 Water & Power P O BOX 30808 Los Angeles, CA 30808 6. West Hills Housing LP Note Holder $437,004 1038 Venice Blvd Los Angeles, CA 90015 7. Genessy Management & Dev, LLC Trade Debt $313,637 334 N. Normandie Ave #104 Los Angeles, CA 90004 8. Hollywood Parkview Note Holder $282,000 Apartments Housing 1038 Venice Blvd Los Angeles, CA 90015 9. Dolores Frances Aff. Note Holder $276,929 Housing Inc. 1038 Venice Blvd Los Angeles, CA 90015 10. United Agencies, Inc. Insurance $171,451 100 N. 1st St. Ste. 301 Burbank, CA 91502 11. Bexar County Tax Delinquent $88,297 Assessor-Collector Property Taxes 100 Dolorosa San Antonio, TX 78205 12. Egan | Simon Professional $80,321 Architecture Fees 7740 W. Manchester Ave Suite 205 Playa del Rey, CA 90293 13. Blue Shield of California Insurance $67,253 PO Box 74915 Los Angeles, CA 90074 14. Cardmember Service Credit Card $59,926 PO BOX 6294 Purchases Carol Stream, IL 60197 15. First Insurance Funding Insurance $51,544 P.O Box 7000 Carol Stream, IL 60197 16. Golden State Public Trade Debt $50,000 Insurance Adjus 5904 York Blvd Los Angeles, CA 90042 17. Pascual Reyes Note Holder $47,000 Apartments, LP 1038 Venice Blvd Los Angeles, CA 90015 18. Certified Public $40,505 Accountants, Inc. 1071 Moreno Way Placentia, CA 92870 19. Novogradac & Company LLP $38,481 P.O. Box 7833 San Francisco, CA 94120 20. Los Angeles County $37,314 Tax Collector P.O. Box 54110 Los Angeles, CA 90054-0010 POLARA: Barings PI Investors Marks $891,409 Loan at 21% Off ----------------------------------------------------------- Barings Participation Investors has marked its $891,409 loan extended to Polara (VSC Polara LLC) to market at $703,047 or 79% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Polara (VSC Polara LLC). The Loan accrues interest at a rate of 8.32% (SOFR + 4.500%) per annum. The Loan matures on Dec. 3, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Polara (VSC Polara LLC) Polara (VSC Polara LLC) is a manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons and related traffic control units. POLYTEX HOLDINGS: Barings Participation Marks $2.3M Bond at 69% Off ------------------------------------------------------------------- Barings Participation Investors has marked its $2,391,316 bond issued by Polytex Holdings LLC to market at $750,873 or 31% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors owns a Senior Subordinated Note issued by Polytex Holdings LLC. The note accrues interest at a rate of 2.5% (2.500% PIK) per annum. The note matures on Dec. 31, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Polytex Holdings LLC Polytex Holdings LLC is a manufacturer of water-based inks and related products serving primarily the wall covering market. PRECISION TRADES: Seeks Cash Collateral Access ----------------------------------------------- Precision Trades & Services, LLC asks the U.S. Bankruptcy Court for the Middle District of Pennsylvania for authority to use cash collateral and provide adequate protection. Prior to the bankruptcy filing, the Debtor entered into a loan agreement with F&M Trust Company, which holds a valid, perfected first-priority lien on all of the Debtor's assets. Because the lender's security interest extends to the Debtor's cash and proceeds from business operations, these funds qualify as cash collateral under the Bankruptcy Code and cannot be used without the lender's consent or court authorization. The Debtor requires immediate access to cash collateral to continue operating its business, including paying operating expenses, maintaining insurance coverage, preserving assets, and meeting other necessary post-petition obligations. The Debtor and the lender have reached a consensual arrangement that allows interim use of the cash collateral while the court schedules a final hearing to consider long-term approval. To protect the lender's interests, the Debtor proposes several forms of adequate protection. These include granting F&M Trust Company replacement liens on post-petition collateral of the same type and priority as the pre-petition liens, including accounts receivable generated after the bankruptcy filing. If the value of the collateral decreases despite these protections, the Debtor also proposes granting the lender an administrative claim with priority over most other administrative claims, except for professional fees and United States Trustee fees. Additionally, the Debtor agrees to make monthly interest-only adequate protection payments of $1,900 beginning March 25. The Debtor will also provide monthly accounts receivable aging reports to the lender and safeguard the lender’s collateral by applying cash collateral according to an approved operating budget. A court hearing is scheduled for March 24. A copy of the motion is available at https://urlcurt.com/u?l=m3niaj from PacerMonitor.com. F&M Trust Company, as lender, is represented by: Kate Deringer Sallie, Esq. Pillar Aught LLC 4201 E. Park Circle Harrisburg, PA 17111 Telephone: (717) 308-9910 Facsimile: (717) 686-9862 ksallie@pillaraught.com About Precision Trades & Service LLC Precision Trades & Service, LLC provides residential and commercial renovation and improvement services, including roofing, siding, gutters, interior remodels, flooring and tile installation, decks, pergolas, windows, doors, and custom additions. It operates as a general contractor in Pennsylvania, Maryland, and West Virginia, serving multiple counties in each state. Precision Trades & Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00174) on January 22, 2026, with $369,655 in assets and $1,751,467 in liabilities. Jacob Plank, managing member, signed the petition. Judge Henry W. Van Eck oversees the case. Lawrence V. Young, Esq., at CGA Law Firm represents the Debtor as bankruptcy counsel. PRND3L INC: Court Confirms Second Amended Plan of Reorganization ---------------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts confirmed PRND3L Inc.'s Second Amended Plan of Reorganization dated January 9, 2026. All of the requirements for confirmation of the Plan pursuant to section 1191(a) of the Bankruptcy Code have been meet. The Plan is approved and confirmed under section 1129 of the Bankruptcy Code. The Debtor has advised that it does not intend to file objections to any claims. Therefore, no claims objection deadline will be set. Applications for compensation by the Subchapter V Trustee and any professional retained by the Debtor must be filed with the Court no later than April 6, 2026, thirty (30) days after the Confirmation Date. As reported by the Troubled Company Reporter on Jan. 20, 2026, PRND3L Inc. submitted a Second Amended Plan of Reorganization dated January 9, 2026. The Debtor is a Massachusetts corporation formed by Ed and Amy Boulter (the "Boulters") to operate a My Salon Suites franchise in Westborough, Massachusetts. As a franchise owner, the Debtor leases fully equipped private suites to independent beauty professionals, who operate their own personal care business within their own sub-leased suite. Each beauty professional is responsible for running their own business, including client services, scheduling and finances. The Debtor's role is limited to suite ownership, lease management and maintaining the space in accordance with the terms of the franchise agreement. The Debtor is current in all its obligations to its creditors. The Plan provides that it will continue to make payment to all creditors in the ordinary course of business as payments become due. As a result, all general unsecured creditors are unimpaired. Class 1 consists of the claim of First Internet Bank of Indiana. The holder of the Class 1 claim will be paid the allowed amount in full in accordance with the terms of its loan agreements with the Debtor. Any arrears, including an estimated $8,000 to $10,000 in reasonable attorney's fees due to which the Bank asserts its entitlement under Section 506(b) of the Bankruptcy Code, will be paid to the holder of the Class 1 claim on the Effective Date. Confirmation of the plan shall be free and clear of any and all cross-defaults arising from the Class 1 holder's loan to Bay State Suites, Inc. Class 2 consists of all allowed general unsecured creditors. Class 2 is unimpaired. The holders of Class 2 claims are not entitled to vote on the Plan. All creditors in Class 2 shall be paid in the ordinary course of business in accordance with the terms established between the parties. Class 3 consists of the equity interests in the Debtor. Class 3 is unimpaired. The equity holders shall retain their interests in the Debtor. All payments under the Plan shall be made from the Debtor's available cash and from cash flow generated in the ordinary course of its business. The Debtor shall be responsible for making any and all distributions contemplated by this Plan. The Debtor does not believe that it is in arrears to any creditor and that all payments will be made to creditors in the ordinary course of business as required by the agreements and/or course of dealing with the creditors. The Debtor currently has approximately $139,000 in cash on hand. A full-text copy of the Second Amended Plan dated January 9, 2026 is available at https://urlcurt.com/u?l=3qNDWd from PacerMonitor.com at no charge. A copy of the Court's Findings of Facts, Conclusions of Law and Order dated March 5, 2026, is available at http://urlcurt.com/u?l=KVJ62Cfrom PacerMonitor.com. About PRND3L Inc. PRND3L Inc., operating as MY SALON Suite of Westborough, operates a salon suite rental facility at 153 Turnpike Rd. in Westborough, Mass., where beauty professionals can lease private, fully equipped salon suites to run their independent businesses. PRND3L Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40801) on July 29, 2025. In its petition, the Debtor estimated assets between $500,000 and $1 million and liabilities between $100,000 and $500,000. Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Joseph S.U. Bodoff, and Rion Vaughan, at Rubin and Rudman LLP. PRO VISION: Barings Participation Marks $904,629 Loan at 19% Off ---------------------------------------------------------------- Barings Participation Investors has marked its $904,629 loan extended to Pro Vision to market at $735,875 or 81% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Pro Vision. The Pro Vision Loan accrues interest at a rate of 8.22% (SOFR + 4.500%) per annum. The Loan matures on Sept. 23, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Pro Vision Pro Vision is a provider of mobile video technology solutions, including vehicle video recording systems, body-worn cameras, data management and cloud-based storage for commercial, transit and public safety organizations. PROFITOPTICS: Barings Participation Marks $831,452 Loan at 23% Off ------------------------------------------------------------------ Barings Participation Investors has marked its $831,452 loan extended to ProfitOptics to market at $637,903 or 77% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to ProfitOptics. The loan accrues interest at a rate of 9.57% (SOFR + 5.750%) per annum. The loan matures on March 15, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About ProfitOptics ProfitOptics is a software development and consulting company that delivers customized solutions through its proprietary software development platform, Catalyst. PROJECT HALO: Barings Participation Marks $1M Loan at 22% Off ------------------------------------------------------------- Barings Participation Investors has marked its $1,000,000 loan extended to Project Halo to market at $784,899 or 78% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a loan extended to Project Halo. The Loan accrues interest at a rate of 8.64% (SOFR + 4.750%) per annum. The Loan matures on Feb. 6, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Project Halo Project Halo is a two-sided platform that provides cloud-based compliance reporting software to fire departments, water municipalities and state building departments to help ensure commercial properties maintain required fire and life-safety inspections. PROJECT PIZZA: Initiates Chapter 11 Bankruptcy in California ------------------------------------------------------------ On March 6, 2026, Project Pizza Noe, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 200 and 999 creditors. About Project Pizza Noe, LLC Project Pizza Noe, LLC operates in the restaurant and food service industry, focusing on pizza restaurant operations and related dining services. Project Pizza Noe, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30206) on March 6, 2026. In its petition, the debtor reported estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The debtor is represented by Chris D. Kuhner, Esq., of Kornfield Nyberg Bendes Kuhner & Little. RAILHEAD INC: Hires Martin Law Group P.C. as Legal Counsel ---------------------------------------------------------- Railhead, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Martin Law Group, P.C. to handle its Chapter 11 case. The firm will be paid at the rates of $365 to $595 per hour. Martin Law Group received from the Debtor a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffery T. Martin, Jr., Esq., a partner at Martin Law Group, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffery T. Martin, Jr., Esq. Diana P. Dias, Esq. Martin Law Group, P.C. 8065 Leesburg Pike, Suite 750 Vienna, VA 22182 Telephone: (703) 834-5550 Email: Diana@martinlawgroup.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. RANDY'S WORLDWIDE: Barings PI Marks $446,415 Loan at 81% Off ------------------------------------------------------------ Barings Participation Investors has marked its $446,415 loan extended to Randy's Worldwide to market at $84,819 or 19% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in an Incremental Lien Term loan extended to Randy's Worldwide. The Loan accrues interest at a rate of 8.45% (SOFR + 4.750%) per annum. The Loan matures on Dec. 31, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Randy's Worldwide Randy's Worldwide is a designer and distributor of automotive aftermarket parts serving repair and replacement, off-road and racing and performance segments. RAPID TEST: 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. ------ -------- Rapid Test Laboratories LLC (Lead Case) 26-02210 14050 North Northsight Boulevard Suite 100 Scottsdale, AZ 85260 Winter Desert Holdings LLC 26-02211 14050 North Northsight Boulevard Suite 100 Scottsdale, AZ 85260 Business Description: Rapid Test Laboratories operates a clinical laboratory in Phoenix, Arizona, offering a wide range of diagnostic testing services. The lab provides routine blood work, molecular and microbiology tests, drug and hormone panels, and COVID-19 testing, all designed for fast, reliable results, and serves local patients through onsite collection and appointment-based visits. Winter Desert Holdings LLC is a special-purpose real estate holding company based in Scottsdale, Arizona, focused solely on owning the property at 14050 North Northsight Blvd., Suite 100, which serves as the primary business location for RTL. