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T R O U B L E D C O M P A N Y R E P O R T E R
Friday, March 20, 2026, Vol. 30, No. 79
Headlines
25 AUGUSTA: Case Summary & Nine Unsecured Creditors
407 SMILEY: Gets OK to Use Cash Collateral Until May 22
63 MILL RIVER: Voluntary Chapter 11 Case Summary
7243 APRIL: Unsecured Creditors to be Paid in Full in Sale Plan
8973 GRANTLINE: Lisa Holder Named Subchapter V Trustee
A & A AUTO: Ira Bodenstein Named Subchapter V Trustee
ACCELEVATION: Barings CI Marks $580,855 Loan at 24% Off
ACTION DOOR: Seeks Chapter 7 Bankruptcy in Pennsylvania
ALLEN MARKETING: Case Summary & 17 Unsecured Creditors
AM2D INC: Initiates Chapter 7 Bankruptcy in Pennsylvania
AMBASSADOR VETERANS: Seeks to Extend Plan Exclusivity to July 8
AMERICAN SIGNATURE: Court OKs Updated Claims Bar Date in Chapter 11
AMERICO CHEMICAL: Barings CI Marks $1MM Loan at 25% Off
AMI ENTERPRISES: Seeks 45-Day Extension of Plan Filing Deadline
AMKOR TECHNOLOGY: Fitch Affirms 'BB+' IDR, Outlook Positive
APM CONSTRUCTION: Andrew Layden Named Subchapter V Trustee
APPLICATION BOOTCAMP: Barings CI Marks $2.4MM Loan at 31% Off
ARCON CONSTRUCTION: Court OKs Chapter 11 Trustee Appointment
AXIP ENERGY: Gets Court Approval to Tap $105MM Chapter 11 Financing
BAKER & TAYLOR: Case Summary & 20 Largest Unsecured Creditors
BAKER & TAYLOR: Commences Chapter 11 Bankruptcy in New Jersey
BELWOOD INVESTMENTS: Case Summary & 20 Top Unsecured Creditors
BENEVOLENT CORP: Fitch Rates $88-Mil. 2026 Bonds 'BB+'
BIOXCEL THERAPEUTICS: Raises $7.8MM in Registered Direct Offering
BRANAVA INC: Gets Interim OK to Use Cash Collateral Until April 2
BUCKINGHAM SENIOR: Bondholders Fight Resident Ch.11 Payments Shift
BUILT SOLID: Unsecured Creditors to Split $125K over 3 Years
BULLIVANT HOUSER: Unsecureds Will Get 36.1% in Liquidating Plan
BY HOTEL SPE-3: Seeks $1MM DIP Loan from SBY DeKalb
CALDERIA LLC: Gets OK to Use Cash Collateral Until April 16
CALIFORNIA CUSTOM: Barings CI Marks $906,252 Loan at 28% Off
CANNABIST COMPANY: Extends Forbearance Agreement to March 25
CAPROCK GROUP: Barings CI Marks $2.4MM Loan at 45% Off
CARDIFF LEXINGTON: Posts $5.5MM Loss for FY25; Going Concern Stays
CARPENTER FAMILY: Seeks to Extend Plan Exclusivity to May 11
CCH JOHN EAGAN I: Unsecureds Will Get 100% of Claims in Plan
CENTER FOR EMOTIONAL: Gets Extension to Use Cash Collateral
CHEN FOUNDATION: Seeks Chapter 11 Bankruptcy in New York
CHILDREN'S HEALTH: Christopher Meredith Named Subchapter V Trustee
CLOUDONE DIGITAL: Barings CI Marks $2MM Loan at 19% Off
CORCHIS CAPITAL: Court Extends Cash Collateral Access to May 13
COSMOS HEALTH: Andreas Bovopoulos Holds 10% Equity Stake
CPW CORP: Court Extends Cash Collateral Access to May 1
DAI YON LLC: Ryan Richmond Named Subchapter V Trustee
DECKS DIRECT: Barings CI Marks $482,434 Loan at 34% Off
DEL MONTE: Secures Court OK to Tap Chapter 11 Plan Vote
DINUBA, CA: S&P Cuts 2012 Wastewater Revenue Bond Rating to 'BB+'
DOOR & WINDOW: Barings CI Marks $1MM Loan at 20% Off
DRAFTKINGS INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
DREAMS AND DESTINATIONS: Gets Extension to Access Cash Collateral
DWAYNE A. JONES: Case Summary & 15 Unsecured Creditors
E.N.D JEWELRY: Case Summary & Five Unsecured Creditors
EAST PHILADELPHIA: Leona Mogavero Named Subchapter V Trustee
EFI PRODUCTIVITY: Barings CI Marks $1.4 million Loan at 42% Off
ELITE PRINTING: Unsecured Creditors to Split $50K in Plan
EMBOLIC ACCELERATION: Ruediger Mueller Named Subchapter V Trustee
EVOFEM BIOSCIENCES: Posts Net Income of $391K for FY25
EXPERT INSTITUTE: Barings CI Marks $808,716 Loan at 61% Off
FERRARI IMPORTING: Case Summary & 20 Top Unsecured Creditors
FIRST BRANDS: Chapter 11 Dispute Returns to Mediation
FIRST CHOICE: Posts FY25 Loss of $6.96MM, Faces Going Concern Doubt
FORTREA HOLDINGS: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
FREE SPEECH: Conn. Court Declines Ex-Alex Jones Lawyer Ethics Case
FREEDOM MORTGAGE: S&P Alters Outlook to Positive, Affirms 'B' ICR
G2 TECHNOLOGIES: Court Extends Cash Collateral Access to April 6
GCDL HOLDINGS: Barings CI Marks $2.5MM Loan at 31% Off
GEORGIA VASCULAR: $3.86M Unsecured Claims to Recover 5% in Plan
GLOBAL JOINT: Amends Plan; Confirmation Hearing April 14
GOLIATH VENTURES: Case Summary & 20 Largest Unsecured Creditors
GUARDIAN FIRE: Barings CI Marks $1.5MM Loan at 56% Off
HAIRANDO LLC: Ryan Richmond Named Subchapter V Trustee
HAYSTACKID: Barings CI Marks $2MM Loan at 42% Off
HEART 2 HEART: Court OKs Appointment of Chapter 11 Trustee
HYSTER-YALE INC: S&P Alters Outlook to Negative, Affirms 'B' ICR
INOTIV INC: Receives Waiver on Minimum Liquidity Covenant
INTL TOWER HILL: Says Funding Sufficient for Coming 12 Months
JACKSON WALKER: Judge Calls Jackson Walker Deals a "Dilemma"
JAMMER LIMITED: Charles Mouranie Named Subchapter V Trustee
JLM HOLDINGS Case Summary & One Unsecured Creditor
KABUKI LLC: Ryan Richmond Named Subchapter V Trustee
KSHITIJ INC: Salvatore LaMonica Named Subchapter V Trustee
L & J INDUSTRY: G. Matt Barberich Named Subchapter V Trustee
LIGADO NETWORKS: Seeks Court Stay on $100MM Inmarsat Payment
LYCRA COMPANY: Files Prepackaged Ch. 11 to Eliminate $1.2B in Debt
LYCRA COMPANY: Seeks Chapter 11 Bankruptcy in Texas
MATIV HOLDINGS: S&P Affirms 'B' ICR on Refinancing, Outlook Stable
MATTHEWS INTERNATIONAL: Fitch Affirms & Then Withdraws 'BB-' IDR
MERCHANT INDUSTRY: Barings CI Marks $1.2MM Loan at 34% Off
MISSION MICROWAVE: Barings CI Marks $1.4MM Loan at 16% Off
MOGAFORD CAPITAL: Case Summary & Four Unsecured Creditors
NAVAJO SMILES: Michael Carmel Named Subchapter V Trustee
NEAREST GREEN: Case Summary & One Unsecured Creditor
NEARSHORE NETWORK: Gets Interim OK to Use Cash Collateral
NET AT WORK: Barings CI Marks $3.3MM Loan at 32% Off
NETRIX: Barings Corporate Marks $3.5MM Loan at 16% Off
NINE ENERGY: Emerges From Chapter 11 With $135MM Exit ABL Facility
NMR ENTERPRISES: Court OKs $200K DIP Loan, Cash Collateral Access
OUT THE GATE: Plan Exclusivity Period Extended to June 10
PATRIOT DSP: Case Summary & 12 Unsecured Creditors
PBF HOLDING: Fitch Alters Outlook on 'BB' IDR to Stable
PINE GATE: Bankruptcy Court OKs 1GW Portfolio Sale to Nofar USA
POLYTEX HOLDINGS: Barings CI Marks $4.8MM Bond at 69% Off
POWER LANE: Scott Sackett Named Subchapter V Trustee
PRND3L INC: Gets Final OK to Use Cash Collateral
PROJECT HALO: Barings CI Marks $2MM Loan at 22% Off
RAD DIVERSIFIED: Gets Court OK to Use Cash Collateral
RAIZEN SA: Requests US Approval for $12-Bil. Brazil Restructuring
RAMANUJAN GROUP: Case Summary & 20 Largest Unsecured Creditors
RAYMOND GROUP: Case Summary & 18 Unsecured Creditors
RELIZ LTD: Gets Court Okay to Tap Lender Cash in Chapter
RELIZ TECHNOLOGY: Deadline for Panel Questionnaires Set for March 23
ROSKO GROUP: Voluntary Chapter 11 Case Summary
RUBY TUESDAY: Former Execs Seek SCOTUS Review of Benefits Dispute
S & H SYSTEMS: Gets Final OK for DIP Loan From Corporate Billing
S&G LABS: Unsecureds to Get Share of Profits Fund for 5 Years
SAKS GLOBAL: Secures Final $300M Tranche of $1.75B Commitment
SANTA ANA EXPRESS: Gets Final OK to Use Cash Collateral
SHREE OF MEMPHIS: Claims to be Paid from Rental Income
SKYLINE PITKIN: Case Summary & Three Unsecured Creditors
SMITH MICRO: William Smith Jr. Holds 32.3% Equity Stake
SPATCO: Barings CI Marks $3.3MM Loan at 24% Off
SPHERE 3D: Agrees to Acquire Cathedra Bitcoin in Stock Arrangement
SPIRIT AVIATION: Esopus Creek Stake Drops Below 5%
SPIRIT AVIATION: Moves Closer to Chapter 11 Exit with RSA Filing
SSP WASTE: Gets Interim OK to Use Cash Collateral
SSP WASTE: Mark Dennis of SL Biggs Named Subchapter V Trustee
STARLIGHT US: Ventura Loan Default Notice Triggers Foreclosure Risk
SUPERSTAR ELIZABETH: Updates Elizabeth Bank & SBA Secured Claims
SWIFTSHIPS LLC: Case Summary & 20 Largest Unsecured Creditors
SWOOP: Barings Corporate Marks $1MM Loan at 48% Off
T.E.A.M. PARKER: Gets Interim OK to Use Cash Collateral
TPI COMPOSITES: Court OKs Asset Deals to Resolve DIP Default
TRIPLETT FUNERAL: Claims to be Paid from Disposable Income
TRY TROUT: Amends Plan to Include Sortis Secured & Unsecured Claims
TSUNAMI RESTAURANTS: Ryan Richmond Named Subchapter V Trustee
TYRO ENTERPRISES: Case Summary & Four Unsecured Creditors
UHY LLP: Barings CI Marks $4.1MM Loan at 47% Off
UNCLE NEAREST INC: Case Summary & 20 Largest Unsecured Creditors
UNCLE NEAREST: Case Summary & One Unsecured Creditor
UNITED PROPERTY: Court OKs Deal on Cash Collateral Access
UNOSQUARE: Barings CI Marks $1.2MM Loan at 42% Off
VERRICA PHARMACEUTICALS: Narrows Net Loss to $17.9MM in 2025
VIAVI SOLUTIONS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
VILLAGE HOMES: Court Oks VWP Property Sale to R. & S. Mitchell
VINTRENDI WINE: Court Extends Cash Collateral Access to April 2
WARNER PACIFIC: Barings CI Marks $2.7MM Loan at 38% Off
WEATHERMASTER ROOFING: Gets Extension to Access Cash Collateral
WEST 3RD HOLDINGS: U.S. Trustee Unable to Appoint Committee
WEST RIDGE: Plan Exclusivity Period Extended to Aug. 3
WHITCRAFT HOLDINGS: Barings CI Marks $3.4MM Loan at 32% Off
WHITE STAR: L. Todd Budgen Named Subchapter V Trustee
WILLSCOT HOLDINGS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
WILSON LANGUAGE: Barings CI Marks $1.2MM Loan at 28% Off
WOODFORD PROPERTY: Gets Final OK to Use Cash Collateral
WTA 25 LLC: Case Summary & Four Unsecured Creditors
XWELL INC: James Joseph McCabe III Holds 5.5% Equity Stake
YELLOW CORP: Kasowitz Prevails Over Teamsters in Fee Dispute
ZHL SERVICES: Unsecureds Will Get 1% of Claims over 36 Months
[] Akerman Expands Bankruptcy Practice With Partner Luke Murley
[] Bae and Ruby Join Simpson Thacher's Capital Structure Practice
[] Seasoned Bankruptcy Partner John Penn Joins Fox Rothschild
[] Simpson Thacher Adds Bae & Ruby to Capital Structure Practice
[^] BOOK REVIEW: Management Guide to Troubled Companies
*********
25 AUGUSTA: Case Summary & Nine Unsecured Creditors
---------------------------------------------------
Debtor: 25 Augusta, LLC
2530 W. Augusta Blvd
Chicago, IL 60622
Business Description: 25 Augusta, LLC, a private
limited-liability company, is principally a real-estate holding
entity associated with the ownership of a multi-family residential
property in the West Town/Ukrainian Village area of Chicago.
Chapter 11 Petition Date: March 16, 2026
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 26-04618
Judge: Hon. Jacqueline P Cox
Debtor's Counsel: Paul M. Bach, Esq.
BACH LAW OFFICES
P.O. Box 1285
Northbrook, IL 60065
E-mail: paul@bachoffices.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Monserrate Hernandez as member.
A full-text copy of the petition, which includes a list of the
Debtor's nine unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/W7CMK3I/25_Augusta_LLC__ilnbke-26-04618__0001.0.pdf?mcid=tGE4TAMA
407 SMILEY: Gets OK to Use Cash Collateral Until May 22
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts granted
in part 407 Smiley Crossing LLC's motion for authority to use cash
collateral.
In its proceeding memorandum and order, the court authorized the
Debtor to use cash collateral on an interim basis through May 22 to
pay the expenses set forth in its revised budget, subject to a
variance of no more than 10% in the aggregate.
As provided in the order dated February 11, the Debtor must make
monthly payments to Newburyport Five Cents Savings Bank of interest
at the rate of 3% based on a value of $14.4 million.
The next hearing is scheduled for May 19.
The Debtor must file and serve by May 12 a supplement to the motion
setting forth a reconciliation of budget to actual expenses paid
for the period ending April 30, including actual amounts and
variances both on a monthly basis and in the aggregate and
including cash balances.
The interim order is available at http://urlcurt.com/u?l=dI66ZS
from PacerMonitor.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 November 17,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Janet E. Bostwick handles the case.
The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon
Law Firm LLP.
63 MILL RIVER: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: 63 Mill River Road LLC
63 Mill River Road
Upper Brookville, NY 11710
Business Description: 63 Mill River Road LLC is a limited
liability company that owns and holds a residential property in
Upper Brookville, New York, operating as a real estate holding
entity.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 26-71066
Judge: Hon. Louis A Scarcella
Debtor's Counsel: Karamvir Dahiya, Esq.
DAHIYA LAW OFFICES LLC
111 John Street
Suite 1860
New York, NY 10038
Tel: 212-766-8000
E-mail: karam@dahiya.law
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by William J. Gibbs Sr., as member of the
Debtor.
The Debtor has confirmed in the petition that it has no unsecured
creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/ZTXLXWA/63_MILL_RIVER_ROAD_LLC__nyebke-26-71066__0001.0.pdf?mcid=tGE4TAMA
7243 APRIL: Unsecured Creditors to be Paid in Full in Sale Plan
---------------------------------------------------------------
7243 April Court, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Georgia a Disclosure Statement in support of
Plan of Reorganization dated March 9, 2026.
The Debtor is a Georgia limited liability company. The Debtor's
sole asset is a residential property located at 7243 April Court,
Morrow, Georgia 30287, situated in Clayton County, Georgia (the
"Property").
The Debtor's sole member is Bernard H. Jackson, III, as executor of
the Estate of Sharon Pitt (the "Member"), who holds a 100% managing
member interest. Bernard H. Jackson serves as the Manager of the
Debtor. The Debtor's purpose is to hold title to and manage the
Property. The Property is a residential dwelling with an estimated
value of $220,000.00 as listed on the Debtor's schedules.
The Estate of Sharon Pitts transferred the Property to the Debtor
prior to the Petition Date. All creditors of the Debtor are also
creditors of the Estate of Sharon Pitts. The obligations secured by
the Property, including the mortgage held by Shellpoint and the
homeowners association assessments owed to Southlake Townhomes
Homeowners Association, Inc., as well as the unsecured obligations
to Truist Bank and U.S. Bank, were incurred by or on behalf of the
Estate of Sharon Pitts and remain obligations of both the Estate
and the Debtor.
Prior to the petition date, the Debtor's mortgage lender,
Shellpoint Mortgage Services, was pursuing collection actions and
the Debtor was at risk of losing the Property to foreclosure. The
Debtor filed this chapter 11 case to protect its equity in the
Property and to pursue an orderly sale of the Property for the
benefit of all creditors.
The Plan provides for the sale of the Property, the Debtor's sole
asset, and the distribution of the net sale proceeds to pay all
creditors in full. The Debtor believes the Property can be sold at
or near its listed price of $220,000.00, which will generate
sufficient proceeds to pay all allowed claims, including secured,
administrative, and unsecured claims, in full.
Class 2 consists of all allowed general unsecured claims against
the Debtor. Based on the Debtor's amended schedules, the total
amount of general unsecured claims is $18,327.48, consisting of the
following: (a) Truist Bank in the amount of $11,002.48 for
financing of a heating and cooling system; (b) U.S. Bank in the
amount of $6,267.95 for credit card debt; and (c) Southlake
Townhomes Homeowners Association, Inc. in the amount of $1,057.05
for homeowners association assessments.
All allowed Class 2 claims will be paid in full in cash from the
net proceeds of the sale of the Property on the Effective Date.
Class 2 is unimpaired and is not entitled to vote on the Plan.
Class 2 is deemed to accept the Plan.
Class 3 consists of the equity interests in the Debtor held by
Bernard H. Jackson, III, as executor of the Estate of Sharon Pitt.
Because the Plan provides for the payment of all allowed claims in
full, the holder of the equity interests shall retain such
interests in the Reorganized Debtor. Class 3 is unimpaired and
deemed to accept the Plan.
The Plan will be funded entirely from the proceeds of the sale of
the Property. The Debtor has retained Metro Brokers as its real
estate broker and has listed the Property for sale at $220,000.00.
The Debtor believes the Property will sell at or near the listed
price based on comparable sales in the area.
A full-text copy of the Disclosure Statement dated March 9, 2026 is
available at https://urlcurt.com/u?l=Gydevt from PacerMonitor.com
at no charge.
Counsel to the Debtor:
William A. Rountree, Esq.
Caitlyn Powers, Esq.
ROUNTREE LEITMAN KLEIN & GEER, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Email: wrountree@rlkglaw.com
cpowers@rlkglaw.com
About 7243 April Court LLC
7243 April Court, LLC is a Georgia limited liability company.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60025) on September 1,
2025, listing up to $50,000 in assets and $50,001 to $100,000 in
liabilities.
Will B. Geer, Esq., at Rountree Leitman Klein & Geer LLC, is the
Debtor's counsel.
8973 GRANTLINE: Lisa Holder Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 17 appointed Lisa Holder, Esq., a
practicing attorney in Bakersfield, Calif., as Subchapter V trustee
for 8973 Grantline, LLC.
Ms. Holder will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Holder declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Lisa Holder, Esq.
3710 Earnhardt Drive
Bakersfield, CA 93306
Phone: (661) 205-2385
Email: lholder@lnhpc.com
About 8973 Grantline LLC
8973 Grantline, LLC is an investment entity classified as a Single
Asset Real Estate business under 11 U.S.C. Section 101(51B),
engaged in the ownership and leasing of a single property.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-21179) on March 4,
2026, with $1 million to $10 million in assets and liabilities.
Judge Christopher M. Klein presides over the case.
Kevin Hughey, Esq. at HUGHEY LAW, APC represents the Debtor as
legal counsel.
A & A AUTO: Ira Bodenstein Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 11 appointed Ira Bodenstein as
Subchapter V trustee for A & A Body Works On Grand, Inc.
Mr. Bodenstein will be paid an hourly fee of $500 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Bodenstein declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
About A & A Body Works On Grand Inc.
A & A Body Works On Grand, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
26-03824) on March 3, 2026, with between $1 million and $10 million
in both assets and liabilities.
Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the
Debtor as legal counsel.
ACCELEVATION: Barings CI Marks $580,855 Loan at 24% Off
-------------------------------------------------------
Barings Corporate Investors has marked its $580,855 loan extended
to Accelevation to market at $443,844 or 76% of the outstanding
amount, according to Barings CI's N-CSR for the fiscal year ended
Dec. 31, 2025, filed with the U.S. Securities and Exchange
Commission.
Barings Corporate Investors is a participant in a Senior Term loan
extended to Accelevation. The loan accrues interest at a rate of
8.37% (SOFR + 4.500%) per annum. The loan matures on Jan. 2, 2031.
Barings Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Accelevation
Accelevation is a vertically integrated provider of customized data
center facility solutions, including design and installation of
electrical and power systems, airflow containment and critical
infrastructure layouts for U.S. data centers.
ACTION DOOR: Seeks Chapter 7 Bankruptcy in Pennsylvania
-------------------------------------------------------
On March 12, 2026, Action Door Company & Property Services, LLC,
filed for Chapter 7 protection in the Middle District of
Pennsylvania. According to court filings, the Debtor reports
between $1 million and $10 million in debt owed to 50-99
creditors.
About Action Door Company & Property Services, LLC
Action Door Company & Property Services, LLC is a service-oriented
company engaged in door installation, repair, and property
maintenance solutions for residential and commercial clients.
Action Door Company & Property Services, LLC sought relief under
Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. #26-00668)
on March 12, 2026. In its petition, the Debtor reports estimated
assets of $100,001 to $1,000,000 and estimated liabilities of $1
million to $10 million.
Honorable Bankruptcy Judge Henry W. Van Eck handles the case.
The Debtor is represented by Steven M. Carr, Esq. of Ream Carr
Markey Woloshin & Hunter LLP.
ALLEN MARKETING: Case Summary & 17 Unsecured Creditors
------------------------------------------------------
Debtor: Allen Marketing Group, Inc.
385 E Cedar Ridge Cir
Cedar City, UT 84721
Business Description: Allen Marketing Group, Inc. is a
Cedar City, Utah-based company that provides marketing and
promotional services and operates VacationOffer.com, an online
travel platform offering vacation packages, hotel bookings, and
event tickets across popular travel destinations.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 26-41294
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Charles Wertman, Esq.
LAW OFFICES OF CHARLES WERTMAN P.C.
100 Merrick Road Suite 304W
Rockville Center NY 11570-4807
Tel: (516) 284-0900
E-mail: charles@cwertmanlaw.com
Total Assets: $886,102
Total Liabilities: $4,128,384
The petition was signed by Terry Joe Allen as president.
A full-text copy of the petition, which includes a list of the
Debtor's 17 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/BUFSQTI/Allen_Marketing_Group_Inc__nyebke-26-41294__0001.0.pdf?mcid=tGE4TAMA
AM2D INC: Initiates Chapter 7 Bankruptcy in Pennsylvania
--------------------------------------------------------
On March 12, 2026, AM2D, Inc., filed for Chapter 7 protection in
the Middle District of Pennsylvania. According to court filings,
the Debtor reports between $100,001 and $1,000,000 in debt owed to
1-49 creditors.
About AM2D, Inc.
AM2D, Inc. is a business entity believed to be engaged in
commercial operations, potentially providing specialized services
or solutions within its sector.
AM2D, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy
Code (Bankr. Case No. #26-00667) on March 12, 2026. In its
petition, the Debtor reports estimated assets of $0 to $100,000 and
estimated liabilities of $100,001 to $1,000,000.
Honorable Bankruptcy Judge Mark J. Conway handles the case.
The Debtor is represented by Tullio DeLuca, Esq.
AMBASSADOR VETERANS: Seeks to Extend Plan Exclusivity to July 8
---------------------------------------------------------------
Ambassador Veterans Services of Puerto Rico LLC asked the U.S.
Bankruptcy Court for the District of Puerto Rico to extend its
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to July 8 and August 6, 2026, respectively.
The Debtor explains that applying First Circuit factors to the
present case clearly demonstrates cause for the requested
extension.
The first factor, case complexity, continues to be satisfied given
that this case involves the operation of a specialized veteran care
facility under a government contract, requiring coordination with
multiple governmental stakeholders, including the Department of
Justice and the OPV, while ensuring uninterrupted care for
vulnerable veteran residents. The case further involves two pending
state court actions that remain unresolved and which bear directly
on the Debtor's ability to formulate a confirmable plan.
The second factor, likelihood of a consensual plan, is compelling.
The Parties have jointly agreed to submit to Court-supervised
mediation, having determined after months of good faith
negotiations that a structured mediation forum offers the most
efficient path toward resolution. The Joint Motion for Entry of a
Mediation Order filed on March 9, 2026 reflects the Parties' shared
commitment to achieving a consensual resolution. A successful
mediation outcome will be essential for the preparation of a
confirmable plan of reorganization that serves the interests of the
veteran residents, the bankruptcy estate, and all creditors.
The third factor, ensuring the debtor is not holding creditors
hostage, is also satisfied. The Debtor's request for this extension
is not a delay tactic but a necessary and reasonable measure to
preserve the integrity of the mediation process. The Debtor has
demonstrated measurable progress throughout this proceeding through
full compliance with Court Orders, U.S. Trustee requirements, and
all disclosure obligations.
The Debtor asserts that the requested 120-day extension will not
prejudice creditors but will instead enhance value preservation by
allowing the mediation process to proceed to a conclusion and
enabling the Debtor to incorporate the results of that mediation
into a comprehensive plan of reorganization. The extension
requested herein will bring quantifiable benefits to the estate and
its creditors by facilitating a consensual plan that addresses all
stakeholder interests.
Ambassador Veterans Services of Puerto Rico LLC is represented by:
Javier Villarino, Esq.
Villarino & Associates LLC
P.O. Box 9022515
San Juan, PR 00902
Tel: (787) 565-9894
Email: jvillarino@vilarinolaw.com
About Ambassador Veterans Services
of Puerto Rico LLC
Ambassador Veterans Services of Puerto Rico LLC operates a nursing
and intermediate care facility for veterans in Juana Diaz, Puerto
Rico. The Company provides residential healthcare services to
eligible veterans at its location in Barrio Amuelas.
Ambassador Veterans Services of Puerto Rico LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
25-02690) on June 13, 2025. In its petition, the Debtor reports
total assets of $2,567,403 and total liabilities of $4,068,135.
The Debtors are represented by Javier Vilarino, Esq. at VILARINO
AND ASSOCIATES LLC.
AMERICAN SIGNATURE: Court OKs Updated Claims Bar Date in Chapter 11
-------------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that on
Monday, March 16, 2026, American Signature has won court approval
to establish a late-April deadline for claims in its Chapter 11
case, following a ruling by a Delaware bankruptcy judge. The court
dismissed an objection that sought to delay or modify the proposed
timeline.
The judge emphasized that setting a claims bar date is essential
for moving the case forward efficiently. The deadline enables the
debtor to quantify claims and proceed with restructuring
negotiations and planning, according to report.
With the objection overruled, the case will proceed under the
approved schedule. Creditors who fail to file by the end of April
2026 may be barred from asserting their claims against the estate.
About American Signature Inc.
American Signature Inc., together with its subsidiaries, is a
residential furniture company operating across its Value City
Furniture and American Signature Furniture brands and serving as a
furniture destination consumers can rely on for style, quality, and
value. Headquartered in Columbus, Ohio, the Company operates more
than 120 stores across 17 states, with the largest concentrations
in Ohio (20), Michigan (16), and Illinois (11). The Company employs
approximately 3,000 team members.
American Signature and eight of its affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead
Case No. 25-12105 (JKS) on November 22, 2025. In their petition,
the Debtors estimated assets of $100 million to $500 million and
estimated liabilities of $500 million to $1 billion. The petitions
were signed by Rudy Morando as chief restructuring officer.
Judge J. Kate Stickles presides over the cases.
David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at
Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal
counsel. Berkeley Research Group, LLC serves as restructuring
advisor to the Debtors, SSG Capital Advisors LLC serves as
investment banker, and Kurtzman Carson Consultants LLC dba Verbita
Global is claims and noticing agent to the Debtors.
AMERICO CHEMICAL: Barings CI Marks $1MM Loan at 25% Off
-------------------------------------------------------
Barings Corporate Investors has marked its $1,048,861 loan extended
to Americo Chemical Products to market at $786,191 or 75% of the
outstanding amount, according to Barings CI'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 Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 for pretreatment of metal surfaces
and related applications.
AMI ENTERPRISES: Seeks 45-Day Extension of Plan Filing Deadline
---------------------------------------------------------------
AMI Enterprises, LLC, asked the U.S. Bankruptcy Court for the
Northern District of Illinois to extend its period to file a plan
of reorganization for additional forty-five days.
AMI is a limited liability company that provides interior design
services to clients in the greater Chicago area. Anthony Michael is
AMI's sole member.
The Debtor commenced its Chapter 11 Case to restructure operations
and block an effort by one of its sole member's creditors from
improperly attempting to seize its assets. The contemplated
reorganization should allow each debtor to emerge from bankruptcy
as a stronger and healthier enterprise, generating a meaningful
recovery for creditors.
The Debtor explains that its member has conferred with counsel and
the Subchapter V Trustee regarding the parameters of a plan of
reorganization. The debtor has not, however, presented a proposed
plan.
The Debtor claims that it has made progress in drafting a plan
through conversations with counsel and the trustee by examining
various options.
The Debtor asserts that it has recently begun discussions with its
member's creditor, who has filed an adversary proceeding against
the Debtor to resolve those claims and allow the Debtor to operate
without the need to incur substantial litigation expenses. Although
the Debtor believes the Court will vindicate it and allow it to
operate without the fetters sought by its member's creditor, the
Debtor believe prudence dictates that it engage in good faith
negotiations to resolve the dispute.
AMI Enterprises, LLC is represented by:
Gregory J. Jordan, Esq.
Mark R. Zito, Esq.
Jordan & Zito LLC
350 N. LaSalle Drive., Suite 700
Chicago IL 60654
Telephone: (312) 854-7181
Email: gjordan@jz-llc.com
mzito@jz-llc.com
About AMI Enterprises, LLC
AMI Enterprises, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18803) on
December 8, 2025, with up to $50,000 in assets and liabilities.
Judge David D. Cleary presides over the case.
Gregory J. Jordan, Esq., at Jordan & Zito, LLC, is the Debtor's
legal counsel.
AMKOR TECHNOLOGY: Fitch Affirms 'BB+' IDR, Outlook Positive
-----------------------------------------------------------
Fitch Ratings has affirmed four North American Technology
companies' ratings:
1. Intel Corporation
2. Amkor Technology, Inc.
3. Microchip Technology Inc.
4. KLA Corporation
These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating
Outlooks are unaffected by the criteria changes.
Corporate Rating Tool Inputs and Scores
Intel Corporation
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bbb-, Lower), Company
Operational Characteristics (bb+, Moderate), Profitability (bbb+,
Moderate), Financial Structure (bbb+, Higher), and Financial
Flexibility (a-, Moderate).
- Assessments of the quantitative financial subfactors include
bespoke calculations.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a' results in no
adjustment.
- The SCP is 'bbb'.
Amkor Technology, Inc.
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb, Higher), Company Operational
Characteristics (bb+, Moderate), Profitability (bb+, Higher),
Financial Structure (bbb-, Lower), and Financial Flexibility (bbb+,
Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a' results in no
adjustment.
- The SCP is 'bb+'.
Microchip Technology Inc.
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (a, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (a,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb+, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bbb'.
KLA Corporation
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (a-,
Moderate), Market and Competitive Positioning (a, Higher),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (a+, Lower), Profitability (aa-,
Moderate), Financial Structure (a+, Higher), and Financial
Flexibility (a, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a' results in no
adjustment.
- The SCP is 'a'.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Intel Corporation
LT IDR BBB Affirmed BBB
ST IDR F2 Affirmed F2
senior unsecured LT BBB Affirmed BBB
senior unsecured ST F2 Affirmed F2
Amkor Technology, Inc.
LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed RR4 BB+
Microchip Technology Inc.
LT IDR BBB Affirmed BBB
ST IDR F2 Affirmed F2
senior unsecured LT BBB Affirmed BBB
senior unsecured ST F2 Affirmed F2
KLA Corporation
LT IDR A Affirmed A
senior unsecured LT A Affirmed A
APM CONSTRUCTION: Andrew Layden Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for APM Construction Corp.
Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Andrew Layden
200 S. Orange Avenue, Suite 2300
Orlando, FL 32801
Telephone: 407-649-4000
Email: alayden@bakerlaw.com
About APM Construction Corp.
APM Construction Corp., sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01510) on March
4, 2026, with up to $50,000 in assets and liabilities.
Daniel A. Velasquez, Esq. at Latham, Luna, Eden & Beaudine, LLP
represents the Debtor as legal counsel.
APPLICATION BOOTCAMP: Barings CI Marks $2.4MM Loan at 31% Off
-------------------------------------------------------------
Barings Corporate Investors has marked its $2,457,447 million loan
extended to Application Bootcamp LLC to market at $1,684,506 or 69%
of the outstanding amount, according to Barings CI'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 Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 focused on personalized college admissions
guidance, essay support and standardized test tutoring for middle
school through post-graduate students.
ARCON CONSTRUCTION: Court OKs Chapter 11 Trustee Appointment
------------------------------------------------------------
Judge Dennis Montali of the U.S. Bankruptcy Court for the Northern
District of California approved the appointment of Nathan F. Smith
as Chapter 11 trustee for Arcon Construction Corporation.
The appointment was made pursuant to the court's Feb. 27 order.
Mr. Smith's connections with the Debtor and its creditors, the
Office of the U.S. Trustee and its employees, and other
parties-in-interest are limited to the connections set forth in the
Chapter 11 trustee's verified statement.
A copy of the appointment order is available for free at
https://urlcurt.com/u?l=kulvSF from PacerMonitor.com.
About Arcon Construction Corporation
Arcon Construction Corp. operates a general construction and
development business in Daly City, Calif., which includes planning,
design, general contracting, and construction management.
Arcon filed Chapter 11 petition (Bankr. N.D. Cal. Case No.
24-30679) on Sept. 13, 2024, with up to $500,000 in assets and up
to $10 million in liabilities. Andrey Libov, chief operating
officer, signed the petition.
Judge Dennis Montali oversees the case.
The Law Offices of Eric J. Gravel is the Debtor's bankruptcy
counsel.
AXIP ENERGY: Gets Court Approval to Tap $105MM Chapter 11 Financing
-------------------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that natural
gas equipment maker Axip won judicial sign‑off on its $105
million debtor‑in‑possession financing package after settling
an objection from the official committee of unsecured creditors.
The final approval was granted by the U.S. Bankruptcy Court,
enabling the company to access critical funding as it moves forward
in Chapter 11.
The unsecured creditors committee had initially raised objections
to the financing terms, expressing concerns about their potential
impact on creditor recoveries. After negotiations between Axip and
the committee, an agreement was reached that addressed the issues,
and the committee withdrew its objection, the report states.
With the financing now fully approved, Axip can tap the $105
million facility to fund operations and preserve business
continuity throughout its bankruptcy restructuring. The funding is
expected to support the company's operational needs while it
develops a long‑term plan of reorganization, according to
report.
About Axip Energy Services LP
Axip Energy Services, LP is a provider of natural gas contract
compression services.
Axip Energy Services sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on February
22, 2026. In the petition signed by Ben Chesters, chief
restructuring officer, the Debtor disclosed up to $500 million in
both assets and liabilities.
Judge Christopher M. Lopez oversees the case.
Paul E. Heath, Esq., at Vinson & Elkins LLP represents the Debtor
as counsel. Epiq Corporate Restructuring, LLC is the Debtors'
claims, noticing, and solicitation agent.
BAKER & TAYLOR: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Baker & Taylor, LLC
1120 Route 22 East
Bridgewater, NJ 08807
Business Description: Baker & Taylor, Inc., which
specialized in distributing books and media, served libraries,
schools, and retailers across the United States, with operations in
New Jersey, Georgia, North Carolina, and Illinois, before beginning
a wind-down of its business in 2025.
Chapter 11 Petition Date: March 16, 2026
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 26-12863
Debtor's
Bankruptcy
Counsel: Paul J. Winterhalter, Esq.
OFFIT KURMAN, P.A.