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court District of Arizona Debtors' Bankruptcy Counsel: Joseph Gregory Urtuzuastegui, III, Esq. THE REAL ESTATE INVESTORS LAW FIRM 1237 S Val Vista Drive Mesa, AZ 85204 Tel: (480) 326-9832 Email: filings@reilawfirm.com Rapid Test Laboratories' Total Assets: $610,594 Rapid Test Laboratories' Total Liabilities: $3,858,024 Winter Desert's Total Assets: $4,502,000 Winter Desert's Total Liabilities: $4,062,832 The petitions were signed by Wendy Bryant as manager. Full-text copies of the petitions, which include lists of the Debtor's 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/NZR75KY/Winter_Desert_Holdings_LLC__azbke-26-02211__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/O4XR2YI/Rapid_Rapid_Test_Laboratories__azbke-26-02210__0001.0.pdf?mcid=tGE4TAMA RAPIDAIR: Barings Participation Marks $547,950 Loan at 51% Off -------------------------------------------------------------- Barings Participation Investors has marked its $546,950 loan extended to RapidAir to market at $266,518 or 49% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior Term loan extended to RapidAir. The Loan accrues interest at a rate of 8.53% (SOFR + 4.750%) per annum. The Loan matures on Oct. 15, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About RapidAir RapidAir is an asset-light manufacturer of branded compressed air system products, including fittings, accessories, aluminum piping, filtration and related components. REAL CHEMISTRY: Barings PI Marks $500,000 Loan at 28% Off --------------------------------------------------------- Barings Participation Investors has marked its $500,000 loan extended to Real Chemistry to market at $360,281 or 72% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Real Chemistry. The Loan accrues interest at a rate of 8.17% (SOFR + 4.500%) per annum. The Loan matures on April 12, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Real Chemistry Real Chemistry is a tech-enabled, data-driven marketing agency focused on providing analytical and digital marketing services to pharmaceutical and healthcare clients in the United States. REBORN COFFEE: Alex Yeon Joins Board Following Expansion to Seven ----------------------------------------------------------------- Reborn Coffee, Inc. disclosed in a regulatory filing that the Board of Directors resolved to increase the size of the Board from six members to seven members. The Board appointed Alex Yeon to fill the vacancy on the Board created by such increase in Board size. Mr. Yeon will serve on the Board until the Company's next annual stockholder meeting or until his successor has been duly appointed and qualified or until his earlier death, resignation, retirement, disqualification, removal from office or other cause. The Board has determined that Mr. Yeon is independent within the meaning of the Nasdaq independence standards under Rule 5605(a)(2) of Nasdaq Listing Rules. Mr. Yeon will also serve on the Audit Committee of the Board. Mr. Yeon will not be compensated for his service on the Board. There are no family relationships between Mr. Yeon and any director or executive officer of the Company and he was not selected by the Board to serve as a director pursuant to any arrangement or understanding with any person. Mr. Yeon has not engaged in any transaction that would be reportable as a related party transaction under Item 404(a) of Regulation S-K. About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. As of September 30, 2025, the Company had $6.2 million in total assets, $9.6 million in total liabilities, and $3.4 million in total stockholders' deficit. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes, of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. REBORN COFFEE: Appoints Jung Jae Lim as Co-Chief Executive ---------------------------------------------------------- Reborn Coffee, Inc. disclosed in a regulatory filing that the Board appointed Jung Jae Lim, currently a member of the Board, as Co-Chief Executive Officer of the Company. Mr. Lim will not receive any additional compensation as Co-Chief Executive Officer. As Co-Chief Executive Officer, Mr. Lim will focus on strengthening the Company's operational foundation by leading initiatives across logistics, transportation, and supply chain management, including optimizing distribution capabilities, improving service reliability and cost efficiency, and supporting the Company's expansion through enterprise partnerships and scalable operating infrastructure. Jay Kim will remain as a Co-Chief Executive Officer. Jung Jae Lim, age 59, brings more than 20 years of leadership experience in logistics and supply chain management to the Company, with a background overseeing large-scale operations, multi-node distribution networks, and end-to-end supply chain execution across multiple sectors. From 2001 to present, Mr. Lim has served as CEO of KCC Mexico Overseas Logistics, leading the company's international logistics operations and developing extensive expertise in cross-border transportation and global supply chain systems. In addition, from 2004 to present, Mr. Lim has served as CEO of TJ America and TJ Korea Inc., further strengthening his experience in multinational logistics management and operational leadership. Jung Jae Lim received his Bachelor of Language and Literature from Dankook University. In connection with Mr. Lim's appointment, the Board accepted Mr. Lim's formal resignation from the Audit Committee. Such resignation followed a determination by the Board that Mr. Lim's service as Co-Chief Executive Officer no longer made him independent for purposes of SEC and Nasdaq rules. There are no family relationships between Mr. Lim and any director or executive officer of the Company and he was not selected by the Board to serve as Co-Chief Executive Officer pursuant to any arrangement or understanding with any person. Mr. Lim has not engaged in any transaction that would be reportable as a related party transaction under Item 404(a) of Regulation S-K. About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. As of September 30, 2025, the Company had $6.2 million in total assets, $9.6 million in total liabilities, and $3.4 million in total stockholders' deficit. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes, of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. RKD GROUP: Barings Participation Marks $1.7M Loan at 19% Off ------------------------------------------------------------ Barings Participation Investors has marked its $1,717,974 loan extended to RKD Group to market at $1,383,320 or 81% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a loan extended to RKD Group. The Loan accrues interest at a rate of 9.38% (SOFR + 5.500%) per annum. The Loan matures on May 19, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About RKD GROUP RKD GROUP is a provider of marketing and fundraising services to U.S. nonprofit organizations, offering strategic planning, creative content, campaign execution and data analytics to enhance donor engagement and giving. ROCKET PHARMACEUTICALS: Reply on Bid to Dismiss Due April 1 ----------------------------------------------------------- Rocket Pharmaceuticals, Inc. disclosed in its Form 10-K Report for the fiscal period ending December 31, 2026 filed with the Securities and Exchange Commission on February 26, 2026, that in October 2025, the Plaintiffs response to the Company's motions to dismiss the consolidated securities class suits are due on April 1, 2026 On June 11, 2025 and July 18, 2025, two stockholders filed putative securities class action lawsuits against the Company and certain of its executive officers in the United States District Court for the District of New Jersey, purportedly on behalf of classes of the Company's investors who purchased or otherwise acquired the Company's common stock between February 27, 2025 and May 26, 2025 (Ho v. Rocket Pharmaceuticals, Inc., and Gaurav Shah, Case No. 3:35-cv-10049) and between September 17, 2024 and May 26, 2025 (Yankov v. Rocket Pharmaceuticals, Inc., Gaurav Shah and Aaron Ondrey, 3:25-cv-13532), respectively. The complaints allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder in connection with various public statements made by the Company regarding its Phase 2 clinical trial for RP-A501 for Danon disease. The actions seek unspecified damages, costs and expenses, including attorneys’ fees. On September 9, 2025, the Court consolidated the two pending putative securities class action lawsuits, appointed two stockholders as co-lead plaintiffs, and approved their selection of co-lead counsel. Pursuant to a stipulation approved by the Court on September 22, 2025, the co-lead plaintiffs filed a consolidated amended complaint on November 18, 2025. The consolidated amended complaint, captioned In re Rocket Pharmaceuticals, Inc. Securities Litigation, 3:25-cv-10049, is brought on behalf of persons who purchased or otherwise acquired the Company's securities during the period of February 28, 2024 through August 25, 2025 (inclusive). Plaintiffs claim that the lawsuit arises from Defendants' public statements and purported omissions concerning Rocket's Phase 2 clinical trial for RP-A501 for DD. Among other things, Plaintiffs allege that Defendants failed to disclose certain SAEs that impacted patients during the Phase 2 clinical trial and the introduction of a C3 inhibitor to the trial's protocol and that Defendants purportedly lacked a viable trial design that could safely and effectively dose patients while managing the risk of serious adverse events. According to Plaintiffs, Rocket's stock price was inflated as a result of these purported misstatements and omissions. The company intends to vigorously defend against the consolidated amended complaint's allegations. On January 30, 2026, the Company filed motions to dismiss the consolidated amended complaint. The Plaintiffs response to the Company's motions to dismiss are due on April 1, 2026 and the Defendants reply thereto is due on May 16, 2026. Given the nature of the cases, including that the proceedings are in their early stages, the Company is unable to predict the ultimate outcome of the cases or estimate the range of potential loss, if any. Rocket Pharmaceuticals, Inc. is a multi-platform biotechnologycompany focused on the development of first or best-in-class gene therapies for rare and devastating pediatric diseases. ROI SOLUTIONS: Barings Participation Marks $1.4MM Loan at 28% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,427,709 loan extended to ROI Solutions to market at $1,427,709 or 72% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Barings Participation Investors is a participant in a term loan extended to ROI Solutions. The Loan accrues interest at a rate of 8.67% (SOFR + 5.000%) per annum. The Loan matures on Oct. 3, 2029. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About ROI Solutions ROI Solutions is a call center outsourcing and end user engagement services provider. SAILORMEN INC: Hires Peak Franchise Capital as Investment Banker ---------------------------------------------------------------- Sailormen Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Peak Franchise Capital LLC as its investment banker. The firm will render these services: a. work with Sailormen's Chief Restructuring Officer (CRO) and management to orient the Peak team with the Company's operations, financial and legal circumstances; b. review financial statements, financial models and other financial data and information; c. review franchise agreements, operating agreements, capitalization agreements, debt agreements and lease agreements, as necessary; d. prepare financial model(s) supporting the marketing efforts of the transaction process; e. prepare marketing materials, including one or more confidential information memoranda describing the Company, it being understood and agreed that Peak will rely entirely upon publicly available information and information provided by the Company and its officers, managers, accountants, and counsel, without independent verification of the accuracy and completeness of such information; f. identify and recommend potential buyers and capital sources to the Company in connection with a Transaction; g. initiate the marketing process, obtain non-disclosure agreements and contact potential buyers approved by the Company; h. establish, organize and maintain one or more data rooms for due diligence purposes; i. manage the due diligence process with prospective parties working with the Company, the CRO and its other professional advisors; j. lead and manage communication with all parties through weekly update calls, including with Official Committee of Unsecured Creditors and its advisors; k. solicit and review proposals, letters of intent, evaluate and advise the Company in negotiating any proposals and letters of intent concerning a Transaction; including during an auction held pursuant to the bid procedures; l. work with the Company, the CRO and legal counsel in recommending and negotiating bid procedures, a sale timeline and auction guidelines; m. assist the Company, the CRO and legal counsel on negotiation and documentation through closing the transaction(s); n. as necessary, provide testimony and other litigation support services to assist the Company and legal counsel in obtaining Bankruptcy Court approval of bid procedures, motion to approve a sale, other matters related to the sale process and Transaction; o. communicate and cooperate with the Company's senior secured lenders (including any agent therefor) and their advisors the Committee and its advisors; and Popeyes Louisiana Kitchen, Inc. ("Popeyes") and its advisors, and prepare and/or deliver to such lenders, the Committee and Popeyes and their respective advisors documents and other materials relating to the services contemplated hereunder, in each case as required pursuant to any interim and final cash collateral orders and any other court order entered in the Company's Chapter 11 Case (collectively, the Court Orders); and p. provide such additional advisory services as may be reasonably requested by the Company. The firm's hourly rates are: Managing Partner $375 Senior Advisor $300 Associate $225 Senior Analyst $175 The firm will be paid $25,000 upon court approval of this application and $25,000 per month on the first day of each month during the firm's employment (the Monthly Advisory Fee). The firm shall also be entitled to Transaction Fees equal to the greater of $600,000 (the "Minimum Fee") or 3.5% of the Aggregate Consideration. As disclosed in court filings, Peak Franchise Capital is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Peak Franchise Capital can be reached through: Michael M. Elliot Peak Franchise Capital 4100 Spring Valley Road, Suite 535 Dallas, TX 75244 Phone: (972) 523-8344 Email: Mike.Elliott@peakfranchisecapital.com About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. SAN JUAN CROSSINGS: Seeks to Tap Fuller Law Firm as Legal Counsel ----------------------------------------------------------------- San Juan Crossings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire The Fuller Law Firm, P.C. as attorneys. The firm's services include: (a) advise the Debtor with respect to its powers and duties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate and to review but not to prepare the monthly operating reports required to be filed in the herein case; (e) negotiate and prepare on the Debtor's behalf a plan for reorganization, and all related agreements and/or documents and take any necessary action on its behalf to obtain confirmation of such plan; (f) advise the Debtor in connection with the possible sale or any possible refinance of its assets; (g) appear before the Court and the U.S. Trustee and protect the interest of the Debtor's estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm's attorneys will be paid at these hourly rates: Lars Fuller, Esq. $565 Joyce Lau, Esq. $495 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000, including the filing fee of $1,738 from the Debtor. Mr. Fuller 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: Lars T. Fuller, Esq. Fuller Law Firm, PC 60 N. Keeble Ave. San Jose, Ca 95125 Telephone: (408) 295-5595 About San Juan Crossings, LLC San Juan Crossings, LLC is a single-asset real estate company that owns approximately 3.88 acres of entitled land planned for the development of 132 residential units -- comprising 61 one-bedroom, one-bath units and 71 two-bedroom, one-bath units -- along with one commercial unit with rentable space. The proposed development totals about 166,461 square feet and has an appraised value of approximately $5.4 million. San Juan Crossings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ca. Case No. 26-50257) on February 18, 2026, listing $5,613,244 in assets and $4,682,897 in liabilities. The petition was signed by Daniel Shaw as managing member. Judge Hannah L Blumenstiel presides over the case. Lars Fuller, Esq. at THE FULLER LAW FIRM PC presides over the case. SANDY PINES: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The United States Bankruptcy Court for the District of Maine entered an interim order authorizing Sandy Pines, LLC to temporarily use cash collateral to maintain operations. Under the order, the debtor may use cash collateral according to a court-approved operating budget. Total expenditures may reach up to 110% of the projected budget, and revenue cannot fall more than 10% below projected levels. To ensure transparency, the debtor must provide weekly financial reporting to the secured lenders and the United States Trustee Program, including comparisons of actual performance against the budget and summaries of deposits and revenues received. As protection for lenders with prepetition security interests—Bangor Savings Bank, MutualOne Bank, and Saco Biddeford Savings Institution—the court granted adequate protection liens on the debtor's assets to compensate for any decrease in collateral value caused by the use of cash collateral. These liens automatically extend to proceeds such as rents, fees, accounts, and other income generated by the debtor's lodging properties after the bankruptcy filing. The court also authorized the debtor to pay prepetition merchant processing fees and continue honoring its customer refund policy in the ordinary course of business. Refunds for deposits made before the bankruptcy filing are temporarily capped at $3,800 per individual, reflecting the Bankruptcy Code's priority claim limit, though the debtor may later request approval to exceed that amount. A final evidentiary hearing is scheduled for April 10. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/tTQTp from PacerMonitor.com. About Sandy Pines Sandy Pines, LLC, operates Sandy Pines Campground, a seasonal resort-style campground in Kennebunkport, Maine, offering cottage rentals, glamping accommodations and RV sites. Sandy Pines sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-100xx) on Feb. 24, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., of Bernstein Shur Sawyer & Nelson. SECTION 119: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Section 119 LLC 29 Worth Avenue Hudson, NY 12534 Business Description: Section 119 is a U.S.-based apparel brand founded in 2019, specializing in officially licensed music-inspired clothing and accessories. The company's Shopify-based online store features merchandise tied to iconic bands such as the Grateful Dead, Phish, and The Beatles, offering polos, button-downs, hoodies, board shorts, and other fan-oriented apparel. While relatively small in size, Section 119 focuses on blending everyday fashion with music culture, catering to enthusiasts seeking stylish garments that celebrate the bands they love. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Northern District of New York Case No.: 26-10254 Judge: Hon. Patrick G Radel Debtor's Counsel: Justin A. Heller, Esq. WHITEMAN OSTERMAN & HANNA LLP 80 State Street, 11th Floor Albany, NY 12207 Tel: 518-487-7600 Fax: 518-487-7777 E-mail: jheller@woh.com Total Assets: $376,605 Total Liabilities: $2,300,059 The petition was signed by Gregg Carey as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QZA76CA/Section_119_LLC__nynbke-26-10254__0001.0.pdf?mcid=tGE4TAMA SEKO WORLDWIDE: Barings PI Marks $979,165 Loan at 53% Off --------------------------------------------------------- Barings Participation Investors has marked its $979,165 loan extended to Seko Worldwide, LLC to market at $464,612 or 47% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Senior term loan extended to Seko Worldwide, LLC. The loan accrues interest at a rate of 11.32% (6.00% PIK) (SOFR + 7.000%) per annum. The loan matures on Nov. 27, 2029. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Seko Worldwide, LLC Seko Worldwide, LLC is a third-party logistics provider offering ground, ocean, air and home-delivery forwarding services. SHILO INN OCEAN SHORES: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Shilo Inn, Ocean Shores, LLC and Shilo Inn, Nampa Suites, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The court authorized the Debtors to use cash collateral to pay the expenses set forth in their budget for the period from December 1, 2025 until its interim order ceases to be in full force and effect or until the occurrence of the so-called termination event (e.g. May 31, 2026). RSS WFCM2016NXSS-WA SIOSN, LLC, a secured creditor, will be granted a first priority post-petition security interest in and lien on all of the companies' assets to the same priority, validity and extent as its pre-bankruptcy security interest and lien. As additional protection, RSS will continue to receive until May a monthly payment of $29,900 from Shilo Inn, Ocean Shores and $16,100 from Shilo Inn, Nampa Suites. The next hearing is scheduled for May 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/W6nGT from PacerMonitor.com. About Shilo Inn Hospitality companies Shilo Inn, Ocean Shores, LLC and Shilo Inn, Nampa Suites, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Lead Case No. 20-42348) on Oct. 15, 2020. At the time of filing, Shilo Inn, Ocean Shores disclosed assets of between $10 million and $50 million and liabilities of the same range. Shilo Inn, Nampa Suites disclosed $1 million to $10 million in both assets and liabilities. Judge Brian D. Lynch oversees the cases. The Debtors tapped Levene, Neale, Bender, Yoo & Brill L.L.P. as their bankruptcy counsel and Stoel Rives LLP as their local counsel. SHORELINE JUNK: Seeks to Hire Bruner Wright P.A. as Counsel ----------------------------------------------------------- Shoreline Junk and Haul, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, P.A. as counsel to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Bruner, Attorney $450 Bryon Wright III, Attorney $425 Samantha Kelley, Attorney $400 Paralegal $175 The firm received $11,738 as a retainer for this proceeding. Mr. Wright III 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: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About Shoreline Junk and Haul, LLC Shoreline Junk and Haul, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-50043-KKS) on Feb. 26, 2026. The Debtor hires Bruner Wright, P.A. as counsel. SIGNATURE YHM: Plan & Disclosures Get Tentative Approval -------------------------------------------------------- Judge Hannah L. Blumenstiel of the U.S. Bankruptcy Court for the Northern District of California tentatively approved the the Combined Plan and Disclosure Statement filed February 13, 2026 by Debtor Signature YHM Land LLC. Secured Creditors York Highlands I LLC and York Highlands II LLC filed an opposition and objection. The Debtor is ordered to file an amended Plan that conforms to the court's instructions given at the March 5 hearing, along with a memorandum in support of confirmation and one or more declarations in support of confirmation no later than April 9, 2026. May 7, 2026 is the last day for submitting written ballots accepting or rejecting the Plan. May 7, 2026 is the last day for filing and serving written objections to final approval of Debtor's disclosures and/or to confirmation of Debtor's amended Plan. On May 21, 2026 at 10:00 a.m., the court will convene a hearing to consider final approval of Debtor's disclosures and confirmation of Debtor's amended Plan. Debtor is ordered to file its operating report for April 2026 no later than May 14, 2026. Debtor must timely file all other operating reports due prior to the May 21 hearing. As shared by the Troubled Company Reporter, Signature YHM Land, LLC, submitted a Third Amended Combined Plan of Reorganization and Disclosure Statement dated February 13, 2026. The Plan filed by the Debtor addresses the issues faced prior to the bankruptcy filing because it make payments to the Secured Creditors in the full amount of their claim over the life of the Plan. The Debtor has filed a motion with the Court in order to obtain an order determining the value of the Properties. Secured Creditors have made a timely Section 1111(b)(2) election and Debtor intends pay the full value of their secured claim, unless the parties stipulate otherwise. Additionally, the plan will provide a 10% distribution to unsecured creditors, substantially more than what they would receive in a Chapter 7 liquidation. Class 2A consists of General Unsecured Claims. Creditors will receive 10 percent (10%) of their allowed claims in 20 equal quarterly installments, to be paid on or before the 15th day of the month, every three months, starting May 2026. Class 2 A general unsecured claims are impaired. Class 2A creditors include Allen Williams ($750,000.00); Signature York Highlands, LLC ($1,363,000.00); York Highlands Monterey Owners Association ($6,237.00 (lot 21)); York Highlands Monterey Owners Association ($6,237.00 (lot 22)); Internal Revenue Service ($6,092.76); and Franchise Tax Board ($2,974.27). Class 2C consists of General Unsecured Claims â€“ Reclassified Deficiency Claims. This Class include the claim of Liftforward, Inc. (reclassified from Class 1B) with a claim amount of $1,236,201.92. Creditors will receive 10 percent of their allowed claim in 16 equal quarterly installments, to be paid on the 15th day of the month, every three months, starting May 2026. The Debtor submits that the proposed Plan is feasible because funding will be provided entirely by Walden Lot 8 LLC. Feasibility is established because of Walden's access to assets that can independently pay Debtor's obligations under the Plan. Walden has the ability to loan funds to the Debtor so it can make the required quarterly payments for the next 7 years and will guarantee the amounts due for the life of the Plan. Additionally, any amount due at maturity can be satisfied by a sale of the Properties and, if necessary, additional proceeds available from Walden if sales proceeds are insufficient. Walden is owned by a trust entitled 2023 NJ Trust. The 2023 NJ Trust ("Trust") owns the majority interest in Walden. Pursuant to an agreement between Walden and the Trust, the Trust is able to fund necessary amounts for Plan obligations, over and apart from the funds that will be generated from the sale of the Properties. Accordingly, Walden has access to sufficient assets and funding with the ability to loan funds to the Debtor, allowing the Debtor to preserve the Properties and immediately make the obligated payments under the Plan. A full-text copy of the Third Amended Combined Plan and Disclosure Statement dated February 13, 2026 is available at https://urlcurt.com/u?l=T2oYn7 from PacerMonitor.com at no charge. A copy of the Court's Order dated March 5, 2026, is available at http://urlcurt.com/u?l=U68iN1from PacerMonitor.com. About Signature YHM Land LLC Signature YHM Land LLC operates in the real estate sector. Signature YHM Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50324) on March 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor tapped Jeffrey I. Golden, Esq., at Golden Goodrich LLP as counsel and Force Ten Partners, LLC as financial advisor. SILICON VALLEY: Court Told FDIC Holds Rights to Insurance Claims ---------------------------------------------------------------- Abigail Harrison of Law360 reports that the Federal Deposit Insurance Corp. told a federal judge in North Carolina on Thursday, March 12, 2026, that it is entitled to pursue insurance recoveries worth potentially tens of millions of dollars tied to the collapse of Silicon Valley Bank. The agency was appointed receiver for the lender after its dramatic failure in early 2023. Attorneys for the FDIC argued that federal law gives the agency control over the bank's legal claims once it steps in as receiver. That authority includes the right to collect proceeds from financial institution bond policies that insured the bank against certain risks, according to report. The bonds, according to the agency's counsel, were intended to protect the bank from a range of financial losses and could provide significant funds for the receivership estate. Those proceeds could help offset the losses stemming from the bank's collapse. The court is now considering the dispute over ownership of the insurance claims and whether the FDIC has the exclusive right to pursue the recovery, the report states. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. SISSON & SON: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The United States Bankruptcy Court for the Northern District of Georgia, Rome Division, issued an interim Order authorizing Sisson & Son Logging Corporation to use cash collateral. The Court granted interim authority for the debtor to use cash collateral according to a budget attached to the motion, allowing a 10% variance per category except for owner compensation. During the proceedings, the debtor explained that it required access to cash collateral to pay ordinary operating expenses and maintain business operations. Several creditors were identified as having potential interests in the collateral, including FC Marketplace, RevenueD, Forward Financing, and Fenix Capital Funding. At the hearing, the debtor’s counsel indicated that assets subject to cash collateral were valued at approximately $45,000, which was insufficient to satisfy all creditor claims. The authorization remains in effect unless the case is converted or dismissed, the debtor fails to comply with the order, or the order is modified by the Court. As adequate protection, creditors are granted replacement liens on post-petition property to the same extent and priority as their prepetition liens. Additionally, the debtor must make monthly adequate protection payments of $918 to iBusiness Funding beginning this month, and deposit funds designated for the Subchapter V trustee's compensation. The order preserves all parties' rights to challenge liens and seek further relief. A final hearing on the motion is scheduled for April 1. About Sisson & Son Logging Sisson & Son Logging Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-40256) on Feb. 13, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Barbara Ellis-Monro oversees the case. The Debtor is represented by Ian M. Falcone, Esq., at The Falcone Law Firm, PC. SMARTLING INC: Barings Participation Marks $1.7MM Loan at 32% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,725,000 loan extended to Smartling, Inc. to market at $1,179,415 or 68% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a TERM loan extended to Smartling, Inc. The LOAN accrues interest at a rate of 8.48% (SOFR + 4.750%) per annum. The LOAN matures on June 30, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Smartling, Inc. Smartling, Inc. is a provider of SaaS-based translation management platforms and related translation services. SONICWALL: Barings Participation Marks $962,264 Loan at 36% Off --------------------------------------------------------------- Barings Participation Investors has marked its $962,264 loan extended to Sonicwall to market at $614,646 or 64% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in an Incremental term loan extended to Sonicwall. The loan accrues interest at a rate of 9.17% (SOFR + 5.500%) per annum. The loan matures on May 18, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Sonicwall Sonicwall provides network security solutions, including firewall products, primarily targeting small and midsize businesses. SOUTHDOWN HOMES: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On March 9, 2026, Southdown Homes, LP filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 200–999 creditors. About Southdown Homes, LP Southdown Homes, LP is a real estate and residential housing enterprise involved in property development, ownership, and management of housing projects. Southdown Homes, LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10953) on March 9, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Ashely M. Chan handles the case. The debtor is represented by Albert Anthony Ciardi III, Esq., of Ciardi Ciardi & Astin. SPARHAWK LLC: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Sparhawk, LLC (Lead Case) 26-10527 421 25 Ave N Wisconsin Rapids, WI 54495 Sparhawk Properties, LLC 26-10528 3729 Leonard Rd Wisconsin Rapids, WI 54495 Sparhawk Trucking, Inc. 26-10529 421 25th Ave North Wisconsin Rapids, WI 54495 Sparhaw Truck and Trailer, Inc. 26-10530 421 25th Ave North Wisconsin Rapids, WI 54495 Business Description: Sparhawk Trucking, Inc., based in Wisconsin Rapids, Wisconsin, provides full-truckload freight transportation across the United States and operates a fleet of tractors and trailers under federal motor carrier authority. The company transports commercial goods including dry freight and construction materials for a nationwide customer base. Its operations are supported by affiliated entities including Sparhawk, LLC; Sparhawk Properties, LLC; and Sparhaw Truck and Trailer, Inc., which together support trucking operations, equipment management and property holdings related to the groups transportation activities. Founded in 1981, the Sparhawk group operates within the general freight trucking industry in the U.S. Chapter 11 Petition Date: March 13, 2026 Court: United States Bankruptcy Court Western District of Wisconsin Judge: Hon. Catherine J Furay Debtors' Bankruptcy Counsel: Jerome R. Kerkman, Esq. Nicholas W. Kerkman, Esq. KERKMAN & DUNN 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: 414-277-8200 Email: jkerkman@kerkmandunn.com Sparhawk, LLC's Estimated Assets: $1 million to $10 million Sparhawk, LLC's Estimated Liabilities: $1 million to $10 million Sparhawk Properties LLC's Estimated Assets: $1 million to $10 million Sparhawk Properties LLC's Estimated Liabilities: $10 million to $50 million Sparhawk Truck and Trailer's Estimated Assets: $1 million to $10 million Sparhawk Truck and Trailer's Estimated Liabilities: $10 million to $50 million Sparhawk Trucking's Estimated Assets: $0 to $50,000 Sparhawk Trucking's Estimated Liabilities: $10 million to $50 million The petitions were signed by Mark A. Sparhawk as sole member. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/PMX7TFI/Sparhawk_LLC__wiwbke-26-10527__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/NEHPNVQ/Sparhawk_Properties_LLC__wiwbke-26-10528__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/S65EQDI/Sparhawk_Trucking_Inc__wiwbke-26-10529__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RYKLT4A/Sparhawk_Truck_and_Trailer_Inc__wiwbke-26-10530__0001.0.pdf?mcid=tGE4TAMA List of Sparhawk, LLC's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Internal Revenue Service $0 Centralized Insolvency Operations P.O. Box 7346 Philadelphia, PA 19114 2. North Central Utility Trucks & Trailers Unknown of Wisconsin, LLC Att: Current Officer 4334 Daentl Rd De Forest, WI 53532-2921 Email: tscheffler@ncutility.com 3. Wisconsin Department of Unknown Revenue Special Procedures Unit P.O. Box 8901 Madison, WI 53708-8901 Email: DORIncome@wisconsin.gov 4. WoodTrust Bank $0 Att: Current Officer 181 Second Street South Wisconsin Rapids, WI 54495 Email: ewest@gklaw.com SPATCO: Barings Participation Marks $1.6MM Loan at 24% Off ---------------------------------------------------------- Barings Participation Investors has marked its $1,671,882 loan extended to Spatco to market at $1,269,904 or 76% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Spatco. The loan accrues interest at a rate of 8.86% (SOFR + 5.000%) per annum. The loan matures on July 23, 2030. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Spatco Spatco provides mission-critical services to maintain, test, inspect, certify and install fueling station infrastructure. SPIRIT AVIATION: Holders Consent to Deregistration of Shares ------------------------------------------------------------ Spirit Aviation Holdings, Inc. disclosed in a regulatory filing that the Company and beneficial and record holders of the shares of common stock of the Company and the warrants of the Company entered into a consent and waiver to the Registration Rights Agreement, dated as of March 12, 2025. Pursuant to the Consent and Waiver, the Holders, which hold a majority of the Registrable Securities, agreed to waive any rights under Sections 2.1, 2.2 and 2.3 of the Registration Rights Agreement and consented to the Company filing a post-effective amendment to the registration statement on Form S-1 (File No.333-288706) to terminate the registration of all shares of Common Stock registered under the Securities Act of 1933, as amended, pursuant to such registration statement. A full text copy of the Consent and Waiver is available at https://tinyurl.com/yp26s48a About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. SPOKANE INDUSTRIES: Court OKs DIP Loan From Principal ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington partially granted Spokane Industries, LLC's motion to obtain debtor-in-possession financing to get through bankruptcy. At the recently held hearing, the court authorized Spokane Industries to obtain an initial $300,000 from its principal, Patrick Turner, who committed to provide $1 million in unsecured credit with no collateral or fees. The rest of the motion will be considered at the next hearing scheduled for March 25. Initially, Spokane Industries expected to receive new capital through an investment transaction that would give a non-insider investor a membership interest in the company. However, the potential investor ultimately withdrew, leaving the company without the anticipated funds needed to support ongoing operations. Because the expected investment did not occur, the company determined that it must obtain post-petition financing to meet its projected operating expenses, which are outlined in its cash collateral budget. Mr. Turner agreed to provide financing, which would carry interest at the federal judgment interest rate, currently about 4.21 percent annually. Repayment would not begin for 12 months after court approval, after which the principal and interest would be repaid through 48 monthly payments. The loan would mature on December 31, 2030, or upon confirmation of a Chapter 11 plan proposed by someone other than the company; sale of most of the company's assets; appointment of a trustee; or conversion of the company's Chapter 11 case to Chapter 7 liquidation. Although Mr. Turner is an insider and also a pre-petition creditor, the financing does not alter his earlier claim and is structured to benefit the bankruptcy estate. The loan would be treated as an administrative expense claim but would be subordinated to all other administrative expense claims entitled to priority under the Bankruptcy Code. Spokane Industries argued that these terms are more favorable than typical post-petition financing because the loan requires no collateral, charges no fees, and places Mr. Turner's repayment behind other administrative creditors. The company said the financing is essential to maintain operations, pay employees, maintain equipment, and continue fulfilling customer orders, thereby preserving jobs and maintaining the company's value during reorganization. Spokane Industries said its current cash reserves are insufficient to cover upcoming expenses and delays could threaten its ability to pay workers and continue operating. About Spokane Industries LLC Spokane Industries, LLC operates a foundry in Spokane Valley, Washington, producing castings for the mining industry and employing more than 100 steel workers while selling products to customers worldwide. Spokane Industries 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.at Bush Kornfeld, LLP. SSP WASTE: Hires Wadsworth Garber Warner as Counsel --------------------------------------------------- SSP Waste, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. to serve as legal counsel. The firm will provide these services: (a) preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; (b) performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and (c) representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm's professionals hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 The firm received from the Debtor a retainer of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David V. Wadsworth, Esq. David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: dwadsworth@wgwc-law.com dwarner@wgwc-law.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. STANDARD ELEVATOR: Barings Participation Marks $1M Loan at 18% Off ------------------------------------------------------------------ Barings Participation Investors has marked its $1,200,506 loan extended to Standard Elevator Systems to market at $987,884 or 82% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Standard Elevator Systems. The loan accrues interest at a rate of 9.64% (SOFR + 5.750%) per annum. The loan matures on Dec. 2, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Standard Elevator Systems Standard Elevator Systems is a scaled manufacturer of elevator components formed by combining Standard Elevator Systems, EMI Porta, Texacone and ZZIPCO. STANDARD FREIGHT: Hires William G. Haeberle as Accountant --------------------------------------------------------- Standard Freight Logistics, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ William G. Haeberle, CPA, PLLC as accountant. Mr. Haeberle will assist in the preparation of the Debtor's Monthly Operating Reports. Mr. Haeberle will be paid $300 for Monthly Operating Reports per month. As disclosed in the court filing, William G. Haeberle, CPA, PLLC is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William G. Haeberle, CPA William G. Haeberle, CPA, PLLC 4446-1A, Suite 245 Jacksonville, FL 32207 Telephone: (904) 245-1304 About Standard Freight Logistics, Inc. Standard Freight Logistics Inc. is an interstate trucking provider located in4222 Iona Way in Knoxville, Tennessee. It transports private goods including furniture and appliances and also carries freight for government entities at the federal, state, and local levels. Standard Freight Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00730) on February 23, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $1 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq. SVEN SETIAWAN LEPSCHY: May 20 Hearing Set for Automatic Stay Motion ------------------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida will continue on May 20 the hearing on the motion of Dimor Aerospace, Inc. for an order (i) granting relief from the automatic stay to allow the pending litigation to continue to judgment or decision, and (ii) granting related relief. The hearing is currently scheduled for April 15. The hearing will be conducted at the Flagler Waterview Building, 1515 N Flagler Dr Room 801 Courtroom B, West Palm Beach, FL 33401. Sven Setiawan Lepschy filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 25-19229) on August 10, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Craig Kelley, Esq. SWOOP: Barings Participation Marks $500,00 Loan at 48% Off ---------------------------------------------------------- Barings Participation Investors has marked its $500,000 loan extended to Swoop to market at $257,576 or 52% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Swoop. The Loan accrues interest at a rate of 8.22% (SOFR + 4.500%) per annum. The Loan matures on April 12, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Swoop Swoop is a provider of marketing data and engagement technology serving the biopharmaceutical industry. SYNIVERSE CORP: S&P Places 'B-' ICR on CreditWatch Negative ----------------------------------------------------------- S&P Global Ratings placed all ratings on U.S.-based Syniverse Corp. on CreditWatch with negative implications, including the 'B-' issuer credit rating. The CreditWatch negative placement reflects the possibility of a downgrade in the next few months if Syniverse does not refinance its capital structure. Syniverse significantly underperformed our base case forecast for 2025. A shortfall in a nonrecurring contract (NRC) in the mobility segment during the fourth quarter pressured the company's direct profit. The company also incurred several one-time expenses in the fourth quarter, which impaired EBITDA. As a result, leverage rose to 9.6x in 2025 from 7.2x in 2024. Our leverage calculation includes approximately $514 million of preferred equity. Additionally, the company's S&P Global Ratings-adjusted EBITDA declined 22% in 2025 due to sharp drop in direct profit in both the mobility and messaging segments. S&P said, "While we expect leverage will decline modestly to 8.9x in 2026, driven by increased political traffic in messaging, we expect the company will record negative FOCF of around $10 million this year. We acknowledge that Syniverse would have generated positive FOCF in 2025 absent a strategic decision to address about $23 million in overdue vendor payments. In turn, a successful refinancing could mitigate factors that would lead to a downgrade to 'CCC+'. "The company's upcoming maturities heighten refinancing risk. Syniverse is actively working to refinance its capital structure, with the revolving credit facility (RCF) maturity less than a year away (February 2027) and the $1 billion term loan due May 2027. However, we believe that company-calculated covenant net leverage is 5x-6x. The higher leverage is likely contributing to delays in obtaining lender support. The term loan becomes current in May, and failure to secure an extension or refinancing prior to this date would likely result in a downgrade. "We revised our liquidity score to less than adequate. As of November 2025, Syniverse had $25.2 million of cash. Over the next 12 months, we expect the company will generate funds from operations (FFO) of about $35 million. However, $110 million outstanding on the company's revolver is due in February 2027 and is treated as a short-term obligation. This would result in an expected liquidity shortfall if it is not extended. "The CreditWatch negative reflects the possibility of a downgrade in the next 90 days if Syniverse does not refinance its capital structure or pursues a distressed debt exchange. Alternatively, we could remove the ratings from CreditWatch and affirm them if Syniverse is able to refinance its upcoming debt maturities at a level where they are able to generate positive free cash flow." T.C.'s GRIL: Cash Collateral Hearing Set for March 19 ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee is set to hold a hearing on March 19 to consider extending T.C.'s Grill, LLC's authority to use cash collateral. The Debtor was initially allowed to access cash collateral through March 19 under the court's March 6 interim order. The initial order allowed the Debtor to use up to $95,000 in cash collateral to fund operations in accordance with its budget, subject to a 10% variance. Some of the Debtor's funds qualify as cash collateral of secured creditors including Evolve Capital Finance, LLC and Gulf Coast Bank & Trust Company. Prior to its Chapter 11 filing, the Debtor allegedly granted security interests in most of its assets to these creditors. To protect the interests of secured creditors, the Debtor offers protection measures, including continued maintenance and operation of estate assets and preservation of existing liens. The Debtor also commits to complying with tax obligations, depositing employment taxes when payroll is issued, filing all required tax returns, and submitting monthly operating reports as required by bankruptcy rules. If the Debtor fails to comply with the interim order, the U.S. Trustee may file a certificate of non-compliance, which could lead to dismissal or conversion of the Debtor's Chapter 11 case. About T.C.'s Grill