Court Plaza South, West Wing
21 Main Street, Suite 158
Hackensack, NJ 07601
Tel: (267) 338-1370
Fax: (732) 218-1835
Email: pwinterhalter@offitkurman.com
Debtor's
Financial
Advisor: RIVERON RTS, LLC
155 N. Wacker, Suite 450
Chicago, IL 60606
Debtor's
Claims,
Noticing &
Solicitation
Agent: OMNI AGENT SOLUTIONS, INC.
5955 De Soto Avenue, Suite 100
Woodland Hills, CA 91367
Debtor's
Audit and
Tax Advisor: RMS US LLP
300 South Tryon Street
Suite 1500
Charlotte, NC 28202
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Amandeep S. Kochar as chief executive
officer.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/M3GLUIY/Baker__Taylor_LLC__njbke-26-12863__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Alliance Entertainment Trade Debt $906,937
8201 Peters Road,
Suite 1000
Plantation, FL 33324
2. BT Commerce Fee Lease Default $3,000,000
251 Mount Olive
Church Road
Commerce, GA 30599
3. Cambridge University Press Trade Debt $885,652
1 Liberty Plaza
Floor 20
New York, NY 10006
4. Harpercollins Publishers Ltd Trade Debt $15,516,509
195 Broadway
New York, NY 10007
5. Ingram Publisher Services Inc Trade Debt $1,774,136
One Ingram Blvd
La Vergne, TN 37086
6. John Wiley & Trade Debt $1,542,953
Sons Inc #22308
111 River Street
Hoboken, NJ
07030-5774
7. Library Ideas LLC Trade Debt $2,140,631
Po Box 9
Vienna, VA 22183
8. Metropolitan Life Lease Default $1,893,820
Insurance Company
200 Park Avenue
Attn: SVP, Corporate Real Estate
New York, NY 10166
9. Momence Industrial Lease Default $3,000,000
501 Gladiolus Street
Momence, IL 60954
10. MPS Trade Debt $3,807,709
16365 James
Madison Highway
Gordonsville, VA 22942
11. Palm Beach Co Trade Debt $1,373,014
Library System
3650 Summit Blvd.
West Palm
Beach, FL 33406
12. Penguin Random House LLC Trade Debt $23,341,845
1745 Broadway
New York, NY 10019
13. Richland County Public Library Trade Debt $985,722
1431 Assembly Street
Columbia, SC 29201-3101
14. Scholastic Teaching Resources Trade Debt $1,937,213
C/O Scholastic Inc.
557 Broadway
New York, NY
10012-3999
15. Simon & Schuster, Inc. Trade Debt $16,544,610
1230 Avenue Of The Americas
New York, NY 10020
16. Springer Nature Trade Debt $1,430,353
1 New York Plaza,
Suite 4600
New York, NY
10004-1562
17. Taylor & Francis Group LLC Trade Debt $947,020
605 3rd Avenue
20th, 21st & 22nd Floors
New York, NY 10158
18. Tech Mahindra Limited Trade Debt $1,666,577
5700 Democracy Dr.
Suite 2500
Plano, TX 75024
19. Thorndike Press Trade Debt $3,516,586
295 Kennedy
Memorial Drive
Waterville, ME 04901
20. W W Norton & Co Inc Trade Debt $1,983,244
(Dist)(T)
500 5th Ave
New York, NY 10110
BAKER & TAYLOR: Commences Chapter 11 Bankruptcy in New Jersey
-------------------------------------------------------------
On March 18, 2026, Baker & Taylor LLC filed for Chapter 11
protection in the District of New Jersey. According to court
filings, the Debtor reports estimated liabilities of $100 million
to $500 million.
About Baker & Taylor LLC
Baker & Taylor LLC is a leading distributor of books, digital
content, and entertainment products in the United States.
Baker & Taylor LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-12863) on March 18, 2026. In
its petition, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities between $100
million and $500 million.
The Debtor is represented by Paul J. Winterhalter, Esq. of Offit
Kurman.
BELWOOD INVESTMENTS: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Belwood Investments LLC
501 Main Street, Unit F-300
Huntington Beach, CA 92648
Business Description: Belwood Investments Inc. is a Newport
Beach and Folsom, California-based real estate investment company
that offers fractional investments in selected luxury properties
and multi-asset portfolios through a mobile platform. The company
provides investors with access to curated offerings and portfolio
tracking tools.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Central District of California
Case No.: 26-10849
Judge: Hon. Mark D Houle
Debtor's Counsel: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
E-mail: michael.berger@bankruptcypower.com
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Steven Belmont as CEO.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/NWOLKLA/Belwood_Investments_LLC__cacbke-26-10849__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. American Express Business Credit $28,565
c/o Becket and Lee Card
PO Box 3001
Malvern, PA 19355
2. Anchor Loans, LP $34,539
One Baxter Way
Suite 220
Thousand Oaks, CA 91362
3. City of Arcadia Utilities $1,415
Water Services
11800 Goldring Road
Arcadia, CA 91006
4. City of Beverly Hills Utilities $2,445
455N Rexford Dr.
Room 240
Beverly Hills, CA 90210
5. City of Beverly Hills Utilities $2,517
Utilities
455 N. Roxford Drive
1st Floor
Beverly Hills, CA 90210
6. City of Sacramento Utilities $2,401
Department of Utilities
1395 35th Ave
Sacramento, CA 95822
7. City of Sacramento Utilities $1,594
Department of Utilities
1395 35th Ave
Sacramento, CA 95822
8. City of Sacramento Utilities $1,347
Department of Utilities
1395 35th Ave
Sacramento, CA 95822
9. City of St. Helena Utilities $2,086
1480 Main Street
Saint Helena, CA 94574
10. Cobb Area County Utilities $1,079
Water District
16320 High Road
Cobb, CA 95426
11. Columbia Gas of Ohio Utilities $1,524
P.O. Box 2318
Columbus, OH
43216-2318
12. Home Depot Charge Card $3,073
P.O. Box 6028
The Lakes, NV 88901
13. LADWP Utilities $762
PO Box 30808
Los Angeles, CA 90030
14. Los Angeles Utilities $7,275
Department of Water
PO Box 30808
Los Angeles, CA 90030
15. Pacific Gas and Electric Utilities $3,685
PO Box 997300
Sacramento, CA 95899
16. Pacific Gas and Electric Utilities $2,115
PO Box 997300
Sacramento, CA 95899
17. Pacific Gas and Electric Utilities $1,668
PO Box 997300
Sacramento, AA 95899
18. Soquel Creek Water District Utilities $762
5180 Soquel Drive
Soquel, CA 95073
19. Southern California Edison Utilities $1,201
P.O. Box 300
Rosemead, CA
91772-0001
19. Wells Fargo Bank Business Credit $20,689
P.O. Box 29746 Card
Phoenix, AZ 85038
BENEVOLENT CORP: Fitch Rates $88-Mil. 2026 Bonds 'BB+'
------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the $88,340,000 series
2026 bonds to be issued by the Wisconsin Health and Educational
Facilities Authority on behalf of Benevolent Corporation Cedar
Community (Cedar Community).
Fitch has also assigned Cedar Community a 'BB+' Issuer Default
Rating (IDR). The Rating Outlook is Stable.
Proceeds from the series 2026 bonds will be used to refund the
outstanding 2017, 2022A, and 2022B bonds, as well as fund capital
expenditures.
Entity/Debt Rating
----------- ------
Benevolent Corporation
Cedar Community (WI) LT IDR BB+ New Rating
Benevolent Corporation
Cedar Community (WI)
/General Revenues/1 LT LT BB+ New Rating
The rating reflects Cedar Community's stable demand for independent
living and a contract structure that supports operating stability.
Revenue defensibility benefits from historically strong ILU demand
and improving occupancy following the opening and initial fill-up
of The Lofts and The Willows, supported by a continuum of care and
an ILU+ model that promotes resident retention.
Operating performance has stabilized after moderating from a peak
in FY21 but remains exposed to reimbursement and cost pressures in
Medicaid from the skilled nursing segment. However, Fitch expects
management's continued shift away from skilled nursing to support
longer-term stability. The financial profile is constrained by
pressured liquidity and elevated leverage, with limited cushion in
Fitch's stress case as capital needs may exceed internal cash flow
and debt remains high.
SECURITY
The bonds are secured by a gross revenue pledge and a mortgage lien
on the obligated group (OG). Cedar Community is the only member of
the OG.
KEY RATING DRIVERS
Revenue Defensibility - 'bbb'
Strong IL Demand
Cedar Community's revenue defensibility reflects its footprint in a
moderately competitive environment and historically strong
independent living demand. ILU occupancy has averaged 93% over the
past five years, including a slight decline in FY24 tied to the
opening and initial fill-up of The Lofts and The Willows (ILU+).
ILU occupancy improved to 95% through the six months ended Dec. 31,
2025. The ILU+ model allows residents to receive a limited level of
assisted living services while remaining in an ILU.
Occupancy in ALUs, SNF, and memory care has remained stable,
supporting a balanced demand profile across the continuum. Fitch
views the organization's range of unit types and contract options,
including a limited number of rental options, as supporting demand
across a broad set of prospective residents.
Despite having multiple campuses, Cedar Community's primary market
area (PMA) is limited to Washington County, WI, where competition
is moderate. Management estimates at least 80% of ILU residents
originate from the PMA. Fitch views the full continuum of care and
the faith-based affiliation with the United Church of Christ as
differentiating features.
Service area characteristics are favorable relative to state and
national benchmarks, supported by an above-average senior cohort
and favorable income and poverty metrics, which support demand and
pricing flexibility. Fitch will monitor the organization's growth
strategy through Wildwood Senior Services, including leased
communities that are expected to operate under the Cedar Community
brand but are outside the obligated group at this time.
Operating Risk - 'bbb'
Stable Operations
Fitch assesses Cedar Community's operating risk as midrange,
reflecting sound performance that moderated from a FY21 high but
stabilized in FY23-FY25. Results align with expectations for a type
C life plan community, supported by a fee-for-service structure in
which monthly service fees increase with care needs, which supports
operating stability. Fitch views the contract structure and ILU+
model as supportive of resident retention and demand for
higher-acuity services. The operating profile also benefits from
stable occupancy across assisted living and memory care, which
supports revenue diversity across the continuum.
Operating risk is constrained by meaningful exposure to government
reimbursement, driven by a high Medicaid payer mix in SNF, which
increases sensitivity to policy and rate-setting changes and can
pressure skilled nursing margins. Fitch expects the strategic shift
away from skilled nursing to reduce this exposure over time.
Capital needs remain elevated given a high age of plant and recent
projects. Fitch expects improved occupancy and turnover entrance
fees from recently completed units to support operating
performance, but higher capital spending could limit flexibility if
results weaken. The 2026 financing includes refinancing of
outstanding debt and capex funding.
Financial Profile - 'bb'
Thin Financial Profile Through Stress
Fitch assesses Cedar Community's financial profile as weak, with
pressured liquidity and elevated leverage in Fitch's stress case
that somewhat limits balance sheet flexibility and debt capacity at
the current rating. Unrestricted cash and investments totaled $48.1
million at FYE 2025, equating to 457 days cash on hand and 73% cash
to adjusted debt. Fitch expects some liquidity pressure in its
forward-looking scenario. Capital needs may exceed internal cash
flow and debt remains high which could constrain the community's
ability to absorb volatility. As a result, debt capacity is limited
at the current rating.
Fitch's stress case assumes operations remain supportive of the
1.15x debt service coverage covenant, but views coverage as
insufficient to offset weaker liquidity and leverage. Although not
explicitly included in the rating, potential exercise of purchase
options on leased facilities could add leverage and further
constrain financial flexibility depending on timing and purchase
amount. Overall, Fitch views the financial profile as consistent
with the 'bb' assessment in the stress case.
Asymmetric Additional Risk Considerations
No asymmetric risk considerations are relevant.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Balance sheet erosion that results in cash-to-adjusted debt
sustained at or below 30% in Fitch's stress case;
- Decrease in operating performance such that MADS coverage falls
to below the covenant requirement of 1.15x;
- Operating ratio sustained above 100%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increase in liquidity such that cash-to-adjusted debt approaches
approximately 70% or greater in Fitch's stress case inclusive of
the possible purchase of the two leased facilities;
- MADS coverage sustained at over 2.0x in Fitch's stress case.
PROFILE
Cedar Community, founded in 1953, operates three residential
campuses in Washington County, WI, with 694 total units including
411 independent living units, 148 assisted living apartments, 60
memory care units, and a 75-bed skilled nursing facility. Cedar
Community is affiliated with the United Church of Christ. Revenue
totaled about$41 million in FY25. The organization also leases two
communities through Wildwood Senior Services LLC, which are outside
of the obligated group.
Date of Relevant Committee
04-Mar-2026
Sources of Information
In addition to the sources of information identified in Fitch's
applicable criteria specified below, this action was informed by
data from DIVER by Solve.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
BIOXCEL THERAPEUTICS: Raises $7.8MM in Registered Direct Offering
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BioXcel Therapeutics, Inc. disclosed in a regulatory filing that it
entered into a Securities Purchase Agreement with a Purchaser.
Pursuant to the Purchase Agreement, the Company agreed to issue and
sell to the Purchaser and the Purchaser agreed to buy in a
registered direct offering:
(i) an aggregate of 2,480,294 shares of common stock, par
value $0.001 per share and accompanying warrants to purchase up to
2,480,294 shares of Common Stock at a combined offering price of
$1.739 per Share and accompanying warrant, and
(ii) pre-funded warrants to purchase up to 2,020,491 shares of
Common Stock and accompanying warrants to purchase up to 2,020,491
shares of Common Stock, at a combined offering price of $1.738 per
share underlying the Pre-Funded Warrants and accompanying warrant,
which equals the offering price per Share and accompanying warrant
less the $0.001 exercise price per share of the Pre-Funded
Warrants, pursuant to an effective registration statement on Form
S-3 (File No. 333-275261), including the base prospectus included
therein, and a prospectus supplement filed with the Securities and
Exchange Commission on March 10, 2026. The accompanying warrants
have an exercise price of $1.614 per share, are immediately
exercisable upon issuance, and will expire on the five-year
anniversary of the date of issuance.
The Offering closed on March 11, 2026. The Company received
aggregate gross proceeds of approximately $7.8 million, before
deducting placement agent fees and estimated offering expenses
payable by the Company.
Rodman & Renshaw LLC acted as the exclusive placement agent for the
Company in connection with the Offering. As compensation in
connection with the Offering, the Company agreed to pay the
Placement Agent a cash fee equal to 6.0% of the gross proceeds from
the Offering, and issue to the Placement Agent or its designees
warrants to purchase a number of shares of Common Stock equal to
4.0% of the aggregate number of shares placed in the Offering
(180,031 shares), at an exercise price equal to 125% of the
offering price per share (or $2.0175 per share), with a term of
five years from the commencement of the Offering. The Company also
agreed to reimburse the Placement Agent for certain expenses in an
amount of up to $75,000 and to pay up to $15,950 for clearing and
closing expenses.
The Purchase Agreement contains customary representations,
warranties and agreements by the Company, customary conditions to
closing, indemnification obligations of the Company, other
obligations of the parties and termination provisions.
In connection with the Offering, pursuant to the terms of a Warrant
Amendment Agreement, dated as of March 10, 2026, the exercise price
of certain outstanding warrants issued on March 27, 2024 and
November 25, 2024 to purchase up to an aggregate of 1,385,083
shares of Common Stock held by the Purchaser was reduced to $1.614
per share, equal to the exercise price of the Accompanying Warrants
issued in the Offering, and the term of such warrants was extended
to five years following the closing date of the Offering. The
investor paid approximately $173,135 in exchange for the reduction
in exercise price and the extension of the term of these warrants.
The Company paid the Placement Agent a cash fee of 6.0% of the
gross proceeds paid for the warrant amendment.
Full text copies of the Purchase Agreement, the Form of
Accompanying Warrant, the Form of Pre-Funded Warrant, and the Form
of Placement Agent Warrant, are available at
https://tinyurl.com/ka3h8ed8, https://tinyurl.com/yjwwsfyy,
https://tinyurl.com/mpzb7m8n, https://tinyurl.com/37s6ea6t and
https://tinyurl.com/368wzt6v, respectively.
A copy of the opinion of Honigman LLP relating to the validity of
the shares of Common Stock, the Accompanying Warrants, the
Placement Agent Warrants, and the Pre-Funded Warrants is available
at https://tinyurl.com/2ze3hpwc.
About BioXcel Therapeutics
Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a
biopharmaceutical Company utilizing artificial intelligence to
develop transformative medicines in neuroscience and, through the
Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC,
immuno-oncology. The Company is focused on utilizing cutting-edge
technology and innovative research to develop high-value
therapeutics aimed at transforming patients' lives. The Company
employs various AI platforms to reduce therapeutic development
costs and potentially accelerate development timelines.
Stamford, Conn.-based Ernst & Young LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 28, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations, has used
significant cash in operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
As of September 30, 2025, the Company had $44.8 million in total
assets, $133.7 million in total liabilities, and $88.9 million in
total stockholders' deficit.
BRANAVA INC: Gets Interim OK to Use Cash Collateral Until April 2
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Branava Inc. received interim approval from the U.S. Bankruptcy
Court for the District of Massachusetts to use cash collateral
through April 2.
The Debtor is ordered to file, on or before April 1, a reconciled
budget showing actual to projected income and expenses for the
period ending March 31, 2026, as well as beginning and ending bank
balances monthly, and a projected budget for April, May and June,
2026.
The deadline for Debtor to file an amended plan is April 22.
The next hearing is scheduled for April 2.
The interim order is available at https://urlcurt.com/u?l=nEmpbV
from PacerMonitor.com.
The secured creditors are the U.S. Small Business Administration,
Cadence Bank, and Idea 247, Inc., which, as of the petition date,
assert claims of $150,000, $60,000, and $90,000, respectively.
These creditors a security interest in the Debtor's personal
property.
About Branava Inc.
Branava Inc. filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Mass. Case No. 26-40063) on January 22,
2026, listing under $1 million in both assets and liabilities.
Stephen Darr of Huron Consulting Group serves as Subchapter V
trustee.
The Debtor is represented by Christopher L. Murray, Esq., at Murray
Law Firm, P.C.
BUCKINGHAM SENIOR: Bondholders Fight Resident Ch.11 Payments Shift
------------------------------------------------------------------
Randi Love of Bloomberg Law reports that Bondholders are opposing
an effort to give senior residents of Buckingham Senior Living
Community Inc. priority status in the company’s bankruptcy,
arguing that their claims fall short of the legal requirements. The
challenge focuses on whether residents can move ahead of other
creditors in line for repayment.
UMB Bank NA, serving as trustee, defended itself against
accusations of misconduct made by both the residents and an
unsecured creditors' committee. In court filings dated March 13,
2026, the bank rejected allegations that it engaged in improper
conduct during the administration of the case.
The trustee maintained that the committee has not provided evidence
sufficient to support claims of fraud or serious wrongdoing. It
noted that equitable subordination requires proof of conduct that
is both severe and clearly improper.
Without such evidence, UMB Bank contends that there is no basis to
alter the established order of creditor payments. The case
continues to center on competing claims over priority and fairness
in the bankruptcy process.
About Buckingham Senior Living Community
Buckingham Senior Living Community, Inc., doing business as The
Buckingham, operates a not-for-profit continuing care retirement
community (CCRC) in Houston, Texas, offering independent living,
assisted living, memory care, skilled nursing, rehabilitation, and
respite care. The community spans 23 acres near the Memorial
neighborhood and features walking trails, courtyards, gardens,
24-hour security, dining, wellness programs, and other amenities
designed to support resident lifestyle and relationships.
Established over 20 years ago, The Buckingham provides
comprehensive senior living services, allowing residents to
transition across care levels as needs evolve.
Buckingham Senior Living Community filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
25-80595) on Nov. 17, 2025, listing up to $500 million in both
assets and liabilities.
Judge Michelle V. Larson presides over the case.
The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex
Advisors, LLC as financial advisor; and Raymond James & Associates,
Inc. as investment banker. Epiq Corporate Restructuring, LLC is the
claims, noticing, solicitation, and administrative agent.
BUILT SOLID: Unsecured Creditors to Split $125K over 3 Years
------------------------------------------------------------
Built Solid Renovations, LLC, d/b/a Rock Solid Exteriors, filed
with the U.S. Bankruptcy Court for the Eastern District of Michigan
a First Amended Combined Plan of Reorganization and Disclosure
Statement dated March 10, 2026.
The Debtor was organized in May of 2017 by Levi Moore, its sole
member. Since its inception, the Debtor has been in the business of
provided roofing, concrete and siding for commercial and
residential projects in the Lapeer, Macomb, Oakland and Wayne
Counties.
The immediate cause of Debtor's bankruptcy filings was the
garnishment of its bank account which took place on October 27,
2025. As a result of this garnishment, the Debtor lost access to
approximately $18,000 of operating capital that was in the account.
In addition, starting on or about October 16, 2025, Debtor’s
primary supplier of building materials, Beacon Sales Acquisition,
Inc. dba QXO, put the Debtor on COD terms making it nearly
impossible for the Debtor to operate.
The Debtor anticipates that its revenue in 2025 will total
approximately $3 million. It has substantially downsized its
operations so that it is once again able to operate at a profit.
While the Debtor believes it will be able to continue to regain
profitability, it cannot do so with its current debt load.
As a result, the Debtor has filed this Case in an effort to right
size its balance sheet and preserve its operations for the benefit
of its creditors, employees and equity.
Class XIV shall consist of the Allowed Claims of Unsecured
Creditors. The Debtor estimates that the total of all Allowed
Unsecured Claims will equal approximately $6,501,853(the "Estimated
Claim Pool"). The Estimated Claim Pools is comprised of the
following approximate amounts (a) $2,035,348 in general unsecured
claims, (b) Class I deficiency claim of $371,050, (c) Class II
deficiency claim of $2,271,284, (d) Class III deficiency claim of
$1,825,171.
The Debtor shall pay a total of $125,000 (the "Unsecured
Distribution") to Holders of Allowed Class XIV Claims over the
three-year life of the Plan. The Debtor shall pay the Unsecured
Distribution in bi-annual installments of $20,834 with the first
installment due on September 30, 2026, and every six months
thereafter until a total of $125,000 has been distributed to
Allowed Class XIV 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 XV shall consist of Allowed Interests. The Interests of the
Debtor are wholly owned by Levi Moore. Levi Moore shall retain his
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. This Class
is Not Impaired.
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.
After the Effective Date, the Debtor shall continue to be managed
by Levi Moore.
A full-text copy of the First Amended Combined Plan and Disclosure
Statement dated March 10, 2026 is available at
https://urlcurt.com/u?l=wKZAJl from PacerMonitor.com at no charge.
Counsel to the Debtor:
Kim K. Hillary, Esq.
SCHAFER AND WEINER, PLLC
40950 Woodward Avenue, Suite 100
Bloomfield Hills, MI 48304
Telephone: (248) 540-3340
E-mail: khillary@schaferandweiner.com
About Built Solid Renovations
Built Solid Renovations, LLC has been in the business of providing
roofing, concrete and siding for commercial and residential
projects in the Lapeer, Macomb, Oakland and Wayne Counties.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Mich. Case No. 25-51258) on November 5, 2025. At
the time of the filing, the Debtor reported between $100,001 and
$500,000 in assets and between $1 million and $10 million in
liabilities.
Judge Mark A. Randon oversees the case.
Schafer and Weiner, PLLC is the Debtor's legal counsel.
BULLIVANT HOUSER: Unsecureds Will Get 36.1% in Liquidating Plan
---------------------------------------------------------------
Bullivant Houser Bailey, PC ("BHB") filed with the U.S. Bankruptcy
Court for the District of Oregon a First Amended Disclosure
Statement describing First Amended Plan of Liquidation dated March
9, 2026.
For over 70 years prior to filing its Chapter 11 case, BHB was a
firm engaged in the practice of law, growing to become one of the
largest regional law firms in the Pacific Northwest with offices in
Seattle, Washington, Portland, Oregon, and San Francisco,
California.
Initially, BHB contemplated winding up its affairs under procedures
authorized by Oregon Revised Statutes ("ORS") section 60.641.
However, a lawsuit filed by a former shareholder, Thomas
Hutchinson, seeking to enforce BHB's obligation to repurchase his
equity shares in the Debtor indicated that Mr. Hutchinson intended
to use state-law litigation remedies to obtain priority for their
share repurchase claims over the Debtor's general unsecured non
insider creditors.
The Debtor filed this Chapter 11 case on December 15, 2025, to
avoid the litigation costs associated with defending Mr.
Hutchinson's claims (and potentially those of other former
shareholders), none of which are disputed as to amount, and
continue with its orderly liquidation efforts. The case was
subsequently transferred to the United States Bankruptcy Court for
the District of Oregon.
As of March 7, 2026, BHB had approximately $1.75 million in
unencumbered cash on hand. It also holds and is in the process of
collecting accounts receivable with a face amount of approximately
$326,000. These funds will be used to satisfy the expenses incurred
in connection with the pre- and post-plan confirmation
administrative costs of the winddown process, priority claims
(certain prebankruptcy obligations to employees and taxes).
The remaining funds will be distributed prorata to holders of
claims in Class 2 (consisting of BHB's landlords) and Class 3
general unsecured claims (which consist of all unsecured non
priority claims other than landlord claims and former shareholder
capital repurchase claims). Landlord claims in Class 2 and general
unsecured claims in Class 3 are projected to recover approximately
36.1% on account of their allowed claims.
Former shareholder claims in Class 4 based upon BHB's obligation to
repurchase their shares are not anticipated to receive any
recovery, but if Class 2 and Class 3 claims are paid in full, Class
4 claim holders will receive a pro-rata distribution of the
remaining available funds. All equity interests in BHB will be
cancelled and holders thereof will not receive any distribution on
account of their shares.
In short, the Plan contemplates collection of the Debtor's
remaining accounts receivable and distribution of those funds to
creditors as soon as practicable. The goal of the Plan is to
commence distributions to creditors before June 30, 2026, and
unless unforeseen disputes arise that cause delay, to close the
bankruptcy case and make final distributions to creditors before
September 30, 2026, if not earlier.
Class 2 consists of Landlord Claims. Landlord claims will receive
pro-rata distributions of funds in the General Unsecured
Creditors’ Fund along with General Unsecured Claims in Class 3.
At least $400,000 will be deposited into the General Unsecured
Creditors Fund shortly after the Plan becomes effective. The first
interim distribution to Class 2 (and Class 3) will occur no later
than June 30, 2026, provided that the Plan is confirmed and becomes
effective prior to May 15, 2026.
Hence, for purposes of illustration, if the entire face amount of
claims in Class 2 and Class 3 combined is $2.0 million, and
$400,000 is distributed, each creditor with an allowed claim will
receive an amount equal to twenty percent of its claim. Class 2
creditors will receive subsequent payments of whatever cash remains
in the General Unsecured Creditors Fund.
Class 3 consists of General Unsecured Claims. General Unsecured
Claims (that is, any unsecured non-priority claim that is not a
Landlord Claim or a Former Shareholder Share Repurchase Claim) in
Class 3 will be entitled to a pro-rata share along with Class 2
claims of monies deposited into the General Unsecured Creditors
Fund and be paid in the same manner as discussed for Class 2. This
Class will receive a distribution of 36.1% of their allowed
claims.
Class 5 consists of Equity Interests. All equity interests in BHB
will be cancelled, and the Plan provides for no payment to any
holder of an equity interest in the Debtor on account of such
equity interest.
Notwithstanding Bankruptcy Code section 1141(b), no property of
Debtor's Estate shall revest in the Debtor as of the Effective
Date. The estate created by operation of Bankruptcy Code section
541(a) shall continue, and all assets of the Debtor and/or its
Estate shall be deemed to be property of the Estate until
distributed in accordance with this Plan.
The provisions of Bankruptcy Code section 362(a) shall continue in
full force and effect following entry of the Confirmation Order,
and stay any person from taking any act, commencing any suit, or
enforcing any right, which has the effect of asserting,
liquidating, or enforcing any claim against any property of the
Estates that arose prior to entry of the Confirmation Order. The
sole recourse of a creditor holding a claim that arose prior to
entry of the Confirmation Order shall be an action in the
Bankruptcy Court seeking to enforce its rights under this Plan.
A full-text copy of the First Amended Disclosure Statement dated
March 9, 2026 is available at https://urlcurt.com/u?l=j0xw06 from
PacerMonitor.com at no charge.
Proposed Attorneys for the Debtor:
Thomas W. Stilley, Esq.
Garrett S. Eggen, Esq.
1000 SW Broadway, Suite 1400
Portland, OR 97205-3089
Telephone: (503) 227-1111
Facsimile: (503) 248-0130
E-Mail: tstilley@sussmanshank.com
geggen@sussmanshank.com
Counsel to the Debtor:
Kevin W. Coleman, Esq.
NUTI HART LLP
6232 La Salle Avenue, Suite D
Oakland, CA 94611
Telephone: 510-506-7152
Email: gnuti@nutihart.com
chart@nutihart.com
kcoleman@nutihart.com
About Bullivant Houser Bailey
Bullivant Houser Bailey, PC, was a West Coast law firm founded in
1938 and headquartered in Portland, Oregon, with offices in
California, Washington, and Nevada. The firm offered a broad range
of legal services, including corporate law, commercial litigation,
employment, real estate, insurance coverage, and products
liability.
Bullivant Houser Bailey PC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-31017) on
December 15, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Dennis Montali handles the case.
The Debtor tapped Kevin W. Coleman, Esq., at Nuti Hart LLP as
counsel and Donlin, Recano & Company, LLC as claims and noticing
agent.
BY HOTEL SPE-3: Seeks $1MM DIP Loan from SBY DeKalb
---------------------------------------------------
By Hotel SPE-3 LLC, 1101 and affiliates ask the U.S. Bankruptcy
Court for the District of Delaware for authority to use cash
collateral and obtain a $1,000,000 debtor-in-possession financing
facility from SBY DeKalb Inn, LTD and any additional lenders that
may join the financing.
The requested financing would be structured as a single-draw,
junior secured credit facility and is intended to provide immediate
liquidity so the Debtors can continue operating their businesses
during the bankruptcy proceedings.
The DIP facility is due and payable on the earliest to occur of (a)
May 31, 2027, (b) the effective date of a confirmed chapter 11 plan
for any Debtor, (c) consummation of a sale of substantially all
assets of any Debtor, (d) conversion or dismissal of any Chapter 11
Case, or (e) an Event of Default.
The Debtors' capital structure includes substantial secured debt
from a senior loan agreement dated August 30, 2019, with Delpha CRE
Funding LLC and other lenders, totaling at least $146.7 million in
principal and secured by mortgages on two Chicago hotel properties:
the Hilton property at 1101 South Wabash Avenue and the Best
Western property at 1100 South Michigan Avenue. The Debtors were
in default under this credit agreement at the time of the
bankruptcy filing. In addition, the Debtors owe approximately $3.76
million under a mezzanine loan agreement with the same lenders and
have various unsecured obligations to vendors and franchisors
related to the operation of the hotel properties.
The Debtors need to use the DIP financing to fund ordinary
operating expenses and preserve the value of their businesses.
Specifically, the funds would cover necessary operating costs,
property maintenance, payroll and taxes, property taxes and
insurance, and professional fees associated with administering the
Chapter 11 cases.
The Debtors argue that immediate access to the financing is
critical because the DIP facility and cash collateral represent
their only available sources of liquidity. Without approval, they
claim operations could cease, leading to a rapid decline in the
value of the hotel properties and harming creditors and other
stakeholders.
Under the proposed terms, the DIP lenders would receive junior
liens on certain collateral, including the Hilton and Best Western
properties and related operating proceeds. The Debtors propose to
make monthly payments of $50,000 under the facility and reserve the
right, though not the obligation, to seek conversion of any
remaining debt into equity when they emerge from bankruptcy.
A copy of the cash collateral motion is available at
https://urlcurt.com/u?l=MQXnQn from PacerMonitor.com.
A copy of the DIP facility motion is available at
https://urlcurt.com/u?l=1hmw1N from PacerMonitor.com.
About By Hotel SPE-3 LLC
By Hotel SPE-3 LLC is a hospitality investment company specializing
in the ownership and management of hotel properties. As a special
purpose entity, the company focuses on managing hotel-related
assets and supporting hospitality operations.
By Hotel SPE-3 LLC and affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10324) on
March 8, 2026. In its petition, the Debtor reports estimated assets
and liabilities between $100 million and $500 million.
Judge Kate Stickles oversees the case.
Rafael X. Zahralddin, Esq., at Lewis Brisbois Bisgaard & Smith,
LLP, represents the Debtor as legal counsel.
CALDERIA LLC: Gets OK to Use Cash Collateral Until April 16
-----------------------------------------------------------
Calderia LLC received approval from the U.S. Bankruptcy Court for
the District of Massachusetts to use cash collateral.
The Debtor is authorized to use cash collateral through April 16 to
fund operations in accordance with its budget, subject to a 10%
variance.
The Debtor identifies three creditors that claim security interests
in the properties and their rents.
Rushmore Servicing asserts it is owed about $800,000 on each of the
two Plymouth properties valued at approximately $1.2 million each.
Fay Servicing claims about $450,000 secured by the Kannapolis
property valued at $700,000. Upright claims about $780,000 secured
by the Gastonia property valued at $1 million.
As adequate protection, the secured creditors are granted
continuing post-petition replacement liens and security interests
in all post-petition property with the same priority, validity and
enforceability as their pre-bankruptcy liens.
The Debtor is ordered to file by April 13 (1) a reconciled budget
showing actual to projected income and expenses for the period
ending March 31, 2026, as well as beginning and ending bank
balances monthly, (2) a projected budget for April, May, and June
2026, and (3) and a proposed form of order regarding continued use
of cash collateral.
A continued hearing is scheduled for April 16. The deadline for
filing objections is on April 14.
The court's order is available at http://urlcurt.com/u?l=nMnmKp
from PacerMonitor.com.
About Calderia LLC
Calderia, LLC is a holding company whose principal assets consist
of four real estate properties located in Plymouth, Massachusetts,
and in Kannapolis and Gastonia, North Carolina.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-41363) on December 19,
2025. In the petition signed by Dawna Thomas-Foote, manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Elizabeth D. Katz oversees the case.
James P. Ehrhard, Esq. represents the Debtor as legal counsel.
CALIFORNIA CUSTOM: Barings CI Marks $906,252 Loan at 28% Off
------------------------------------------------------------
Barings Corporate Investors has marked its $906,252 loan extended
to California Custom Fruits & Flavors to market at $648,135 or 72%
of the outstanding amount, according to Barings CI's N-CSR for the
fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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
private-label, branded, direct grocery and food-service customers.
CANNABIST COMPANY: Extends Forbearance Agreement to March 25
------------------------------------------------------------
The Cannabist Company Holdings Inc. announced on March 17, 2026,
that the ad hoc group of noteholders of the Company's 9.25% Senior
Secured Notes due December 31, 2028 and the 9.00% Senior Secured
Convertible Notes due December 31, 2028, which are parties to the
previously announced forbearance agreement with the Company, have
agreed to a further extension and to forbear from exercising any of
their rights and remedies under the amended and restated indenture,
as supplemented, governing the Notes and applicable law, until
March 25, 2026.
About The Cannabist Company (f/k/a Columbia Care)
The Cannabist Company, formerly known as Columbia Care, is one of
the most experienced cultivators, manufacturers and providers of
cannabis products and related services, with licenses in 12 U.S.
jurisdictions. The Company operates 77 facilities including 61
dispensaries and 16 cultivation and manufacturing facilities,
including those under development. Columbia Care, now The Cannabist
Company, is one of the original multi-state providers of cannabis
in the U.S. and now delivers industry-leading products and services
to both the medical and adult-use markets. In 2021, the Company
launched Cannabist, its retail brand, creating a national
dispensary network that leverages proprietary technology platforms.
The Company offers products spanning flower, edibles, oils and
tablets, and manufactures popular brands including dreamt, Seed
&Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber. For
more information, please visit www.cannabistcompany.com.
CAPROCK GROUP: Barings CI Marks $2.4MM Loan at 45% Off
------------------------------------------------------
Barings Corporate Investors has marked its $2,469,636 loan extended
to The Caprock Group (aka TA/TCG Holdings, LLC) to market at
$1,363,657 or 55% of the outstanding amount, according to Barings
CI's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the
U.S. Securities and Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 advising clients with
$25 million to $30 million in investable assets.
CARDIFF LEXINGTON: Posts $5.5MM Loss for FY25; Going Concern Stays
------------------------------------------------------------------
Cardiff Lexington Corporation filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $5,507,592 for the fiscal year ended December 31, 2025,
compared to a net loss of $3,302,999 for the fiscal year ended
December 31, 2024.
For the fiscal year ended December 31, 2025, the Company recorded
total revenue of $11,535,577, compared to $8,270,126 in 2024.
As of December 31, 2025, the Company had $318,535 in cash. To date,
it has financed its operations primarily through revenue generated
from operations, proceeds from issuance of securities, advances
from stockholders and third-parties and related party debt.
Hacker, Johnson & Smith PA, the Company's independent registered
public accounting firm since 2024 and headquartered in Columbus,
Ohio, included an explanatory paragraph in its audit report dated
March 10, 2026, expressing substantial doubt about the Company's
ability to continue as a going concern. The auditor cited that the
Company has experienced recurring losses from operations and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
Cardiff had previously sustained operating losses since its
inception, have an accumulated deficit of $79,490,980 and
$72,949,085 as of December 31, 2025 and 2024, respectively, and had
negative cash flow from operating activities of $2,853,274 and
$2,765,797 during the years ended December 31, 2025 and 2024,
respectively.
However, management believes, based on the Company's operating
plan, that current working capital and current and expected
additional financing should be sufficient to fund operations and
satisfy its obligations as they come due for at least one year.
However, additional funds from new financing and/or future equity
raises are required for continued operations and to execute the
Company's business plan and its strategy of acquiring additional
businesses. The funds required to execute its business plan will
depend on the size, capital structure and purchase price
consideration that the seller of a target business deems acceptable
in a given transaction. The amount of funds needed to execute the
business plan also depends on what portion of the purchase price of
a target business the seller of that business is willing to take in
the form of seller notes or the Company's equity or equity in one
of its subsidiaries. Given these factors, the Company believes that
the amount of outside additional capital necessary to execute its
business plan on the low end (assuming target company sellers
accept a significant portion of the purchase price in the form of
seller notes or its equity or equity in one of its subsidiaries)
ranges between $5 million to $10 million. If, and to the extent,
that sellers are unwilling to accept a significant portion of the
purchase price in seller notes and equity, then the cash required
to execute its business plan could be as much as $10 million.
Although the Company does not believe that it will require
additional cash to continue its operations over the next 12 months,
there are no assurances that its will be able to raise its revenues
to a level which supports profitable operations and provides
sufficient funds to pay obligations in the future. The Company's
prior losses have had an adverse effect on its financial condition.
In addition, continued operations and the Company's ability to
acquire additional businesses may be dependent on its ability to
obtain additional financing in the future, and there are no
assurances that such financing will be available to the Company at
all or will be available in sufficient amounts or on reasonable
terms.
The Company's financial statements do not include any adjustments
that may result from the outcome of this uncertainty. If the
Company is unable to generate additional funds in the future
through its operations, financings or from other sources or
transactions, it will exhaust its resources and will be unable to
continue operations. If the Company cannot continue as a going
concern, its stockholders would likely lose most or all of their
investment in the company.
The ability of the Company to continue as a going concern and the
appropriateness of using the going concern basis is dependent upon,
among other things, additional cash infusions. Management has
prospective investors and believes the raising of capital will
allow the Company to fund its cash flow shortfalls and pursue new
acquisitions. There can be no assurance that the Company will be
able to obtain sufficient capital from debt or equity transactions
or from operations in the necessary time frame or on terms
acceptable to it. Should the Company be unable to raise sufficient
funds, it may be required to curtail its operating plans.
In addition, increases in expenses may require cost reductions. No
assurance can be given that the Company will be able to operate
profitably on a consistent basis, or at all, in the future. Should
the Company not be able to raise sufficient funds, it may cause
cessation of operations.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/4da2durb
About Cardiff Lexington
Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation
is an acquisition holding Company focused on locating undervalued
and undercapitalized companies, primarily in the healthcare
industry, and providing them capitalization and leadership to
maximize the value and potential of their private enterprises while
also providing diversification and risk mitigation for its
stockholders. Specifically, the Company has and will continue to
look at a diverse variety of acquisitions in the healthcare sector
in terms of growth stages and capital structures, and it intends to
focus its portfolio of subsidiaries approximately as follows: 80%
will be targeted to established profitable niche small to mid-sized
healthcare companies and 20% will be targeted to second stage
startups in healthcare and related financial services (emerging
businesses with a strong organic growth plan that is materially
cash generative).
As of December 31, 2025, the Company had $29,086,945 in total
assets and $26,014,118 in total liabilities, $5,542,488 in total
mezzanine equity, and total stockholders' deficit of $2,469,661.
CARPENTER FAMILY: Seeks to Extend Plan Exclusivity to May 11
------------------------------------------------------------
Carpenter Family Farms, LLC and affiliates asked the U.S.
Bankruptcy Court for the Southern District of Indiana to extend
their exclusivity periods to file a plan of reorganization to May
11, 2026.
The Debtors claim that they are continuing to work toward
liquidating some of their assets. Once those assets are sold, the
Debtors will be able to propose a plan of reorganization together
with a disclosure statement.
The Debtors explain that the interests of all parties are best
served by allowing the Debtors an extension of time for the
exclusivity period so as to be able to submit a feasible plan of
reorganization.
The Debtors believe that they need an additional sixty days
authorized by 11 U.S.C. §1121, or to and including May 11, 2026,
to make the necessary changes to their business operations to
submit a disclosure statement and plan of reorganization.
The Debtors assert that this motion is not being made for the
purpose of delay and is being submitted in good faith.
Carpenter Family Farms, LLC is represented by:
Jeffrey M. Hester, Esq.
Allman Kight Hester LLC
One Indiana Square, Suite 1330
Indianapolis, IN 46204
(317) 833-3030
Fax: (317) 833-3031
Email: jhester@akhlaw.com
About Carpenter Family Farms LLC
Carpenter Family Farms, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
25-05527) on September 12, 2025, listing between $1 million and $10
million in assets and between $10 million and $50 million in
liabilities.
Judge Andrea K. Mccord presides over the case.
Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC, is the
Debtor's legal counsel.
CCH JOHN EAGAN I: Unsecureds Will Get 100% of Claims in Plan
------------------------------------------------------------
CCH John Eagan I Homes, L.P. and CCH John Eagan II Homes, L.P.
filed with the U.S. Bankruptcy Court for the Southern District of
Florida a Disclosure Statement in support of Joint Plan of
Reorganization dated March 9, 2026.
The Debtors own an apartment complex located at 60 Paschal Blvd.,
NW, Atlanta, Georgia 30314; the complex is commonly known as the
Magnolia Park Apartments ("Magnolia Park" or the "Property").
CCH I is the owner of Phase I of Magnolia Park, it consists of 16
two and three-story garden style apartment buildings containing 220
one, two, and three-bedroom apartments. CCH II owns Magnolia Park
Phase II, located immediately north of Phase I.
Phase II consists of 15 two and three-story garden-style and
townhome buildings containing 180 one, two, and three-bedroom
apartments. Phase I and Phase II share all common facilities and
amenities such as the pool, clubhouse (includes daycare center),
tennis courts, playground, management office, and all roads.
The bankruptcy filing was precipitated by a dispute with the
Housing Authority of the City of Atlanta, Georgia ("AHA") over the
terms of a settlement agreement and an alleged breach of that
agreement. Both the Debtors and the Authority allege that the
settlement agreement had been breached and a state court recently
appointed a receiver over the properties owned by the Debtors. Both
of the Debtors' senior lenders (Lending Group US, LLC and
Bridgeview Funding, LLC) opposed the appointment of the receiver
over the properties.
The Debtors filed these cases in order to financially restructure
and reorganize and to complete needed repairs, maintenance, and to
ultimately redevelop the property.
Class 4 consists of the Allowed General Unsecured Claims including
any Allowed Rejection Claims. The Debtors reserve the right to
object to all General Unsecured Claims. Except to the extent that
the holder of an Allowed Class 4 Claim has been paid prior to the
Effective Date, or agrees to a different treatment, in full
satisfaction, settlement and release of their respective Allowed
Claims, beginning on thirty days after the Effective Date, the
holders of Allowed Class 4 Claims shall receive Pro Rata
distributions consisting of 25% of the Debtors' net operating
income, on a pro-rata quarterly basis, until such claims are paid
in full. Any remaining unpaid balance of an Allowed Class 4 Claim
at the time of the LIHTC Closing shall be paid in full within
thirty days of the LIHTC Closing.
The Class 4 Claims are Impaired. The allowed unsecured claims
against CCH 1 total $3,867,236. The allowed unsecured claims
against CCH 2 total $3,883,661. This Class will receive a
distribution of 100% of their allowed claims.
Class 5 consists of Equity Interests. All Equity Interests of the
Debtors shall revest in the holders of such Equity Interests to the
same amount and extent as existed prior to the filing of this Case.
No holder of an Equity Interest shall receive or retain any
property, distribution, or economic value on account of such Equity
Interest unless and until all Claims senior to such Equity
Interests have been satisfied in full in accordance with the
Bankruptcy Code. The Class 5 Equity Interests are Impaired.
The Plan contemplates a comprehensive restructuring of the Debtors'
existing indebtedness through a strategic sale of the Phase I and
Phase II apartment buildings (collectively, the "Property"). To
maximize value for the estates and ensure the continued viability
of the affordable housing components, the Debtors (or their
designated agents) shall form two new limited partnerships (the
"Purchaser Entities").
The Purchaser Entities will seek to recapitalize the Property
through the federal Low-Income Housing Tax Credit ("LIHTC") program
under Section 42 of the Internal Revenue Code and the issuance of
tax-exempt private activity bonds. This "4% LIHTC/Bond" execution
is designed to provide the necessary capital to satisfy allowed
claims, fund required reserves and facilitate the long-term
preservation of the Property's affordable units. The Debtors intend
to monetize the LIHTCs by admitting an investor limited partner
into the Purchaser Entities (directly or through a customary
multi-tier syndication structure) in exchange for equity proceeds
priced at then-prevailing market terms.
The transaction is subject to the rules and regulations of the
Georgia Department of Community Affairs (DCA), which serves as the
state's housing credit agency. The DCA, acting through its housing
finance division, administers the LIHTC program pursuant to
Georgia's Qualified Allocation Plan (the "QAP"). The DCA also
administers the State's private activity bond volume cap allocation
process through its Bond Allocation Program. The Purchaser Entities
will submit applications for an allocation of 4% LIHTCs and a
corresponding volume cap allocation for tax-exempt bonds. Because
the Property consists of two distinct phases, the Debtors observe
that DCA may require separate applications or staggered allocation
cycles.
The Debtors anticipate that the Purchaser Entities will be
structured to satisfy (i) IRC Section 42 requirements applicable to
LIHTC ownership entities (including allocation and delivery
mechanics), (ii) bond and securities law requirements applicable to
Private Activity Bond ("PAB") financing and LIHTC equity
syndication, and (iii) requirements imposed by Georgia DCA under
the QAP and related guidance, including underwriting, threshold
eligibility, and compliance monitoring obligations. The
transactions as contemplated herein shall not be taxed under any
law imposing a stamp tax or similar tax, as provided in Section
1146 of the Bankruptcy Code.
A full-text copy of the Disclosure Statement dated March 9, 2026 is
available at https://urlcurt.com/u?l=j5FsVz from PacerMonitor.com
at no charge.
Counsel to the Debtors:
Philip Landau, Esq.
Landau Law PLLC
3010 N. Military Trail, Suite 318
Boca Raton, FL 33131.
Telephone: (561) 43-0802
Email: phil@landau.law
About CCH John Eagan I Homes, L.P.
CCH John Eagan I Homes, L.P., is a limited partnership specializing
in real estate holdings, focused on property ownership and
development activities.
CCH John Eagan I Homes, L.P. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 25-24569) on December 10,
2025. In its petition, the debtor reports estimated assets ranging
from $10 million to $50 million and estimated liabilities between
$10 million and $50 million.
Honorable Bankruptcy Judge Mindy A. Mora is overseeing the case.
The debtor is represented by Philip J. Landau, Esq. of Landau Law,
PLLC.
CENTER FOR EMOTIONAL: Gets Extension to Use Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division issued its fifth order granting Center
for Emotional Health, PC interim approval to use cash collateral.
Under the order, the Debtor is authorized to use cash collateral
from March 10 through April 9, in accordance with an approved
budget, subject to a 10% variance.
Secured creditors including Newtek Small Business Funding, LLC and
the U.S. Small Business Administration assert interest in the cash
collateral, which may include the Debtor's revenues. The Debtor
owes Newtek and the SBA $2,195,324 and $1,969,205, respectively.
As adequate protection, secured creditors will be granted a lien on
the Debtor's revenue and other assets generated or acquired after
the petition date, with the same extent and priority as their
pre-bankruptcy lien.
Additionally, $15,000 has been set aside in escrow for the patient
care ombudsman's fees.
The interim order is available at https://shorturl.at/s1Dzp from
PacerMonitor.com.
The next hearing is scheduled for April 1.
Center for Emotional Health asserts that no alternative exists to
using the cash collateral to fund its operating expenses and that
its use is necessary to preserve the Debtor's ability to
rehabilitate under Chapter 11.
The estate's revenue from its operations constitutes cash
collateral in which multiple secured creditors including the SBA,
Newtek, People's Bank of Commerce/BHG, Fox Funding Group, LLC,
Square Advance, Overton Funding, LLC, Bizfund, LLC, Montcfi (Mr.
Advance), and Wynwood Capital Group may have a secured interest,
with balances ranging from approximately $174,000 to over $2.1
million.
About Center for Emotional Health PC
Center for Emotional Health, PC provides outpatient mental health
services, including therapy for children and adults, counseling,
and medication management, operating from Salisbury, North
Carolina. The practice offers treatment for substance-use disorders
and specialized programs for veterans, serving patients through a
combination of individual and group sessions. It is classified
within the healthcare industry, specifically in behavioral and
mental health services.
Center for Emotional Health sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04478) on
November 10, 2025, listing between $1 million and $10 million in
assets and liabilities. Jonathan Stoudmire, president of Center for
Emotional Health, signed the petition.
Judge Pamela W. McAfee oversees the case.
Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as
bankruptcy counsel.
CHEN FOUNDATION: Seeks Chapter 11 Bankruptcy in New York
--------------------------------------------------------
On March 13, 2026, Chen Foundation, Inc. filed for Chapter 11
protection in the Southern District of New York. According to court
filings, the Debtor reports between $10 million and $50 million in
debt owed to 1-49 creditors.
About Chen Foundation, Inc.
Chen Foundation, Inc. is a nonprofit or private foundation entity
that may be engaged in charitable, educational, or philanthropic
initiatives, depending on its organizational mission.
Chen Foundation, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. #26-10545) on March 13, 2026. In
its petition, the Debtor reports total assets of $28,432,367 and
total liabilities of $30,696,311.
The Debtor is represented by Aaron Slavutin, Esq. of Jacobs P.C.
CHILDREN'S HEALTH: Christopher Meredith Named Subchapter V Trustee
------------------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Christopher Meredith
of Copeland, Cook, Taylor & Bush, P.A. as Subchapter V trustee for
Children's Health Center of Columbus, Inc.
Mr. Meredith will be paid an hourly fee of $375 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Meredith declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christopher H. Meredith
Copeland, Cook, Taylor & Bush, P.A
600 Concourse, Suite 200
1076 Highland Colony Parkway (Zip—39157)
P.O. Box 6020
Ridgeland, MS 39158-6020
Telephone: (601) 856-7200
Facsimile: (601) 856-7626
Email: cmeredith@cctb.com
About Children's Health Center of Columbus
Children's Health Center of Columbus, Inc. filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss.
Case No. 26-10693) on March 2, 2026, with between $1 million and
$10 million in both assets and liabilities.
Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC
represents the Debtor as legal counsel.
CLOUDONE DIGITAL: Barings CI Marks $2MM Loan at 19% Off
-------------------------------------------------------
Barings Corporate Investors has marked its $2,000,000 loan extended
to CloudOne Digital Corp to market at $1,617,424 or 81% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate Investors is a participant in a term loan
extended to CloudOne Digital Corp. The loan accrues interest at a
rate of 8.90% (SOFR + 5.000%) per annum. The loan matures on Aug.
5, 2031.
Barings Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About CloudOne Digital Corp.
CloudOne Digital Corp. operates a scaled multi-cloud platform
serving web developers, small and midsize businesses, and
enterprises.
CORCHIS CAPITAL: Court Extends Cash Collateral Access to May 13
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida,
Pensacola Division issued a fourth interim order authorizing
Corchis Capital, Inc. and its affiliates to use cash collateral
through May 13.
The fourth interim order signed by Judge Karen Specie authorized
the Debtors to use cash collateral to pay the amounts expressly
authorized by the court, including payments to the U.S. trustee for
quarterly fees; the expenses set forth in the budget, plus an
amount not to exceed 10% for each line item; and additional amounts
subject to approval by secured creditor, Gulf Coast Bank and Trust
Company and Community Bank.
As adequate protection, Gulf Coast Bank, Community Bank and other
creditors with interests in the cash collateral will be granted
post-petition replacement liens on the cash collateral, maintaining
the same validity and priority as their pre-bankruptcy liens.
Additionally, the Debtors were required to pay $15,000 per month to
Gulf Coast Bank and $1,500 per month to Community Bank for March
and April, with future payments to be determined at a continued
hearing.
The Debtors must also maintain insurance, comply with their
obligations, and provide proper notice of any amended budgets as
further protection.
A final evidentiary hearing is set for Aug. 19.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/mF5kS from PacerMonitor.com.
About Corchis Capital Inc.
Corchis Capital Inc., together with Corchis Hospitality Group, LLC,
Corchis Hospitality Management, LLC, Amici 30A Italian Kitchen,
LLC, Amigos 30A Mexican Kitchen, LLC, and Friends 30A Burger Bar,
LLC, operates a portfolio of dining and hospitality businesses
based in Inlet Beach, Florida. The group develops and manages
restaurant concepts including Italian, Mexican, and American casual
dining brands serving the 30A and greater Northwest Florida market.
Their operations span corporate management, hospitality services,
and restaurant ownership.
Corchis Capital and its affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Lead Case No.
25-30866) on September 10, 2025. In its petition, Corchis Capital
reported up to $50,000 in assets and liabilities.
Honorable Bankruptcy Judge Karen K. Specie handles the cases.
The Debtors tapped Edward J. Peterson, Esq., at Berger Singerman,
LLP as legal counsel and Horne, LLP as accountant.
COSMOS HEALTH: Andreas Bovopoulos Holds 10% Equity Stake
--------------------------------------------------------
Andreas Bovopoulos an Individual Investor, disclosed in a Schedule
13G (Amendment No. 2) filed with the U.S. Securities and Exchange
Commission that as of March 9, 2026, he beneficially owns 3,733,412
shares of Cosmos Health Inc.'s Common Stock, representing 10.0% of
the shares outstanding. This percentage is based on approximately
37,432,522 shares of common stock outstanding as of February 24,
2026, based on publicly available information. Based on this
number, the percentage of class represented is approximately
9.974%.
Andreas Bovopoulos may be reached through:
Andreas Bovopoulos
15413 Lone Hill Road
Los Gatos, CA 95032
A full-text copy of Andreas Bovopoulos's SEC report is available
at: https://tinyurl.com/yc2b9dcn
About Cosmos Health
Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada,
is a diversified, vertically integrated global healthcare group.
The Company owns a portfolio of proprietary pharmaceutical and
nutraceutical brands, including Sky Premium Life, Mediterranation,
bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories
S.A., which is licensed under European Good Manufacturing Practices
(GMP) and certified by the European Medicines Agency, it
manufactures pharmaceuticals, food supplements, cosmetics,
biocides, and medical devices within the European Union.
As of September 30, 2025, Cosmos Health had $69,492,758 in total
assets, $46,357,874 in total liabilities, and a total stockholders'
equity of $23,134,884.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has
incurred substantial operating losses and will require additional
capital to continue as a going concern. This raises substantial
doubt about the Company's ability to continue as a going concern.
CPW CORP: Court Extends Cash Collateral Access to May 1
-------------------------------------------------------
CPW Corp. received another extension from the U.S. Bankruptcy Court
for the District of Connecticut, Hartford Division, to use cash
collateral to fund operations.
The court issued a third preliminary order authorizing the Debtor
to use cash collateral through May 1 to pay operating expenses
according to its budget.
Several creditors including the Connecticut Department of Revenue
Services and the U.S. Small Business Administration may hold
secured claims against the Debtor's assets.
As adequate protection, these creditors will be granted replacement
liens on all real and personal property acquired or generated by
the Debtor before and after its Chapter 11 filing, with the same
validity, enforceability, priority and extent as their
pre-bankruptcy liens.
As additional protection, the Connecticut Department of Revenue
Services will continue to receive a monthly payment of $3,500
during the interim period.
A final hearing 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/QfAsA from PacerMonitor.com.
The Debtor filed for Chapter 11 relief to halt an ongoing eviction
trial initiated by its landlord, George Dallas, Sr., who has
allegedly attempted to take over the business. The landlord failed
to complete required repairs per the lease and later attempted to
claim a disputed $100,000 in back rent -- ignoring a prior accord
that resolved mutual financial obligations. Subsequently, the
landlord registered an LLC under the same name as the Debtor's
long-standing brand and initiated eviction proceedings. The Debtor
believes these actions constitute deceptive practices and seeks to
assert defenses such as equitable nonforfeiture.
About CPW Corp.
CPW Corp. operates in the restaurants industry.
CPW Corp. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20930) on
September 4, 2025. In its petition, the Debtor reported up to
$100,000 in assets and between $100,001 and $1 million in
liabilities.
Judge James J. Tancredi oversees the case.
The Debtor is represented by Jeffrey M. Sklarz, Esq., at Green &
Sklarz, LLC.
DAI YON LLC: Ryan Richmond Named Subchapter V Trustee
-----------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Ryan Richmond as
Subchapter V trustee for Dai Yon, LLC.
Mr. Richmond will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Richmond declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ryan J. Richmond
450 Laurel Street, Suite 1450
Baton Rouge, LA 70801
Tel. (225) 412-3667
Fax: (225) 286-3046
Email: ryan@snw.law
About Dai Yon LLC
Dai Yon, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 26-10175) on March 02,
2026, with $0 to $50,000 in assets and $500,001 to $1 million in
liabilities.
Judge Michael A. Crawford presides over the case.
H. Kent Aguillard, Esq. represents the Debtor as legal counsel.
DECKS DIRECT: Barings CI Marks $482,434 Loan at 34% Off
-------------------------------------------------------
Barings Corporate Investors has marked its $482,434 loan extended
to Decks Direct to market at $319,854 or 66% of the outstanding
amount, according to Barings CI'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 Corporate Investors is a participant in an Incremental term
loan extended to Decks Direct. The Loan accrues interest at a rate
of 10.09% (0.25% PIK) (SOFR + 6.250%) per annum. The Loan matures
on Dec. 28, 2028.
Barings Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 MONTE: Secures Court OK to Tap Chapter 11 Plan Vote
-------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that Del
Monte won court permission Wednesday, March 18, 2026, to send its
Chapter 11 liquidation plan to creditors for a vote, as the company
seeks to wind down what remains of its business. The New Jersey
bankruptcy judge’s ruling comes weeks after the plan was formally
introduced.
The plan envisions an orderly shutdown of operations and
distribution of proceeds following earlier transactions, including
significant asset sales and agreements with key lenders. These
steps were part of broader efforts to address the company's
financial distress, the report states.
By allowing the solicitation process to begin, the court has set
the stage for creditors to determine the plan's fate. Approval
would pave the way for final implementation, while rejection could
prolong the case and lead to further disputes among stakeholders,
according to report.
About Del Monte Foods Corporation II Inc.
Del Monte Foods, Inc. produces, distributes, and markets branded
plant-based packaged food products in the United States and
Mexico.
Del Monte Foods Corporation II Inc. and its affiliates filed their
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025,
listing $1,000,000,001 to $10 billion in both assets and
liabilities.
Judge Michael B Kaplan presides over the case.
Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor
as counsel.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of Del Monte Foods Corporation II, Inc. and its affiliates. The
committee hires Morrison & Foerster LLP as counsel. Province, LLC
as financial advisor. Kelley Drye & Warren LLP as co-counsel.
Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment
banker.
DINUBA, CA: S&P Cuts 2012 Wastewater Revenue Bond Rating to 'BB+'
-----------------------------------------------------------------
S&P Global Ratings lowered its underlying rating (SPUR) on Dinuba,
Calif.'s series 2012 wastewater revenue refunding bonds to 'BB+'
from 'BBB-'.
The outlook is stable.
The downgrade reflects the wastewater fund's persistently weak cash
position and our concern that the city's adopted rate plan will
likely be insufficient to cover future operating and capital needs,
potentially leading to operational challenges related to deferred
maintenance and inadequate reinvestment.
The stable outlook reflects the general fund's robust reserves,
which provide a financial cushion to potentially absorb capital
needs within the wastewater fund through interfund borrowing
without affecting the overall creditworthiness of the general
government.
S&P said, "In our opinion, governance credit factors, specifically
risk management, culture, and oversight, are elevated, given the
sewer net revenues have been insufficient to cover rising costs and
capital needs without intergovernmental revenues, general fund,
impact fee, or reserves. In our opinion, the 25% rate increase was
reactionary and the timing has resulted in weak financial
performance in fiscal years 2023 through 2025."
Social risk factors are neutral, but there could be affordability
pressures in the future, given income metrics are below the
national average and the county poverty rate is elevated at 18%.
From a physical risk perspective, S&P believes entities within the
county, including the city, have comparatively greater exposure to
drought, water stress, and wildfires than the state and nation
based on data from S&P Global Sustainable1. The sewer utility is in
compliance with its discharge permit, it has backup generation at
the treatment plant, the headworks has an additional pump should
one fail, and most but not all pump stations are equipped for
backup generation. Also, the sewer utility works with the city's
fire department, which follows the fire service master plan.
S&P said, "The stable outlook reflects our view that the general
fund will provide support for the wastewater fund if needed, as we
believe it is likely to maintain reserves more than 15% of
revenues.
"We could lower the rating if the city exhibits sustained
structural imbalance in its wastewater fund without an actionable
plan to remediate this, causing available general fund reserves to
decline materially, or if the city specifies that it is unwilling
to provide further support to the fund through intergovernmental
transfers.
"We could raise the rating if the wastewater fund's financial
profile demonstrates self-supporting performance coupled with very
strong working capital levels on a sustained basis and it enacts
more formalized financial management policies while it progresses
through its upcoming capital plan."
DOOR & WINDOW: Barings CI Marks $1MM Loan at 20% Off
----------------------------------------------------
Barings Corporate Investors has marked its $1,070,364 loan extended
to Door & Window Guard Systems to market at $851,826 or 80% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Door & Window Guard Systems
Door & Window Guard Systems is a provider of modular, high-grade
steel guards used to cover door and window openings on vacant
residential, commercial and government buildings.
DRAFTKINGS INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) for DraftKings Inc., DK Crown Holdings Inc., Golden Nugget
Online Gaming, Inc., and Jackpocket LLC at 'BB+'. Fitch also
affirmed the long-term rating on the senior secured revolving
credit facility and term loan at 'BBB-' with a Recovery Rating of
'RR1' and DraftKings Holdings Inc.'s senior unsecured convertible
notes at 'BB+'/'RR4'. The Rating Outlook is Stable.
This affirmation is despite a material downward revision in Fitch's
base case from the prior review. DraftKings' financial and business
profile remains strong for the 'BB+' rating. The 'BB+' IDR reflects
the company's leading market position in a growing industry,
conservative financial structure, and robust FCF profile, offset by
limited diversification and heavy exposure to the volatile online
sports betting (OSB) segment, and a highly competitive online
gaming industry.
Key Rating Drivers
Prediction Markets Opportunity Brings Risk: DraftKings' decision to
enter the prediction markets space increases credit risk through
potential increase in marketing spend for customer acquisition
costs in 50% of the country previously barred from participating in
regulated online wagering. Management expects only marginal
incremental spend and anticipates meaningful synergies from
preexisting national advertising investments, noting that the
current competitive environment is "very rational" on promotions.
However, should competitive intensity increase, higher marketing
outlays could erode profitability.
DraftKings' decision to enter prediction markets exposes it to
heightened regulatory scrutiny. DraftKings must manage
relationships with regulators in existing and potential
jurisdictions. By providing prediction markets offering in states
where sports betting is not yet legal, some of which are engaged in
active litigation against prediction markets operators, DraftKings
risks jeopardizing future and existing partnerships in its core
online sportsbook business. This risk is partially mitigated by the
decentralized nature of U.S. gaming regulation, as regulatory
backlash would occur piecemeal and vary by state.
Sports Betting Earnings Volatility: OSB is less stable than iGaming
due to the unpredictability of sports betting outcomes, influenced
by various factors. DraftKings benefits from an OSB presence across
29 states, Washington, D.C., Puerto Rico, and Ontario, Canada.
However, these jurisdictions exhibit similar betting trends linked
to major U.S. sports, where nationally televised games may have an
outsized impact on quarterly handle and hold. While parlays do
increase structural hold, they appear to increase the volatility of
hold across individual events.
Increased scale and diversification in iGaming or global OSB can
mitigate the impact of high-profile events like the Super Bowl on
earnings. While iGaming is more stable than OSB, it faces high
competition, as a less differentiated product. Additionally,
iGaming has lagged behind OSB growth due to slower U.S.
legalizations. Despite OSB's risks, DraftKings' low financial
leverage offsets its high operating leverage.
Market Leader: DraftKings benefits from its leading market share in
both iGaming and OSB. Fitch also sees limited risk of
cannibalization from prediction markets and views the industry as
complimentary to DraftKings' business model. As a market leader,
DraftKings benefits from its substantial user base and wide product
offering, resulting in lower customer acquisition costs.
Minimal Debt Burden: The senior secured term loan B has negligible
impact to DraftKings' financial structure. Fitch forecasts
continued revenue growth and margin expansion will drive EBITDA
leverage to low 2x by 2026 and below 2x thereafter. Fitch forecasts
EBITDA/interest coverage to remain in the double digits even after
an assumed refinancing of its $1.3 billion convertible notes with a
cash pay unsecured notes issuance in 2027.
Strong Cash Generation: Fitch expects DraftKings' FCF margins to
increase from 9.7% in 2025 to approximately 11% by 2027 and
increase thereafter. DraftKings benefits from minimal interest, net
operating loss carryforwards, and a negative working capital cycle
financed by customer deposits. Fitch anticipates these cash flows
will allow for shareholder returns through share buybacks and
continued investment in growth.
High Growth Boosts Margins: Fitch forecasts DraftKings' revenue
will grow 10%-13% in 2026 and 2027, followed by high single-digit
growth thereafter, assuming no new online betting legalizations or
prediction markets revenue under the base case. Revenue growth
should be driven primarily by high single-digit handle growth and
increase in hold driven by increased parlay utilization. Fitch also
believes DraftKings' active user growth will improve as existing
jurisdictions continue to expand and DraftKings' cross markets to
Jackpocket users. These growth levers result in high flow through
to EBITDA, driving margin expansion.
Competitive Promotional Environment: Despite DraftKings'
market-leading position, the promotional environment remains
competitive. Fitch expects marketing spend to remain elevated and
increasing. However, as DraftKings continues to scale at a faster
rate, Fitch expects it to decline as a percentage of revenue from
33% in 2023 to below 20%. This forecast assumes a rational
competitive environment in states with prediction markets and
normalizing environment in sportsbooks states.
Fiscal and Regulatory Risks: While DraftKings benefits from OSB and
iGaming legalization trends, it faces risks from tax legislation
and potential reputational concerns, which could lead to increased
scrutiny and regulatory challenges. Recently, several states,
including Illinois and New Jersey, implemented a significant tax
hike. Continued fiscal pressures may pose a substantial financial
and competitive burden on DraftKings and other operators.
Peer Analysis
DraftKings holds a strong position in the U.S. online gaming
market, supporting its 'BB+'/Stable rating. Its peer FanDuel, via
Flutter (BBB-/Stable), is larger with greater diversification,
leading in both the U.S. and globally. BetMGM (Entain; BB/Negative)
is another key competitor, more diversified than DraftKings despite
lower market share. evoke plc ('B' Negative), a similar but
smaller-scale business exited the U.S. market in early 2024.
DraftKings' rating benefits from a more conservative leverage
profile.
Fitch expects DraftKings' EBITDA margins to improve to 17% by 2027,
positioning it in line with its peers. This growth is fueled by
increased hold and scale with high flow through to EBITDA. While
DraftKings shows strong financial performance, it faces challenges
with less geographic diversification compared to Flutter and is
more susceptible to volatility due to its strong focus on the OSB
sector.
Fitch anticipates DraftKings' leverage to remain low, benefiting
from minimal debt exposure and robust cash generation, which
supports its strategic initiatives. This financial strength
contrasts with some peers, allowing DraftKings to invest heavily in
marketing and innovation to maintain its competitive advantage in a
dynamic and evolving industry landscape.
Fitch’s Key Rating-Case Assumptions
- Revenue growth from 2025-2027 is primarily driven by continued
expansion in industry handle and stable market share near the
mid-30% range. Growth moderates over time as major markets mature
and incremental share gains become limited.
- User growth remains solid but slows as the customer base scales.
MUP and unique customer additions continue through 2026 before
normalizing, reflecting higher market penetration and reduced
benefit from new state launches.
- Fitch assumes no benefit from prediction markets in its base
case.
- Average revenue per customer increases as promotional intensity
declines and user cohorts mature.
- Sportsbook hold rates revert to structural levels following
volatility, improving revenue stability, before increasing slightly
due to higher parlay mix. Assumptions include hold in the 11%-11.5%
range, with no reliance on outsized benefit from anomalous sports
outcomes.
- Continued strong, albeit decreasing double digit iGaming growth
throughout the forecast.
- Margin expansion is gradual and supported by operating leverage
rather than cost reductions. Gross margin remains stable, and
EBITDA benefits from slower operating expenditure growth relative
to revenue.
- Sales & marketing spending remains roughly flat in absolute terms
but declines as a percentage of revenue. This reflects reduced
reliance on heavy acquisition spend and improved efficiency in
retaining and reactivating users offset by new investments in
prediction markets marketing.
- Corporate taxes paid increase throughout the forecast period as
company winds down its NOLs, reaching an outflow of approximately
$100 million in 2028.
- FCF margins grow from mid-single digits in 2024 to about 12% by
2028.
- Fitch assumes the issuer refinances their 2028 convertible notes
with an unsecured cash pay issuance in 2027. This more than doubles
interest expense, however; EBITDA/interest coverage remains in
double digits.
- Fitch assumes about $2.3 billion in share repurchases from 2026
through 2028 (with 2 billion currently authorized of which
approximately $1.4 billion is remaining), peaking at $1 billion in
2029.
- Cash reserves build up to about $1.3 billion by 2029.
- EBITDA leverage declines to 1.2x by 2029 driven primarily by
EBITDA growth.
- Fitch assumes no acquisitions in the forecast but notes that the
issuer may be opportunistic and will have sufficient cash for
accretive tuck-in acquisitions.
- SOFR rate assumptions are consistent with market forward rates.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Moderate), Sector Characteristics
(b+, Higher), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (b+,
Moderate), Financial Structure (bbb+, Higher), and Financial
Flexibility (bbb+, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'bb+'.
To derive the IDR:
No adjustments to the SCP resulting in an IDR of 'BB+'
Recovery Analysis
Fitch applies the generic approach for issuers in the 'BB' rating
category, equalizing the IDR and unsecured debt instrument ratings
when average recovery prospects are present, according to its
"Corporates Recovery Ratings and Instrument Ratings Criteria". This
is because issuers rated 'BB-' and above are considered too far
from default for a credible default scenario analysis to be
generated, which would likely result in recovery ratings that are
excessively high across all instruments.
Where a recovery rating is assigned, the generic approach considers
the relative instrument rankings and their recoveries, as well as
the higher enterprise valuation associated with 'BB' ratings,
generally benefiting the most senior instruments.
Fitch classifies DraftKings' revolving credit facility and its
senior secured term loan as Category 1. Given the 'BB+' IDR, the
Category 1 first lien senior secured debt is notched up one level
to 'BBB-'/'RR1'.
The unsecured debt is equalized at 'BB+'/'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Sustained EBITDA leverage above 3.5x;
- Change in promotional environment leading to expectation of
increased spend on sales and marketing and/or promotions. This
could be influenced by declining market share or an entry into a
new material jurisdiction;
- EBITDA margins sustained below 15%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increased confidence in the issuer's ability to manage
operational volatility, minimizing its impact on earnings;
- Successful execution of growth strategy resulting in the issuer
scaling above $1 billion in EBITDA;
- Publicly articulated financial framework or a demonstrated record
of maintaining a consistent credit profile, yielding increased
confidence in EBITDA leverage being sustained under 2.5x;
- EBITDA margin sustained above 20%.
Liquidity and Debt Structure
As of Dec. 31, 2025, DraftKings had $1.1 billion in unrestricted
cash and a $500 million revolving line of credit, with $490 million
available. DraftKings' high cash balance and strong FCF generation
support a robust liquidity profile. DraftKings' most significant
medium-term financial obligation is its $1.265 billion in senior
unsecured convertible notes, maturing in 2028. Fitch anticipates
DraftKings will address this maturity via refinancing instead of
prepaying it in cash.
The $600 million term loan B has DK Crown Holdings Inc. as its sole
borrower, while the revolving credit facility's borrowers include
DraftKings Inc., DK Crown Holdings Inc., Golden Nugget Online
Gaming, Inc., and Jackpocket LLC. Both the term loan and revolving
credit facility are secured by the same collateral and pari passu.
The term loan B has minimal amortization of 1% of its par value.