LLC T.C.'s Grill, LLC doing business as T.C.'s Grill and Local Joe's Cafe, is a Maryville, Tennessee-based restaurant company operating casual dining locations in Maryville and Mt. Juliet, offering American and Southern-style cuisine across breakfast, lunch, and dinner with a focus on classic comfort foods. T.C.'s Grill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30338) on February 28, 2026, listing up to $1 million in assets and up to $10 million in liabilities. Steven Nelson, company owner, signed the petition. Judge Suzanne H. Bauknight oversees the case. Kelli D. Holmes, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC, represents the Debtor as legal counsel. TAMPA AUTO: Commences Chapter 7 Bankruptcy in Florida ----------------------------------------------------- On March 3, 2026, Tampa Auto Source, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Tampa Auto Source, Inc. Tampa Auto Source, Inc. is an automotive dealership and service company based in Florida, providing vehicle sales, maintenance, and repair services to local customers. The company operates in the retail automotive industry. Tampa Auto Source, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01667) on March 3, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. The case is overseen by Honorable Bankruptcy Judge Roberta A. Colton. The debtor is represented by Samantha L. Dammer, Esq., of Bleakley Bavol Denman & Grace. TAVERN BAR: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The Tavern Bar & Tacos, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for May 7. The Debtor needs immediate access to cash collateral in order to maintain normal business operations. Specifically, the funds will be used to pay essential expenses such as employee payroll, payments to suppliers and vendors, and other routine operational costs required to keep the restaurant and bar running. The Debtor's cash collateral consists of both the money currently held by the business and funds that will be generated through ongoing operations, such as revenue from customers. It may be subject to liens held by creditors including Wolters Kluwer Lien Solutions, Castaway's Sports Bar & Grill, LLC, First Corporate Solutions, Tandem Bank, Immediate Capital Solutions LLC, and WebBank. These creditors may claim security interests in the Debtor's cash, accounts, and other financial assets due to prior financing arrangements. To address the concerns of creditors, the Debtor offers adequate protection in the form of replacement liens on post-petition cash collateral, with the same extent, priority, and validity as the creditors' existing liens. The Tavern Bar & Tacos, LLC is a Florida for-profit corporation that operates a restaurant and bar under the name Tavern Orlando. The business was established in 2020 by Eddie Santiago, John Bonczek, and Chase Redix, who continue to manage and oversee its operations. Prior to filing for bankruptcy, the company obtained financing from several creditors to support its business activities. These financing agreements may be secured by liens on the company’s assets, including its cash and cash equivalents, through Uniform Commercial Code financing statements filed with the State of Florida. About Tavern Bar & Tacos LLC The Tavern Bar & Tacos, LLC is a Florida for-profit corporation that operates a restaurant and bar under the name Tavern Orlando. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-01318) on February 26, 2026. In the petition signed by Eddie J. Santiago, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. L. William Porter III, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. TAWR PROPERTY: Seeks to Hire Munsch Hardt Kopf & Harr as Attorney ----------------------------------------------------------------- Tawr Property Owner, Ltd and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Munsch Hardt Kopf & Harr, P.C. as attorneys. The firm's services include: a. serve as attorneys of record for the Debtors and to provide representation and legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of the Debtors' businesses; b. assist the Debtors in carrying out their duties under the Bankruptcy Code, including advising the Debtors of such duties, their obligations, and their legal rights; c. take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections, as necessary, to relief sought and claims filed against the Debtors' estates; d. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of these Chapter 11 Cases; e. assist in potential sales of the Debtors' assets; f. prepare on behalf of the Debtors all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtors' estates' interests and objections, to assist the Debtors in preparation of schedules, statements, and reports, and to represent the Debtors and their estates at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; g. assist the Debtors in connection with preparing and refining their chapter 11 plans and disclosures statements, and/or all related agreements and documents necessary to facilitate an exit from these Chapter 11 Cases, take appropriate action on behalf of the Debtors to obtain confirmation of such plans, and take such further actions as may be required in connection with the implementation of such plans; h. assist the Debtors in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; i. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with these Chapter 11 Cases; and j. perform all other legal services and provide all other legal advice to the Debtors as may be required or deemed to be in the interest of their estates in accordance with the Debtors' rights and duties as set forth in the Bankruptcy Code. Munsch Hardt's hourly rates are: Davor Rukavina, Shareholder $900 Garrick Smith, Shareholder $640 Jonathan Petree, Associate $510 Kyle Jaksa, Associate $510 Jacob King, Associate $450 Heather Valentine, Paralegal $280 The firm will seek reimbursement for out-of-pocket expenses. Munsch Hardt received $200,000 from the Debtors as a retainer. Davor Rukavina, Esq., a partner at Munsch Hardt Kopf & Harr, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Davor Rukavina, Esq. Garrick C. Smith, Esq. Jonathan S. Petree, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7500 E-mail: drukavina@munsch.com gsmith@munsch.com jpetree@munsch.com About TAWR Property Owner, Ltd. TAWR Property Owner, Ltd and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90162) on February 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. Judge Edward L. Morris oversees the cases. The Debtors tapped Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. as general bankruptcy counsel. TAWR PROPERTY: Taps Douglas J. Brickley of Stout Risius as CRO -------------------------------------------------------------- Tawr Property Owner, Ltd and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Douglas J. Brickley as its chief restructuring officer and Stout Risius Ross, LLC as financial advisor. The CRO's services include: a. advising the Debtors and their estates during these Chapter 11 Cases; b. assisting with negotiations regarding any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtors; c. investigating and preparing the Debtors' go-forward business and restructuring strategies; d. providing advice and recommendations regarding direction and conferring with retained estate professionals, including Debtors' legal counsel, investment banker, and/or financial advisors; e. communicating with creditors and meeting with representatives of constituencies and/or statutorily appointed committees; f. preparing statements of financial affairs, schedules, first day motions and other regular motions and reports required by the Court or which Debtors are otherwise obligated to prepare and provide; g. reviewing payments or transfers by or for the benefit of Debtors to ensure compliance with the Bankruptcy Code and applicable orders of the Court; h. assisting with negotiations regarding bidding procedures and advising the Debtors on the terms of any proposed sale of the Debtors' assets; i. advise on formulating and assist with prosecuting any plan of reorganization or liquidation for the Debtors; j. retaining additional estate professionals as the CRO deems advisable in furtherance of the foregoing, subject to the requirements of the Bankruptcy Code and Bankruptcy Rules; and k. taking any and all other actions that are necessary or appropriate to manage and operate the Debtors pursuant to the Bankruptcy Code, the Bankruptcy Rules, Local Rules, Complex Case Procedures, and applicable orders of the Court. Additionally, the firm's services include: a. providing financial advisory and consulting services to the Debtors; b. assisting with negotiations regarding the terms of any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtors; c. investigating and preparing the Debtors' go-forward business and restructuring strategies; d. providing real estate valuation, appraisal, and related consulting services, including, without limitation, performing asset-level and enterprise-level valuation analyses; preparing valuation reports and presentations; assisting in determining going-concern and liquidation values; supporting negotiations with secured lenders and other parties in interest; and providing expert witness testimony, if necessary, in connection with contested matters, plan confirmation, asset sales, or other proceedings before this Court; e. providing advice and recommendations regarding direction and conferring with retained estate professionals, including Debtors' legal counsel, investment banker, and/or financial advisors; f. communicating with creditors of Debtors and meeting with representatives of such constituencies; g. preparing statements of financial affairs, schedules, first day motions and other regular motions and reports required by the Court or which Debtors are otherwise obligated to prepare and provide; h. reviewing payments or transfers by or for the benefit of Debtors to ensure compliance with the Bankruptcy Code and applicable orders of the Court; i. assisting with negotiations regarding bidding procedures and advising the Debtors on the terms of any proposed sale of the Debtors' assets; j. providing advice and recommendations on formulating and prosecuting any plan of reorganization or liquidation for the Debtors; k. assisting in the review of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statements of financial affairs, and monthly operating reports; l. reviewing the Debtors' financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Court approval is sought; m. reviewing and analyzing of the reporting regarding cash collateral and any debtor-in-possession financing arrangements and budgets; n. assisting with reviewing any potential cost containment opportunities proposed by the Debtors; o. assisting with reviewing any potential asset redeployment opportunities proposed by the Debtors; p. reviewing and analyzing assumption and rejection issues regarding executory contracts and leases; q. reviewing and analyzing the Debtors' proposed business plans and the business and financial condition of the Debtors generally; r. assisting in evaluating reorganization strategy and alternatives available, including any asset sale transactions; s. reviewing and analyzing the Debtors' financial projections and assumptions; t. assisting in preparing documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; u. advising and assisting the Debtors in negotiations and meetings with creditors and other parties-in-interest; v. assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; w. providing forensic accounting and litigation consulting services and expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and x. other such functions as requested by the Debtors to assist in these Chapter 11 Cases. Stout’s hourly rates are: Managing Director $800 to $950 Director $600 to $700 Manager/Senior Manager $475 to $575 Analyst/Associates $300 to $450 Administrative Personnel $125 to $275 Prior to the Petition Date, the firm received a retainer from Debtors in the total amount of $215,662 paid in installments of $100,000 on Jan. 23, 2026, and $115,662 on Jan. 30, 2026. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas Brickley, a managing director at Stout Risius Ross, 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: Douglas J. Brickley Stout Risius Ross LLC 1000 Main Street, Suite 3200 Houston, TX 77002 tel: (713) 225-9580 Fax: (713) 225-9588 Email: dbrickley@stout.com About TAWR Property Owner, Ltd. TAWR Property Owner, Ltd and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90162) on February 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. Judge Edward L. Morris oversees the cases. The Debtors tapped Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. as general bankruptcy counsel. TECH READY MIX: Seeks Cash Collateral Access -------------------------------------------- Tech Ready Mix, Inc. asks the U.S. Bankruptcy Court for the Northern District of Ohio for authority to use cash collateral and provide adequate protection. The Debtor was formed in August 2010 after acquiring a long-established concrete manufacturing business. It operated as a certified Minority Business Enterprise and became a recognized concrete manufacturer in Northeast Ohio, with locations in Cleveland and Akron. It was previously under common ownership with McTech Corp., a construction management and general contracting company. The Debtor became involved in financial difficulties when it was alleged to be a co-indemnitor on performance bonds issued by Travelers Casualty and Surety Company of America for McTech projects, including a federal government project. When claims were made on those bonds, Travelers paid more than $24 million and later filed blanket UCC-1 liens against the Debtor, asserting that it owed similar amounts due to its indemnification obligations. These liens and the resulting litigation, which began in 2021, severely strained the Debtor's finances and created uncertainty about its financial condition. Because of these claims and liens, the Debtor eventually lost access to traditional business financing and was forced to rely solely on its internal cash flow to continue operating. During this period of financial stress, the Debtor also faced other legal disputes involving the lease for its Cleveland concrete plant. The conflict with its landlord escalated into years of litigation and eventually expanded to include a dispute with a minority shareholder who had a family relationship with the landlord's ownership. Although these disputes were eventually resolved in 2024, the Debtor's financial condition had already deteriorated significantly due to the ongoing Travelers litigation and related debts. The inability to secure normal financing forced the Debtor to obtain capital through merchant cash advance loans that carried extremely burdensome terms. By the end of 2024, these pressures led the Debtor to cease operations because it could no longer obtain materials necessary to continue producing concrete. At the same time, the Debtor struggled to collect substantial trade receivables because lenders had placed liens on its accounts and payment streams as a result of the merchant cash advance agreements. Throughout 2025, the Debtor attempted various strategies to restart its operations but was unsuccessful. Ultimately, the Debtor determined that seeking bankruptcy protection was the only realistic option for reorganizing its debts, resolving creditor disputes, and creating a path to resume business activities. As part of its efforts to restructure its finances and prepare for a possible restart, the Debtor sold certain vehicles that were no longer necessary for operations. These vehicles were subject to liens held by Alliance Prime Associates, Inc., including a 2022 International concrete mixer and a Hitachi wheel loader. The vehicles were sold for a combined total of approximately $230,000, and the proceeds were placed into a segregated IOLTA account held by the Debtor's proposed special counsel, Houston Legal Counsel. With the consent of Alliance, some of these funds were used before the bankruptcy filing to pay legal expenses and costs incurred by the Debtor's principal, Mark Perkins, while exploring options to restart operations. By the time the bankruptcy petition was filed, approximately $78,931 remained in the account. These remaining funds constitute the cash assets at issue in the motion and represent proceeds from the sale of collateral in which Alliance holds a security interest. Alliance Prime Associates continues to support the Debtor's efforts to restart operations and has consented to the use of the remaining proceeds as cash collateral. The Debtor proposes to use these funds for necessary operational and administrative expenses associated with the reorganization. These expenses include salaries for Mr. Perkins and other employees, insurance coverage for the Debtor's assets, legal and professional fees, and other costs required to maintain the business while it attempts to reorganize. A proposed operating budget outlining these expected expenses has been attached to the motion as an exhibit. To protect Alliance's interests while allowing the Debtor to access the funds, the Debtor proposes to provide adequate protection in the form of a replacement lien on any post-petition cash collateral that is not otherwise encumbered. This replacement lien would secure Alliance to the same extent as its existing interest and would protect it against any decrease in the value of the cash assets resulting from their use during the bankruptcy case. A court hearing is scheduled for April 14. A copy of the motion is available at https://urlcurt.com/u?l=riCUop from PacerMonitor.com. 