Issuer Profile
DraftKings Inc., founded in 2012, is a prominent digital sports
entertainment and gaming company. It offers online and retail
sports betting, prediction markets, online casino, and daily
fantasy sports product offerings, as well as digital lottery
courier, media, and other product offerings.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for DraftKings Inc..
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
DK Crown
Holdings Inc.
LT IDR BB+ Affirmed BB+
senior secured LT BBB- Affirmed RR1 BBB-
DraftKings
Holdings Inc.
senior unsecured LT BB+ Affirmed RR4 BB+
Jackpocket LLC
LT IDR BB+ Affirmed BB+
senior secured LT BBB- Affirmed RR1 BBB-
DraftKings Inc.
LT IDR BB+ Affirmed BB+
senior secured LT BBB- Affirmed RR1 BBB-
Golden Nugget
Online Gaming, Inc.
LT IDR BB+ Affirmed BB+
senior secured LT BBB- Affirmed RR1 BBB-
DREAMS AND DESTINATIONS: Gets Extension to Access Cash Collateral
-----------------------------------------------------------------
Dreams and Destinations, Inc. received another extension from the
U.S. Bankruptcy Court for the Middle District of Florida, Fort
Myers Division, to use cash collateral.
The court issued a second interim order authorizing the Debtor to
use cash collateral strictly for ordinary operating expenses under
an approved budget, subject to a 10% variance. The Debtor may not
use funds to pay pre-bankruptcy debts unless specifically
authorized.
The six-week budget shows total operational expenses of $5,029 for
the week ending March 14; $6,002 for the week ending March 21;
$2,539 for the week ending March 28; $6,801 for the week ending
April 4; $4,158 for the week ending April 11; and $3,731.00 for the
week ending April 18.
As of filing, the Debtor's cash collateral consisted mainly of
approximately $7,526.20 in bank accounts and receivables. Secured
debts include about $197,380 owed to the U.S. Small Business
Administration (first-priority lien) and roughly $30,700 owed to
PayPal Loan Builder (second-priority lien).
As adequate protection, secured creditors will receive replacement
liens on post-petition assets to the extent of cash collateral
actually used and any resulting diminution in value. The Debtor
must also maintain insurance, preserve collateral, comply with
reporting obligations, and make a $200 adequate-protection payment
to the SBA during the interim period.
Creditors retain the right to challenge liens, claims, or
collateral valuation at later stages.
Authorization to use cash collateral will terminate if the Debtor's
Chapter 11 case is dismissed or converted, a reorganization plan is
confirmed, the Debtor defaults and fails to cure within the allowed
period, or business operations cease.
The next hearing is set for April 21.
The second interim order is available at
https://urlcurt.com/u?l=XYNwKZ PacerMonitor.com.
The Debtor, founded in 2001, operates a romance-travel agency
specializing in honeymoons and destination weddings, working
through independent travel advisors and supplier commissions. The
filing aims to restructure debt while allowing the business to
continue operations and serve clients.
The Debtor experienced financial distress primarily due to the
COVID-19 pandemic, which eliminated projected revenue and forced
the business to incur debt to cover operating expenses. Although
travel demand later returned, economic uncertainty, delayed
bookings, and reduced cash reserves created unsustainable financial
pressure by late 2025.
About Dreams and Destinations Inc.
Dreams and Destinations, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10095) on
February 13, 2026, with up to $50,000 in assets and $500,001 to $1
million in liabilities.
Judge Benjamin A. Kahn oversees the case.
Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund,
Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel.
DWAYNE A. JONES: Case Summary & 15 Unsecured Creditors
------------------------------------------------------
Debtor: Dwayne A. Jones Construction Company, LLC
777 Carson St.
Memphis, TN 38111
Case No.: 26-21534
Business Description: Dwayne A. Jones Construction Company LLC, led
by founder Dwayne A. Jones, provides residential construction and
development services, specializing in tiny homes, studio
apartments, and community-focused projects, including affordable
housing and mission-driven builds, with additional ventures in
media and educational outreach.
Chapter 11 Petition Date: March 17, 2026
Court: United States Bankruptcy Court
Western District of Tennessee
Judge: Hon. M Ruthie Hagan
Debtor's Counsel: Toni Campbell Parker, Esq.
LAW FIRM OF TONI CAMPBELL PARKER
45 N. BB King Blvd., Ste. 201
Memphis, TN 38103
Tel: 901-483-1020
Fax: 866-489-7938
Email: tparker002@att.net
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dwayne A. Jones as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's 15 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/GV37CZI/Dwayne_A_Jones_Construction_Company__tnwbke-26-21534__0001.0.pdf?mcid=tGE4TAMA
E.N.D JEWELRY: Case Summary & Five Unsecured Creditors
------------------------------------------------------
Debtor: E.N.D Jewelry LLC
1609 George St
Ridgewood, NY 11385
Business Description: E.N.D Jewelry LLC, a Ridgewood, New
York-based jewelry manufacturer and wholesaler located at 1609
George St, produces and supplies jewelry products to retail and
trade clients.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 26-41287
Judge: Hon. Elizabeth S Stong
Debtor's Counsel: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue
Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
Email: alla@kachanlaw.com
Total Assets: $196,137
Total Liabilities: $1,026,068
The petition was signed by Robert Moore as president.
A full-text copy of the petition, which includes a list of the
Debtor's five unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/3E56M6A/END_Jewelry_LLC__nyebke-26-41287__0001.0.pdf?mcid=tGE4TAMA
EAST PHILADELPHIA: Leona Mogavero Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero,
Esq., at Zarwin Baum as Subchapter V trustee for East Philadelphia
Furniture Services.
Ms. Mogavero will be paid an hourly fee of $425 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mogavero declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Leona Mogavero, Esq.
Zarwin Baum
One Commerce Square
2005 Market Street, 16th Floor
Philadelphia, PA 19103
Phone: (267) 765-9630
Email: lmogavero@zarwin.com
About East Philadelphia Furniture Services
East Philadelphia Furniture Services sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No.
26-10823) on Feb. 28, 2026, with up to $50,000 in assets and
liabilities.
Judge Patricia M. Mayer presides over the case.
Maggie S. Soboleski, Esq. represents the Debtor as legal counsel.
EFI PRODUCTIVITY: Barings CI Marks $1.4 million Loan at 42% Off
---------------------------------------------------------------
Barings Corporate Investors has marked its $1,435,960 loan extended
to EFI Productivity Software to market at $838,319 or 58% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 enterprise resource
planning software solutions purpose-built for the print and
packaging industry.
ELITE PRINTING: Unsecured Creditors to Split $50K in Plan
---------------------------------------------------------
Elite Printing & Packaging Inc. submitted a First Amended
Disclosure Statement describing Plan of Reorganization dated March
9, 2026.
The Debtor filed this chapter 11 proceeding to resolve the excess
secured debt including multiple merchant cash advance lenders. The
Debtor's post-petition business has been strong with existing
customers maintaining sales levels and the Debtor securing a large
new customer for a related product category not previously
offered.
The business from the new customer, U.S. Tape, will be operated on
a separate equipment line using equipment purchased and owned by
U.S. Tape. The new U. S. Tape business has a high margin but the
receivables from the new business have a sixty-day turn.
Class 14 consists of all Allowed Unsecured Claims of Approved
Critical Vendors who were referenced in the Court's Order
Authorizing Payment of Pre-Petition Claims of Critical Vendors
dated May 28, 2025. The Class 14 Allowed Unsecured Creditors shall
receive payment on their remaining unpaid pre-petition claims in
twelve equal quarterly installments beginning on the last day of
the first full month following the Effective Date.
Class 15 consists of all Allowed Unsecured Claims held by any
Unsecured Creditor against the Debtor. Each Class 15 Allowed
Unsecured Claimant shall receive payment that consists of its pro
rata share of $50,000.00 to be distributed no later than sixty days
after the Effective Date (the "Class 15 Distributions"). The Debtor
shall reserve sufficient funds to pay any Class 15 creditor who has
a Claim to which an objection has been filed. The Claim shall be
paid in accordance with entry of a final order allowing or
disallowing the claim.
Class 16 consists of all Allowed Interests in the Debtor. All Class
16 Allowed Interests will (a) be cancelled on the Confirmation Date
and (b) receive no Distribution under the Plan.
The Plan will be funded with cash on hand, future operating revenue
and post-confirmation equity contribution from a new equity
holder.
The Debtor has secured an agreement with BCDP Partners, LLC, an
unrelated third party, for a capital contribution to the
Reorganized Debtor in the amount $1,600,000.00 to be paid on the
Effective Date in exchange for (45%) of the common stock of the
Reorganized Debtor ("Capital Contribution").
On March 4, 2026 the Debtor received interim approval for a secured
debtor-in-possession loan in an amount of $700,000.00 from BCDP
Partners, LLC ("DIP Loan"). On the Effective Date, the DIP Loan and
will be converted to equity on a dollar for dollar basis so the
Capital Contribution will extinguish the DIP Loan and the Debtor
will receive $900,000.00 in cash. The Capital Contribution cash
proceeds will be used as follows:
* Payment of Class 3 and Class 15 Claims totaling $300,000.00
as set forth in the Plan;
* $600,000.00 operating capital for the Reorganized Debtor.
A full-text copy of the First Amended Disclosure Statement dated
March 9, 2026 is available at https://urlcurt.com/u?l=3Iowrs from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Spencer P. Desai, Esq.
The Desai Law Firm LLC
13321 North Outer Forty Road, Suite 300
St. Louis, MO 63017
Telephone: (314) 666-9781
Facsimile: (314) 448-4320
E-mail: spd@desailawfirmllc.com
About Elite Printing & Packaging Inc.
Elite Printing & Packaging, Inc., operates a printing, packaging,
co-packing and fulfillment business at 1601 Tradeport Drive,
Hazelwood, Missouri 63042.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025,
listing up to $10 million in both assets and liabilities. Michael
K. Sloan, president of Elite Printing & Packaging, signed the
petition.
Judge Kathy A. Surratt-States oversees the case.
Spencer Desai, at The Desai Law Firm, is the Debtor's bankruptcy
counsel.
EMBOLIC ACCELERATION: Ruediger Mueller Named Subchapter V Trustee
-----------------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of
TCMI, Inc. as Subchapter V trustee for Embolic Acceleration, LLC.
Mr. Mueller will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Mueller declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ruediger Mueller
TCMI, Inc.
1112 Watson Court
Reunion, FL 34747
Telephone: (678) 863-0473
Facsimile: (407) 540-9306
Email: truste@tcmius.com
About Embolic Acceleration LLC
Embolic Acceleration, LLC, a company based in Tampa, Florida,
develops and manufactures medical devices used in interventional
and vascular procedures, including embolization technologies
designed to control or block blood flow in targeted vessels. The
company is associated with products such as the EMBA Hourglass
Peripheral Embolization Device used in minimally invasive
treatments.
Embolic Acceleration filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01712) on
March 4, 2026, with $485 in assets and $1,137,836 in liabilities.
Daniel Scouler, manager, signed the petition.
Judge Luis Ernesto Rivera II presides over the case.
Scott Underwood, Esq., at Underwood Murray, P.A. represents the
Debtor as legal counsel.
EVOFEM BIOSCIENCES: Posts Net Income of $391K for FY25
------------------------------------------------------
Evofem Biosciences, Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
income of $391,000 for the fiscal year ended December 31, 2025,
compared to a net loss of $8.9 million for the fiscal year ended
December 31, 2024.
For the fiscal year ended December 31, 2025, the Company recorded
net sales of $20.2 million, compared to $19.4 million in 2024.
In 2025 the Company, delivered its fifth consecutive year of net
sales growth, and posted record net sales of more than $20 million,
despite ongoing capital constraints. This achievement is a
testament to the quality of its products, PHEXX and SOLOSEC, which
offer women innovation to address their unmet sexual health needs,
and the grit and resilience of its team.
As of December 31, 2025, the Company had a working capital deficit
of $69.5 million and an accumulated deficit of $897.4 million.
Evofem said, "We have financed our operations to date primarily
through the issuance of preferred stock, Common Stock, warrants,
and convertible and term notes; cash received from private
placement transactions; and product sales. As of December 31, 2025,
we had approximately $0.6 million in cash and cash equivalents
comprised entirely of restricted cash equivalents available for use
as prescribed in the Adjuvant Notes. Our cash and cash equivalents,
including restricted cash, include amounts held in checking
accounts. Management believes that the Company's cash and cash
equivalents as of December 31, 2025 are insufficient to fund
operations for at least the next 12 months from the filing date of
March 11, 2026, which this Annual Report on Form 10-K is filed with
the SEC."
BPM LLP, the Company's independent registered public accounting
firm since 2023 and headquartered in Sacramento, California,
included an explanatory paragraph in its audit report dated March
11, 2026, expressing substantial doubt about the Company's ability
to continue as a going concern. The auditor cited that the Company
has suffered recurring losses from operations, negative cash flows
from operations since inception, and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
"We have incurred losses and negative cash flows from operating
activities since inception. In 2025, we focused on further
improving and increasing PHEXX and SOLOSEC access and delivered our
fifth consecutive year of PHEXX net sales growth. We have
restructured some of our trade payables with extended terms and
implemented measures to better align our cost structure with
projected revenues."
"In 2026, we will continue to focus on top-line growth and while
maintaining a lean operating structure. We will continue to explore
opportunities for Nasdaq listing of our common stock, organic
growth, entry into new markets, and potential expansion of our
product offerings beyond PHEXX and SOLOSEC.
"As of December 31, 2025 the Company's significant commitments
include the Baker Notes, Adjuvant Notes, SSNs, and Aditxt Notes as
described in Note 4 - Debt and fleet leases, the SOLOSEC contingent
liability, and the potential settlement amount with
TherapeuticsMD... The purpose of these commitments is to further
the commercialization of PHEXX and SOLOSEC. Management's plans to
meet the Company's cash flow needs in the next 12 months include
generating revenue from the sale of PHEXX and SOLOSEC, further
restructuring of the Company's current payables, and obtaining
additional funding through means such as the issuance of its
capital stock, non-dilutive or dilutive financings, or through
collaborations or partnerships with other companies, including
license agreements for PHEXX and/or SOLOSEC in the U.S. or foreign
markets, or other potential business combinations.
If the Company is not able to obtain the required funding through a
significant increase in revenue, equity or debt financings, license
agreements for our products in the U.S. or foreign markets, or
other means, or is unable to obtain funding on terms favorable to
the Company, there will be a material adverse effect on
commercialization and development operations and the Company's
ability to execute its strategic development plan for future
growth. If the Company cannot successfully raise additional funding
and implement its strategic development plan, the Company may be
forced to make further reductions in spending, including spending
in connection with its commercialization activities, extend payment
terms with suppliers, liquidate assets where possible at a
potentially lower amount than as recorded in the consolidated
financial statements, suspend, or curtail planned operations, or
cease operations entirely.
Any of these could materially and adversely affect the Company's
liquidity, financial condition and business prospects, and the
Company would not be able to continue as a going concern. The
Company has concluded that these circumstances and the
uncertainties associated with the Company's ability to obtain
additional equity or debt financing on terms that are favorable to
the Company, or at all, and otherwise succeed in its future
operations raise substantial doubt about the Company's ability to
continue as a going concern.
"If we are unable to continue as a going concern, we may have to
liquidate our assets and, in doing so, we may receive less than the
value at which those assets are carried on our consolidated
financial statements. Any of these developments would materially
and adversely affect the price of our stock and the value of an
investment in our stock."
Management's plans to meet its cash flow needs in the next 12
months include generating recurring product revenue from PHEXX and
SOLOSEC, earning milestone payments by achieving certain regulatory
milestones under the License and Supply Agreement with Pharma 1 for
SOLOSEC, restructuring its current payables, and obtaining
additional funding through non-dilutive or dilutive financings,
collaborations or partnerships with other companies, including
license agreements for PHEXX and/or SOLOSEC in the U.S. or foreign
markets, or through other potential business combinations.
The Company anticipates it will continue to incur net losses for
the foreseeable future. According to management estimates,
liquidity resources were not sufficient to maintain the Company's
cash flow needs for the next 12 months.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/3drrcd68
About Evofem
Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical
company focused on sexual and reproductive health innovations. Its
first commercial product, PHEXXI, is a hormone-free prescription
contraceptive gel that was FDA-approved in 2020. In November 2024,
they re-launched SOLOSEC, an oral antimicrobial agent for treating
two common sexual health infections, following its acquisition of
global rights. The Company aims to expand its global presence
through partnerships and licensing agreements, such as the recent
licensing of PHEXXI commercial rights in the Middle East to Pharma
1 Drug Store, LLC.
As of December 31, 2025, the Company had $20.3 million in total
assets and $89.7 million in total liabilities, and total
stockholders' deficit of $74.3 million.
EXPERT INSTITUTE: Barings CI Marks $808,716 Loan at 61% Off
-----------------------------------------------------------
Barings Corporate Investors has marked its $808,716 loan extended
to Expert Institute Group to market at $311,411 or 39% of the
outstanding amount, according to Barings CI'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 Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 and offers technology- and AI-enabled medical record
review and diligence services.
FERRARI IMPORTING: Case Summary & 20 Top Unsecured Creditors
------------------------------------------------------------
Debtor: Ferrari Importing, Inc.
d/b/a GAMMA Sports
200 Waterfront Drive
Pittsburgh, Pennsylvania 15222
Business Description: Ferrari Importing, Inc., doing
business as GAMMA Sports, designs, manufactures, and sells racket
and paddle sports equipment, including tennis strings, racquets,
balls, pickleball paddles, and stringing machines, to customers in
the United States and international markets. The Michigan closely
held corporation, formed in 1963 and based in Pittsburgh,
Pennsylvania since 1992, originated from a patented tennis racquet
stringing mechanism developed by founder Harry Ferrari and later
expanded into a broader range of related products.
Chapter 11 Petition Date: March 17, 2026
Court: United States Bankruptcy Court
Western District of Pennsylvania
Case No.: 26-20738
Judge: Hon. Gregory L Taddonio
Debtor's Counsel: Jason Ott, Esq.
FBT GIBBONS
501 Grant St. #800
Pittsburgh PA 15219
Tel: 412-513-4300
Email: jott@fbtgibbons.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Matthew Ferrari as president.
A copy of the Debtor's list of its 20 largest unsecured creditors
is available for free on PacerMonitor at:
https://www.pacermonitor.com/view/JU46XLI/Ferrari_Importing_Inc_dba_GAMMA__pawbke-26-20738__0001.1.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/JLK7YII/Ferrari_Importing_Inc_dba_GAMMA__pawbke-26-20738__0001.0.pdf?mcid=tGE4TAMA
FIRST BRANDS: Chapter 11 Dispute Returns to Mediation
-----------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that a U.S.
bankruptcy judge in Texas on Wednesday, March 18, 2026, authorized
First Brands Group to go back into mediation with creditors as part
of efforts to craft a Chapter 11 resolution, though he warned that
the court may not entertain additional extensions if talks falter
again. The mediation order comes as the struggling auto parts
supplier continues trying to sort out complex disputes tied to its
insolvency.
First Brands' Chapter 11 case has seen extensive discussions among
lenders, unsecured creditors and other stakeholders seeking to
shape a viable restructuring plan. Confidential mediation has been
a focal point of those efforts, but previous sessions failed to
yield an agreement, leaving the parties to grapple with unresolved
issues related to creditor priorities and asset allocation, the
report relays.
In approving the mediation renewal, the judge underscored his
desire to keep the process moving and minimize further delays in
the case. The court's caution suggests that if the renewed talks do
not produce meaningful progress, it may step in to impose deadlines
or rulings on matters left unresolved by the parties, according to
report.
About First Brands Group
Rochester Hills, Mich.-based First Brands Group, LLC is a global
supplier of aftermarket automotive parts.
On September 24, 2025, the Company's non-operational special
purpose entities, Global Assets LLC, Global Lease Assets Holdings,
LLC, Carnaby Capital Holdings, LLC, Broad Street Financial
Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II,
LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III,
LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC,
Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and
Starlight Inventory Holdings I, LLC each filed a voluntary petition
for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of Texas.
Commencing on September 28, 2025, First Brands Group, LLC and 98
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Southern District of Texas. In its petition, First Brands
Group listed $1 billion to $10 billion in estimated assets and $10
billion to $50 billion in estimated liabilities.
The cases are pending before the Hon. Christopher M. Lopez, and are
jointly administered under Case No. 25-90399, and consolidated for
procedural purposes only.
The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel;
Lazard Freres & Co. as investment banker; Alvarez & Marsal North
America, LLC as financial advisor; and C Street Advisory Group as
strategic communications advisor. Kroll Restructuring
Administration, LLC is the Debtors' claims, noticing and
solicitation agent.
Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group
of Lenders' legal counsel and investment banker, respectively.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
FIRST CHOICE: Posts FY25 Loss of $6.96MM, Faces Going Concern Doubt
-------------------------------------------------------------------
First Choice Healthcare Solutions, Inc. filed with the U.S.
Securities and Exchange Commission its Annual Report on Form 10-K
reporting a net loss of $6.96 million for the fiscal year ended
December 31, 2025, compared to a net loss of $3.85 million for the
fiscal year ended December 31, 2024.
Bush & Associates CPA LLC, the Company's independent registered
public accounting firm since 2024 and headquartered in Las Vegas,
Nevada, included an explanatory paragraph in its audit report dated
March 11, 2026, expressing substantial doubt about the Company's
ability to continue as a going concern. The auditor cited that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raises substantial doubt about its ability
to continue as a going concern.
As of December 31, 2025, the Company had cash of $5,896 and
accounts receivable, net totaling $0. This compared to cash of
$19,915 and accounts receivable, net of $0 as of December 31,
2024.
The Company has a working capital deficit as of December 31, 2025
and has generated recurring net losses since its emergence from
bankruptcy in April 2022.
During the fiscal year ended December 31, 2025, the Company
experienced operating losses of approximately $2.7 million and
corresponding cash outflows from operations of $549,019. This
performance reflected challenges in operating and restructuring the
Company as a result of the previous issues that confronted the
Company in the healthcare market, such as growing referral bases
and negotiating favorable contract rates with third party payors
for services rendered, as well as the negative impact of the CEO
indictment in November 2018 and the bankruptcy from June 2020.
As a result of the former CEO's actions the Company has been
subject to litigation as well as incurring damage to its
relationships with its employees and referral sources. The
Company's ability to continue as a going concern is dependent upon
the success of its continuing efforts to acquire profitable
companies, grow its revenue base, reduce operating costs,
especially as related to provider services, and access additional
sources of capital, and/or sell assets. The Company believes that
it will be successful in repairing its relationships with employees
and referral sources, generating growth and improved profitability
resulting in improved cash flows from operations. Additionally,
headcount was reduced in October 2021 and again in January 2023 to
generate reductions in operating costs while the Company focused on
developing and executing its future business strategy.
However, in order to execute the Company's business development
plan, which there can be no assurance we will achieve, the Company
may need to raise additional funds through public or private equity
offerings, debt financings, corporate collaborations or other means
and potentially reduce operating expenditures. If the Company is
unable to secure additional capital, it may have to curtail its
business development initiatives and take additional measures to
reduce costs in order to conserve its cash, thus raising
substantial doubt about its ability to continue as a going concern
for more than 12 months from the filing date of March 11, 2026,
which this Annual Report on Form 10-K is filed with the SEC.
Net cash used in operating activities for the year ended December
31, 2025 totaled $549,019, which compared to net cash used in
operations for the year ended December 31, 2024, of $1,706,636. The
increase in net cash used in operations of $478,755, was due
primarily due to an increase in net loss for the year ended
December 31, 2025 compared to the year ended December 31, 2024.
Net cash provided by investing activities was $10,000 for the year
ended December 31, 2025, compared to $7,000 net cash provided by
investing activities for the year ended December 31, 2024. The
increase in net cash provided by investing activities was the
result of higher net sales of equipment for the year ended December
31, 2025
Net cash provided by financing activities was $525,000 for the year
ended December 31, 2025, compared to net cash provided by financing
activities of $1,706,945 for the year ended December 31, 2024. The
increase in cash flows from financing activities was the result of
increased debt borrowings.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/hv67dypp
About First Choice Healthcare
Melbourne, Fla.-based First Choice Healthcare Solutions, Inc.
provides rehabilitative services, such as physical therapy.
As of December 31, 2025, the Company had $4.05 million in total
assets and $43.58 million in total liabilities, and total
stockholders' deficit of $39.53 million.
FORTREA HOLDINGS: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Fortrea Holdings, Inc. (Fortrea) at 'B' and the senior
secured instrument ratings at 'B+' with a Recovery Rating of 'RR3'.
The Rating Outlook remains Negative.
The affirmation reflects Fitch's expectation that leverage will
decline to 6.0x-7.0x, a level consistent with the 'B' IDR, over the
next 24 months if Fortrea performs in line with its expectations.
However, the Negative Outlook reflects meaningful execution risk in
delivering consistent revenue growth, margin expansion and cash
flow generation given Fortrea's highly leveraged balance sheet and
volatile operating history as an independent entity.
Fitch would revise the Outlook to Stable if Fortrea exceeds
top-line growth, profitability and cash flow projections through a
combination of meaningful recovery in end-market conditions,
success in capitalizing on opportunities with biopharmaceutical
customers and improving margins in line with direct peers.
Key Rating Drivers
Slow Growth Recovery: Fitch forecasts revenue of $2.7 billion in
2026, reflecting its expectation of revenue growth in the second
half of 2026 and higher pass-through revenues. While an improving
biopharmaceutical end market will likely provide the stability
needed for Fortrea to capitalize on opportunities in the
biotechnology segment and partnerships with large pharmaceutical
companies, Fitch only assumes low single-digit growth rates after
2026. Evolving U.S. healthcare policies continue to temper its
expectation of a meaningful recovery in the short term. Substantial
progress in delivering consistent revenue growth is required to
drive margin expansion.
Fitch believes regulatory requirements, data availability, patient
safety and legal liability are hurdles that limit a near-term
disruption by AI to the contract research organization (CRO)
business model. While increasing adoption of AI in drug discovery
and data analytics could increase efficiency at early stages of the
drug development process, AI cannot replace human trials,
especially when there is a substantial gap between developing
reliable AI models and implementing them in large-scale clinical
programs. Fitch believes CROs will use AI as a supporting tool for
their clinical development processes and expect patient safety to
remain their priority.
Underlying Margins Likely Better: Fitch forecasts Fitch-defined
EBITDA of approximately $200 million in 2026, rising to $230
million to $240 million in 2028, driven by cost-saving initiatives,
operating efficiency and some revenue growth. Fortrea captured more
than $90 million in net savings in 2025, and the company has
initiated additional restructuring programs in 2026, targeting $40
million to $50 million in net savings. Over the forecast period,
Fitch assumes EBITDA margins will expand gradually and sustain in
the high single-digit range. Fitch emphasizes the importance of
consistent revenue growth for margin expansion over the medium to
long term.
High Leverage: Fitch expects EBITDA leverage to decline to the
6.0x-7.0x range over the next 24 months from 7.4x at YE 2025.
Leverage reduction will be driven by its expectation of EBITDA
improvement from a more stable business environment and cost-saving
initiatives. An explicit commitment from management could
accelerate balance sheet deleveraging, reducing refinancing risk
prior to the maturity of the revolving credit facility (RCF) and
term loan A in 2028.
Deleveraging Capacity: Following the disposition of its Endpoint
and Patient Access business, Fortrea repaid $483 million of term
loans in 2024 and $76 million of senior secured notes in 2025, or a
net repayment of $258 million including proceeds from the $300
million receivables securitization program (A/R facility) that
Fitch treats as debt. Capital deployment strategy remains
unchanged, with the company directing its focus at targeted
investments to drive organic growth. Excess cash above operating
requirements could potentially be allocated to debt repayment.
Fitch has not assumed any voluntary debt repayment over the
forecast period.
Liquidity Improvement: Fitch assumes cash flow generation will be
more consistent over the rating horizon as the ERP system
transition has completed and Fortrea has demonstrated disciplined
execution in working capital management. While near-term FCF will
be unfavorably affected by cash bonus payments, targeted efforts to
manage receivables, low capex requirements and reduced interest
expense should support positive cash flow generation, a common
characteristic of global CROs through market cycles. Fitch
forecasts negative to neutral FCF in 2026 that will gradually
improve, reaching 1.5%-2.0% of revenue in 2028.
Peer Analysis
The 'B' IDR considers Fortrea's position as a global CRO that
offers a broad range of clinical development solutions to
biopharmaceutical and medical device customers. However, these
strengths are currently offset by its elevated credit risks as the
company continues to face challenges in stabilizing its business
following the spin-off from LabCorp.
The majority of Fortrea's CRO peers benefit from larger scale,
higher profitability levels and lower leverage. Charles River
Laboratories International, Inc. (BBB-/Stable) participates in the
pre-clinical CRO segment (as opposed to Fortrea in the clinical CRO
market) and maintains a competitive position with a track record of
leverage maintenance. Star Intermediate Holdings, Inc. (Syneos
Health; B+/Negative) is a direct competitor that is larger in scale
and provides broader service offerings.
Fitch’s Key Rating-Case Assumptions
- Revenue of $2.7 billion in 2026, with annual organic revenue
growth in the low single digits thereafter;
- Fitch-defined EBITDA of $190 million to $200 million in 2026,
with annual growth rate in the high single digits thereafter,
reflecting its margin assumptions of 7.0%-7.5% in 2026 and
8.0%-8.5% in 2027 and 2028;
- Effective interest rates of 6.0%-7.0% over the forecast period,
moving with SOFR;
- Working capital will be a use of cash, averaging approximately
1.0% of revenue annually;
- Capex of $25 million to $30 million in 2026, increasing to $35
million to $40 million annually thereafter;
- Neutral to negative FCF in 2026 and positive FCF of $15 million
to $20 million in 2027 and $50 million in 2028;
- The RCF and term loan A to be refinanced at maturity;
- No discretionary FCF directed toward voluntary debt repayment and
M&A.
Corporate Rating Tool Inputs and Scores
Fitch scored Fortrea as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (b+, Moderate), Sector Characteristics
(bb+, Lower), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb+, Lower), Company Operational
Characteristics (bb+, Moderate), Profitability (b+, Moderate),
Financial Structure (ccc+, Higher), and Financial Flexibility (b+,
Higher).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- B+ to CC considerations apply in its analysis and result in an
adjustment of 1 notch.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'b'.
To derive the IDR:
- Fitch made no adjustments to the SCP, resulting in an IDR of
'B'.
Recovery Analysis
The 'B+'/'RR3' senior secured instrument ratings reflect Fitch's
assumption that Fortrea would be reorganized in bankruptcy as a
going concern (GC), rather than be liquidated, to maximize the
value distributable to claims.
Fitch estimates an enterprise value (EV) on a GC basis of $800
million after deducting 10% for administrative claims assumed to
accrue from restructuring. The EV reflects an estimated GC EBITDA
of $175 million, reflecting its view that EBITDA at this level is
likely to trigger a default or restructuring amid significant
refinancing risk from negative cash flow generation and high
leverage.
The GC EBITDA of $175 million has been lowered by 10% from the
previous GC EBITDA to reflect Fitch's expectation that a greater
decline in revenue and EBITDA from the current levels, compared
with its prior estimates, would be needed to cause a default as the
prior assumption was comparable to the current EBITDA levels.
The GC EBITDA is based on the following scenarios: an adverse
regulatory environment reduces R&D spending and delays customer
spending decisions, cost-saving initiatives do not materialize, and
ineffective working capital practices result in sustained cash
outflows.
The EV also reflects Fitch's use of a 6.75x EBITDA multiple. This
reflects the following: high barriers to entry to becoming a
large-scale CRO, stable R&D spending through economic cycles,
Fortrea's competitive position in global markets, a high level of
contracted and recurring revenue, and its weak profit margins
compared with peers.
The EBITDA multiple of 6.75x has been revised upward from the prior
multiple of 6.5x to reflect Fortrea's market and competitive
positioning, diversification and asset quality, and operational
characteristics compared with Syneos Health and other privately
owned CROs. The 6.75x multiple is above the median 6.4x multiple
observed in Fitch's case studies of previous bankruptcies in the
healthcare sector.
In estimating claims, Fitch assumes the A/R facility would be
replaced by a super-senior facility in bankruptcy and would have
priority over the senior secured debt. Fitch also assumes Fortrea
would fully draw the $450 million RCF before bankruptcy and include
that amount of debt in the claims waterfall. The waterfall analysis
further reflects senior secured claims of approximately $1.1
billion.
Fitch assumes non-guarantor subsidiaries do not have outstanding
debt and that the value generated by those subsidiaries would be
fully available to creditors in bankruptcy, resulting in the senior
secured debt recovering within the 'RR3' range, a one-notch uplift
from Fortrea's 'B' IDR.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Fitch's expectation that EBITDA leverage will be sustained above
7.0x, driven by weaker or delayed growth and margin expansion;
- Fitch's expectation that the (CFO-capex) to debt ratio will be
maintained below 1.5% and EBITDA interest coverage below 2.0x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fitch's expectation that EBITDA leverage will be sustained below
6.0x, driven by stronger growth recovery and margin expansion;
- Fitch's expectation that the (CFO-capex) to debt ratio will be
maintained above 2.5% and EBITDA interest coverage above 2.5x.
Liquidity and Debt Structure
Liquidity is supported by $175 million of cash on hand and an
undrawn RCF of $450 million as of Dec. 31, 2025. Fitch forecasts
Fitch-defined cash flow from operations (CFO) of approximately $20
million in 2026, and Fitch assumes CFO will gradually improve to
$90 million in 2028, which should be adequate to cover capex and
other short-term liquidity needs. Fitch expects Fortrea to
prioritize organic investment in the near term, with excess cash
above operational requirements potentially allocated to debt
repayment.
Fortrea is required to maintain a maximum total net leverage ratio
of 5.5x at YE 2026 and 5.3x thereafter, and a minimum interest
coverage ratio of 2.0x. Over the forecast period, Fitch expects the
company to have sufficient headroom to cover short-term liquidity
requirements.
Fortrea has term loan amortization of $5 million in 2026 and $25
million in 2027, as well as $388 million of the term loan A and
$300 million of the A/R facility maturing in 2028 and 2029,
respectively. Fitch assumes all debt will be refinanced at maturity
to support the company's long-term growth prospects. Over the
rating horizon, Fitch forecasts annual cash interest expense,
inclusive of A/R facility service costs, of $80 million to $90
million.
Issuer Profile
Fortrea Holdings, Inc. is a global CRO providing clinical
development solutions for the biopharmaceutical and medical device
industries. Its services include phase I through IV clinical trial
management, clinical pharmacology and consulting services across
more than 20 therapeutic areas.
Summary of Financial Adjustments
Fitch adjusts both historical and projected EBITDA figures by
removing non-cash and non-recurring expenses. These exclusions
encompass stock-based compensation, expenses related to
dispositions and discontinued operations, spin-off costs, and
restructuring and other associated expenses. In addition, Fitch
incorporates the outstanding balance of the A/R facility into the
total debt calculation.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for Fortrea Holdings, Inc.
ESG Considerations
Fortrea Holdings Inc. has an ESG Relevance Score of '4' for
Management Strategy due to financial underperformance and execution
risk in delivering consistent revenue growth and margin expansion,
which have a negative impact on the credit profile and are relevant
to the rating in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Fortrea Holdings Inc. LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
FREE SPEECH: Conn. Court Declines Ex-Alex Jones Lawyer Ethics Case
------------------------------------------------------------------
Andrea Keckley of Law360 reports that Connecticut's Supreme Court
will not take up a bid to overturn the two‑week suspension
imposed on a former attorney for Alex Jones, leaving intact a lower
court’s affirmation of the discipline. The Appellate Court had
upheld the pared‑down punishment related to the lawyer's conduct
while at his law firm.
The disciplinary action arose from the handling of personal
information belonging to families affected by the Sandy Hook
Elementary School massacre. Ethical questions regarding client
privacy and professional obligations prompted the suspension and
subsequent appeals, according to report.
With the Supreme Court's refusal to hear the case, the Appellate
Court's decision remains in effect. The matter highlights the
repercussions legal professionals may face when ethical lapses
occur, particularly in cases involving emotionally charged and
high‑profile subject matter, the report relays.
About Free Speech Systems
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. Free Speech Systems is a family-run business
founded by Alex Jones.
FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.
Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces. Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.
Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.
Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.
FREEDOM MORTGAGE: S&P Alters Outlook to Positive, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Freedom Mortgage Holdings
LLC (Freedom) to positive from stable and affirmed its 'B' issuer
credit rating. S&P also affirmed its 'B' issue-level rating on the
company's senior unsecured notes. The recovery rating of '4'
(rounded estimate: 45%) on the notes remains unchanged.
The positive outlook reflects S&P's expectation that Freedom will
maintain its competitive market position and relatively stable
financial performance in a highly competitive origination
environment, while continuing to expand its servicing portfolio
organically and through targeted purchases.
Freedom has delivered strong operating performance across its
servicing and origination segments in recent years, while its
credit metrics continued to improve.
Freedom's business scale has strengthened in recent years thanks to
robust operating performance across servicing and origination
segments. Despite operating in the highly cyclical residential
mortgage industry, the company's unpaid principal balance (UPB)
grew to $678 billion as of Sept. 30, 2025, from $626 billion as of
Dec. 31, 2024, benefiting from correspondent originations and bulk
purchases. This growth boosted net loan servicing income to $1.6
billion as of year-to-date September 2025 from $1.2 billion in same
period in 2024.
Freedom originated $93 billion for last 12 months ended in
September 2025, down from $122 billion as of the end of 2024, but
significantly up from $28 billion as of the end of 2023.
Originations remained concentrated in the correspondent channel,
while refinance activity accounted for roughly 26% for the last 12
months ended in September 2025 volume, up from 17% as of the end of
2024.
For last 12 months (LTM) ended Sept. 30, 2025, Freedom generated
approximately $2.1 billion in adjusted EBITDA, up from $1.5 billion
in same period in 2024, based on our calculations. While Freedom
has a relatively concentrated business model tied to the cyclical
residential real estate market, it has established itself as one of
the market leaders in the mortgage finance sector, in S&P's view.
S&P said, "We expect Freedom's mortgage servicing right (MSR)
portfolio to remain a core driver of stability in 2026. The
company's unpaid principal balance (UPB) grew by 12% in the last 12
months ended September 2025 thanks to bulk purchases and MSR
retention, providing a recurring and stable stream of revenue in
volatile markets. As interest rates start easing, MSRs will remain
a critical asset in 2026, because they provide a direct channel to
recapture volume. We believe Freedom has strong borrower engagement
and retention strategies, and it's positioned to convert
refinancing into new loans, effectively turning runoff into fresh
origination activity. The servicing income benefited from a strong
recapture rate of 67.7% as of September 2025, which was higher than
those of similar rated peers.
"Freedom's MSR portfolio is also performing within our
expectations, albeit 60+ day delinquency was flat at 2.6% for the
nine months ended September from a year ago. However, we expect
this to edge up primarily due to Federal Housing Administration
(FHA's) tightening of loss mitigation rules, most notably the
stricter enforcement of the 24‑month limit on repeat permanent
modifications.
"We expect Freedom's leverage, as measured by debt to adjusted
EBITDA, to remain in the range of 4x-5x and debt to tangible equity
below 2x for the next 12 months. The larger recurring revenue base
from the growing servicing portfolio and paydown of debt has caused
leverage to fall, with debt to EBITDA at about 4.7x for LTM as of
Sept. 30, 2025, versus 5.0x in same period in 2024. We expect the
leverage to stay in the range of 4.0-5.0x for the next 12 months.
The decline in leverage was primarily due to issuance of $750
million of private financing through a newly created LLC (FundCo)
in the second half of 2025 which was used to pay off the MSR
financing facilities. We expect Freedom to upstream dividends over
time to service debt at FundCo. Accordingly, we will closely
monitor the company's financial policy.
"Our measure of EBITDA includes the capitalization of originated
MSRs and the amortization of purchased MSRs, but not the
amortization of originated MSRs to avoid double counting revenue
from the same transaction.
"Debt to tangible equity was about 2.0x as of Sept. 30, 2025,
compared with 1.9x as of the same date in 2024, but we expect it to
be 1.5x-2.0x for the next 12 months, given the company's strong
earnings and retention.
"Our ratings continue to reflect the company's reliance on
warehouse financing in its origination business. We view Freedom's
reliance on warehouse funding for ongoing operations as a negative
rating factor, because banks could scale back their lending during
times of economic duress or because of shifts in their risk
appetites. Freedom's originations are concentrated in
government-insured products, with about 76% being Veteran Affairs,
FHA, and U.S. Department of Agriculture loans as of Sept. 30, 2025,
and its diversified counterparties partly reduce this risk.
Additionally, we view favorably the company's efforts to be more
reliant on unsecured funding over the past several years, which
unencumbers its balance sheet and lowers the margin call risk of
its capital structure.
"The positive outlook reflects our expectation that Freedom will
maintain its competitive market position and relatively stable
financial performance in a highly competitive origination
environment, while continuing to expand its servicing portfolio
organically and through targeted purchases. We expect Freedom to
maintain sufficient liquidity for the next 12 months, adjusted debt
to EBITDA in the range of 4x-5x, and debt to tangible equity well
below 2.0x.
"We could revise the outlook to stable in the next 12 months if
earnings weaken beyond our expectations, if the company adopts a
more aggressive financial policy and we expect it to operate with
adjusted debt to EBITDA above 5x, if debt to tangible equity
approaches 2x, or if any regulatory finding impairs the operating
performance.
"We could raise the rating in the next 12 months if the company
maintains its existing market position and relatively stable
financial performance. The upgrade is also contingent on Freedom
maintaining debt to tangible equity close to 1.5x, adjusted debt to
EBITDA comfortably below 5x, and sufficient liquidity to meet its
operational needs."
G2 TECHNOLOGIES: Court Extends Cash Collateral Access to April 6
----------------------------------------------------------------
G2 Technologies, Inc. received fifth interim approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral to fund operations.
Under the order, G2 Technologies is permitted to use cash
collateral for necessary operating expenses according to a
court-approved budget covering March 5 through April 6, with a 10%
flexibility per budget line item.
The Debtor projects total operational expenses of $98,950.
Bulldog Capital, LLC, CFG Merchant Solutions, LLC, QFS Capital,
LLC, Citibank, N.A., and Jaffe Capital are the secured creditors
with potential interests in the Debtor's cash collateral.
The Debtor acknowledges the validity, priority or enforceability of
the secured creditors' liens, however, it reserves the right to
review, dispute and challenge any such liens.
Creditors may seek administrative expense claims under Section
507(b) if their interests are not adequately protected by the terms
of the interim order.
The interim order authorized customers, including Thomas Built
Buses, Inc., to remit payments directly to the Debtor.
The order remains effective until modified, terminated, or
superseded by a later interim or final order, or upon conversion or
dismissal of the Debtor's Chapter 11 case.
The interim order is available at https://shorturl.at/VDGMD from
PacerMonitor.com.
A final hearing is scheduled for April 1.
G2's only revenue comes from cash on hand and on deposit in its
bank account; proceeds from completed projects and customer
shipments; and collections on outstanding accounts receivable.
Before filing for bankruptcy, the Debtor incurred business-related
debt, with secured creditors taking a security interest in certain
property and collateral, which may constitute cash collateral.
About G2 Technologies Inc.
G2 Technologies, Inc. provides automation for inspection and test
systems serving industrial clients in the aerospace, automotive,
and manufacturing sectors. The Company develops and integrates
customized systems such as aircraft smoke detector testers and
precision defect detection tools for automotive components,
supported by its proprietary dTRAK data analytics platform. Based
in North Carolina's Research Triangle Park, G2 Technologies
delivers scalable and cost-efficient automation solutions for
clients worldwide.
G2 Technologies sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31,
2025, listing between $500,001 and $1 million in assets and between
$1 million and $10 million in liabilities. Craig Borsack, president
of G2 Technologies, signed the petition.
The Debtor is represented by:
Joseph Zachary Frost, Esq.
Buckmiller & Frost, PLLC
4700 Six Forks Road
Suite 150
Raleigh, NC 27609
Tel: 919-296-5040
Fax: 919-977-7101
jfrost@bbflawfirm.com
GCDL HOLDINGS: Barings CI Marks $2.5MM Loan at 31% Off
------------------------------------------------------
Barings Corporate Investors has marked its $2,530,405 loan extended
to GCDL Holdings LLC to market at $1,749,357 or 69% of the
outstanding amount, according to Barings CI'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 Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 that produces
removable and fixed restorations, implants, orthodontic products
and sleep appliances in-house.
GEORGIA VASCULAR: $3.86M Unsecured Claims to Recover 5% in Plan
---------------------------------------------------------------
Georgia Vascular Specialists, P.C. ("GVS") filed with the U.S.
Bankruptcy Court for the Northern District of Georgia a Disclosure
Statement describing Plan of Reorganization dated March 9, 2026.
The Debtor is a medical practice based in Atlanta, Georgia. Dr.
James M. Poindexter Jr., who has been in private practice since
1989, leads the practice.
The practice focused primarily on serving patients at Atlanta
Medical Center (AMC), a trauma hospital that accounted for
approximately 90% of the practice's income. Over the years, the
practice grew to include four full-time vascular surgeons, treating
both insured and uninsured patients.
The practice encountered severe financial challenges beginning with
the onset of COVID19 in 2021 and 2022, which dramatically reduced
patient volume. Nonetheless, the Debtor continued paying staff and
took out an SBA loan with the expectation that post pandemic
recovery would allow repayment.
Compounding these difficulties, WellStar Health System acquired and
then shut down AMC on October 31, 2022. This closure eliminated the
GVS's primary revenue source. Over the following two years, all
three other doctors left the practice, and the Debtor experienced
additional setbacks when Dr. Poindexter was injured in a car
accident, followed by a separate medical emergency, both of which
limited his ability to work.
On May 13, 2025, the Debtor filed a petition under Chapter 11 of
the Bankruptcy Code, commencing this bankruptcy case. The case is
pending before the Honorable Paul W. Bonapfel, Judge for the United
States Bankruptcy Court, Northern District of Georgia. The Debtor
has continued in possession of its assets, and no trustee has been
appointed in the case.
Class 4 consists of General Unsecured Creditors. The Debtor
estimates, based on its schedules and proofs of claims that have
been filed that there will be approximately $3,860,000.00 in
Allowed General Unsecured Claims, which accounts for likely claim
objections and assumes that all such objections are unopposed or
sustained. The Debtor proposes to pay approximately 5% of the
amount of all Allowed General Unsecured Claims, in quarterly
installments, beginning on the Initial Distribution Date, of which
Holders of General Unsecured Claims will receive a pro rata share
based on the Allowed amount of their Claim. The amount of such
distributions will be based on 20% of the Debtor's Projected
Disposable Income, subject to any variance in the Debtor's
Projected Disposable Income.
Class 5 consists of Convenience Class Claims. The Debtor estimates,
based on its schedules and proofs of claims that have been filed,
that there will be approximately $8,500.00 in Allowed Convenience
Class Claims, not including the claims of any creditors who choose
to reduce their claims to obtain Convenience Class treatment. The
Debtor proposes to pay Holders of Convenience Class Claims 100% of
the Allowed amount of such claims on the Initial Distribution
Date.
Class 6 consists of all equity interests in the Debtor. Existing
equity will be retained solely to effectuate the reorganization of
the Debtor and continue operations; equity will receive no
distributions on account of equity unless and until all allowed
claims entitled to payment under the Plan are paid in full. Any
post-Effective Date compensation to the principal is for services
rendered in the ordinary course and is not a distribution on
account of equity.
The distributions contemplated by the Plan shall be funded by the
available Cash on hand and the Debtor's Projected Disposable
Income. Starting on the Confirmation Date, the Debtor will make
monthly payments to the Disbursing Agent, who will make quarterly
disbursements to creditors according to the Plan. The first
quarterly disbursement will be made by the Disbursing Agent
approximately 60 days after the Effective Date of the Plan.
A full-text copy of the Disclosure Statement dated March 9, 2026 is
available at https://urlcurt.com/u?l=aIJsDL from PacerMonitor.com
at no charge.
Georgia Vascular Specialists, P.C., is represented by:
Benjamin Keck, Esq.
Jonathan Clements, Esq.
Keck Legal, LLC
2801 Buford Highway NE, Suite 115
Atlanta, GA 30329
Tel: (470) 826-6020
Email: bkeck@kecklegal.com
About Georgia Vascular Specialists
Georgia Vascular Specialists P.C. provides vascular medicine and
surgical services, including minimally invasive and traditional
procedures for arterial, venous, and lymphatic conditions. The
practice operates an accredited vascular ultrasound lab, ambulatory
wound care services, and vein treatments, and offers inpatient care
at Piedmont Hospital and Atlanta Medical Center. Founded in 1989,
Georgia Vascular Specialists is based in Georgia.
Georgia Vascular Specialists sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13,
2025. In its petition, the Debtor reported between $1 million and
$10 million in both assets and liabilities.
Judge Paul W. Bonapfel oversees the case.
Benjamin R. Keck, Esq., at Keck Legal, LLC is the Debtor's
bankruptcy counsel.
JPMorgan Chase Bank, N.A., as lender, is represented by:
Eric Smith, Esq.
Aldridge Pite, LLP
Six Piedmont Center
3525 Piedmont Road, N.E., Suite 700
Atlanta, GA 30305
Phone: (404) 994-7400
Fax: (888) 873-6147
esmith@aldridgepite.com
GLOBAL JOINT: Amends Plan; Confirmation Hearing April 14
--------------------------------------------------------
Global Joint Venture Inc. submitted a Second Amended Disclosure
Statement describing Amended Chapter 11 Plan dated March 9, 2026.
The Debtor has updated and amended this Disclosure Statement to
reflect approval of the Sale to the Lender.
While the Debtor was unable to restructure its underlying mortgage
debt with Emerald Creek Capital 3, LLC (the "Lender") prior to
bankruptcy, the parties subsequently came to agreement to pursue an
auction sale process during the bankruptcy case.
The Debtor obtained entry of a Bidding Procedures Order on October
14, 2025 (the "Bid Procedures") and thereafter the Debtor noticed
an auction sale of its property located at 139-141 Bowery Street
(the "Property"). Ultimately, however, no Qualifying Bids were
received and the Lender's ensuing credit bid in the sum of
$47,373,000 (equal to the allowed amount of its secured claim) was
accepted as the highest and best bid for the Property.
The Bankruptcy Court approved the Lender's Credit Bid at a hearing
held on Feb. 18, 2026. A Sale Order authorizing the Debtor to sell
the Property to the Lender pursuant to Sections 363(b) and (f) of
the Bankruptcy Code was entered on February 26, 2026.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 2 consists of Unsecured Claims. Based upon the Lender
Contribution, the holders of Allowed Class 2 Unsecured Claims shall
be paid a pro rata dividend from the GUC Fund. The Debtor projects
that the allowed total Class 2 pool of Unsecured Claims is
approximately $72,877 and, thus, general creditors are projected to
receive a pro rata dividend of approximately 13.7% from the GUC
Fund. The Class 2 Claims of Allowed General Unsecured Creditors are
impaired and are eligible to vote on the Plan.
* Class 3 consists of the Equity Interests in the Debtor. No
payments shall be made on account of Equity Interests, and Equity
Interests will be cancelled following the Effective Date with due
regard as to any tax ramifications. Class 3 Equity Interests are
impaired and eligible to vote on the Plan.
The Plan shall be implemented and funded through the Sale and
transfer of the Property to the Lender based on the Lender's Credit
Bid. The Credit Bid was confirmed at the hearing held Feb. 18, 2026
as memorialized in the Sale Order. entered on Feb. 26, 2026.
The Bankruptcy Court has conditionally approved the Disclosure
Statement, and has entered an Order (the "Scheduling Order")
scheduling a combined hearing to consider both final approval of
this Disclosure Statement and confirmation of the Plan on the same
day and time, to wit, April 14, 2026 at 2.00 p.m. (the
"Confirmation Hearing").
Any objection to final approval of the Disclosure Statement or
confirmation of the Plan must be filed in writing on the Court's
ECF system no later than April 7, 2026. In order to be considered,
a ballot must be actually received on or before April 7, 2026 at
5:00 p.m. (the "Voting Deadline").
A full-text copy of the Second Amended Disclosure Statement dated
March 9, 2026 is available at https://urlcurt.com/u?l=GBjYOW from
PacerMonitor.com at no charge.
Global Joint Venture Inc. is represented by:
Goldberg Weprin Finkel Goldstein LLP
J. Ted Donovan, Esq.
125 Park Avenue, 12th Floor
New York, NY 10017
Telephone: (212)221-5700
About Global Joint Venture
Global Joint Venture Inc. owns a mixed-use commercial condominium
situated at 139-141 Bowery in New York, NY.
Global Joint Venture Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42139) on May 1,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Nancy Hershey Lord handles the case.
The Debtor is represented by Kevin Nash, Esq. at GOLDBERG WEPRIN
FINKEL GOLDSTEIN LLP.
GOLIATH VENTURES: 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.
------ --------
Goliath Ventures Inc. 26-13174
FDBA Gen-Z Venture Firm Inc.
c/o Michael S. Budwick, Receiver
200 S. Biscayne Blvd., Ste 3200
Miami, FL 33131
Goliath Ventures Inc. 26-13176
FKA Goliath Ventures Inc., a FL corporation
c/o Michael S. Budwick, Receiver
200 S. Biscayne Blvd., Ste 3200
Miami, FL 33131
Business Description: Goliath Ventures Inc., formerly known as
Gen-Z Venture Firm Inc., incorporated in Florida, was a
cryptocurrency investment firm offering high-yield digital asset
programs and liquidity pool investments to institutional and retail
investors. A Florida court appointed Michael S. Budwick as receiver
to secure remaining assets and records.
Chapter 11 Petition Date: March 16, 2026
Court: United States Bankruptcy Court
Southern District of Florida
Judge: Hon. Laurel M Isicoff
Debtors' Counsel: Solomon B. Genet, Esq.
MELAND BUDWICK, P.A.
200 South Biscayne Boulevard
Suite 3200
Miami, FL 33131
Tel: (305) 358-6363
Email: sgenet@melandbudwick.com
Goliath Ventures Inc.'s
Estimated Assets: $1 million to $10 million
Goliath Ventures Inc.'s
Estimated Liabilities: $100 million to $500 million
The petition was signed by Michael S. Budwick as receiver of
Goliath Ventures Inc.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/KUT26YQ/Goliath_Ventures_Inc__flsbke-26-13174__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/SCTQ5VI/Goliath_Ventures_Inc__flsbke-26-13176__0001.0.pdf?mcid=tGE4TAMA
List of Goliath Ventures's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Andrew Acton Alleged Fraud $100,000
5113 Crimson King Way
Beamsville, Ontario
Canada L3J 0J3
2. Arvind James Rabit Alleged Fraud $70,000
142 Strathnairn Ave
Toronto, ON
Canada M6M 2G1
3. Bhavesh Patel Alleged Fraud $295,000
19143 Cherry Rose Cir
Lutz, FL 33558
4. Brevard Nursing Breach of $241,500
Academy LLC Contract
c/o Jordan Shaw, Esq.
Shaw Lewenz
110 SE 6 St, Ste 2900
Fort Lauderdale, FL 33301
5. Chetan Patel Alleged Fraud $400,000
2872 Holly Davis Ct, NE
Marietta, GA 30062
6. Elisabeth Arnold Alleged Fraud $0
362 Rainforest Court
Oldsmar, FL 34677
7. Gregory G. Wilson Breach of $8,743,763
c/o Jordan Shaw, Esq. Contract
Shaw Lewenz
110 SE 6 St, Ste 2900
Fort Lauderdale, FL 33301
8. IntegrityC4 LLC Surveillance $40,600
Attn: Keith Givens Services
PO Box 162800
Altamonte Springs, FL 32706
9. Jay Kansal Alleged Fraud $340,000
4450 Leesburg Rd
Marietta, GA 30066
10. John D Euliano, as Trustee* Breach of $1,284,074
*of John D Euliano Rev Trust Contract
c/o Jordan Shaw, Esq.
110 SE 6 St, Ste 2900
Fort Lauderdale, FL 33301
11. Lisa Marie Cairns Alleged Fraud $100,000
49 Seymour Avenue
St. Catharines Ontario
Canada L2P 1A6
12. Mehal Patel Pending $193,000
c/o Jordan Shaw, Esq. Litigation
Shaw Lewenz
110 SE 6 St, Ste 2900
Fort Lauderdale, FL 33301
13. Mita Kadakia Alleged Fraud $485,000
17927 Woodland
View Dr
Lutz, FL 33548
14. Navnit Patel RPh, CHO Alleged Fraud $401,176
12813 Night Owl Ct
Bristow, VA
20136-5101
15. Prestige Florida Pending $700,000
Property* Litigation
*Investment LLC
Vincent A. Citro,
Esq. Losey PLLC
1420 Edgewater Dr.
Orlando, FL 32804
16. Samuel Maurice DeBartolo Alleged Fraud $200,000
and Rebecca Jo DeBartolo
407 Wexford Dr.
Huron, OH 44839
17. T & C Investing Corp. Alleged Fraud $1,160,000
c/o Scott L. Silver, Esquire
Silver Law Group
1780 W Sample Rd
Pompano Beach, FL 33065
18. Tiffany Acton Alleged Fraud $50,000
5113 Crimson King Way
Beamsville, Ontario
Canada L3J 0J3
19. Vuhoang Le Alleged Fraud $330,000
4455 Freeman Road
Marietta, GA 30062
20. William John Lipsett Alleged Fraud $160,598
5142 Crimson King Way
Beamsville, Ontario
Canada L3J 0J2
GUARDIAN FIRE: Barings CI Marks $1.5MM Loan at 56% Off
------------------------------------------------------
Barings Corporate Investors has marked its $1,542,490 loan extended
to Guardian Fire Services to market at $684,559 or 44% of the
outstanding amount, according to Barings CI'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 Corporate 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 Dec.
1, 2032.
Barings Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 and inspection, monitoring, service and repair,
replacement and upgrade, and installation of fire protection
equipment such as sprinkler systems, alarms and suppression
systems.
HAIRANDO LLC: Ryan Richmond Named Subchapter V Trustee
------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Ryan Richmond as
Subchapter V trustee for Hairando, LLC.
Mr. Richmond will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Richmond declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ryan J. Richmond
450 Laurel Street, Suite 1450
Baton Rouge, LA 70801
Tel. (225) 412-3667
Fax: (225) 286-3046
Email: ryan@snw.law
About Hairando LLC
Hairando, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 26-10174) on March 2,
2026, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Michael A. Crawford presides over the case.
H. Kent Aguillard, Esq. represents the Debtor as legal counsel.
HAYSTACKID: Barings CI Marks $2MM Loan at 42% Off
-------------------------------------------------
Barings Corporate Investors has marked its $2,099,039 loan extended
to HaystackID to market at $1,207,066 or 58% of the outstanding
amount, according to Barings CI'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 Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About HaystackID
HaystackID provides eDiscovery, advisory and document review
services that help corporations and law firms manage complex,
data-intensive investigations and litigation.
HEART 2 HEART: Court OKs Appointment of Chapter 11 Trustee
----------------------------------------------------------
Judge David Bissett of the U.S. Bankruptcy Court for the Northern
District of West Virginia approved the appointment of Robert Johns
as Chapter 11 trustee for Heart 2 Heart Volunteers, Inc.
The appointment comes upon the application filed by Matthew Cheney,
the Acting U.S. Trustee for Region 4, to appoint a bankruptcy
trustee in Heart 2 Heart Volunteers' Chapter 11 case.
Mr. Johns disclosed in a verified statement that he has no
connection with the Debtor and its creditors, the U.S. trustee and
its employees and any other parties in interest.
A copy of the appointment order is available for free at
https://urlcurt.com/u?l=3odYqQ from PacerMonitor.com.
About Heart 2 Heart Volunteers Inc.
Heart 2 Heart Volunteers Inc., doing business as Serenity Hills
Life Center, operates three addiction recovery centers and
treatment facilities.
Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February
27, 2025. In its petition, the Debtor reported between $1 million
and $10 million in both assets and liabilities.
Judge David L. Bissett oversees the case.
The Debtor is represented by Kirk B. Burkley, Esq., at
Bernstein-Burkley, P.C.
Deborah L. Fish is the patient care ombudsman appointed in the
Debtor's Chapter 11 case.
HYSTER-YALE INC: S&P Alters Outlook to Negative, Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Hyster-Yale Inc. to
negative from stable and affirmed all its ratings, including its
'B' issuer credit rating.
The negative outlook reflects S&P's forecast for leverage remaining
above 5x at least for the next quarter or two, heightened demand
uncertainty, and cost pressures, including from tariffs.
S&P said, "The negative outlook reflects leverage above our 5x
downside threshold. In 2026, we assume a modest market recovery,
cost-reduction programs, and operational initiatives increase S&P
Global Ratings-adjusted EBITDA to $144 million from $83 million in
2025. Still, we forecast EBITDA will remain well-below
Hyster-Yale's banner years of 2023 ($316 million) and 2024 ($360
million). We believe improved credit measures in 2026 will be
weighted to the back half of the year. Under our base case, S&P
Global Ratings-adjusted leverage will remain above 5x but decrease
to 4.3x by Dec. 31, 2026. However, significant risks to our
forecast remain from low revenue visibility (in part because the
backlog has normalized from previous highs) and tariff/inflationary
cost uncertainty."
This follows a challenging operating environment in 2025, marked by
soft lift truck markets, a preference shift by some customers
toward lower-priced offerings, and aggressive pricing by global
peers. Revenue declined 12.5% to $3.7 billion, and negative
operating leverage on lower volumes and tariff-related costs (of
which the company was able to recover about 30%) drove EBITDA
margin to 2.2% (620-basis-point contraction year over year).
Further, Hyster-Yale incurred higher draws on its credit facilities
as of Dec. 31, 2025, in part, due to the timing of seasonal working
capital needs and cash inflow from vendors received late in the
year. Year-over-year EBITDA was lower and year-end debt higher (S&P
does not net available cash for purposes of our credit measure
calculations), increasing leverage to 8.1x from 1.6x in 2024.
S&P said, "We forecast EBITDA margin expands modestly in 2026.
Volumes recover and operational efficiencies and cost savings will
be realized this year. Hyster-Yale reported bookings increases of
about 15% in the third quarter of 2025 and 42% in the fourth
quarter (calculated on a sequential-quarters basis). We assume
order growth continues through 2026, supported in part by our view
that higher quoting in 2025 followed deferred purchasing and lift
truck replacement cycle needs now converting to orders and revenue.
Further, we assume volume increases will modestly increase
operating leverage and facility utilization rates."
S&P also expects that cost-reduction programs and operational
initiatives--some underway and others planned--will bring about
meaningful savings in the second half of 2026 and further benefits
in 2027 on a full-year basis. These include manufacturing footprint
optimization, automation, and an organizational realignment focused
on streamlining internal functions and better realization of
centralization/scaling benefits.
Positive FOCF and good credit facility availability support
liquidity. Hyster-Yale maintained positive free operating cash flow
(FOCF) in 2025 despite operational challenges. This was, in part,
driven by working capital inflow from released inventory on lower
volumes and as Hyster-Yale worked through its backlog. S&P said,
"In 2026, we expect FOCF to remain positive but increase only
modestly year over year despite higher EBITDA from market expansion
and cost-saving initiatives. This is because we assume working
capital will be less of a source of cash (with good working capital
management offsetting higher inventory to support growth) and
capital expenditure (capex) remain elevated." Capital spending
commitments include investments to scale Hyster-Yale's
modular/scalable and technology offerings (including automation and
lithium-ion battery initiatives), upgrade its IT infrastructure
(including a new enterprise resource planning system), and optimize
its manufacturing footprint.
S&P said, "The negative outlook reflects our forecast for S&P
Global Ratings-adjusted leverage (8.1x as of Dec. 31) remaining
above 5x at least for the next quarter or two. It also reflects
heightened demand uncertainty (notwithstanding recent bookings
growth that we assume improves EBITDA in 2026) and cost pressures,
including from tariffs."
S&P could lower its rating on Hyster-Yale over the next 12 months
if S&P no longer expected leverage to return quickly to below 5x or
if FOCF deficits pressured liquidity. This could occur if:
-- Recent bookings growth did not convert to revenue as expected,
or markets weakened and order improvement stalled such that S&P
believed the company would not meaningfully increase revenue in
2026;
-- Operating costs were higher than S&P expected, possibly due to
unmitigated tariff costs or elevated expenses relating to
cost-reduction initiatives that did not return meaningful near-term
savings; or
-- Operating underperformance or growth investments decreased
liquidity such that S&P assumed the company could not fund
operations or address debt maturities.
S&P could revise its outlook to stable if Hyster-Yale:
-- Returned leverage comfortably under 5x and S&P believed it
would remain there to allow for inherent business volatility; and
-- Maintained positive FOCF and adequate liquidity to meet working
capital and debt servicing obligations.
INOTIV INC: Receives Waiver on Minimum Liquidity Covenant
---------------------------------------------------------
Inotiv, Inc. disclosed in a regulatory filing that the lenders
under the Credit Agreement, dated as of November 5, 2021, among the
Company, certain of its subsidiaries and the lenders party thereto
granted a waiver of the minimum liquidity covenant under the Credit
Agreement for the March 6, 2026 liquidity test date and the March
13, 2026 liquidity test date.
The waiver was limited to such liquidity covenant for the indicated
test dates, and none of the provisions of the Credit Agreement were
amended thereby.
About Inotiv
Inotiv, Inc. is a contract research organization dedicated to
providing nonclinical and analytical drug discovery and development
services primarily to the pharmaceutical and medical device
industries and selling a range of research-quality animals and
diets to the same industries as well as academia and government
clients. The Company's products and services focus on bringing new
drugs and medical devices through the discovery and preclinical
phases of development and, in certain cases, the clinical phases of
development, all while focusing on increasing efficiency, improving
data, and reducing the cost of discovering and taking new drugs and
medical devices to market.
Indianapolis, Indiana-based Ernst & Young LLP, the Company's
auditor since 2021, expressed substantial doubt regarding the
Company's ability to continue as a going concern. In its "going
concern" qualification dated December 5, 2025, included in the
Company's Annual Report on Form 10-K for the year ended September
30, 2025, Ernst & Young reported that the Company has negative
operating cash flows, operating losses and net losses, is
forecasting non-compliance with certain covenants under its loan
agreements, and has significant debt obligations due within the
next 12 months.
As of September 30, 2025, the Company had $771.1 million in total
assets, $635.1 million in total liabilities, and $136 in total
equity attributable to common shareholders.
INTL TOWER HILL: Says Funding Sufficient for Coming 12 Months
-------------------------------------------------------------
International Tower Hill Mines Ltd. filed with the U.S. Securities
and Exchange Commission its Annual Report on Form 10-K reporting a
net loss of $4.6 million for the fiscal year ended December 31,
2025, compared to a net loss of $3.6 million for the fiscal year
ended December 31, 2024.
The Company has no revenue generating operations from which it can
internally generate funds. To date, the Company's ongoing
operations have been predominantly financed through sale of its
equity securities by way of public offerings, private placements
and the subsequent exercise of share purchase and broker warrants
issued in connection with such private placements. There are
currently no warrants outstanding.
As at December 31, 2025, the Company reported cash and cash
equivalents of $1,353,333 compared to $992,487 at December 31,
2024. The increase of approximately $0.4 million resulted mainly
from net financing activities of $3.8 million partially offset by
operating activities of $3.2 million and a negative foreign
exchange impact of $0.2 million during the year ended December 31,
2025.
Subsequent to December 31, 2025, in January 2026 the Company
received approximately $118.1 million of gross proceeds from an
equity financing. Over the next several years, the Company intends
to use the net proceeds to fund the exploration and development of
the Livengood Gold Project, including drilling, metallurgical
studies, feasibility studies, technical studies, baseline
environmental studies, detailed engineering in support of
permitting, permitting, legal support, community engagement,
mineral lease and land payments, acquisitions and general corporate
purposes, allocated approximately $50 million for feasibility and
technical studies, $35 million for permitting and community
engagement, and the remainder for corporate G&A and general
corporate purposes.
Due to the recent completion of the financing, the 2026 budget has
not yet been finalized by management and approved by the Board, but
anticipated 2026 expenditures will include $702,865 for mineral
property leases and $214,790 for mining claim government fees.
Total commitments for years 2026 through 2031 for mineral property
leases and mining claim government fees are $4,335,942 and
$1,288,740, respectively.
Based on cash and cash equivalents on hand of $1,353,333 as of
December 31, 2025 and approximately $118.1 million of gross
proceeds from the equity financing in January 2026, as at March 10,
2026, management believes that the Company has sufficient financial
resources to maintain its operations for the next 12 months.
Financing activities during the year ended December 31, 2025
consisted of a private placement pursuant to which the Company
issued 8,192,031 common shares to existing major shareholders to
raise gross proceeds of approximately $3.9 million.
Financing activities during the year ended December 31, 2024
consisted of a private placement, pursuant to which the Company
issued 3,807,911 common shares to existing major shareholders to
raise gross proceeds of approximately $2.5 million.
The Company had no cash flows from investing activities during the
years ended December 31, 2025 and December 31, 2024.
As at December 31, 2025, the Company had working capital of
$1,015,182 compared to working capital of $959,703 at December 31,
2024. The Company expects that it will operate at a loss for the
foreseeable future but believes its current cash and cash
equivalents will be sufficient for it to complete its anticipated
2026 work plan and satisfy its currently anticipated general and
administrative costs, through the 2026 fiscal year.
There is no assurance that the Company will be able to obtain the
additional financing required to further advance the Project on
acceptable terms, if at all. In addition, any significant delays in
the issuance of required permits for the ongoing work or the
development of the Livengood Gold Project, or unexpected results in
connection with the ongoing work or the development of the
Livengood Gold Project, could result in the Company being required
to raise additional funds to advance the Project.
Despite the Company's success to date in raising significant equity
financing to fund its operations, there is significant uncertainty
that the Company will be able to secure any additional financing in
the future... The quantity of funds to be raised and the terms of
any proposed equity financing that may be undertaken will be
negotiated by management as opportunities to raise funds arise.
Specific plans related to the use of proceeds will be devised once
financing has been completed and management knows what funds will
be available for these purposes.
Other than cash held by its subsidiaries for their immediate
operating needs in the United States, all of the Company's cash
reserves are on deposit with a major Canadian chartered bank. The
Company does not believe that the credit, liquidity or market risks
with respect thereto have increased as a result of current market
conditions.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/bdzb4r9r
About International Tower Hill Mines
International Tower Hill Mines Ltd. consists of ITH and its
wholly-owned subsidiaries Tower Hill Mines, Inc. (an Alaska
corporation), Tower Hill Mines (US) LLC (a Colorado limited
liability company), and Livengood Placers, Inc. (a Nevada
corporation). The Company is in the business of acquiring,
exploring and evaluating mineral properties, and either joint
venturing or developing these properties further or disposing of
them when the evaluation is completed.
As of December 31, 2025, the Company had $57 million in total
assets and $497,952 in total liabilities, and total shareholders'
equity of $56.4 million.
* * *
This concludes the Troubled Company Reporter's coverage of
International Tower Hill Mines Ltd. until facts and circumstances,
if any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.
JACKSON WALKER: Judge Calls Jackson Walker Deals a "Dilemma"
------------------------------------------------------------
Jose Luis Martinez of Law360 Bankruptcy Authority reports that on
Tuesday, March 17, 2026, a Texas federal judge told three former
bankruptcy clients of Jackson Walker LLP to detail what would
happen to funds stemming from any sanctions or vacated decisions
involving the firm. The order is part of ongoing litigation
examining alleged conflicts tied to a former judge.
The court asked the clients to provide responses by next month
explaining how any such proceeds would be managed. This includes
identifying whether the money would be returned to estates,
distributed among creditors, or handled through another legal
process, according to report.
The move signals the court's focus on ensuring accountability and
proper allocation of funds if prior rulings are undone. It also
highlights the broader implications for cases potentially impacted
by ethical concerns surrounding the firm’s past representation,
Law360 reports.
About Jackson Walker LLP
Jackson Walker LLP is a law firm. The Firm's practice areas include
aviation, antitrust, bankruptcy, energy, environmental,
entertainment, health care, immigration, insurance, intellectual
property, international, labor and employment, real estate, and tax
law.
JAMMER LIMITED: Charles Mouranie Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of
CMM & Associates as Subchapter V trustee for The Jammer Limited
Liability Company.
Mr. Mouranie will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Mouranie declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Charles M. Mouranie CTP
CMM & Associates
43313 Woodward Ave., Ste. 1189
Phone: 248.767.9492
Email: cmouranie@cmmengllc.com
About The Jammer Limited Liability Company
The Jammer Limited Liability Company is a business entity engaged
in commercial operations serving customers in its local market. It
conducts business activities that support its industry sector and
provide services and products to its clientele.
Jammer filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-30523) on March 3,
2026, listing between $50,001 and $100,000 in assets and between
$100,001 and $500,000 in liabilities.
Judge Joel D. Applebaum handles the case.
The Debtor is represented by Edward J. Gudeman, Esq., at Gudeman &
Associates, P.C.
JLM HOLDINGS Case Summary & One Unsecured Creditor
--------------------------------------------------
Debtor: JLM Holdings, LLC
3351 Griggs St SW
Prior Lake, MN 55372
Business Description: JLM Holdings, LLC, a single-asset real
estate company, owns the residential
property at 17394 Sunset Trail S.W. in Prior
Lake, Minnesota, Scott County, with a market
value of around $1.7 million.
Chapter 11 Petition Date: March 15, 2026
Court: United States Bankruptcy Court
District of Minnesota
Case No.: 26-30808
Judge: Hon. Mychal A. Bruggeman
Debtor's Counsel: John D. Lamey III, Esq.
LAMEY LAW FIRM, P.A.
980 Inwood Ave N
Oakdale, MN 55128-7094
Tel: 651-209-3550
Email: JLAMEY@LAMEYLAW.COM
Total Assets: $1,705,000
Total Liabilities: $1,119,572
The petition was signed by Jason Michels as chief manager.
The Debtor reported having a single unsecured creditor, Jason L.