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, with $5,750,280 in total assets and $11,041,817 in total liabilities. Mark Perkins, president of Tech Ready Mix, signed the petition. Judge Jessica E. Price Smith oversees the case. The Debtor is represented by Frederic P. Schwieg, Esq. TELEGRAPH COFFEE: Seeks Chapter 7 Bankruptcy in Nevada ------------------------------------------------------ On March 6, 2026, Telegraph Coffee Company Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Telegraph Coffee Company Inc. Telegraph Coffee Company Inc. is a business operating in the coffee and beverage industry, focused on roasting, distributing, and selling specialty coffee products and related café offerings. Telegraph Coffee Company Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50241) on March 6, 2026. In its petition, the debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The debtor is represented by Stephen R. Harris, Esq., of Harris Law Practice LLC. TELLICO RENTALS: Plan Exclusivity Period Extended to Dec. 10 ------------------------------------------------------------ Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the Eastern District of Tennessee extended Tellico Rentals, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Dec. 10, 2026 and March 4, 2027, respectively. As shared by Troubled Company Reporter, the Debtor explains that for cause, the company would show unto the Court that, subject to Court approval, it has reached an agreement in principle with the largest secured creditor, Mary Jane Saunders, whereby it will be afforded ten months, or until December 9, 2026 to liquidate property in efforts to pay all claims in full, and that it has already obtained Court approval to liquidate 4 of the Debtor's properties thus far between this case and the Chapter 11 Case of VSM Properties, LLC, 3:25-bk-32042-SHB. For additional cause, the Debtor avers that it has in good faith complied with all Chapter 11 requirements to date, and that it is not behind on any quarterly fees to the U.S. Trustee as of the date of this Motion. The Debtor further asserts that it has demonstrated reasonable prospects for for presenting a viable liquidation Plan. Tellico Rentals LLC is represented by: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 E-mail: tom@tombiblelaw.com About Tellico Rentals LLC Tellico Rentals, LLC, offers cabin rental services in Tellico Plains, Tennessee. It provides a range of accommodations, including riverfront lodges, group cabins, and pet-friendly units near the Cherohala Skyway and Tellico River. Tellico Rentals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12707) on October 9, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25-32044). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. TENCARVA MACHINERY: Barings PI Marks $1.9MM Loan at 17% Off ----------------------------------------------------------- Barings Participation Investors has marked its $1,935,112 loan extended to Tencarva Machinery Company to market at $1,598,196 or 83% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Tencarva Machinery Company. The Loan accrues interest at a rate of 8.57% (SOFR + 4.750%) per annum. The Loan matures on Dec. 20, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Tencarva Machinery Company Tencarva Machinery Company distributes mission-critical engineered equipment, replacement parts and services to industrial and municipal end markets. TENCARVA MACHINERY: Barings PI Marks $541,779 Loan at 51% Off ------------------------------------------------------------- Barings Participation Investors has marked its $541,779 loan extended to Tencarva Machinery Company to market at $267,823 or 49% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Tencarva Machinery Company. The Loan accrues interest at a rate of 8.57% (SOFR + 4.750%) per annum. The Loan matures on Dec. 20, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Tencarva Machinery Company Tencarva Machinery Company distributes mission-critical engineered equipment, replacement parts and services to industrial and municipal end markets. TWENTY EIGHT: Gets OK to Use Cash Collateral Until March 31 ----------------------------------------------------------- Twenty Eight Hundred Lafayette, Inc. received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use its secured creditors' cash collateral. The interim order signed by Judge Kimberly Bacher authorized the Debtor to use up to $146,172.85 in cash collateral through March 31 to pay the expenses in accordance with its budget. As protection for the Debtor's use of their cash collateral, secured creditors including Enterprise Bank & Trust, Rockingham Economic Development Corp. and the U.S. Small Business Administration will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 actions. As further protection, the Debtor will continue to make monthly payments of $3,156.11 to SBA, $3,232.12 to Enterprise Bank & Trust, and $1,509.26 to Rockingham. The next hearing is scheduled for April 1. Objections are due by March 25. About Twenty Eight Hundred Lafayette Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a seafood restaurant with locations in Epping, Portsmouth, Salem, and North Hampton (seasonal) in New Hampshire. It conducts business under the names The Beach Plum 2 Portsmouth and The Beach Plum 3 Epping. Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr. D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Kimberly Bacher handles the case. Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional Association is the Debtor's legal counsel. Enterprise Bank & Trust, as secured creditor, is represented by: Patricia J. Ballard, Esq. Preti, Flaherty, Beliveau & Pachios, PLLP P.O. Box 1318 Concord, NH 03302-1318 (603) 410-1500 pballard@preti.com UHY LLP: Barings Participation Marks $1.9MM Loan at 47% Off ----------------------------------------------------------- Barings Participation Investors has marked its $1,958,377 loan extended to UHY LLP to market at $1,030,989 or 53% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to UHY LLP. The loan accrues interest at a rate of 8.57% (SOFR + 4.750%) per annum. The loan matures on Nov. 21, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About UHY LLP UHY LLP is a top-30 U.S. certified public accounting firm providing tax, audit and consulting advisory services primarily to middle-market clients. UNIVERSAL AIR: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, issued an interim order authorizing Universal Air Conditioning Lee Corp. to use cash collateral on an interim basis. The court authorized the Debtor to use cash collateral through March 25 according to an approved interim budget. During this period, the Debtor may deposit all post-petition income into its debtor-in-possession bank account and use those funds to pay ordinary business and administrative expenses necessary for ongoing operations. The Debtor may vary spending within the budget by up to 10% per line item or 10% overall, unless otherwise approved by the court or agreed to by the parties. To protect the interests of secured creditors, the court granted replacement liens to several lenders—including ByzFunder, LLC, ACS Asset Holdings, LLC, RDM Capital Funding, LLC, and Fuji Funding LLC—to the extent they hold valid prepetition liens. These replacement liens maintain the same priority and validity as the creditors' original security interests and serve as protection against any decline in the value of collateral during the Debtor's use of funds. The order also requires the Debtor to include payments for statutory court and trustee fees in its budget and prohibits payment of professional fees unless separately approved by the court. Before the next hearing, the Debtor must submit a variance report comparing projected and actual financial results and provide an updated budget. A continued hearing is scheduled for March 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0A3XN from PacerMonitor.com. About Universal Air Conditioning Lee Corp. Universal Air Conditioning Lee Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00048) on January 9, 2026, with $100,001 to $500,000 in both assets and liabilities. Chad T. Van Horn, Esq. at Van Horn Law Group PA represents the Debtor as legal counsel. UNOSQUARE: Barings Participation Marks $604,761 Loan at 42% Off --------------------------------------------------------------- Barings Participation Investors has marked its $604,761 loan extended to Unosquare to market at $353,382 or 58% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Unosquare. The Loan accrues interest at a rate of 8.47% (SOFR + 4.750%) per annum. The Loan matures on June 2, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Unosquare Unosquare is a provider of outsourced digital engineering and software development services for clients in the banking, financial services, insurance, life sciences and high-tech industries. US MAGNESIUM: Gets OK to Use Cash Collateral -------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware issued an order authorizing US Magnesium LLC to use certain cash collateral to continue operating its business. Under the current order, the court authorized the Debtor to use up to $400,000 of cash collateral strictly for specific expenses listed in an attached budget (Authorized Disbursements). The Debtor cannot exceed this amount, and any funds used will still be treated as part of the Debtor's outstanding pre-petition secured obligations tied to the lender's collateral. The authorization will automatically end if certain events occur, such as dismissal or conversion of the Chapter 11 case, appointment of a trustee, or confirmation of a reorganization plan. The order also clarifies that using the cash collateral will not increase the Debtor's pre-petition debt, create new liens, or grant additional priority claims to creditors. The order takes effect immediately upon entry by the court. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on Sept. 10, 2025. In its petition, the Debtor estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, at Gellert Seitz Busenkell & Brown, LLC, as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC, as investment banker. Stretto, Inc., is the Debtor's claims and noticing agent. US MAGNESIUM: Seeks to Extend Plan Exclusivity to May 8 ------------------------------------------------------- US Magnesium LLC asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 8 and July 7, 2026, respectively. The Debtor explains that a further extension of the Exclusive Periods by which the company or the Creditors' Committee may file a plan and solicit acceptance thereof by approximately sixty days is appropriate in the best interest of the Debtor and its stakeholders, and consistent with the intent and purpose of chapter 11 of the Bankruptcy Code. The requested further extensions of the Exclusive Periods are necessary and appropriate to enable the Debtor and the Creditors' Committee to work efficiently towards confirmation and consummation of a filed Plan. The Debtor cites that this Chapter 11 Case is approximately six months old. Since filing this Chapter 11 Case, the Debtor, working closely with the Creditors' Committee, has made tremendous progress on a relatively tight timeline. The Debtor has worked diligently and in good faith towards a sale of substantially all of its assets. The Debtor claims that it has paid undisputed administrative expenses as they come due and will work to continue to do so. The Debtor continues to monitor its liquidity position closely and is confident that sufficient cash will be available to satisfy their post-petition payment obligations during the requested extension of the Exclusive Periods. In sum, the Chapter 11 Case is moving towards a successful conclusion as the Debtor, working closely with the Creditors' Committee, diligently works towards consummation of a sale of substantially all of its assets. The requested extension of the Exclusive Periods will allow this process to continue in an efficient manner, preserve enterprise value, and provide the Debtor with a fair and reasonable opportunity to liquidate its business for the benefit of all stakeholders. US Magnesium LLC is represented by: Michael Busenkell, Esq. Margaret M. Manning, Esq. Michael Van Gorder, Esq. Gellert Seitz Busenkell & Brown, LLC 1201 North Orange Street, Suite 300 Wilmington, Delaware 19801 Telephone: (302) 425-5800 Facsimile: (302) 425-5814 Email: mbusenkell@gsbblaw.com About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on Sept. 10, 2025. In its petition, the Debtor estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc., is the Debtor's claims and noticing agent. VANDERBILT MINERALS: Hires Bond Schoeneck & King as Co-Counsel -------------------------------------------------------------- Vanderbilt Minerals, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Bond, Schoeneck & King, PLLC as co-counsel. The firm's services include: a. advising the Debtor regarding its function and duties as a debtor in possession; b. assisting in the preparation of the Debtor's schedules of assets and liabilities and statement of financial affairs; c. negotiating with all creditors, including secured lenders; d. examining liens against property of the estate; e. negotiating with taxing authorities, if necessary; f. representing the Debtor in proceedings and hearings in the United States District and Bankruptcy Courts for the Northern District of New York; g. preparing and filing, on behalf of the Debtor, necessary applications, motions, orders, reports, complaints, answers, and other pleadings and documents in the administration of the estate; h. taking all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, negotiations in connection with any litigation in which the Debtor is involved, and objections to claims filed against the Debtor's estate; i. providing assistance, advice and representation concerning the confirmation of any proposed plan(s) and solicitation of any acceptances or responding to rejections of such plan(s); j. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required under local, state or federal law; k. providing counsel and representation with respect to assumption or rejection of executory contracts and leases, sales of assets and other bankruptcy-related matters arising from this Chapter 11 Case; l. advising the Debtor regarding all legal matters arising during the Chapter 11 Case, including, but not limited to, corporate, finance, intellectual property, tax and commercial matters; and m. providing all other pertinent and required representation in connection with the provisions of the Bankruptcy Code. The firm's hourly rates are: Members & Of Counsel $345 to $1,165 Senior Counsel $385 to $780 Associates $190 to $745 Paraprofessionals $150 to $505 In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing of the petition, the Debtors paid the firm a retainer in the amount of $100,000. Charles J. Sullivan, Esq., an attorney at Bond, Schoeneck & King, 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: Charles J. Sullivan, Esq. Bond, Schoeneck & King PLLC 600 Third Avenue, 22nd Floor New York, NY 10016 Telephone: (646) 253-2300 Facsimile: (646) 253-2301 About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC mines, processes, and distributes industrial minerals, primarily clays, for use in pharmaceutical, agricultural, personal care, coating, adhesive, construction, industrial, and household products, serving over 800 customers in roughly 60 countries. Vanderbilt Minerals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60110) on Feb. 16, 2026. In the petition signed by Dean Vomero, chief restructuring officer, the Debtor disclosed $100 million to $500 million in both estimated assets and liabilities. The Debtor tapped Bond, Schoeneck & King PLLC as counsel and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. VANDERBILT MINERALS: Hires Greenhill & Co LLC as Investment Banker ------------------------------------------------------------------ Vanderbilt Minerals, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Greenhill & Co., LLC as its investment banker. The firm will render these services: a. review and analyze the Debtor's assets, liabilities, capital structure and the historical financial performance of the Debtor, including its liquidity; b. analyze the Debtor's financial results and key operating performance indicators; c. review and analyze the business plan and financial projections prepared by the Debtor; d. assist in the determination of a range of values for the Debtor as a going concern based on various economic and business scenarios; e. assist the Debtor in raising, structuring and effecting new debt, equity or other securities, including, but not limited to, bridge, debtor-in-possession and/or exit financing; f. assist in evaluating strategic alternatives of the Debtor, and develop Transaction frameworks; g. provide advice and coordinate with management and counsel to develop a strategy for any Transaction and other transactions, including but not limited to liability management transactions, as applicable and mutually agreed by the Debtor and Greenhill; h. provide financial advice and assistance to the Debtor in structuring any new securities, other consideration or instruments to be offered and/or issued in connection with a Transaction; i. assist the Debtor and its other professionals in reviewing the terms of any proposed Transaction; j. assist and/or participate in negotiations with the parties in interest, including, without limitation, any current or prospective creditors of the Debtor and/or their respective representatives in connection with a Transaction; k. advise the Debtor with respect to, and attend, meetings of the Debtor's senior management, board of directors, audit committees (as necessary), creditor groups (including ad hoc groups and statutory committees of creditors or equity holders) and other interested parties, as necessary, with respect to matters on which Greenhill has been engaged to advise hereunder; l. if requested by the Debtor, participate in hearings in the Bankruptcy Case before the Bankruptcy Court and provide relevant testimony with respect to Greenhill's services and the matters described herein, as well as issues arising in connection with any proposed chapter 11 plan in Greenhill's area of expertise concerning a Transaction; m. assist the Debtor and its other professionals in negotiations with parties regarding operating assets anticipated to be transferred to the Debtor by the Debtor's parent as part of any Transaction; n. provide such other general advisory services and investment banking services as are customary for similar transactions and as may be mutually agreed upon by the Debtor and Greenhill. Greenhill's compensation is as follows: a. Monthly Advisory Fee. A non-refundable monthly fee of $125,000 per month (the "Monthly Advisory Fee"), which shall be due and paid promptly by the Company on a monthly basis in advance. The initial Monthly Advisory Fee shall be payable upon execution of the Engagement Letter and each subsequent Monthly Advisory Fee shall be payable at the beginning of each month thereafter. After six full Monthly Advisory Fees have been received by Greenhill following August 18, 2025, 50% of any Monthly Advisory Fees received by Greenhill shall be credited once, without duplication, against any Restructuring Transaction Fee or M&A Fee subsequently payable to Greenhill under the Engagement Letter. b. M&A Fee. Promptly upon the consummation of any M&A Transaction, a fee (an "M&A Fee") equal to $2,750,000. Such M&A Fee shall be payable from the proceeds of such applicable M&A Transaction prior to any other use or distribution of such proceeds. c. Restructuring Transaction Fee. Promptly upon the consummation of a Restructuring Transaction, a fee (the "Restructuring Transaction Fee") equal to $2,750,000. d. Financing Fee. Promptly upon the consummation of any Financing, a fee (a "Financing Fee") equal to an amount to be determined according to the following schedule and subject to a minimum fee of $250,000 per Financing: (i) 1.0% of the aggregate principal amount of any senior secured Bank Debt or senior secured Debt Securities of any Financing, which may include debtor-in-possession and exit financing; (ii) 2.0% of the aggregate principal amount of any junior secured Bank Debt or junior secured Debt Securities of any Financing; (iii) 3.0% of the aggregate principal amount of any unsecured or subordinated Debt Securities of any Financing; (iv) 4.0% of any preferred equity capital or hybrid capital raised; and (v) 5.0% of any common equity capital or capital convertible into common equity raised, including, without limitation, equity underlying any warrants, purchase rights or similar contingent equity securities. For the avoidance of doubt, the terms "aggregate principal amount" and "raised" include the amount committed or otherwise made available to the Company, whether or not such amount (or any portion thereof) is drawn down at closing or is ever drawn down and whether or not such amount (or any portion thereof) is used to refinance existing obligations of the Company. As disclosed in court filings, Greenhill is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Greenhill & Co can be reached through: Eric Mendelsohn Greenhill & Co., LLC 1271 Avenue of the Americas, New York, NY 10020 Tel: (212) 389-1500 Fax: (212) 389-1700 About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC mines, processes, and distributes industrial minerals, primarily clays, for use in pharmaceutical, agricultural, personal care, coating, adhesive, construction, industrial, and household products, serving over 800 customers in roughly 60 countries. Vanderbilt Minerals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60110) on Feb. 16, 2026. In the petition signed by Dean Vomero, chief restructuring officer, the Debtor disclosed $100 million to $500 million in both estimated assets and liabilities. The Debtor tapped Bond, Schoeneck & King PLLC as counsel and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. VANDERBILT MINERALS: Seeks to Hire Jones Day as Bankruptcy Counsel ------------------------------------------------------------------ Vanderbilt Minerals, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Jones Day as its counsel. The firm's services include: (a) advising the Debtor of its rights, powers and duties as debtor and debtor in possession continuing to operate and manage its business and properties under chapter 11 of the Bankruptcy Code; (b) preparing, on behalf of the Debtor, all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed in this Chapter 11 Case; (c) advising the Debtor concerning, and preparing responses to, applications, motions, other pleadings, notices and other papers that may be filed by other parties in this Chapter 11 Case and appearing on behalf of the Debtor in any hearings or other proceedings relating to those matters; (d) reviewing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; (e) advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (f) advising and assisting the Debtor in connection with any asset dispositions; (g) advising and representing the Debtor with respect to employment-related issues; (h) advising and assisting the Debtor in negotiations with the Debtor's debt holders and other stakeholders; (i) advising and assisting the Debtor in negotiations with the Debtor's stakeholders; (j) advising and assisting the Debtor with respect to issues implicating government regulation; (k) advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections; (l) advising the Debtor in connection with the formulation, negotiation, promulgation and confirmation of a chapter 11 plan (and related transactional documents); (m) assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; (n) advising and assisting the Debtor in connection with matters related to debtor-in-possession financing; (o) commencing and conducting litigation that is necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful restructuring; (p) providing non-restructuring services for the Debtor to the extent requested by the Debtor, including, among other things, advice related to corporate governance matters; and (q) performing all other necessary or appropriate legal services in connection with this Chapter 11 Case for or on behalf of the Debtor. The standard hourly rates charged by Jones Day are as follows: Partner $1,075 to $2,650 Of Counsel $1,150 to $2,600 Associate $475 to $1,525 Paralegal $325 to $700 The firm received an advance payment in the amount of $500,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Heather Lennox, Esq., a partner at Jones Day, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Heather Lennox, Esq. Jones Day 2727 North Harwood Street Dallas, TX 75201-1515 Tel: (214) 220-3939 Fax: (214) 969-5100 Email: hlennox@jonesday.com About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC mines, processes, and distributes industrial minerals, primarily clays, for use in pharmaceutical, agricultural, personal care, coating, adhesive, construction, industrial, and household products, serving over 800 customers in roughly 60 countries. Vanderbilt Minerals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60110) on Feb. 16, 2026. In the petition signed by Dean Vomero, chief restructuring officer, the Debtor disclosed $100 million to $500 million in both assets and liabilities. The Debtor tapped Bond, Schoeneck & King, PLLC as legal counsel and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. VSM PROPERTIES: Plan Exclusivity Period Extended to Dec. 10 ----------------------------------------------------------- Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the Eastern District of Tennessee extended VSM Properties LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Dec. 10, 2026 and March 4, 2027, respectively. As shared by Troubled Company Reporter, the Debtor explains that for cause, the company would show unto the Court that, subject to Court approval, it has reached an agreement in principle with the largest secured creditor, Mary Jane Saunders, whereby it will be afforded ten months, or until December 9 to liquidate property in efforts to pay all claims in full, and that they have already obtained Court approval to liquidate 4 of the Debtor's properties thus far. For additional cause, the Debtor avers that it has in good faith complied with all Chapter 11 requirements to date, and that it is not behind on any quarterly fees to the U.S. Trustee as of the date of this Motion. The Debtor further asserts that it has demonstrated reasonable prospects for for presenting a viable liquidation Plan. VSM Properties, LLC is represented by: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 E-mail: tom@tombiblelaw.com About VSM Properties LLC VSM Properties, LLC, owns and operates short-term rental and residential real estate in Tellico Plains, Tennessee, and the surrounding area, focusing on cabin and hospitality properties. VSM Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9, 2025, listing up to $50,000 in assets and between $10 million and $50 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25¬32042). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. WARNER PACIFIC: Barings Participation Marks $1.3M Loan at 39% Off ----------------------------------------------------------------- Barings Participation Investors has marked its $1,345,176 loan extended to Warner Pacific Insurance Services to market at $821,274 or 61% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Warner Pacific Insurance Services. The Loan accrues interest at a rate of 8.95% (SOFR + 5.000%) per annum. The Loan matures on Dec. 27, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Warner Pacific Insurance Services Warner Pacific Insurance Services is a wholesale insurance broker focused on employee benefits. WEST DAUPHIN: Seeks Chapter 11 Bankruptcy in Pennsylvania --------------------------------------------------------- On March 9, 2026, West Dauphin St. LP filed for Chapter 11 protection in the United States Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About West Dauphin St. LP West Dauphin St. LP is a limited partnership engaged in real estate ownership and property investment activities. West Dauphin St. LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10938) on March 9, 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 Derek J. Baker handles the case. The Debtor is represented by Ibn Devin Uqdah, Esq., of Legis Group LLC. WHITCRAFT HOLDINGS: Barings PI Marks $1.3M Loan at 20% Off ---------------------------------------------------------- Barings Participation Investors has marked its $1,352,909 loan extended to Whitcraft Holdings, Inc. to market at $1,086,296 or 80% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Whitcraft Holdings, Inc. The Loan accrues interest at a rate of 8.67% (SOFR + 5.000%) per annum. The Loan matures on Sept. 30, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Whitcraft Holdings, Inc. Whitcraft Holdings, Inc. is a leading supplier of highly engineered components for commercial and military aircraft engines. WHITCRAFT HOLDINGS: Barings PI Marks $1.3MM Loan at 20% Off ----------------------------------------------------------- Barings Participation Investors has marked its $1,352,909 loan extended to Whitcraft Holdings, Inc. to market at $1,086,296 or 80% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a Term loan extended to Whitcraft Holdings, Inc. The Loan accrues interest at a rate of 8.67% (SOFR + 5.000%) per annum. The Loan matures on Sept. 30, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Whitcraft Holdings, Inc. Whitcraft Holdings, Inc. is a leading supplier of highly engineered components for commercial and military aircraft engines. WHITCRAFT HOLDINGS: Barings PI Marks $372,728 Loan at 78% Off ------------------------------------------------------------- Barings Participation Investors has marked its $372,728 loan extended to Whitcraft Holdings, Inc. to market at $82,419 or 22% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in an Incremental Term loan extended to Whitcraft Holdings, Inc. The Loan accrues interest at a rate of 8.67% (SOFR + 5.000%) per annum. The Loan matures on Sept. 30, 2031. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Whitcraft Holdings, Inc. Whitcraft Holdings, Inc. is a leading supplier of highly engineered components for commercial and military aircraft engines. WILSON LANGUAGE: Barings PI Marks $612,319 Loan at 28% Off ---------------------------------------------------------- Barings Participation Investors has marked its $612,319 loan extended to Wilson Language Training to market at $439,237 or 72% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Wilson Language Training. The Loan accrues interest at a rate of 8.63% (SOFR + 4.750%) per annum. The Loan matures on April 19, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Wilson Language Training Wilson Language Training is a provider of supplemental literacy curricula and professional development products for the K-12 education market, with a focus on early reading instruction in kindergarten through third grade. WOLVERINE WORLD: S&P Upgrades ICR to 'B+', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.–based footwear company Wolverine World Wide Inc. to 'B+' from 'B'. S&P also raised its rating on its revolving credit facility to 'BB' from 'BB-' and our rating on its senior unsecured notes to 'B' from 'B-'. The stable outlook reflects our expectation that Wolverine will sustain leverage of about 4x, maintain EBITDA margins above 10%, and generate revenue growth of 2%-5% over the next two years. Wolverine improved its adjusted leverage to 3.9x at the end of 2025 from 5.3x at the end of 2024. S&P expects the company will be able to sustain a similar operating performance over the next few years and maintain credit metrics near current levels. S&P said, "The upgrade reflects our expectation that Wolverine will sustain leverage comfortably below 5x over the coming year, following its success in stabilizing its operating performance and improving profitability by year-end 2025. Strong results from Saucony and Merrell helped the company deleverage and modestly exceed its guidance for revenue, earnings, gross margin, and operating margin for 2025. We expect the company's 2026 operating performance will be broadly similar, as growth in its active group is offset by more significant tariff costs than realized in 2025, continued marketing spending on Saucony, and continued investments into Sweaty Betty and its work group. Building off investments in key brands, cost reductions, debt repayment, and operating efficiency initiatives, Wolverine's leverage has declined more than 5x in two years, with its adjusted EBITDA margins improving by about 720 basis points (bps) from 2023 levels. "We expect stronger operating performance will help the company weather ongoing tariff and freight cost pressures. Our forecast incorporates expectations for about $65 million of tariff expenses—an incremental impact of about $50 million from 2025. While recent changes to U.S. tariff policies could modestly lower these costs, the company would likely feel those effects in the second half of 2026. Given the improvements in its cost structure and Wolverine's market placement as a premium, but not ultra-premium, brand, we expect the company's credit metrics will be able to withstand these and other pressures." This includes potential effects from the war with Iran that could elevate shipping costs, reduce consumers' discretionary income, and negatively affect margins. Wolverine's cash balance and conservative capital allocation strategy support the rating. Wolverine ended 2025 with over $200 million cash. S&P said, "Although we evaluate the company on a gross debt leverage basis, we recognize the strong cash balance provides additional financial flexibility when ultimately seeking to address the 2029 maturity. Despite the strong cash balance, the company has refrained from material share repurchases and has otherwise strengthened its balance sheet through reducing pension-related liabilities. We expect the company will refrain from material acquisitions over at least the next 12 months as we believe it will likely continue to focus on organic growth, further developing and demonstrating its capabilities as a builder of strong global brands before adding new brands." Continuing declines in established brands, increased returns to shareholders, and debt-funded acquisitions are risks to the rating. While Wolverine benefits from being a portfolio of relatively strong brands, we expect the successes at Saucony and Merrell will moderate in the next 12 months and the company will need stronger performance from its other brands. Sweaty Betty seems closest to joining Saucony and Merrell in terms of returning to margin expansion and growth, but women's activewear remains highly competitive. With competition from Lululemon, Vuori, Alo Yoga, Fabletics, and Beyond Yoga, among others, it will be difficult for the brand to grow at or near the market's pace. S&P said, "Still, we expect Sweaty Betty's unit-level economics will improve over 2026 and 2027 as the brand's focus shifts toward expanding distribution in select international markets and transitioning its U.S. business to a more premium direct-to-consumer model. The company's namesake work brand, Wolverine, saw 9% revenue declines in 2025. We believe the Wolverine brand is nearing a trough, having missed out on a Western workwear trend, and believe the brand is better positioned to adapt to new trends going forward. However, with guidance for a flat revenue year, the speed and size of the brand's recovery remains highly uncertain. In addition to operating performance, we see risks that activist investors could seek to exert pressure on the company to adopt a more aggressive financial policy through debt-funded acquisitions or to increase share repurchases." The stable outlook reflects S&P's expectation that Wolverine will sustain leverage of about 4x, maintain EBITDA margins above 10%, and generate revenue growth of 2%-5% over the next two years. S&P could lower its ratings if the company's operating performance deteriorates, such that adjusted leverage rises to and is expected to remain above 5x. This could occur if: -- There is increasing competition in the industry and accelerating share loss in the challenging macroeconomic environment. -- The company pursues aggressive financial policy with debt-funded share repurchases and acquisitions. S&P could raise its ratings if the company continues to improve its operating performance by prioritizing growth brands and focusing on profit improvement, such that adjusted leverage is sustained below 4x. This could occur if: -- New products resonate well with consumers and the company sustains market share gains. -- Consumer demand improves and the company improves profit through its margin improvement and cost-saving initiatives. -- The company sustains positive discretionary cash flow and continues to prioritize debt repayment from free cash flow generation. WOODCREST CONDOMINIUMS: Plan Exclusivity Period Extended to May 1 ----------------------------------------------------------------- Judge Elizabeth L. Gunn of the U.S. Bankruptcy Court for the District of Columbia extended Woodcrest Condominiums V, LLC, and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 1 and July 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtors are limited liability companies formed under the laws of the District of Columbia. The Debtors own real property subdivided into separately identifiable albeit unimproved lots. Each of the Woodcrest entities and their segregated lots are part of a larger condominium development known as Woodcrest Villas. The Debtors explain that the parties will endeavor to resolve all matters that could and should have been resolved in ways different than in the manner in which they've progressed. It would also be premature to require Debtors to incur and suffer additional time, costs and expenses in submitting plans of reorganization that may well be entirely unnecessary. The Debtors believe it prudent to preserve their exclusive rights to file a plan while they work through the issues relating to the liens as are presently contested. The amount of time that the Debtors are requesting is modest and is in line with this Court's extension of exclusive periods in similar cases. The Debtors believe that good cause exists to grant the Motion and extend the Debtors' Exclusive Periods to file proposed plans and solicit acceptances thereto. Counsel to the Debtors: Douglas N. Gottron, Esq. Morris Palerm, LLC 751 Rockville Pike, Suite 2A Rockville, MD 20852 Tel: (301) 424-6290 Fax: (301) 424-6294 Email: dgottron@morrispalerm.com About Woodcrest Condominiums X LLC Woodcrest Condominiums X LLC is a residential real estate company that appears to develop or manage condominium properties in Washington, DC, operating under the Woodcrest Villas brand. Woodcrest Condominiums X LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00338) on August 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Elizabeth L. Gunn oversees the case. The Debtors are represented by Douglas Neil Gottron, Esq. at Morris Palerm, LLC. WOODLAND FOODS: Barings Participation Marks $1.22MM Loan at 18% Off ------------------------------------------------------------------- Barings Participation Investors has marked its $1,218,506 loan extended to Woodland Foods, Inc. to market at $995,872 or 82% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Woodland Foods, Inc. The Loan accrues interest at a rate of 9.17% (SOFR + 5.250%) per annum. The Loan matures on Dec. 29, 2028. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Woodland Foods, Inc. Woodland Foods, Inc. is a provider of specialty dry ingredients, including herbs and spices, rice and grains, mushrooms and truffles, chilies and other ingredients serving industrial, foodservice and retail end markets. X4 PHARMA: Morgan Stanley and Affiliates Hold 10.2% Equity Stake ---------------------------------------------------------------- Morgan Stanley, Morgan Stanley Investment Management Inc., and Inception Trust, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 8,884,338 shares of common stock (with shared voting and dispositive power through certain operating units of Morgan Stanley and its subsidiaries/affiliates) of X4 Pharmaceuticals, Inc.'s common stock, representing 10.2% of the shares outstanding. * Morgan Stanley: 8,884,338 shares (10.2%) * Morgan Stanley Investment Management Inc.: 8,884,304 shares (10.2%) * Inception Trust: 4,518,236 shares (5.2%) Morgan Stanley may be reached through: Claire Gordon, Authorized Signatory 1585 Broadway, New York, NY 10036 Tel: 212-761-4000 A full-text copy of Morgan Stanley's SEC report is available at: https://tinyurl.com/577ajna2 About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $163.56 million in total assets, $101.94 million in total liabilities, and $61.62 million in total stockholders' equity. XANDRIA HOLDINGS: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: Xandria Holdings LLC 851 NE 1st Ave., Unit 2203 Miami, FL 33132 Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-12980 Debtor's Counsel: David W. Langley, Esq. DAVID W. LANGLEY, ESQ. 8551 W. Sunrise Blvd., Suite 303 Fort Lauderdale, FL 33322 Tel: 954-356-0450 E-mail: dave@flalawyer.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zohair Sultan as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6D4EJHA/Xandria_Holdings_LLC__flsbke-26-12980__0001.0.pdf?mcid=tGE4TAMA ZEEP INCORPORATED: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Zeep Incorporated 12912 Hill Country Blvd. Suite F234 Austin, TX 78738 Business Description: ZEEP Incorporated is a privately held energy company based in Austin, Texas, developing large-scale projects that produce premium fuels and chemicals. Since its founding in 2008, it has focused on clean, cost-competitive methanol and related energy products for both U.S. and international markets. The company works with joint venture partners and financial institutions to advance world-scale facilities, including integrated projects along the Gulf Coast and in Louisiana. Its developments leverage low-cost feedstock and existing infrastructure to meet rising demand for cleaner fuels and chemical feedstocks while positioning ZEEP as a growing player in large-scale methanol production. Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 26-10669 Judge: Hon. Henry A Callaway Debtor's Counsel: Richard Gaal, Esq. JONES WALKER LLP Suite 1200 11 N Water Street Mobile, AL 36602 Tel: 251-432-1414 Email: rgaal@joneswalker.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ronald Oligney as president and managing director. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M5TDJGI/Zeep_Incorporated__alsbke-26-10669__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Alabama Department of Revenue 2024 BPT $7,500 P.O. Box 327320 Montgomery, AL 36132-7320 2. Alta Mensa, LLC and Judgment $1,177,536 Andrei Duta and Interest P.O. Box 684767 Accruing Austin, TX 78768 3. Anderson Burnside PLLC Legal Services $4,890 4888 Loop Central Drive, Suite 530 Houston, TX 77081 Email: janderson@andersonburnside.com 4. Angela Sandford Independent $5,640 303 Ansley Cove Contractor Austin, TX 78738 Wages Email: angelawilliamson95@gmail.com 5. Box Vendor $2,558 900 Jefferson Avenue Redwood City, CA 94063 6. Brown Rudnick Legal Services $27,977 One Financial Center Boston, MA 02111 7. Carlton Methanol Limited Vendor $4,202 28 Booth Drive, Finchampstead Wokingham, Berkshire RG4O 4HL United Kingdom Email: phileastland@gmail.com 8. Cattail Creek Promissory Note $53,325 Ventures, LLC 5603 E. 470 Road Claremore, OK 74019 Email: fbrett@petroskills.com 9. Cenkus Law Legal Services $9,403 7500 Rialto Blvd., Bldg 1, Suite 250 Austin, TX 78735 Email: brett@cenkuslaw.com 10. CT Corporation Vendor $3,866 P.O. Box 4349 Carol Stream, IL 60197-4349 Email: corporationteam@wolterskluwer.com 11. Jonathan Timmer Promissory Note $213,835 1550 East Beltline Ave. SE, Suite 150 Grand Rapids, MI 49506 Email: jontimmer@gmail.com 12. Mobile AL Port Property Vendor $3,044 1550 East Beltline Avenue SE, Suite 150 Grand Rapids, MI 49506 Email: jontimmer@gmail.com 13. Mobile County 2025 Property $30,433 Revenue Commission Taxes P.O. Box 1169 Mobile, AL 36633 14. Nsite Solutions Vendor $2,181 P.O. Box 861 Austin, TX 78767 Email: accounting@nsite-it.com 15. Patton Boggs LLP Dividend $2,045 2250 M. Street N.W. Payable Washington, DC 20037 16. Ports Publishing (Horizon) Vendor $3,500 3179 Green Valley Road, Dept. 213 Birmingham, AL 35243 Email: wrosenberg@portspublishing.com 17. SSE Corporation 1099 Contractor $15,000 5912 Terravista Drive Austin, TX 78735 Email: pelewis@pelewis.com 18. The Wenmohs Group Vendor $8,375 P.O. Box 92887 Austin, TX 78709 Email: wwenmohs@wenmohsgroup.com 19. Tommy Pat Weldon Dividend $2,171 1800 West Cherry Payable Avenue Amarillo, TX 79108 Email: 7tweldon@gmail.com 20. Valhalla Ship Agency LLC 1099 Contractor $8,500 109 N. Conception Street, Suite 203 Mobile, AL 36602 Email: mobile@valhallashipagency.com ZIYAD: Barings Participation Marks $974,485 Loan at 44% Off ----------------------------------------------------------- Barings Participation Investors has marked its $974,485 loan extended to Ziyad to market at $548,830 or 56% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in a term loan extended to Ziyad. The loan accrues interest at a rate of 8.20% (SOFR + 4.500%) per annum. The loan matures on Dec. 19, 2032. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Ziyad Ziyad is an end-to-end importer, brand manager, value-added processor and distributor of Middle Eastern and Mediterranean foods. ********* 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. 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