Michels of Prior Lake, Minnesota, with a $5,000 claim tied to a
shareholder loan.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/EHDJWGA/JLM_HOLDINGS_LLC__mnbke-26-30808__0001.0.pdf?mcid=tGE4TAMA
KABUKI LLC: Ryan Richmond Named Subchapter V Trustee
----------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Ryan Richmond as
Subchapter V trustee for Kabuki, LLC.
Mr. Richmond will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Richmond declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ryan J. Richmond
450 Laurel Street, Suite 1450
Baton Rouge, LA 70801
Tel. (225) 412-3667
Fax: (225) 286-3046
Email: ryan@snw.law
About Kabuki LLC
Kabuki, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 26-10173) on March 02,
2026, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Michael A. Crawford presides over the case.
H. Kent Aguillard, Esq. represents the Debtor as legal counsel.
KSHITIJ INC: Salvatore LaMonica Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq.,
at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for
Kshitij Inc.
Mr. LaMonica will be paid an hourly fee of $725 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. LaMonica declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Salvatore LaMonica, Esq.
LaMonica Herbst & Maniscalco, LLP
3305 Jerusalem Avenue, Suite 201
Wantagh, NY 11793
Phone: (516) 826-6500
Email: sl@lhmlawfirm.com
About Kshitij Inc.
Kshitij Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70902) on March 05,
2026, with up to $50,000 in assets and between $500,001 and $1
million in liabilities.
Gary C. Fischoff, Esq. at Bfsng Law Group, LLP represents the
Debtor as bankruptcy counsel.
L & J INDUSTRY: G. Matt Barberich Named Subchapter V Trustee
------------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich,
Jr. of B. Riley Advisory Services as Subchapter V trustee for L & J
Industry, LLC.
Mr. Barberich will be paid an hourly fee of $300 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Barberich declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
G. Matt Barberich, Jr.
B. Riley Advisory Services
7101 College Boulevard, Suite 730
Overland Park, KS 66210
Phone: 913-389-9270
Email: mbarberich@brileyfin.com
About L & J Industry LLC
L & J Industry, LLC owns a strip mall at 1826 E. 9th St. in
Trenton, Missouri, with an estimated value of $2.2 million.
L & J Industry filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40375) on March
04, 2026, with between $1 million and $10 million in both assets
and liabilities.
Judge Brian T. Fenimore presides over the case.
Conrad Miller, Jr., Esq., at Miller Law Firm of Kansas, PA
represents the Debtor as bankruptcy counsel.
LIGADO NETWORKS: Seeks Court Stay on $100MM Inmarsat Payment
------------------------------------------------------------
Jarek Rutz of Law360 reports that Ligado Networks has asked a
Delaware bankruptcy judge to suspend a $100 million payment to
Inmarsat, alleging that Inmarsat breached a key settlement
agreement. The company claims that the breach undermines the value
of the deal and could cause considerable financial harm.
The filing seeks a temporary hold on the payment while the dispute
is resolved, arguing that proceeding with the transfer could
unfairly penalize the debtor and hinder its restructuring efforts.
The company emphasizes the need for court intervention to protect
its financial stability, the report states.
The judge's ruling will determine whether the payment can be
delayed and may have wider implications for the treatment of
creditor payments in bankruptcy cases where contract breaches are
alleged. The case highlights the challenges of navigating complex
settlements during Chapter 11 proceedings, the report relays.
About Ligado Networks
Ligado Networks, formerly LightSquared, provides mobile satellite
services. The Debtor's satellite and terrestrial solutions,
combined with powerful, lower mid-band spectrum, serve to
supplement and broaden mobile coverage across the United States and
Canada. On the Web: http://www.ligado.com/
On January 5, 2025, Ligado Networks LLC and certain of its
affiliates each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-10006).
Perella Weinberg Partners LP is serving as investment banker to
Ligado, FTI Consulting, Inc. is serving as financial advisor,
Milbank LLP is serving as legal counsel, and Richards, Layton &
Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is
the claims agent.
An ad hoc group of first lien creditors is being advised by
Guggenheim Securities, LLC as financial advisor, and by Sidley
Austin LLP as counsel. An ad hoc group of crossholding creditors is
being advised by Kirkland & Ellis LLP.
LYCRA COMPANY: Files Prepackaged Ch. 11 to Eliminate $1.2B in Debt
------------------------------------------------------------------
The LYCRA Company, LLC, a global leader in developing fiber and
technology solutions for the apparel and personal care industries,
announced on March 17, 2026, that it has entered into a
restructuring support agreement with the overwhelming majority of
its creditors to eliminate approximately $1.2 billion of long-term
debt and establish a sustainable capital structure that will
recapitalize the Company and position it for long-term financial
stability and growth.
The RSA has overwhelming support from holders of the Company's
senior secured term loan, 16.000% Senior Secured Notes, and 7.500%
Senior Secured Notes, who have agreed to vote in favor of a
prepackaged plan of reorganization. To implement the Prepackaged
Plan, the Company and certain of its affiliates, have filed a
voluntary prepackaged Chapter 11 case in the U.S. Bankruptcy Court
for the Southern District of Texas.
The Prepackaged Plan reflects a consensual agreement reached over
the course of several months of productive discussions with the
Company's key financial creditors. Given the near unanimous support
of its stakeholders, the Company expects to complete its financial
restructuring expeditiously and emerge from the Chapter 11 process
within 45 days.
"The LYCRA Company's products have long been a symbol of quality,
delivering benefits like lasting comfort, fit, and performance
across a wide variety of apparel and personal care applications,"
said Gary Smith, Chief Executive Officer of The LYCRA Company.
"Today marks a significant milestone for The LYCRA Company as we
are taking decisive action to meaningfully reduce our debt and
strengthen our financial foundation. By taking this step, we will
continue serving our customers, supporting our partners, and
providing the high-quality products on which they rely. I want to
thank our team members for their ongoing dedication and our loyal
customers and partners for their continued support throughout the
process."
The Company is seeking customary "first day" relief that will
enable it to operate in the ordinary course of business throughout
the restructuring process. As part of these first day motions, the
Company will seek approval to continue to pay all valid amounts
owed to vendors and suppliers in full in the ordinary course of
business. To support these ordinary course operations, the Company
has obtained commitments for $75 million in debtor-in-possession
financing ("DIP Financing") and more than $75 million in exit
financing, which is poised to refinance the DIP Financing,
providing the Company with capital upon completion of the Chapter
11 process.
Importantly, certain entities within The LYCRA Company are not
included in the Chapter 11 filing. A list of those entities
included in the filing can be found at
https://restructuring.ra.kroll.com/lycra.
Additional Information
Bankruptcy Court filings and other information regarding the case
can be found at https://restructuring.ra.kroll.com/lycra, or by
contacting Kroll Inc., the Company's noticing and claims agent, at
(888) 498-1399 (toll-free) and (347) 338-6514 (international).
Please note these resources are for information about the
restructuring process only; all other customer service and support
infrastructure and contact information for the Company remain
active and operational.
The LYCRA Company is advised in this matter by Linklaters LLP and
Haynes Boone, LLP as legal counsel, Houlihan Lokey as investment
banker, and FTI Consulting as financial and communications
advisor.
About The LYCRA Company
The LYCRA Company innovates and produces fiber and technology
solutions for the apparel and personal care industries and owns the
leading consumer brands: LYCRA(R), LYCRA HyFit(R), LYCRA(R)
T400(R), COOLMAX(R), THERMOLITE(R), ELASPAN(R), SUPPLEX(R) and
TACTEL(R). Headquartered in Wilmington, Delaware, U.S., The LYCRA
Company is recognized worldwide for its sustainable products,
technical expertise, and marketing support. The LYCRA Company
focuses on adding value to its customers' products by developing
unique innovations designed to meet the consumer's need for comfort
and lasting performance. Learn more at thelycracompany.com.
LYCRA COMPANY: Seeks Chapter 11 Bankruptcy in Texas
---------------------------------------------------
Reuters reports that on Tuesday, March 17, 2026, The Lycra Company,
known for producing spandex and stretch fabrics, filed for Chapter
11 bankruptcy in Houston, Texas, seeking relief from $1.2 billion
in debt. The move allows the company to restructure its finances
while keeping operations intact.
Court filings indicate that the company's lenders will provide $75
million in new financing and forgive most of the $1.53 billion in
existing debt. Lycra emphasized that the restructuring will not
affect its employees, production, or supplier relationships.
The company said it has secured near-unanimous lender support for a
"prepackaged" plan and expects to complete the Chapter 11 process
in approximately 45 days, the report states.
The Wilmington, Delaware-based company has faced financial
difficulties since a 2019 acquisition by Ruyi Textile and Fashion
International Group Limited. Lenders assumed control in 2022
following a debt default, but ongoing challenges such as decreased
market demand, tariff complications, low-cost competition, and
unresolved legal issues with former owners have continued to strain
the business, according to Reuters.
About Lycra Company
Lycra Company is a manufacturer of spandex and other stretch
fabrics.
Lycra Company sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Case No. 26-90399) on March 17, 2026. In
its petition, the petition list estimated assets and liabilities
between $100 million and $500 million each.
Honorable Bankruptcy Judge Christopher M. Lopez oversees the case.
The Debtor is represented by Arsalan Muhammad, Esq. and Kourtney
Pickens Lyda, Esq., of Haynes And Boone, LLP.
MATIV HOLDINGS: S&P Affirms 'B' ICR on Refinancing, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Mativ
Holdings Inc. because its credit metrics, including S&P Global
Ratings-adjusted leverage, free cash surpluses, and EBIDTA margin,
are in line with expectations.
S&P said, "At the same time, we assigned our 'B+' issue-level
rating and '2' recovery rating to the proposed $500 million
first-lien term loan B, announced as part of its proposed
refinancing.
"Our 'B-' issue-level and '5' recovery ratings on the $400 million
unsecured notes are unchanged.
"The stable outlook reflects our view that Mativ will maintain
leverage of about 6x and positive free cash flow over the next 12
months as demand remains weak.
"We expect S&P Global Ratings adjusted debt to EBITDA in the
high-5x to low-6x range. This leverage is in line with our 'B'
issuer credit rating and sustainable because Mativ has improved
operating efficiency through ongoing restructuring initiatives." It
also reduced outstanding debt by roughly $675 million since 2023.
S&P Global Ratings includes amounts outstanding under its accounts
receivable securitization facility in our adjusted debt
calculation.
Mativ's free cash flow profile supports the ratings. Its manageable
capital expenditure (capex) needs (roughly 2.5% of 2026 revenue),
modest working capital requirements, and stable earnings support
free operating cash flow (FOCF) -to-debt ratio of about 5% in 2026.
This is consistent with the company's fiscal years 2024 and 2025,
when it maintained FOCF -to-debt above 5%. S&P views Mativ's
ability to generate consistent cash flow surpluses as a credit
positive. While not considered in our base case, free cash
surpluses will support deleveraging.
Weak product demand will limit EBITDA expansion in 2026. S&P
forecasts low-single-digit percentage revenue growth in 2026 across
Mativ's consolidated product portfolio. Mativ has material exposure
to end markets with high cyclicality including automotive, general
industrials, construction, and consumer-facing end markets. Despite
pockets of demand recovery, continued weakness in some categories
will more than offset stronger demand in others. In the smaller but
higher-margin Filtration and Advanced Materials segment, S&P
believes Mativ would prioritize volume over price and forecast flat
consolidated EBITDA margins of about 10%.
Pro forma for the refinancing, the nearest maturity is 2029. This
significantly lowers Mativ's risk of a liquidity crunch in the
coming 12-24 months. The proposed capital structure will include a
$305 million revolving credit facility due in 2031, $500 million
term loan B due in 2033, $89.9 million term loan A due in 2031, and
existing $400 million senior unsecured notes due in 2029.
The stable outlook reflects S&P's view that Mativ will maintain
leverage of about 6x and decent free cash flow over the next 12
months, even as demand remains largely muted.
S&P could lower its ratings on Mativ if:
-- S&P Global Ratings-adjusted debt to EBITDA deteriorates and
remains above 6.5x; or
-- Free cash deviates from our base-case expectations.
While unlikely over the next 12 months, S&P could raise its rating
on Mativ if:
-- S&P Global Ratings-adjusted debt to EBITDA improves to below
5x; and
-- Cash flow remains meaningfully positive.
MATTHEWS INTERNATIONAL: Fitch Affirms & Then Withdraws 'BB-' IDR
----------------------------------------------------------------
Fitch Ratings has affirmed Matthews International Corporation's
(MATW) Long-Term Issuer Default Rating (IDR) at 'BB-' and its
Long-Term debt ratings at 'BB+' with a Recovery Rating of 'RR2'.
The Rating Outlook is Stable.
The ratings reflect MATW's post-divestiture business profile, which
is now predominantly centered on its core Memorialization segment.
The company holds a leading position as a national U.S. death care
supplier, supported by established brands, a comprehensive product
mix, and an advantaged distribution and point-of-sale network. This
platform supports a relatively stable, recession-resistant demand
profile and reliable cash flow generation.
Leverage has remained above 4.0x in recent years, reflecting weaker
operating performance. Fitch expects leverage to decline to the
high-to-mid 3.0x range by FY27, driven primarily by debt repayment
using divestiture proceeds, as free cash flow (FCF) is expected to
remain minimal.
Fitch has subsequently withdrawn all ratings due to commercial
reasons.
Key Rating Drivers
Strategic Portfolio Reshaping: MATW has streamlined its portfolio
through a series of divestitures, including the May 2025 sale of a
majority stake in SGK Brand Solutions for $350 million, the
Warehouse Automation divestiture (closed December 2025; estimated
net proceeds of about $170 million) and the SGK Europe sale (closed
January 2026; estimated net proceeds of about $35 million).
MATW's exit from Warehouse Automation, despite its higher-growth
profile, reflects management's strategy to reduce complexity and
exposure to more capital- and execution-intensive businesses with
more volatile demand, while concentrating resources on the
higher-margin, more predictable Memorialization segment where MATW
has competitive advantages. MATW is also evaluating a sale of its
40% stake in Propelis, which could represent an additional source
of cash in 2026-2027.
Commitment to Deleveraging: MATW's EBITDA leverage was about 4.5x
in FY25 on a post-SGK divestiture basis. The company has directed
divestiture proceeds toward debt reduction, including the January
2026 redemption of its $300 million Senior Secured Notes funded in
part by proceeds from the SGK Europe sale and the Warehouse
Automation divestiture. This repayment provides an immediate
step-down in leverage and supports Fitch's expectation that
leverage will decline toward the high-to-mid 3.0x range by FY27 as
MATW prioritizes balance-sheet repair.
Further deleveraging is expected to be driven primarily by
divestiture-funded debt repayment, as free cash flow is projected
to remain limited due to one-time transaction/separation costs and
elevated cash taxes associated with the asset sales. Management is
targeting 2.5x net leverage on a post-divestiture basis; Fitch
views this as a longer-term objective beyond FY27, though it could
be accelerated by additional non-core monetizations with proceeds
directed to debt reduction.
Stable Core Memorialization Business: Matthews' credit profile is
supported by the leading position and scale of its Memorialization
segment, which is estimated to represent more than 75% of FY25
revenue on a pro forma basis after divestitures. As a leader in
death care, Matthews offers a broader, more diversified product
suite and distribution network than its closest competitors,
supporting pricing and share stability. Demand is resilient,
underpinned by non-discretionary end markets. Additionally, the
Dodge Company acquisition adds recurring consumables (embalming
chemicals, fluids, cosmetics, prep-room supplies), strengthens
funeral-home relationships, and enhances cross-selling.
Improved Margins; FCF Limited: Fitch forecasts EBITDA margins
rising to 12%-14%, driven by mix shift toward Memorialization and
supported by cost savings and pricing actions to offset tariffs.
Margins are expected to remain stable through the forecast period.
FCF is constrained in the near term by one-time costs and elevated
taxes tied to asset sales. From 2027 onward, Fitch expects FCF
margins in the low single digits as these costs roll off and Energy
Solutions' performance improves. In addition, working-capital
normalization, including the release of inventory built up from
project delays, could provide upside if realized.
Energy Solutions: Matthews' Energy Solutions segment remains
pressured by EV market softness and project execution cycles. A
favorable ruling in the DBE dispute with Tesla removed a key
overhang and has boosted commercial interest; since February 2025,
the company reports issuing quotes exceeding $150 million. However,
long customer lead times are likely to delay conversion to revenue
and EBITDA. A second Tesla-related arbitration remains unresolved,
creating residual uncertainty. Fitch does not expect a material
EBITDA recovery in Energy Solutions until after FY27 and is not
modeling meaningful EBITDA contribution before 2028.
Peer Analysis
Fitch compares MATW with diversified manufacturing peer Columbus
McKinnon Corporation (CMCO; B+/Stable) among similarly rated,
midsize industrial issuers. Following the divestitures, MATW is
more concentrated in Memorialization, which benefits from steadier,
less cycle-sensitive demand and can provide a partial
countercyclical buffer. In contrast, CMCO remains more
industrial-weighted and therefore more exposed to cyclical end
markets. MATW is roughly half of CMCO's size but operates with
lower EBITDA leverage (about 4.0x versus roughly 5.0x for CMCO).
Fitch’s Key Rating-Case Assumptions
- Revenue returns to low-single-digit organic growth in FY26 and
remains at that pace through the forecast period;
- EBITDA margins improve to 12%-14% over the forecast, driven by
mix shift toward the higher-margin Memorialization segment;
- Dividends are maintained at historical levels; no reduction has
been signaled post-divestitures despite the company's smaller
scale;
- Asset-sale proceeds are applied to debt repayment, consistent
with management's stated deleveraging priorities;
- SOFR assumptions: FY26 at 4.0%; FY27 at 3.50%; FY28-FY29 at
3.25%.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (b+,
Moderate), Financial Structure (bb-, Higher), and Financial
Flexibility (bb, Moderate).
- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'bb-'.
To derive the IDR:
Fitch has made no adjustments to the SCP, resulting in an IDR of
'BB-'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Deviation from the company's stated financial policy, including
its debt reduction-focused capital allocation priorities, resulting
in EBITDA leverage sustained above 4.0x;
- Reduced financial flexibility evidenced by a material reduction
in RCF availability, or (CFO - capex)/debt sustained below 5%;
- Deterioration in operating profile that reduces size/scale and
heightens cash flow variability.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Demonstrated adherence to the company's stated financial policy
and execution of its debt reduction strategy, resulting in EBITDA
leverage sustained below 3.5x;
- Preservation of financial flexibility, including FCF margin in
the low single digits and (CFO - capex)/debt sustained above 7.5%;
- Successful execution of the growth and portfolio reshaping
strategy that increases size/scale and improves cash flow
stability.
Liquidity and Debt Structure
As of Dec. 31, 2025, MATW had liquidity of $517 million, consisting
of $31 million of cash and $486 million of availability under its
revolving credit facility. In February 2026, the company amended
its credit agreement, reducing the revolver commitment to $700
million (from $750 million) and adding a $150 million term loan
facility that provides incremental funding capacity; both
facilities mature on Jan. 31, 2029. Following repayment of the
company's $300 million senior secured notes, MATW's debt structure
is primarily comprised of the senior secured bank facilities and
unsecured, off-balance-sheet factoring that Fitch treats as debt.
Issuer Profile
Matthews International Corporation (MATW) is a global provider of
memorialization products and industrial technologies.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for Matthews International Corporation.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Matthews International
Corporation
LT IDR BB- Affirmed BB-
LT IDR WD Withdrawn
senior secured LT BB+ Affirmed RR2 BB+
senior secured LT WD Withdrawn
MERCHANT INDUSTRY: Barings CI Marks $1.2MM Loan at 34% Off
----------------------------------------------------------
Barings Corporate Investors has marked its $1,267,206 loan extended
to Merchant Industry to market at $840,166 or 66% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Merchant Industry
Merchant Industry is a merchant acquirer that provides payment
processing and other value-added services to small and midsize
business merchants.
MISSION MICROWAVE: Barings CI Marks $1.4MM Loan at 16% Off
----------------------------------------------------------
Barings Corporate Investors has marked its $1,434,884 loan
extended to Mission Microwave to market at $1,434,884 or 84% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Mission Microwave
Mission Microwave is a provider of high-performance solid-state
power amplifiers and block upconverters used in ground-based,
maritime, airborne and space-based satellite communications.
MOGAFORD CAPITAL: Case Summary & Four Unsecured Creditors
---------------------------------------------------------
Debtor: The Mogaford Capital Group LLC
2305 Historic Decatur Rd
San Diego, CA 92106-6071
Business Description: Specializing in residential property
ownership and leasing, The Mogaford Capital Group LLC manages The
Carl, a fully furnished urban housing asset in San Diego,
California, primarily serving college students while remaining open
to other residents. Established in 2021 as a single-asset company,
it handles leasing, operations, and tenant services while
maintaining full ownership of the property, which features
contemporary design and integrated amenities.
Chapter 11 Petition Date: March 14, 2026
Court: United States Bankruptcy Court
Southern District of California
Case No.: 26-01001
Judge: Hon. Christopher B Latham
Debtor's Counsel: Donald Reid, Esq.
LAW OFFICE OF DONALD W. REID
770 1st Ave Ste 250
Dan Diego CA 92101-6170
Tel: (619) 880-6100
E-mail: don@donreidlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Crawford as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's four unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/VGQBN5Y/The_Mogaford_Capital_Group_LLC__casbke-26-01001__0001.0.pdf?mcid=tGE4TAMA
NAVAJO SMILES: Michael Carmel Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 14 appointed Michael Carmel of Michael
Carmel, Ltd. as Subchapter V trustee for Navajo Smiles LLC.
Mr. Carmel will be paid an hourly fee of $550 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Carmel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael W. Carmel
Michael W. Carmel, Ltd.
80 E. Columbus Ave
Phoenix, AZ 85012-4965
Phone: 602-264-4965
Fax: 602-277-0144
Email: michael@mcarmellaw.com
About Navajo Smiles LLC
Navajo Smiles LLC, doing business as Pleasant Dental Care, provides
general and specialized dental services, including preventive,
restorative, cosmetic, orthodontic, and implant dentistry. The
clinic also offers teeth cleaning, whitening, crowns, veneers,
dentures, periodontal care, sedation dentistry, extractions, and
emergency dental care. Navajo Smiles LLC operates in Peoria,
Arizona, serving patients with a full range of family and
specialized dental treatments.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02081) on March 6,
2026, with $2,596,713 in assets as of Feb. 28, 2026 and $2,711,049
in liabilities as of Feb. 28, 2026. Chad Lyons, member, signed the
petition.
Judge Brenda K. Martin presides over the case.
Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC represents the
Debtor as legal counsel.
NEAREST GREEN: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Nearest Green Distillery Inc.
3125 Hwy US-231
Shelbyville, TN 37160
Business Description: Nearest Green Distillery Inc., based
in Shelbyville, Tennessee, produces and markets Uncle Nearest
Premium Whiskey, a portfolio of seven ultra-premium expressions
honoring Nathan "Nearest" Green, the first known African-American
master distiller. Its offerings include 1856 Premium Aged Whiskey,
1884 Small Batch, and Master Blend, distributed across all 50 U.S.
states and 12 countries through more than 25,000 retail outlets,
bars, hotels, and restaurants.
Chapter 11 Petition Date: March 17, 2026
Court: United States Bankruptcy Court
Eastern District of Tennessee
Case No.: 26-30471
Judge: Hon. Suzanne H. Bauknight
Debtor's Counsel: Lynn Tarpy, Esq.
TARPY, COX, FLEISHMAN & LEVEILLE, PLLC
1111 N Northshore Dr
Suite N-290
Knoxville, TN 37919
Tel: (865) 588-1096
Fax: (865) 588-1171
Email: ltarpy@tcflattorneys.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Fawn Weaver as chief executive officer.
The Debtor has identified Phillip G. Young, Jr. of Thompson Burton
PLLC, based in Nashville, Tennessee, as its only unsecured
creditor.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/MFF3D2I/Nearest_Green_Distillery_Inc__tnebke-26-30471__0001.0.pdf?mcid=tGE4TAMA
NEARSHORE NETWORK: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas issued
an interim order allowing Nearshore Networks, Inc. to use cash
collateral to maintain operations and preserve the value of its
assets during the restructuring process.
Under the interim order, the Debtor is authorized to use cash
collateral according to a court-approved budget covering the period
from March 9 to 23.
Several lenders claim secured interests in the Debtor's assets,
including First State Bank (Clute Branch) and Agile Capital Funding
LLC, along with entities represented by CT Corporation System.
Additional creditors such as First National Bank Texas, 2M7
Financial Corp., and Fox Funding Group, LLC assert claims but may
lack properly filed financing statements. These creditors
collectively claim interests in the Debtor's accounts, proceeds,
and future receipts.
As adequate protection, the court granted secured creditors
replacement liens on post-petition assets and proceeds except
bankruptcy recoveries, subject to professional fee carveouts.
A final hearing is scheduled for March 23.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/4pS4X from PacerMonitor.com.
About Nearshore Networks, Inc.
Nearshore Networks, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31567) on March
8, 2026, with $100,001 to $500,000 in assets and $ million to $10
million in liabilities.
Judge Eduardo V. Rodriguez oversees the case.
The Debtor is represented by:
Joseph G. Epstein, Esq.
Joseph G. Epstein
Tel: 713-222-8400
Email: joe@epsteintexaslaw.com
NET AT WORK: Barings CI Marks $3.3MM Loan at 32% Off
----------------------------------------------------
Barings Corporate Investors has marked its $3,398,580 loan extended
to Net at Work to market at $2,294,465 or 68% of the outstanding
amount, according to Barings CI's N-CSR for the fiscal year ended
Dec. 31, 2025, filed with the U.S. Securities and Exchange
Commission.
Barings Corporate Investors is a participant in a term loan
extended to Net at Work. The loan accrues interest at a rate of
8.42% (SOFR + 4.750%) per annum. The loan matures on Sept. 13,
2029.
Barings Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 service
provider specializing in software sales, implementation, managed
services and hosting services.
NETRIX: Barings Corporate Marks $3.5MM Loan at 16% Off
------------------------------------------------------
Barings Corporate Investors has marked its $3,500,000 loan extended
to Netrix to market at $2,932,741 or 84% of the outstanding amount,
according to Barings CI's N-CSR for the fiscal year ended Dec. 31,
2025, filed with the U.S. Securities and Exchange Commission.
Barings Corporate Investors is a participant in a term loan
extended to Netrix. The loan accrues interest at a rate of 9.22%
(SOFR + 5.500%) per annum. The loan matures on Aug. 31, 2030.
Barings Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 capabilities.
NINE ENERGY: Emerges From Chapter 11 With $135MM Exit ABL Facility
------------------------------------------------------------------
Nine Energy Service, Inc. and certain of its subsidiaries filed
voluntary petitions under chapter 11 of title 11 of the United
States Code on February 1, 2026, in the United States Bankruptcy
Court for the Southern District of Texas to implement a prepackaged
chapter 11 plan of reorganization. The Chapter 11 Cases were
jointly administered for administrative purposes only under the
caption In re Nine Energy Service, Inc. et al.
On March 4, 2026, the Bankruptcy Court entered an order confirming
the Plan, and on March 5, 2026, the Plan became effective in
accordance with its terms and the Company Parties emerged from
bankruptcy.
The material features of the Plan include, among other things:
* the Prepetition Lenders providing the Company Parties with
the DIP ABL Facility, including a roll-up or refinancing of all
obligations under the Prepetition Loan and Security Agreement,
which converted into the Exit ABL Facility on the Plan Effective
Date;
* the Company issuing 100% of a single class of common equity
interests to the holders of the Senior Secured Notes and the Senior
Secured Notes being canceled on the Plan Effective Date; and
* all of the Company's equity interests outstanding prior to
the Plan Effective Date, including common stock (the "Old Common
Stock"), being canceled for no consideration on the Plan Effective
Date.
Also, pursuant to the Plan, all indemnification provisions in place
as of the Plan Effective Date for the benefit of current and former
directors, officers, managers, employees, attorneys, accountants,
investment bankers and other professionals of the Company Parties,
as applicable, shall be (a) reinstated and remain intact,
irrevocable, and shall survive the Plan Effective Date on terms no
less favorable to such current and former directors, officers,
managers, employees, attorneys, accountants, investment bankers and
other professionals of the Company Parties than the indemnification
provisions in place prior to the Plan Effective Date and (b)
assumed by the reorganized Company Parties.
A full text copy of the Plan, as confirmed is available at
https://tinyurl.com/52at297y
Exit ABL Facility
As previously disclosed, on February 3, 2026, the Company Parties
entered into a senior secured super-priority asset-based
debtor-in-possession loan and security agreement with White Oak
Commercial Finance, LLC, as agent, and the lenders from time to
time party thereto, which provided the Company Parties with a
senior secured super-priority asset-based debtor-in-possession
credit facility consisting of $125.0 million in aggregate principal
amount of revolving credit commitments, including a roll-up or
refinancing of all obligations under the Prepetition Loan and
Security Agreement.
On the Plan Effective Date, pursuant to the Plan, the Company
entered into a loan and security agreement with White Oak
Commercial Finance, LLC, as agent, and the lenders from time to
time party thereto, and on the terms and subject to the conditions
set forth therein, each DIP Lender exchanged and converted on a
cashless basis all of its loans under the DIP Loan and Security
Agreement for loans under the Exit Loan and Security Agreement.
The Exit Loan and Security Agreement provides for a first priority
senior secured asset-based revolving credit facility consisting of
$135.0 million in aggregate principal amount of revolving credit
commitments. A portion of the Exit ABL Facility not in excess of
$5.0 million is available for the issuance of standby letters of
credit. The Company Parties' obligations under the Exit ABL
Facility are secured by a first-priority security interest in
substantially all of their tangible and intangible assets,
including all machinery and equipment, and are guaranteed by
certain of the Company's existing and future domestic and Canadian
subsidiaries.
Borrowings under the Exit ABL Facility are subject to a borrowing
base. The outstanding balance of the borrowings under the Exit ABL
Facility may not exceed in the aggregate at any time the lesser
of:
(i) $135.0 million reduced by certain customary reserves and
(ii) the borrowing base, which is calculated on the basis of
eligible accounts, inventory, machinery and equipment, and, at the
Company Parties' election, certain real property assets of the
Company Parties.
In particular, the borrowing base is equal to (a) 92.5% of the
aggregate amount of eligible U.S. and Canadian billed accounts
receivable, plus (b) the lesser of (x) 85% of the aggregate amount
of eligible U.S. and Canadian unbilled accounts receivable and (y)
$6.0 million, plus (c) the lesser of (x) 50% of the aggregate
amount of eligible billed non-U.S. and non-Canadian accounts
receivable and (y) $3.0 million, plus (d) the lower of cost or
market value of eligible inventory, multiplied by the lesser of (x)
70% and (y) 85% of the appraised net orderly liquidation value
divided by the book value in respect of such inventory, and, in the
case of inventory constituting raw materials, not to exceed a
maximum sublimit of $1 million, plus (e) the lesser of (x) $10.0
million and (y) an amount equal to 10% of the borrowing base, plus
(f) the lesser of (x) the sum of (1) up to 75% of the net orderly
liquidation value of eligible machinery and equipment plus (2) up
to 75% of the fair market value of eligible real property owned by
certain of the Company Parties and (y) $30.0 million (which amount
shall be permanently reduced on a monthly basis based on a 5-year
straight line amortization), minus (g) the aggregate amount of
reserves, if any, established by the agent under the Exit Loan and
Security Agreement.
The Real Property Availability is subject to the Company Parties'
election, at their option, to enter into mortgages from time to
time in favor of the agent and lenders under the Exit Loan and
Security Agreement with respect to their eligible real property
assets as well as the satisfaction of other customary eligibility
criteria with respect thereto.
Borrowings under the Exit ABL Facility bear interest at a per annum
rate equal to the term-specific Secured Overnight Financing Rate
(SOFR) for an interest period of one month, subject to a 1.50%
floor, plus an applicable margin ranging from 3.50% to 4.00%,
depending on the Company's fixed charge coverage ratio, subject to
an additional margin of 0.50% with respect to any revolving loans
or letters of credit utilizing any of M&E Availability, Real
Property Availability, SOFA Availability and/or Foreign Accounts
Availability.
The maturity date of the Exit ABL Facility is three years after the
Plan Effective Date, subject to earlier termination upon the
occurrence of certain events specified in the Exit Loan and
Security Agreement. The proceeds of the Exit ABL Facility have been
or will be used for:
(i) working capital and general corporate purposes of the
Company Parties,
(ii) costs and expenses related to the Exit ABL Facility and
(iii) refinancing of all obligations under the DIP ABL
Facility.
The Exit Loan and Security Agreement contains certain
representations and warranties, events of default, and various
affirmative and negative covenants that are customary for
asset-based credit facilities of this type, including financial
reporting requirements and limitations on indebtedness, liens,
mergers, consolidations, liquidations and dissolutions, sales of
assets, dividends and other restricted payments, and investments
(including acquisitions).
In addition, the Exit Loan and Security Agreement contains certain
financial covenants, including a minimum excess availability of not
less than $5.0 million and a minimum fixed charge coverage ratio of
1.10 to 1.00 that will be tested when the excess availability under
the Exit ABL Facility is less than the lesser of (a) 7.5% of the
lesser of (x) the Maximum Revolving Facility Amount minus reserves
and (y) the borrowing base and (b) $9.0 million, which minimum
fixed charge coverage ratio would apply until the excess
availability is greater than or equal to such threshold for a
period of 30 consecutive days.
A full text copy of the Exit Loan and Security Agreement is
available at https://tinyurl.com/mwjb9bye
Registration Rights Agreement
On the Plan Effective Date, the Company entered into a registration
rights agreement with certain of its stockholders who had received
shares of New Common Stock pursuant to the Plan.
Under the Registration Rights Agreement, the Investors are entitled
to request that the Company file registration statements covering
the resale of such shares. Also, under the Registration Rights
Agreement, the Investors have certain underwritten offering demand
rights and piggyback rights with respect to certain underwritten
offerings conducted by the Company for its own account or for the
account of other stockholders of the Company. These registration
and other rights are subject to certain conditions and limitations,
including the right of the underwriters to limit the number of
shares to be included in an offering and the Company's right to
delay, suspend or withdraw a registration statement under certain
circumstances.
The Registration Rights Agreement contains customary provisions
relating to the registration and other procedures to be followed by
the Company, indemnification and contribution obligations, the
selection of underwriters, lock-ups (to the extent requested by an
applicable underwriter) and payment by the Company of registration
and other expenses incident to its obligations thereunder
(including reasonable fees and expenses of counsel for the
Investors but excluding any underwriting discounts or commissions
attributable to sales of shares by the Investors).
A full text copy of the Registration Rights Agreement is available
at https://tinyurl.com/2n439scu
Voting Agreements
On the Plan Effective Date, the Company entered into:
(i) a voting agreement with MacKay Shields LLC and
(ii) a voting agreement with Philosophy Distressed and Special
Solutions Fund LP, Philosophy Capital Partners, LP, Star V Partners
LLC, Blackwell Partners LLC – Series A and Cassini Partners,
L.P.
Certain accounts, funds and clients that MacKay has been appointed
as investment manager, investment advisor or subadvisor (for which
MacKay is deemed to be the beneficial owner of under Rule 13d-3 of
the Securities Exchange Act of 1934, as amended) and Philosophy
received shares of New Common Stock pursuant to the Plan and are
also party to the Registration Rights Agreement.
Pursuant to the MacKay Voting Agreement, MacKay agreed, on each
matter brought to a vote at any annual or special meeting of the
Company's stockholders and in connection with any action proposed
to be taken by consent of the Company's stockholders in lieu of a
meeting, to vote all shares of the Company's voting securities that
are beneficially owned by MacKay that exceed the Voting Cap
Threshold in the same proportion as all other votes cast by the
Company's stockholders with respect to the applicable matter,
without taking into account votes cast by MacKay. MacKay may vote
any of the Company's voting securities that are not MacKay Excess
Voting Securities at MacKay's discretion. The MacKay Voting
Agreement will terminate by its terms when MacKay ceases to
beneficially own more than 10% or more of the Company's voting
securities then outstanding.
Similarly, pursuant to the Philosophy Voting Agreement, Philosophy
and any affiliate or affiliated fund thereof agreed, on each matter
brought to a vote at any annual or special meeting of the Company's
stockholders and in connection with any action proposed to be taken
by consent of the Company's stockholders in lieu of a meeting, to
vote all shares of the Company's voting securities that are
beneficially owned by Philosophy that, together with all voting
securities that are beneficially owned by any affiliate or
affiliated fund of Philosophy, exceed the Voting Cap Threshold in
the same proportion as all other votes cast by the Company's
stockholders with respect to the applicable matter, without taking
into account votes cast by Philosophy or any affiliate or
affiliated fund thereof. Philosophy and any affiliate or affiliated
fund thereof may vote any of the Company's voting securities that
are not Philosophy Excess Voting Securities at their discretion.
The Philosophy Voting Agreement will terminate by its terms when
Philosophy and any affiliate or affiliated fund cease to
beneficially own more than 10% or more of the Company's voting
securities then outstanding.
The "Voting Cap Threshold" for both the MacKay Voting Agreement and
the Philosophy Voting Agreement, is 10% of the total voting power
of all outstanding voting securities of the Company with respect to
the applicable matter as of the applicable record date, after
giving effect to any other voting agreement between the Company and
any of its stockholders. Also, for purposes of both the MacKay
Voting Agreement and the Philosophy Voting Agreement, beneficial
ownership is determined without giving effect to any voting
agreement between the Company and any of its stockholders.
Full text copies of the MacKay Voting Agreement and Philosophy
Voting Agreement are available at https://tinyurl.com/mrxrkywj and
https://tinyurl.com/3jzj5f94, respectively.
Termination of a Material Definitive Agreement
Pursuant to the Plan, on the Plan Effective Date, the obligations
of Company Parties under the following agreements were terminated:
(i) the Indenture, dated as of January 30, 2023, by and among
the Company, the guarantors party thereto and U.S. Bank Trust
Company, National Association, as trustee and as notes collateral
agent, relating to the Company's 13.000% Senior Secured Notes due
2028 (the "Senior Secured Notes"), and
(ii) the Loan and Security Agreement, dated as of May 1, 2025,
by and among the Company and certain subsidiaries thereof, each as
a borrower or guarantor, as applicable, White Oak Commercial
Finance, LLC, as agent for the lenders, and the lenders from time
to time party thereto.
Prior to commencing the Chapter 11 Cases, the Company Parties had
entered into a restructuring support agreement with an ad hoc group
of certain holders of the Senior Secured Notes and the Prepetition
Lenders, pursuant to which they agreed, subject to certain terms
and conditions, to support the Plan. Also, the Prepetition Agent
and the Prepetition Lenders are the agent and lenders,
respectively, under the DIP Loan and Security Agreement, and the
agent and lenders, respectively, under the Exit Loan and Security
Agreement.
Company's Capital Structure, Assets and Liabilities
Prior to the Plan Effective Date, there were 43,310,777 shares of
Old Common Stock issued and outstanding. As of March 5, 2026, upon
completion of the transactions pursuant to the Plan (including the
cancellation of the Old Common Stock and the issuance of 100% of
the New Common Stock to the holders of the Senior Secured Notes),
there were approximately 13,950,000 shares of New Common Stock
issued and outstanding.
As set forth in the Annual Report, as of December 31, 2025, the
Company had total assets of $339.5 million and total liabilities of
$454.4 million.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/y544z7wh
Unregistered Sales of Equity Securities
Pursuant to the Plan, on the Plan Effective Date, the Company
issued approximately 13,950,000 shares of New Common Stock to
holders of the Senior Secured Notes, which were cancelled pursuant
to the Plan. The issuance of such shares of New Common Stock was
exempt from registration under the Securities Act of 1933, as
amended, pursuant to section 1145 of the Bankruptcy Code and, to
the extent such exemption was unavailable, in reliance on the
exemption provided by section 4(a)(2) under the Securities Act
and/or Regulation D promulgated thereunder.
Changes in Control of Nine Energy
Pursuant to the Plan, on the Plan Effective Date, all of the
Company's equity interests, including the Old Common Stock,
outstanding prior to the Plan Effective Date, were canceled and are
now of no force and effect, and the Company issued shares of New
Common Stock to the Former Senior Secured Noteholders. As of the
Plan Effective Date, the Former Senior Secured Noteholders hold
100% of the outstanding shares of New Common Stock.
Changes in Management
Pursuant to the Plan, as of the Plan Effective Date, the terms of
the members of the Company's board of directors expired and all
such members (i.e., Ann G. Fox, Jerome (Joey) D. Hall, Julie A.
Peffer, Scott E. Schwinger and Darryl K. Willis) were deemed to
have resigned from the Board.
Also pursuant to the Plan, as of the Effective Date, the following
persons were appointed or re-appointed, as applicable, to the
Board: Patrick J. Bartels, Sandy Esslemont, Ann G. Fox, Jerome
(Joey) D. Hall, J. Carney Hawks and Darryl K. Willis. An additional
person will be appointed to the Board by the Ad Hoc Group (as
defined in the Plan). As of the date hereof, the Board has not
determined the composition of any of its standing committees.
In connection with his appointment to the Board, each of Messrs.
Bartels, Esslemont and Hawks have entered into, or are expected to
enter into, an indemnification agreement with the Company in
substantially the same form that the Company has entered into with
its other directors, which provide directors of the Company with
contractual rights to indemnification, expense advancement and
reimbursement to the fullest extent permitted under the Delaware
General Corporation Law. Additionally, non-employee directors are
expected to receive an annual cash retainer fee of $100,000 in
addition to other compensation elements to be determined by the
Board following emergence.
There are no arrangements or understandings between any of the new
directors and any other person pursuant to which he was appointed
as a member of the Board. Also, to the Company's knowledge as of
the date hereof, there are no current or proposed transactions in
which any of the new directors has or will have a direct or
indirect material interest and in which the Company is or will be a
participant that require disclosure pursuant to Item 404(a) of
Regulation S-K.
Amendments to Articles of Incorporation or Bylaws
On the Plan Effective Date, pursuant to the Plan, the Company
adopted the Fourth Amended and Restated Certificate of
Incorporation and the Fifth Amended and Restated Bylaws, which
amended and restated the Company's Third Amended and Restated
Certificate of Incorporation and the Company's Fourth Amended and
Restated Bylaws, respectively. The New Certificate of Incorporation
and the New Bylaws became effective upon adoption on the Plan
Effective Date.
The amendments effected by the New Certificate of Incorporation
include, among other things:
(i) an authorized share count of 85 million, consisting of 70
million shares of New Common Stock and 15 million shares of
preferred stock (as compared to an authorized share count of 140
million, consisting of 120 million shares of Old Common Stock and
20 million shares of preferred stock under the Old Certificate of
Incorporation),
(ii) a declassification of the Board, such that all directors
shall be elected annually for one-year terms (as compared to the
Board being divided into three classes, with each class as nearly
equal in number as possible, serving staggered three-year terms,
under the Old Certificate of Incorporation)
(iii) the ability to remove any director with or without cause
with the affirmative vote of a majority vote of the voting power of
the stock outstanding and entitled to vote thereon (as compared to
the ability to remove any director only for cause with the
affirmative vote of at least 662/3% of the voting power of the
stock outstanding and entitled to vote thereon under the Old
Certificate of Incorporation),
(iv) the indemnification of directors and officers to the
fullest extent permitted by the DGCL (as compared to such
indemnification of only directors under the Old Certificate of
Incorporation) an
(v) the removal of provisions that are no longer applicable to
the Company (e.g., provisions relating to the waiver of business
opportunities relating to certain of its prior stockholders).
The amendments effected by the New Bylaws include, among other
things:
(i) permitting special meetings of stockholders to be called
by the chair of the Board, the Company's chief executive officer or
the Company's secretary upon the request of one or more
stockholders who own at least 20% of the outstanding shares of
capital stock of the Company entitled to vote generally in the
election of directors as of the date such request is delivered to
the Company's secretary (as compared to such meetings only being
able to be called by the Board under the Old Bylaws) and
(ii) permitting amendments to the bylaws to be adopted at any
meeting of stockholders by the affirmative vote of the holders of a
majority (instead of 662/3% under the Old Bylaws) of the voting
power of the stock issued and outstanding and entitled to vote
thereon.
Full text copies of the New Certificate of Incorporation and the
New Bylaws are available at https://tinyurl.com/mrxv4x7v and
https://tinyurl.com/2rztr2xt
About Nine Energy Service
Nine Energy Service, Inc. is a leading oilfield services business
that supplies cutting edge solutions for unconventional oil and gas
resource extraction and development across North America and
abroad. Nine's culture is driven by an intense focus on performance
and wellsite execution as well as a commitment to forward-leaning
technologies that aid the development of smarter, customized
applications that drive efficiencies and reduced emissions for
customers. Nine is headquartered in Houston, Texas with operational
reach that extends across all major onshore basins in the United
States and Canada. On the Web: http://www.nineenergyservice.com/
Nine Energy Service and its subsidiaries sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 26-90295) on Feb. 1,
2026.
Nine is advised in this matter by Kirkland & Ellis LLP and Kane
Russell Coleman Logan PC as legal counsel, Moelis & Company as
investment banker and FTI Consulting as financial and
communications advisors. Epiq is the claims agent.
Judge Christopher M. Lopes oversees the case.
Certain noteholders under the Company's senior secured notes
indenture are advised by Milbank LLP as legal counsel and Houlihan
Lokey as investment banker. White Oak Commercial Finance, LLC, as
DIP Agent, is advised by Paul Hastings LLP as legal counsel and
Blake, Cassels & Graydon LLP, as Canadian counsel.
* * *
This concludes the Troubled Company Reporter's coverage of Nine
Energy Service until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
NMR ENTERPRISES: Court OKs $200K DIP Loan, Cash Collateral Access
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey issued a
second interim order allowing NMR Enterprises NJ, LLC and Online
Stores PA, LLC to continue using cash collateral and obtain
post-petition financing to get through bankruptcy.
Under the court order, the Debtors are authorized to use cash
collateral strictly according to a court-approved budget from March
10 through April 14.
The court also granted adequate protection to the primary secured
lender, First National Bank of Pennsylvania, which had previously
extended up to $7 million in revolving credit to Online Stores PA
under a 2020 credit agreement.
To protect the lender's interest, the Debtors must provide
replacement liens on post-petition collateral and make an
interest-only payment at the default rate under the pre-petition
loan documents. The lender may also receive a superpriority
administrative expense claim if its collateral value declines
during the bankruptcy.
In addition, the Debtors are authorized to obtain
debtor-in-possession (DIP) financing of up to $200,000 during the
interim period. The DIP lender will receive a second-priority
security interest in the Debtors' collateral and a superpriority
administrative claim for obligations under the DIP loan. The
financing is intended to support ongoing operations and
restructuring efforts while the Debtors remain under bankruptcy
protection.
The court also established procedures for challenging the lender's
liens and required the Debtors to provide regular financial
reporting, including daily borrowing-base certificates and accounts
receivable reports, as well as weekly inventory, accounts payable,
and sales platform reports from Shopify and Amazon.
A final hearing is scheduled for April 14.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/466os from PacerMonitor.com.
About NMR Enterprises NJ LLC
NMR Enterprises NJ, LLC and Online Stores PA, LLC sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead
Case No. 26-11349) on February 5, 2026. At the time of the filing,
NMR reported assets of between $100,001 and $500,000 and
liabilities of between $1 million and $10 million while Online
Stores reported assets of between $1 million and $10 million and
liabilities of between $10 million and $50 million.
The Debtors tapped Ilana Volkov, Esq., at McGrail & Bensinger, LLP,
as legal counsel and CFGI, LLC as financial advisor.
OUT THE GATE: Plan Exclusivity Period Extended to June 10
---------------------------------------------------------
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware extended Out the Gate, Inc.'s exclusive periods to file
a plan of reorganization and obtain acceptance thereof to June 10
and August 10, 2026, respectively.
As shared by Troubled Company Reporter, the Debtor submits that the
requested extensions are both appropriate and necessary to afford
the Debtor with sufficient time to adequately prepare a viable
chapter 11 plan and related disclosure statement. Moreover,
maintenance of the Debtor's exclusive right to file a plan
safeguards the optimal utilization of estate resources for the
benefit of all of the Debtor's stakeholders.
The Debtor explains that the sale and plan processes required (and
continue to require) negotiations and effort. The Debtor and
Plannatech have determined that a sale can only be properly
accomplished by way of a change in ownership rather than a sale of
assets and the Debtor and its advisors have been working with the
Debtor's prepetition and postpetition lenders, the Committee,
certain equity holders, and others to forge a consensual path
toward confirmation of a plan.
The Debtor claims that it has made significant progress in the
months that its case has been pending, demonstrated most recently
by reaching the point of a Sale Hearing where all formal and
informal objections had been resolved in advance of such date. As
the Debtor moves toward confirmation of a plan, the demands on its
attention and resources will remain.
In addition to advancing toward confirmation, the Debtor and its
professionals will continue to focus on maximizing the value of its
estate by managing ongoing chapter 11 administrative tasks for the
benefit of all stakeholders. An extension of the Exclusive Periods
as requested herein will allow the Debtor to finalize a chapter 11
plan that meets the requirements of the Bankruptcy Code.
Accordingly, the Debtor's efforts to date demonstrate good faith
progress toward valid goals so as to justify a reasonable extension
of the Exclusive Periods.
Out the Gate Inc. is represented by:
Philip W. Allogramento III, Esq.
Marc Casarino, Esq.
Kennedys CMK LLP
222 Delaware Avenue, Suite 710
Wilmington, DE 19801
Tel: (908) 605-2953
E-mail: Phil.Allogramento@kennedyslaw.com
About Out the Gate Inc.
Founded on February 8, 2021, Out The Gate, Inc. is a privately held
gaming and entertainment company that offers electronic sports
betting services in the United States. It operates licensed
sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering
platforms under state-regulated gaming frameworks.
Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In
its petition, the Debtor reported estimated assets of $1 million to
$10 million and estimated liabilities between $50 million and $100
million.
Honorable Bankruptcy Judge Karen B. Owens handles the case.
The Debtor is represented by Marc S. Casarino, Esq., at Kennedys
CMK LLP.
On November 24, 2025, the United States Trustee for Region 3
appointed an official committee of unsecured creditors in this
Chapter 11 case. The committee tapped Cole Schotz PC as counsel and
Dundon Advisers LLC as financial advisor.
PATRIOT DSP: Case Summary & 12 Unsecured Creditors
--------------------------------------------------
Debtor: Patriot DSP LLC
8109 Belmont Ct
North Richland Hills, TX 76182
Business Description: Patriot DSP LLC, based in North
Richland Hills, Texas, is an independent last-mile logistics
operator delivering parcels and freight for Amazon as a Delivery
Service Partner under FMCSA authority.
Chapter 11 Petition Date: March 16, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-41165
Judge: Hon. Mark X Mullin
Debtor's Counsel: Robert C Lane, Esq.
THE LANE LAW FIRM
6200 Savoy Dr Ste 1150
Houston TX 77036-3369
Tel: (713) 595-8200
Email: notifications@lanelaw.com
Total Assets: $245,839
Total Liabilities: $2,346,648
The petition was signed by Blake Vaughn as owner.
A full-text copy of the petition, which includes a list of the
Debtor's 12 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/UOSPBNA/Patriot_DSP_LLC__txnbke-26-41165__0001.0.pdf?mcid=tGE4TAMA
PBF HOLDING: Fitch Alters Outlook on 'BB' IDR to Stable
-------------------------------------------------------
Fitch Ratings has affirmed PBF Holding Company LLC (PBFH) at 'BB'
and revised the Rating Outlook to Stable from Negative.
Key factors impacting the rating include strong geographic
diversification, the completion of the Martinez rebuild, the cost
improvement program, and supportive near-term market conditions.
Offsetting factors include a relatively higher cost structure than
its peers, minimal non-refining diversification, and volatile
refining sector conditions.
The Stable Outlook reflects Fitch's expectation of improved
performance following the weaker years of 2024 and 2025.
Key Rating Drivers
Improving Macro Conditions: Fitch expects refining market
conditions to materially improve in 2026, providing key support to
PBFH's credit profile. Beneficial factors include widening
light-heavy differentials and the closure of major refineries (PSX
LAR and VLO Benicia) near PBFH's Torrance and Martinez refineries.
Fitch acknowledges the significant uncertainty in refining markets,
particularly considering the conflict in the Middle East, but views
any risks as shorter term.
Martinez Fire Impact: The February 2025 fire at the Martinez
Refinery had material negative impacts to cash flows in 2025. The
company projects that the refinery will once again be fully
operational in late 1Q26. Fitch believes effective operation of
Martinez going forward is critical for the company to realize
margin and EBITDA improvements, supported by the strengthening
California market. Unallocated insurance proceeds provided a key
support through the reconstruction by funding capex and partially
offsetting lost cash flows.
Lagging Profitability, Potential Improvements: PBFH's refineries
have a higher cost structure compared to peers, which has
historically led to underperformance and larger cash flow deficits
during industry downturns, notably in 2020-2021 and 2024-2025. PBFH
has initiated the Refining Business Improvement plan with
management estimated run-rate savings of $230 million. The program,
in conjunction with favorable supply side dynamics, has the
potential to support margins during cyclical troughs. However,
margin deterioration relative to peers would have a detrimental
impact on the company's credit profile.
Geographic Diversification: While PBFH's refinery operations span
four of the five PADD regions, offering valuable geographic
diversification, the company is more exposed to volatility than
other refiners due to its lack of diversification outside the
refining sector. PBFH's geographic diversification provides access
to various market dynamics and crack spread indices. However, the
focus on refining heightens its exposure to market downturns
compared to refiners with a broader mix of countercyclical
businesses that can better weather industry downcycles.
Varied Capital Allocation: Fitch expects capex to decline somewhat
in 2026 from elevated levels in 2025 related to several turnarounds
as well as the Martinez refinery fire. PBF Energy is expected to
maintain stable dividends, supported by adequate funds generated by
PBF Logistics. Management has indicated that reducing leverage will
be prioritized over shareholder returns when the company observes
improved cash generation. Cash generated by PBF Logistics could
potentially be used to reduce debt at PBF Holding.
Impact of Regulatory Obligations: Fitch considers PBFH's
obligations related to RINs and California's cap-and-trade program
to be manageable in the near term. While refiners generally pass
RIN costs to consumers, this becomes difficult when prices spike
alongside demand reductions. PBFH aims for a RIN turnover cycle of
two to four months and benefits from purchasing RINs from the St.
Bernard JV. California's cap-and-trade costs are also typically
passed to buyers. High barriers to entry and decreased supply in
California partially offset these regulatory costs.
Peer Analysis
PBFH has a nameplate throughput capacity of 1,023 mbbl/d, which
compares favorably to peers Delek US Holdings, Inc. (Delek;
B+/Stable) with 302 mbbl/d, Par Pacific Holdings, Inc, (B+/Stable
with 219 mbbl/d and CVR Energy, Inc. (CVR; B+/Stable) with 207
mbbl/d. PBFH's refining operations are geographically well
diversified with operations in PADDs I, II, III, and V. It lacks
non-refining diversification, although the company may receive
distributions from PBF Logistics LP and the St. Bernard JV under
certain conditions.
CVR's refining operation is concentrated in the mid-continent,
although this is offset by niche market exposure and
diversification through its non-recourse fertilizer business. Delek
has material non-refining diversification with its logistics
segment but is limited by its smaller size in more competitive
refining markets. PBFH has a higher cost structure than CVR, as
indicated by lower through-the-cycle EBITDA margins.
Investment-grade peers HF Sinclair Corporation (HF Sinclair;
BBB-/Stable) with 678 mbbl/d, Marathon Petroleum Corporation
(Marathon Petroleum; BBB/Stable) with 2,900 mbbl/d, and Valero
Energy Corporation (Valero; BBB/Stable) with 2,600 mbbl/d all
benefit from distinct credit profile advantages relative to PBFH.
Marathon Petroleum and Valero both operate at significantly larger
scale with higher levels of diversification than PBFH.
While HF Sinclair's size lags PBFH's, it benefits from diversified
non-refining businesses. PBFH has lower through-the-cycle EBITDA
margins relative to investment-grade peers, which reflects the
company's higher cost structure.
Fitch’s Key Rating-Case Assumptions
- West Texas Intermediate oil price of $60 in 2026, $60 in 2027,
and $57 over the long term;
- Gross refining margins recover through 2027 before declining to
five-year averages in outer years of forecast;
- Capex in line with company guidance;
- PBF Energy dividend maintained through forecast;
- Turnarounds as described in company guidance.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb-, Moderate), Sector Characteristics
(bb, Lower), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (b+,
Higher), Financial Structure (bbb, Moderate), and Financial
Flexibility (bb+, Higher).
- Assessments of the quantitative financial subfactors include
bespoke calculations.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'bb'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Declining refining margin profitability relative to peers;
- Through-the-cycle EBITDA leverage above 2.2x;
- Regulatory changes that decrease margins including RINs, tariffs
and other federal and state regulations.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increased diversification through scale or non-refining
businesses (i.e., retail, chemicals, etc.);
- Materially improved refining margins relative to peers;
- Through-the-cycle EBITDA leverage below 1.7x.
Liquidity and Debt Structure
PBFH had $503 million in cash on hand as of Dec. 31, 2025. Its
asset-based revolving credit facility of $3.5 billion had $100
million drawn. The company has senior unsecured notes that mature
in 2028 and 2030. Its revolving credit facility matures in 2028.
Issuer Profile
PBF Holding Company LLC owns and operates oil refineries and
related assets with a combined throughput capacity of 1,023,000
barrels per day. PBF Holding's refineries are geographically
diversified with refineries in PADD I, PADD II, PADD III, and PADD
V.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The 2025 revenue-weighted Climate.VS for PBFH for 2035 is 54 out of
100, slightly higher than that of its North American refining and
marketing peers. This elevated score reflects the company's
relative lack of diversification beyond refining, an industry
significantly exposed to energy transition.
Key transition risks arise from potential reductions in demand for
refined products due to policies aimed at reducing the use of oil
and gas in the global economy, and in the shorter term, from
policies intended to limit greenhouse gas emissions from
hydrocarbon consumption. Currently, these risks do not have a
material influence on PBFH's rating, given the long-term nature of
the transition, uncertainty about the extent and nature of the
changes, and positive offsets like PBFH's expanding investments in
renewable fuels.
PBFH has not yet publicly indicated any Scope 1, 2, or 3 reduction
goals outside of a general target of reducing Scope1 and 2
emissions through 2050. PBFH holds the right to purchase about 500
million RINs generated by the St. Bernard renewable JV at market
prices. The company also publishes a comprehensive ESG report
annually, providing relatively detailed emissions data.
ESG Considerations
PBFH has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts due to the potential of operational
disruptions from extreme weather events, including PBFH's exposure
to hurricanes on the Gulf Coast through its Chalmette refinery,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
PBF Holding Company LLC
LT IDR BB Affirmed BB
senior unsecured LT BB Affirmed RR4 BB
senior secured LT BBB- Affirmed RR1 BBB-
PINE GATE: Bankruptcy Court OKs 1GW Portfolio Sale to Nofar USA
---------------------------------------------------------------
Nofar USA LLC, a wholly owned subsidiary of Nofar Energy, announced
on March 17, 2026, that it successfully closed its previously
approved acquisition of approximately 1 gigawatt of solar energy
assets from Pine Gate Renewables, LLC, marking one of the most
significant renewable--energy platform transactions in the U.S.
market this year.
The closing follows the U.S. Bankruptcy Court for the Southern
District of Texas's approval of the sale on January 5, 2026, and
represents a major expansion of Nofar USA's footprint in the
American energy sector.
The acquired portfolio includes operating and development--stage
utility-scale solar projects across multiple states, including
Texas, Alabama, South Carolina and North Carolina, strengthening
Nofar USA's long--term strategic position in the U.S. power
market.
The assets are at various stages, including 650 MWdc currently in
operation, 100 MWdc is in advanced construction, and 225 MWdc is in
an early construction stage.
"The success of this closing is owed to our top--quality management
team in the US, our excellent access to capital markets, and to the
group's strong balance sheet," said Allon Raveh, Chairman and CEO
of Nofar USA. "These were the basis to successfully make the
acquisition and financing of 1GW of solar assets possible within
two months. This transaction proves how committed and determined we
are in becoming a significant participant in the U.S and we are
already working on the next opportunities."
Acquisition financing of $255 million was provided by Hapoalim
Bank, one of the largest banks in Israel with a balance sheet of
over $200 billion.
These assets contribute to Nofar USA's existing portfolio, which
now accumulates to 2.3 GWdc of solar assets (operational and under
development) and 1.5 GWh of storage assets (under development).
With this closing, Nofar USA continues its growth strategy,
leveraging its financial capacity, operational expertise, and
disciplined investment approach to meet the growing power demand
and transition to clear energy across key US markets.
Clifford Chance acted as legal advisors, and BNP Paribas acted as
exclusive financial advisor to Nofar USA on this transaction.
About Nofar
Nofar Energy is a global renewable energy independent power
producer active in Israel, Europe, and the United States. The
company develops, owns, and operates solar and battery storage
projects across multiple markets and is publicly listed on the Tel
Aviv Stock Exchange with a market capitalization of approximately
$2 billion.
Nofar USA serves as the company's U.S. platform and has focused on
building a diversified portfolio across regulated and deregulated
power markets through a combination of organic development and
acquisitions.
About Pine Gate Renewables
Pine Gate Renewables, LLC, develops, finances, constructs, and
operates renewable energy projects across the United States.
Founded in 2016, the Company manages an operational portfolio of
more than two gigawatts of solar and storage assets and maintains a
development pipeline exceeding 30 gigawatts. It has arranged and
secured roughly $10 billion in project financing and capital
investment and, through its wholly owned subsidiary ACT Power
Services, provides operations and maintenance support for over
seven gigawatts of third-party solar and storage facilities.
Pine Gate Renewables and 118 affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
25-90669) on Nov. 6, 2025. In the petition signed by Ray Shem as
president and chief financial officer, Pine Gate estimated assets
on a consolidated basis of $1 billion to $10 billion and
liabilities on a consolidated basis of $1 billion to $10 billion.
The Hon. Christopher M. Lopez is the case judge.
The Debtors tapped HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS
LLP as counsel. ALVAREZ & MARSAL NORTH AMERICA, LLC, is the
Debtors' financial advisor, and LAZARD FRERES & CO. LLC is the
investment banker. OMNI AGENT SOLUTIONS, INC., is the claims agent.
POLYTEX HOLDINGS: Barings CI Marks $4.8MM Bond at 69% Off
---------------------------------------------------------
Barings Corporate Investors has marked its $4,851,944 note issued
by Polytex Holdings LLC to market at $1,523,510 or 31% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 primarily serving the wall-covering market.
POWER LANE: Scott Sackett Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 17 appointed Scott Sackett as
Subchapter V trustee for Power Lane Logistics Distribution &
Warehousing, Inc.
Mr. Sacket will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Scott M. Sackett
4030 S. Land Park Dr., Suite C
Sacramento, CA 95822
Phone: (916) 930-9900
Email: scott.sackett@efmt.com
About Power Lane Logistics Distribution & Warehousing
Power Lane Logistics Distribution & Warehousing, Inc., doing
business as Power Lane Logistics, Inc., provides freight
transportation, logistics, warehousing, and distribution services.
The company operates from Tracy, California, and operates in the
transportation and logistics services industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-21131) on March 2,
2026, with $1 million to $10 million in assets and liabilities.
Nilton Ayala, president, signed the petition.
Judge Christopher M. Klein presides over the case.
David C. Johnston, Esq. represents the Debtor as legal counsel.
PRND3L INC: Gets Final OK to Use Cash Collateral
------------------------------------------------
PRND3L Inc. received final approval from the U.S. Bankruptcy Court
for the District of Massachusetts to use cash collateral to fund
operations.
The use of cash collateral is authorized on a final basis through
the effective date of the Debtor's Chapter 11 plan.
First Internet Bank of Indiana, the Debtor's sole secured creditor,
holds a $331,062 claim.
The Debtor, a franchisee of MY SALON SUITES, filed for bankruptcy
to protect its business from cross-default provisions triggered by
the financial troubles of a related business, Bay State Suites,
Inc., owned by the same principals, Edward and Amy Boulter.
Although the Debtor is profitable, its franchise and loan
agreements contain clauses linking its obligations to Bay State's
defaults.
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.
PROJECT HALO: Barings CI Marks $2MM Loan at 22% Off
---------------------------------------------------
Barings Corporate Investors has marked its $2,000,000 loan extended
to Project Halo to market at $1,569,798 or 78% of the outstanding
amount, according to Barings CI N-CSR for the fiscal year ended
Dec. 31, 2025, filed with the U.S. Securities and Exchange
Commission.
Barings Corporate Investors is a participant in a Senior Term 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Project Halo
Project Halo operates a two-sided, cloud-based compliance reporting
software platform used by public safety and building authorities to
monitor and enforce fire and safety code compliance at commercial
properties.
RAD DIVERSIFIED: Gets Court OK to Use Cash Collateral
-----------------------------------------------------
RAD Diversified REIT, Inc. and affiliates got the green light from
the U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, to use cash collateral to fund operations.
Under the order, the Debtors are permitted to use cash collateral
to pay operating expenses outlined in a three-week budget filed
with the court, subject to a 10% variance per line item. Any
additional spending must be approved in writing by secured
creditors.
The Debtors' primary source of revenue is rent collected from
tenants across their properties. Tenants make payments through the
property management platform AppFolio, which deposits the funds
electronically into a pooled bank account belonging to one of the
Debtors, RAD REIT, held at Fifth Third Bank. This account functions
as a central repository for rental income from multiple properties.
At the time of the bankruptcy filing, the account held
approximately $8,223.75, and by March 5, an additional $53,373 in
rent had been deposited. Based on historical rent collections, the
Debtors expect to receive roughly $90,000 per month in
post-petition rental income. Because the rents from multiple
properties are commingled in a single account, it is not possible
to trace specific funds to individual tenants or properties.
The properties generating these rents are subject to mortgages held
by various lenders. Each mortgage agreement contains an
assignment-of-rents clause, which means that the mortgage holders
may have a legal interest in the rental income produced by their
respective properties. Under 11 U.S.C. Section 552(b), those
mortgagees may claim an interest in the post-petition rental income
generated by the properties securing their loans. However, the
Debtor stated that no other pre-petition liens attach to these
post-bankruptcy rents, making the listed mortgagees the only
parties with a potential interest in the rental income.
To protect the interests of the secured lenders, the court granted
them post-petition replacement liens on rental income from the
Debtors' properties. These liens maintain the same validity,
priority, and extent as the creditors' pre-petition liens without
requiring additional filings.
About RAD Diversified REIT Inc
RAD Diversified REIT, Inc are a group of entities engaged in
acquiring, managing, renovating, repositioning, and operating real
estate, primarily single-family residential properties and vacant
lots across Florida, Pennsylvania, Texas, and New Jersey, with
certain affiliates holding other types of real estate. RAD
Diversified OZ Fund, LP, a Delaware limited partnership, focuses on
investments in Qualified Opportunity Zone properties, while RAD
Diversified REIT, Inc., a Maryland corporation, is structured to
qualify as a real estate investment trust under U.S. tax law.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March
1, 2026. In the petition signed by Katie S. Goodman, chief
restructuring officer, the Debtor disclosed up to $100 million in
both assets and liabilities.
Judge Catherine Peek Mcewen oversees the case.
Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents
the Debtor as legal counsel.
The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant,
financial analyst and financial advisor, EPIQ CORPORATE
RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS,
LLC as operations advisor.
RAIZEN SA: Requests US Approval for $12-Bil. Brazil Restructuring
-----------------------------------------------------------------
Hilary Russ of Law360 Bankruptcy Authority reports that Raízen SA
and several affiliates have filed for Chapter 15 recognition in New
York as part of a plan to reorganize roughly 65.1 billion reais
(about $12 billion) in debt, the Brazilian ethanol giant said
Thursday. The filing follows a preliminary restructuring agreement
with certain creditors aimed at shoring up liquidity.
Under Chapter 15 of the U.S. Bankruptcy Code, Raízen seeks
recognition of its foreign insolvency proceedings to protect its
assets and coordinate creditor claims in the United States. The
designation enables U.S. courts to assist in the cross‑border
chapter process and enforce protections afforded in other
jurisdictions, according to report.
The company indicated that the filing is a key step in preventing
further erosion of its liquidity and ensuring an orderly
restructuring. Raízen and its stakeholders are pursuing the
agreement as part of broader financial stabilization measures amid
volatility in commodity markets and debt servicing pressures, the
report states.
About Raizen SA
Raizen Group, a Brazil-based integrated energy and agribusiness
company, operates in ethanol, sugar, and bioenergy production, as
well as fuel, biofuel, and lubricant distribution, and during the
2024-crop year sold more than 3.4 billion liters of fuel, produced
over 3 billion liters of ethanol, and generated 1.9 GWh of
renewable energy. The company, which employs more than 34,000 staff
alongside 2,000 apprentices, interns, and service providers
nationwide, is ranked as Brazil's second-largest energy and fuel
distributor and third-largest non-financial enterprise by net
revenue, supplying infrastructure including gas stations,
transportation networks, hospitals, and thermoelectric plants.
Raizen's financial performance has been affected by macroeconomic
downturns, rising interest rates, climate-related crop reductions,
and commodity market volatility, which have influenced liquidity
and leverage.
Raizen sought relief under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Tex. Case No. 26-10528) on March 12, 2026.
Nine affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Raizen S.A. (Lead Case) 26-10528
Raizen Energia S.A. 26-10529
Raizen Centro-Sul Paulista S.A. 26-10530
Raizen Fuels Finance S.A. 26-10531
Blueway Trading Importacao e Exportacao S.A. 26-10532
Raizen Caarapo Acucar e Alcool Ltda. 26-10533
Raizen North America, Inc. 26-10534
Raizen Centro-Sul S.A. 26-10535
Raizen Trading S.A. 26-10536
Honorable Bankruptcy Judge Lisa G. Beckerman handles the case.
The Debtors' foreign representative is Lorival Nogueira Luz, Jr.,
Esq. The foreign representative's counsels include Luke A.
Barefoot, Esq., David Z. Schwartz, Esq., and Richard C. Minott,
Esq. of CLEARY GOTTLIEB STEEN & HAMILTON LLP.
RAMANUJAN GROUP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Ramanujan Group LLC
520 Newport Center Drive, Suite 480
Newport Beach, CA 92660
Business Description: Ramanujan Group LLC is a Newport
Beach, California-based real estate investment firm that owns
Blackhawk Plaza, an open-air shopping center in Danville,
California.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Central District of California
Case No.: 26-10832
Judge: Hon. Scott C Clarkson
Debtor's Counsel: Kyra E. Andrassy, Esq.
RAINES FELDMAN LITTRELL LLP
4675 MacArthur Court
Suite 1550
Newport Beach, FL 92660
Tel: (310) 440-4100
E-mail: kandressy@raineslaw.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Jason Miller as manager of Ramanujan
Investor Group, LLC, the Debtor's manager.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/GVUD2TQ/Ramanujan_Group_LLC__cacbke-26-10832__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Jones Lang LaSalle $297,900
Brokerage, Inc.
c/o Gaba Law
Attn: Rodolfo Gaba, Jr.
8583 Irvine Center
Drive #500
Irvine, CA 92618
Email: updates@gaba.law
Phone: (888) 391-1228
2. Blackhawk Commercial Owner Assoc. $207,552
c/o Vierergruppe
Management, Inc.
1932 E Deere
Avenue, Suite 150
Santa Ana, CA 92705
Phone: (714) 442-0625
3. Vierergruppe Management, Inc. $112,753
1932 East Deere Avenue
Suite 150
Santa Ana, CA 92705
Email: jennifer@vgruppemanagement.com
Phone: (714) 442-0625
4. Pacific Gas and $112,502
Electric Company
PO Box 997300
Sacramento, CA
95899-7300
Phone: (800) 468-4743
5. East Bay Municipal $56,998
Utility District
PO Box 51191
Los Angeles, CA
90051-5491
Email: customerservice@ebmud.com
Phone: (866) 403-2683
6. Allied Universal $40,641
161 Washington Street
Suite 600
Conshohocken, PA 19428
Phone: (866) 703-7666
7. BP Environmental Services, LLC $37,353
100 Highpoint Drive
Suite 101
Chalfont, PA 18914
8. Tripple Threat Plumbing LLC $25,036
2455 Naglee Road
#187
Tracy, CA 95304
9. Pond M Solutions $20,500
1250 I Newell Avenue
#169
Walnut Creek, CA
94596
Email: garcia.jairo18@yahoo.com
Phone: (925) 435-8008
10. Synergis Waste Management $18,423
Services, Inc.
21 Truesdale Lake
Drive South
Salem, NY 10590
Phone: (914) 977-3400
11. Preferred Bank $17,628
601 S Figueroa St
47th Floor
Los Angeles, CA 90017
12. Intec Solutions Inc $16,951
5662 La Ribera Street
Suite A
Livermore, CA 94550
Phone: (925) 443-4683
13. Makai Capital $15,248
dba Pacific Signaling System
2301 Armstrong
Street, #113
Livermore, CA 94551
Email: ap@pacificsignaling.com
Phone: (925) 223-6675
14. Diablo Screen & Glass $10,000
1065-F Shary Circle
Concord, CA 94518
Phone: (925) 689-1100
15. KONE $5,676
P.O. Box 102425
Pasadena, CA
91189-2425
16. Alanzo's Landscaping $5,403
4318 Thornhiil Ct
Pittsburg, CA 94565
Email: alonzoslandscaping360@gmail.com
17. AA Fire Systems, Inc. $5,000
4010 Foothills Blvd.
Suite 103-65
Roseville, CA 95747
Email: accounting@aafiresystemsinc.com
Phone: (800) 596-2615
18. Reco Roofing Inc $3,050
812 W Clover Rd
Spc 59
Spc 59
Tracy, CA 95376
19. Grease Trap Cleaners, LLC $3,000
673 Royston Lane,
Hayward, CA 94544
20. K and C Environmental $2,648
22447 Charlene Way
Castro Valley, CA 94546
Phone: (510) 760-9118
RAYMOND GROUP: Case Summary & 18 Unsecured Creditors
----------------------------------------------------
Debtor: Raymond Group, LLC
520 Newport Center Drive, Suite 480
Newport Beach, CA 92660
Business Description: Raymond Group, LLC owns and leases real
property at 104–172 North Raymond Avenue
in
Fullerton, California.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Central District of California
Case No.: 26-10834
Judge: Hon. Scott C Clarkson
Debtor's Counsel: Kyra E. Andrassy, Esq.
RAINES FELDMAN LITTRELL LLP
4675 MacArthur Court
Suite 1550
Newport Beach, CA 92660
Tel: (310) 440-4100
Email: kandrassy@raineslaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Ioannis Xilikakis as manager.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/F2NBV5Y/Raymond_Group_LLC__cacbke-26-10834__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 18 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Vierergruppe Management Inc. $68,365
1932 East Deere Avenue
Suite 150
Santa Ana, CA 92705
Email: jennifer@vgruppemanagement.com
Phone: (714) 442-0625
2. Joses Nuevo Landscaping LLC $16,250
3857 Birch Street
Suite 209
Newport Beach, CA 92660
3. City of Fullerton $6,451
Payment Processing Center
Post Office Box 7190
Pasadena, CA
91109-7190
4. Republic Services $4,595
PO Box 60586
City Of Industry, CA
91716-0586
Phone: (877) 692-9729
5. General Agents Acceptance Corp $4,474
PO Box 1177
Lake Forest, CA 92609
Phone: (949) 716-8379
6. Joel Cabrera $3,500
631 North Bedford Street
Apt#1
La Habra, CA 90631
Email: cabrera197141@gmail.com
Phone: (562) 464-8338
7. Splash Plumbing $2,803
1500 S Lewis St
Anaheim, CA 92805
8. Isidro Gonzalez $2,032
8079 Chapman Ave
#11
Stanton, CA 90680
9. Southern California Edison $1,411
P.O. Box 300
Rosemead, CA
91772-0001
Phone: (800) 655-4555
10. Brian Jesus Avalos Alvarez $1,000
8079 Chapman Ave
#11
Stanton, CA 92680
11. Fullerton Fire Department $922
Fire Prevention Division
312 East
Commonwealth Ave
Fullerton, CA 92832
Email: fireprevention@fullertonfire.org
12. Sain Builders $675
147 Hart Bench Rd
Darby, MT 89829
13. Madrid Landscape and Backflow $470
11830 Azalea Avenue
Fountain Valley, CA 92708
Email: vmadrid@att.net
Phone: (714) 329-0713
14. Revenue Enhancement Group, Inc. $348
1045 West Katella Avenue
Suite 210
Orange, CA 92867
Email: knoe@revenh.com
Phone: (714) 543-4460
15. OC Keys $228
13681 Newport Ave
Ste 8 # 425
Tustin, CA 92780
16. Maritza Heredia $32
215 5th Street
Ste A
Huntington Beach,
CA 92648
Email: marihere@hotmail.com
Phone: (714) 412-8645
17. James Shayler Litigation $0
c/o Joseph R Manning
Manning Law, APC
26100 Towne Centre Dr
Foothill Ranch, CA 92610
18. Mae Gibson $0
c/o Heidi Lopez Sasooness Law Group
21550 Oxnard St,
Suite 990
Woodland Hills, CA 91367
RELIZ LTD: Gets Court Okay to Tap Lender Cash in Chapter
--------------------------------------------------------
Vince Sullivan of Law360 Bankruptcy Authority reports that
BlockFills, a cryptocurrency trading firm in bankruptcy, won
interim court approval Tuesday, March 17, 2026, to use its lenders'
cash collateral as it begins a customer-focused restructuring in
Delaware. The decision provides the company with immediate access
to funds needed to support operations during the early stages of
its Chapter 11 case.
With the interim relief in place, BlockFills can cover operational
expenses and continue limited services while developing a plan to
address creditor and customer claims. The company has indicated
that customer recoveries will play a central role in its
restructuring strategy, according to report.
The court is expected to revisit the cash collateral request at a
final hearing in the near future. Until then, the interim order
offers the company breathing room to stabilize its financial
position, the report relays.
About Reliz Ltd.
Reliz Ltd. is a Chicago-based provider of institutional digital
asset trading and prime brokerage services operating under the name
BlockFills.
Reliz Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 26-10375) on March 15, 2026. In its
petition, the Debtor reports estimated assets between $50 million
and $100 million and estimated liabilities between $100 million and
$500 million.
Honorable Bankruptcy Judge Thomas M. Horan hanles the case.
The Debtor is represented by David R. Hurst, Esq. of Mcdermott Will
& Schulte LLP.
RELIZ TECHNOLOGY: Deadline for Panel Questionnaires Set for March 23
--------------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Reliz Technology
Group Holdings Inc., et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/yvjycpkh and return by email it to
Benjamin A. Hackman -- benjamin.a.hackman@usdoj.gov -- at the
Office of the United States Trustee so that it is received no later
than Monday, March 23, 2025, on 4:00 p.m. E.T.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Reliz Technology Group Holdings Inc.
Reliz Technology Group Holdings Inc., together with its affiliates
Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operates the
BlockFills digital-asset trading and liquidity platform, providing
institutional clients with spot and derivatives trading,
collateralized lending, and mining solutions. Founded in 2017 and
headquartered in Chicago, Illinois, the company aggregates
liquidity from a global network of exchanges and market makers,
integrating smart order routing, trade reconciliation, and risk
management through a multi-asset technology platform with FIX API
connectivity and white-label software. In addition to its Chicago
headquarters, the company maintains offices in London, Dubai, Sao
Paulo, and the Cayman Islands.
Reliz Technology Group Holdings Inc. and four affiliated entities
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Lead Case No. 26-10371) on March 15, 2026. The affiliated
debtors include Reliz Technologies LLC (Case No. 26-10373), Reliz
CI Ltd. (Case No. 26-10374), and Reliz Ltd. (Case No. 26-10375).
In its petition, the Lead Debtor reported estimated assets between
$50 million and $100 million and estimated liabilities between $100
million and $500 million.
Honorable Bankruptcy Judge Thomas M. Horan handles the case.
The Debtors are represented by David R. Hurst, Esq. and Andrew A.
Mark, Esq. of McDermott Will & Schulte LLP, along with Darren
Azman, Esq., Joseph B. Evans, Esq., R. Ethan Dover, Esq., and Gregg
Steinman, Esq. The Debtors' co-counsel is Katten Muchin Rosenman
LLP. The Debtors' financial advisor is Berkley Research Group,
LLC, and the Debtors' claims, noticing, solicitation, and balloting
agent is Verita Global, LLC.
The petitions were signed by Joseph Perry as interim chief
executive officer.
ROSKO GROUP: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Rosko Group Newark, LLC
199 Lee Avenue
Unit 760
Brooklyn, NY 11211
Chapter 11 Petition Date: March 17, 2026
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 26-12906
Judge: Hon. John K Sherwood
Debtor's Counsel: Daniel Straffi, Jr., Esq.
STRAFFI AND STRAFFI LLC
670 Commons Way
Toms River, NJ 08755
Tel: (732) 341-3800
Fax: (732) 341-3548
Email: bkclient@straffilaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Isreal J Silberstein as managing
member.
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/ZM2ZIGA/Rosko_Group_Newark_LLC__njbke-26-12906__0001.0.pdf?mcid=tGE4TAMA
RUBY TUESDAY: Former Execs Seek SCOTUS Review of Benefits Dispute
-----------------------------------------------------------------
Emily Lever of Law360 reports that a group of former Ruby Tuesday
executives has petitioned the U.S. Supreme Court to take up their
challenge of a ruling in a benefits dispute tied to the company's
Chapter 11 proceedings. The executives are seeking review after
appellate courts affirmed a decision that they claim imposes undue
liability for post‑petition benefit obligations.
The petition asserts that the lower court's interpretation of
bankruptcy law deviates from long‑standing principles and could
set a troubling precedent for other restructuring cases. According
to the ex‑execs, the ruling blurs the line between corporate
governance responsibilities and personal liability for benefit plan
commitments, the report states.
With the Supreme Court asked to weigh in, both sides are waiting to
see whether the justices will agree to hear the case. A decision to
grant review could reshape how courts treat executive
accountability in connection with corporate benefit obligations
emerging from bankruptcy, according to Law360.
About RTI Holding Company
RTI Holding Company, LLC and its affiliates develop, operate, and
franchise casual dining restaurants in the United States, Guam, and
five foreign countries under the Ruby Tuesday brand. The
company-owned and operated restaurants (i.e. non-franchise) are
concentrated primarily in the Southeast, Northeast, Mid-Atlantic
and Midwest regions of the United States.
On Oct. 7, 2020, RTI Holding Company and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 20-12456). At the time of the filing, the Debtors
disclosed assets of between $100 million and $500 million and
liabilities of the same range.
Judge John T. Dorsey oversees the cases.
Pachulski Stang Ziehl & Jones LLP and CR3 Partners LLC serve as the
Debtors' legal counsel and financial advisor respectively. Epiq
Corporate Restructuring LLC is the claims, noticing and
solicitation agent and administrative advisor.
On Oct. 26, 2020, the U.S. Trustee for the District of Delaware
appointed an official committee of unsecured creditors in the
chapter 11 cases. The committee tapped Kramer Levin Naftalis &
Frankel LLP and Cole Schotz P.C. as counsel and FTI Consulting,
Inc. as financial advisor.
S & H SYSTEMS: Gets Final OK for DIP Loan From Corporate Billing
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Arkansas
issued a final order allowing S & H Systems, Inc. to obtain
post-petition financing and use cash collateral.
The financing is being provided by Corporate Billing, a division of
SouthState Bank, under a pre-petition client agreement dated July
15, 2025, which is based on and incorporates a pre-bankruptcy loan
agreement between the lender and S & H Systems. Corporate Billing
has agreed to provide financial accommodations through the
purchase
of accounts from S & H Systems in accordance with the pre-petition
agreement.
As of the petition date, the Debtor owed approximately $20.9
million to Corporate Billing, which is backed by a first-priority
lien on its collateral.
Under the final order, the Debtor is authorized to sell its
accounts to Corporate Billing on a secured basis, subject to the
terms of the pre-petition agreement. The Debtor may use the
proceeds of any advance under the pre-petition agreement only in
accordance with the court-approved budget.
The Debtor is further authorized to maintain insurance agreements
related to the pre-petition agreement regardless of when the
premiums accrued.
As protection, Corporate Billing will receive senior security
interests in the Debtor's collateral to secure all present and
future obligations of the Debtor to the lender, including the
lender's attorneys' fees and expenses incurred in connection with
the negotiation, documentation, closing and enforcement of the
pre-petition agreement and the protection of the lender's rights.
Corporate Billing is also entitled to administrative expense
priority for obligations arising from the financing. Corporate
Billing's lien is deemed superior to the claims of other lenders,
including Ace Funding Source and Fiji Funding, which are treated as
junior.
A carveout of up to $400,000 is reserved for certain bankruptcy
administrative expenses and professional fees.
Use of Cash Collateral
The interim order also authorized S & H Systems to use cash
collateral consistent with its budget and subject to the carveout.
The Debtor's cash collateral does not include funds advanced by
Corporate Billing.
The Debtor's authority to use cash collateral will terminate 90
days after March 10, unless agreed upon by Corporate Billing. This
termination may be extended by written agreement.
Events of default under the final order include the Debtor's
failure to perform or comply with the order and the pre-petition
agreement; the termination of the order by its own terms, operation
of law or further court order; the appointment of a trustee; and
the dismissal or conversion of the Debtor's Chapter 11 case.
The final order is available at https://is.gd/tm2s4o from
PacerMonitor.com.
About S & H Systems Inc.
S & H Systems, Inc is a closely held Arkansas S-corporation
specializing in customized material handling solutions for
warehouse operations.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 3:26-bk-10365) on
February 2, 2026. In the petition signed by Mark Donovan, chief
financial officer, the Debtor disclosed up to $50 million in assets
and up to $100 million in liabilities.
Judge Phyllis M. Jones oversees the case.
Kevin P. Keech, Esq., at Keech Law Firm, PA, represents the Debtor
as legal counsel.
S&G LABS: Unsecureds to Get Share of Profits Fund for 5 Years
-------------------------------------------------------------
S&G Labs Hawaii LLC filed with the U.S. Bankruptcy Court for the
District of Colorado a Disclosure Statement describing Plan of
Reorganization dated March 9, 2026.
The Debtor is a Hawaii limited liability company authorized to do
business in Colorado. The Debtor is wholly-owned by Big Island Pain
Center, LLC. The Debtor is a medical toxicology laboratory
performing drug testing services for providers and treatment
centers in Colorado, Hawaii, Texas and California.
The Debtor filed its chapter 11 case after Darren Graves, a
judgment creditor, obtained an ex parte order appointing a state
court receiver on Nov. 5, 2025. In 2023, in the U.S. District Court
for the District of Hawaii, Graves obtained a judgment against the
Debtor in the amount of $5,562,828.95 and a judgment against Dr.
Puana in the amount of $2,500,000. Graves domesticated the
judgments in Arapahoe County District Court, Case No. 2024CV31617
(the "Judgment Action").
There are 11 Unsecured Claims in the total filed and scheduled
amount of $6,413,686.42.
Class 3 consists of General Unsecured Creditors. The Holders of
Allowed Class 3 Claims shall be paid their pro rata share of the
Reorganized Debtor's Net Profits Fund on a quarterly basis for 20
quarters beginning after the first full calendar quarter after the
effective date. Distributions to Class 3 claimants shall not exceed
the amount of the Allowed Unsecured Claims. This Class is
impaired.
The claims of Equity Interest Holders are treated under Class 4 of
the Plan. On the effective date, existing shares of the Debtor
shall be cancelled. On the effective date, 100% of the common stock
of the Reorganized Debtor shall be issued to Big Island Pain in
satisfaction of $20,000 paid by Big Island.
Payments due under the Plan will be made from cash generated from
the Reorganized Debtor's post-Confirmation operations.
Administrative Claims and Tax Claims shall be paid on the effective
date of the Plan or as otherwise agreed by the holder of the claim.
Payments to the holders of Unsecured Claims will be funded with 80%
of monies deposited in the Net Profits Fund for a period of five
years.
A full-text copy of the Disclosure Statement dated March 9, 2026 is
available at https://urlcurt.com/u?l=RaaotK from PacerMonitor.com
at no charge.
Counsel to the Debtor:
David J. Warner, Esq.
WADSWORTH GARBER WARNER CONRARDY, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Telephone: (303) 296-1999
Telecopy: (303) 296-7600
E-mail: dwarner@wgwc-law.com
About S&G Labs Hawaii LLC
S&G Labs Hawaii LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 25-18335) on Nov. 7, 2025.
In its petition, the Debtor estimated assets up to $100,000 and
estimated liabilities between $1 million and $10 million.
The Debtor is represented by David Wadsworth, Esq. of Wadsworth
Garber Warner Conrardy, P.C.
SAKS GLOBAL: Secures Final $300M Tranche of $1.75B Commitment
-------------------------------------------------------------
Saks Global Enterprises LLC, a leading multi-brand luxury retail
company, announced on March 16, 2026, that it has secured access
to an additional $300 million of the $1.75 billion in committed
capital following approval of its five-year business plan by an ad
hoc group of the Company's senior secured bondholders and the
achievement of other key milestones. This final tranche completes
the pre-emergence financing package, providing Saks Global with
sufficient liquidity to continue to support operations and advance
its transformation as it focuses on serving luxury customers,
strengthening brand partner relationships and driving full-price
selling.
"We have made significant progress over the past two months as we
work to position Saks Global for the future, quickly stabilizing
our business, improving inventory flow and investing in our
transformation," said Geoffroy van Raemdonck, CEO of Saks Global.
"With continued strong support from our capital partners, we are
laying the path to realize the combined full potential of our three
banners, achieve double-digit adjusted EBITDA margin and drive
profitable and sustainable growth. As we continue to secure a
bright future for Saks Global, guided by our relentless devotion to
the luxury customer, we are focused on delivering an expertly
curated assortment and personalized service across Saks Fifth
Avenue, Neiman Marcus and Bergdorf Goodman."
Key elements of the business plan, which assumes growth and
profitability fueled by a strong liquidity position, will be
included in the Company's plan of reorganization. This is expected
to be filed with the U.S. Bankruptcy Court for the Southern
District of Texas within the next several weeks.
Recent Strategic Actions
Since mid-January, the Company, led by van Raemdonck, Darcy Penick,
President and Chief Commercial Officer, Brandy Richardson, Chief
Financial Officer and Lana Todorovich, Chief Global Brand
Partnerships Officer, has successfully executed on a number of
strategic actions to prime Saks Global for long-term success,
including:
-- Strengthening brand partner relationships, leading to a
significant acceleration of inventory flow, with shipping resumed
by nearly 600 brands releasing $1.4 billion in retail receipts.
These efforts have resulted in a nearly 60% increase in merchandise
receipts in March month-to-date versus the same period last year.
-- Advancing the planned optimization of the Saks Fifth Avenue and
Neiman Marcus store portfolio, creating a more productive footprint
comprising the best-performing and most desirable locations in
markets with a high concentration of luxury customers.
-- Sharpening focus on luxury and full-price selling, by
streamlining Saks Global's off-price business to 12 locations
serving as a selling channel for residual inventory from Saks Fifth
Avenue, Neiman Marcus and Bergdorf Goodman.
-- Streamlining the supply chain network, prioritizing three
go-forward distribution and service center facilities in Texas,
Pennsylvania and California, which have been significantly invested
in over recent years, to support faster shipping, improve the
customer experience and drive cost efficiencies.
"This is tremendous progress in a very short period of time," added
van Raemdonck. "I'm incredibly proud of our entire leadership team
and colleagues across the organization whose collective strength
and focus have enabled us to continue to serve our customers and
brand partners as we take decisive steps to build a stronger Saks
Global. We remain focused on building on this momentum as we work
toward emerging later this year."
Advisors
Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving
as legal counsel, PJT Partners LP is serving as investment banker,
Berkeley Research Group is serving as financial advisor, and C
Street Advisory Group is serving as strategic communications
advisor to the Company.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal
counsel, Lazard Frères & Co, LLC is serving as investment banker,
FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC
is serving as strategic communications advisor to the Ad Hoc
Group.
About Saks Global Enterprises LLC
Saks Global is the largest multi-brand luxury retailer in the
world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf
Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio
includes 70 full-line luxury locations, additional off price
locations and five distinct e-commerce experiences. With talented
colleagues focused on delivering on our strategic vision, The Art
of You, Saks Global is redefining luxury shopping by offering each
customer a personalized experience that is unmistakably their own.
By leveraging the most comprehensive luxury customer data platform
in North America, cutting-edge technology, and strong partnerships
with the world's most esteemed brands, Saks Global is shaping the
future of luxury retail.
Saks Global Properties & Investments includes Saks Fifth Avenue and
Neiman Marcus flagship properties and represents nearly 13 million
square feet of prime U.S. real estate holdings and investments in
luxury markets.
On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC
and 112 affiliated debtors filed voluntary petitions for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 26-90103). The jointly administered cases are
pending before the Honorable Alfredo R. Perez.
Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving
as legal counsel, PJT Partners LP is serving as an investment
banker, Berkeley Research Group is serving as the financial
advisor, and C Street Advisory Group is serving as a strategic
communications advisor to the Company. Stretto is the claim agent.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal
counsel, Lazard Freres & Co, LLC is serving as investment banker,
FTI Consulting, Inc. is serving as financial advisor, and Kekst and
Company, Inc., is serving as a strategic communications advisor
toan ad hoc group of debt holders. Hilco Global Professional
Services, LLC, is the real property advisor to the Ad Hoc Group.
Bank of America, NA, is the administrative agent and collateral
agent under the $1.5 billion asset-based revolving credit
facility.
U.S. Bank Trust Company, National Association, is the
administrative agent and collateral agent under the $2.56 billion
SGUS DIP Facility, a term loan facility with new money and roll up
components. U.S. Bank is also the agent under the $1.75 billion
OpCo DIP Facility, a term loan facility to be used for refinancing
existing debt.
Barclays Bank, PLC serves as the fronting lender of the SGUS First
Out DIP Loans. It is advised by Dentons US LLP.
Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose
Fulbright US LLP serves as counsel to the ABL DIP Agent; M3
Advisory Partners, LP, is the financial advisor to the ABL DIP
Agent; and Great American serves as its inventory valuation
consultant.
Seward & Kissel LLP serves as counsel to the SGUS DIP Agent.
On January 27, 2026, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Morrison & Foerster LLP and
Cole Schotz, PC as counsel.
SANTA ANA EXPRESS: Gets Final OK to Use Cash Collateral
-------------------------------------------------------
Santa Ana Express Car Wash, LLC received final approval from the
U.S. Bankruptcy Court for the Central District of California,
Riverside Division, to use cash collateral to fund operations.
Under the final order, the Debtor is required to provide adequate
protection to a key secured creditor, T Bank, N.A., through monthly
payments of $22,000.
The Debtor is not required to make adequate protection payments to
other secured creditors.
The Debtor operates a car wash located at 2035 N. Tustin Avenue in
Santa Ana, California. The property, which it owns, has an
estimated market value of $4.290 million, and the Debtor's personal
property assets, including cash, supplies, and equipment, are
valued at approximately $133,956. The secured creditors include T
Bank, N.A. with a $3.82 million claim, Bay Area Development Co.
with a $2.27 million SBA loan, and the Orange County Treasurer-Tax
Collector with a property tax claim of $180,000. All secured claims
are backed by the real property, totaling approximately $6.27
million in secured obligations.
The Debtor has no scheduled priority claims but there are disputed
general unsecured claims arising from two lawsuits, one involving
breach of contract and another concerning alleged vehicle damage.
The order is available at https://is.gd/QuU1Vv from
PacerMonitor.com.
About Santa Ana Express Car Wash LLC
Santa Ana Express Car Wash LLC, doing business as Speedy Clean Car
Wash, operates a car wash facility at 2035 N. Tustin Avenue in
Santa Ana, California. The Company provides quick, environmentally
friendly car wash services featuring a wash completed in
approximately six minutes along with free vacuum stations and
monthly membership options.
Santa Ana Express Car Wash LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15662) on
August 12, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Mark D. Houle handles the case.
The Debtor is represented by Michael Jay Berger, Esq. at LAW
OFFICES OF MICHAEL JAY BERGER.
SHREE OF MEMPHIS: Claims to be Paid from Rental Income
------------------------------------------------------
Shree of Memphis, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Tennessee a Disclosure Statement in support of
Plan of Reorganization dated March 9, 2026.
The Debtor originally incorporated as a Tennessee Limited Liability
Company on September 8, 2008. The Debtor is a two-member Limited
Liability Company.
The Debtor owns the real property located at 1585 Sycamore View
Road, 1170. Th Plat Book and Page are 230-031. The value of the
real property is $6,900,000.00. The property in question is a hotel
convention center and consists of 120 units.
The secured loan with The Bank of Texas was made on September 19,
2022. The loan was secured by the property located at 1585 Sycamore
View, Memphis, Tennessee 38134. The building operates as a consumer
and business convention hotel. The loan from The Bank of Texas was
secured by a Deed of Trust on real property known as 1585 Sycamore
View, Memphis, Shelby County, Tennessee. The principal was
$2,800,000.00 and the Debtor was required to maintain insurance and
to pay the City and County taxes directly.
The Managing Members retained the services of a company to manage
the hotel in their absence. The management was dreadfully
inadequate and possibly corrupt. The malfeasance of the management
company, the Debtor, was unable to make the mortgage payments in a
timely manner. This has resulted in several Notices of
Foreclosure.
The Plan will be funded by the Reorganized Debtor's (a) cash on
hand and monthly income from renting hotel rooms and conventions.
The former management company has agreed to make restitution in the
amount of $638,000.00. All these funds will be applied to the
balance owed the Bank of Texas to reduce the principal owed on the
mortgage.
On the Effective Date, the Reorganized Date will execute and
deliver all of the amended and restated instruments and all of the
assets, properties and right of the Debtor of every type and
description, tangible and intangible, wherever located, shall be
transferred and automatically vested in the Reorganized Debtor free
and clear of all liens, claims, rights of setoff, security
interests, pledges, encumbrances, adverse right of interest,
covenants, charges, debts and contractually imposed restrictions,
except as otherwise provided in the Plan.
A full-text copy of the Disclosure Statement dated March 9, 2026 is
available at https://urlcurt.com/u?l=iSuqBF from PacerMonitor.com
at no charge.
Attorney for the Debtor:
John E. Dunlap, Esq.
The Law Offices of John E. Dunlap, P.C.
3333 Poplar Avenue, No. A
Memphis, Tennessee 38111
(901) 320-1603
(901) 320-6914
Email: jdunlap00@gmail.com
About Shree of Memphis LLC
Shree of Memphis, LLC is a two-member Limited Liability Company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21265) on March 6,
2026, with $1,000,001 to $10 million in assets and liabilities.
John Edward Dunlap, Esq. at The Law Office Of John E. Dunlap
represents the Debtor as legal counsel.
SKYLINE PITKIN: Case Summary & Three Unsecured Creditors
--------------------------------------------------------
Debtor: Skyline Pitkin Avenue LLC
1585 Pitkin Avenue
Brooklyn, NY 11212
Business Description: Brooklyn, New York–based Skyline
Pitkin Avenue LLC is a single-asset real estate entity that owns a
two-story mixed-use building on Pitkin Avenue with a ground-floor
retail storefront and two residential apartments above, with an
estimated comparable sale value of approximately $1.5 million.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 26-41289
Judge: Hon. Elizabeth S Stong
Debtor's Counsel: Jay Meyers, Esq.
LAW OFFICE OF JAY MEYERS/J. MEYERS, PLLC
10055 Yamato Rd., Suite 506
Boca Raton, FL 33498
Tel: 718-273-2525
Email: jm@561legalstrategy.com
Total Assets: $1,500,000
Total Liabilities: $687,050
The petition was signed by Shawn Wewelwala as president and
authorized member.
A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/CIWG3QY/Skyline_Pitkin_Avenue_LLC__nyebke-26-41289__0001.0.pdf?mcid=tGE4TAMA
SMITH MICRO: William Smith Jr. Holds 32.3% Equity Stake
-------------------------------------------------------
William W. Smith, Jr., disclosed in a Schedule 13D (Amendment No.
2) filed with the U.S. Securities and Exchange Commission that as
of March 10, 2026, he beneficially owns 9,380,822 shares of Smith
Micro Software, Inc.'s Common Stock, par value $0.001 per share
(including 301,699 shares over which he has sole voting and
dispositive power, and 9,079,123 shares over which he has shared
voting and dispositive power through the Smith Living Trust, for
which he and his spouse are co-trustees; this shared amount
includes 3,561,449 shares of common stock not currently outstanding
but which the Trust has the right to acquire within 60 days upon
exercise of warrants, per Rule 13d-3(d)(1)(i)), representing 32.3%
of the 25,499,217 shares of common stock outstanding as of March 8,
2026, as reflected in the records of the Issuer's transfer agent
and 3,561,449 shares of common stock not outstanding which the
Smith Living Trust has the right to acquire within 60 days upon the
exercise of warrants, in accordance with Rule 13d-3(d)(1)(i).
The purpose of this Amendment No. 2 is to reflect changes resulting
from:
(i) the purchase on March 10, 2026 by the Smith Living Trust
of a convertible note which may be converted into 6,743,371 shares
of Common Stock and a common stock purchase warrant exercisable for
8,818,254 shares of Common Stock; and
(ii) certain other changes in beneficial ownership since the
filing of the last amendment to the Schedule. Except as
specifically set forth herein, the Schedule otherwise remains
unmodified.
William W. Smith, Jr. may be reached through:
William W. Smith, Jr.
Smith Micro Software, Inc.
120 Vantis Drive, Suite 350
Aliso Viejo, CA, 92656
Tel: (949) 362-5800
-- or --
Jennifer M. Reinke
Smith Micro Software, Inc.
5800 Corporate Drive
Pittsburgh, PA, 15237
Tel: (412) 837-5300
A full-text copy of William W. Smith, Jr.'s SEC report is available
at: https://tinyurl.com/4vwar7xn
About Smith Micro
Smith Micro Software, Inc., headquartered in Pittsburgh,
Pennsylvania, provides software solutions designed to enhance the
mobile experience for wireless service providers globally. The
Company's offerings include family safety software and visual voice
messaging, targeting digital lifestyle services, online safety,
automotive telematics, and consumer Internet of Things (IoT)
applications. It focuses on leveraging technology and data
analytics to meet customer needs and support connected lifestyles.
In its audit report dated March 12, 2025, SingerLewak LLP issued a
"going concern" qualification citing that the Company has suffered
recurring losses from operations and has projected future cash flow
requirements to meet continuing operations in excess of current
available cash. This raises substantial doubt about the Company's
ability to continue as a going concern.
As of September 30, 2025, the Company had $21.13 million in total
assets, $7.24 million in total liabilities, and $19.89 million in
total stockholders' equity.
SPATCO: Barings CI Marks $3.3MM Loan at 24% Off
-----------------------------------------------
Barings Corporate Investors has marked its $3,392,224 loan extended
to Spatco to market at $2,576,618 or 76% of the outstanding amount,
according to Barings CI's N-CSR for the fiscal year ended Dec. 31,
2025, filed with the U.S. Securities and Exchange Commission.
Barings Corporate Investors is a participant in a 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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.
SPHERE 3D: Agrees to Acquire Cathedra Bitcoin in Stock Arrangement
------------------------------------------------------------------
Sphere 3D Corp. disclosed in a regulatory filing that Sphere, a
company existing under the laws of the Province of Ontario, Canada,
S3D Acquisition Corp., a company existing under the laws of the
Province of British Columbia, Canada and a wholly-owned subsidiary
of Sphere, and Cathedra Bitcoin Inc., a company existing under the
laws of the Province of British Columbia, Canada, entered into an
Arrangement Agreement, pursuant to which, on the terms and subject
to the conditions set forth therein, Sphere has agreed to acquire
Cathedra in a stock-for-stock transaction, subject to satisfaction
of certain closing conditions. The Arrangement will be effected by
way of a plan of arrangement under the Business Corporations Act
(British Columbia).
Pursuant to the Arrangement Agreement, at the effective time of the
Arrangement, Amalco Sub will acquire all of the issued and
outstanding subordinate voting shares of Cathedra and multiple
voting shares of Cathedra (other than those Cathedra Shares held by
dissenting Cathedra shareholders), and each holder of Cathedra SV
Shares (other than the dissenting Cathedra shareholders) will
receive 0.123014 common shares of Sphere for each Cathedra SV Share
held and each holder of Cathedra MV Shares will receive 12.3014
Sphere Common Shares for each Cathedra MV Share held, subject to
adjustment in accordance with the Arrangement Agreement; provided,
however, that certain Cathedra shareholders who would otherwise
receive Sphere Common Shares in excess of seven (7%) percent of the
then-outstanding Sphere Common Shares (on a non-diluted basis
following consummation of the Arrangement as set forth in the Plan
of Arrangement) will instead receive, in lieu of the number of
Sphere Common Shares in excess of the Ownership Cap, an equivalent
number of shares of a new series of preferred stock of Sphere (to
be named Series I preferred shares) to be created in connection
with the Arrangement. Each Cathedra MV Share is convertible into
100 Cathedra SV Shares, and, except as set forth in the articles of
amendment to be filed for such Sphere Preferred Shares, each Sphere
Preferred Share is convertible into one Sphere Common Share on the
following schedule:
(a) up to 33-1/3% of such Sphere Preferred Shares following
the 12-month anniversary of the Closing;
(b) up to an aggregate of 66-2/3% of such Sphere Preferred
Shares following the 24-month anniversary of the Closing; and
(c) up to an aggregate of 100% of such Sphere Preferred Shares
following the 36-month anniversary of the Closing, in each case,
excluding any additional Sphere Preferred Shares issued as
dividends to the holders of Sphere Preferred Shares in accordance
with the terms of the articles of amendment to be filed.
Accordingly, holders of Cathedra MV Shares are receiving the
economic equivalent consideration as holders of Cathedra SV Shares.
Warrants, stock options and unvested restricted share units of
Cathedra will be exchanged to become warrants, stock options and
restricted share units, respectively, of Sphere based on the SVS
Exchange Ratio.
The Arrangement Agreement provides that, on the terms and subject
to the conditions set forth therein and applicable rules and
regulations, the board of directors of Sphere immediately following
the Effective Time shall be composed of Tim Hanley, Marcus Dent,
Kurt Kalbfleisch, Joel Block and Nicholas Gates, with Mr. Hanley
serving as Chairman.
"We are thrilled to unite Cathedra with Sphere in this
transformative transaction," remarked Joel Block, CEO of Cathedra
and expected CEO of the Combined Company. "The Sphere team has
navigated a challenging period in bitcoin mining with exceptional
discipline, emerging with a strong balance sheet and a highly
efficient fleet of mining machines. By combining our existing data
center portfolio, development capabilities, and operational
expertise with Sphere's established public market access and asset
base, I believe we are creating a vertically integrated powerhouse.
When I joined Cathedra, our priorities were clear: reduce debt,
build more data facilities, and improve access to the public
markets. This business combination addresses these objectives and
allows management to focus on building a category defining company
in this new space of high-density computing infrastructure in the
United States. We expect that this business combination will
deliver immediate scale, enhance operational efficiency, improve
profitability, while accelerating our growth strategy. With an
ambitious and now significantly accelerated roadmap, we plan to
rapidly expand power capacity, execute disciplined development
across diversified, low-cost energy sites, optimize operations, and
pursue high performance computing opportunities alongside bitcoin
mining. With greater scale, liquidity, and vertical integration,
we believe we will be positioned to capture significant upside in
the evolving digital infrastructure landscape."
"This Transaction represents an important milestone for Sphere,"
said Kurt Kalbfleisch, Chief Executive Officer of Sphere.
"Combining our platform and strong balance sheet with Cathedra's
energy assets and disciplined, energy-first operating model, we can
create a uniquely powerful, vertically integrated platform. On
completion of the Transaction, we expect to be exceptionally
well-positioned to scale, drive operational efficiencies, seize
high performance compute opportunities, and deliver compelling
long-term value."
The closing of the Arrangement is subject to certain conditions,
including, among others:
(i) the approval of the Arrangement by at least 66 2/3% of the
votes cast by holders of Cathedra SV Shares and holders of Cathedra
MV Shares, voting as a single class, present in person or by proxy
at a meeting of Cathedra securityholders,
(ii) the approval of the Arrangement by at least 66 2/3% of the
votes cast by holders of Cathedra SV Shares, holders of Cathedra MV
Shares, holders of Cathedra stock options, holders of Cathedra
warrants and holders of Cathedra restricted share units, voting as
a single class, present in person or by proxy at the Meeting,
(iii) the approval of the issuance of Sphere Common Shares and
Sphere Preferred Shares to be issued in exchange for Cathedra
Shares and vested Cathedra restricted share units pursuant to the
Arrangement by a majority of Sphere shareholders present in person
and by proxy at a meeting of Sphere shareholders,
(iv) the approval of the Arrangement by the Supreme Court of
British Columbia on terms consistent with the Arrangement Agreement
and otherwise reasonably satisfactory to Sphere and Cathedra,
(v) the absence of an objection by NASDAQ for listing of the
Sphere Common Shares issuable pursuant to the Arrangement Agreement
and the Sphere Common Shares issuable pursuant to the Sphere
Preferred Shares and the Replacement Equity,
(vi) certain members of management and consultants of Cathedra
entering into employment agreements with Sphere, in form and
substance acceptable to Sphere and Cathedra,
(vii) receipt by Sphere of voting agreements from certain
Cathedra shareholders, in form and substance satisfactory to Sphere
and Cathedra, acting reasonably, pursuant to which, for a period of
24 months following the Closing, such shareholders agree to vote
all Sphere Common Shares held by them at any meeting of Sphere's
shareholders in accordance with the recommendations of Sphere's
board of directors, and
(viii) the absence of any law or order prohibiting the
consummation of the Arrangement.
The obligation of each party to consummate the Arrangement is also
conditioned upon:
(i) the other party's representations and warranties being
true and correct (subject to certain materiality thresholds)
(ii) the other party having performed in all material respects
its obligations under the Arrangement Agreement, and
(iii) the absence of material adverse effect in respect of the
other party.
The Arrangement Agreement contains certain termination rights for
both Sphere and Cathedra, including, among others:
(i) by mutual written consent of Sphere and Cathedra
(ii) by either Sphere or Cathedra if:
(A) the Arrangement shall not have been consummated on or
prior to September 30, 2026, or
(B) a final non-appealable applicable law has been
effected that makes the consummation of the Arrangement illegal or
otherwise prohibits or enjoins any of the parties from consummating
the Arrangement,
(iii) by either Sphere or Cathedra if either the Cathedra
Shareholder Approval or the Sphere Shareholder Approval shall not
have been obtained,
(iv) by a party if the other party breaches any of its
representations, warranties or covenants in the Arrangement
Agreement in a manner that would cause the corresponding condition
to not be satisfied, subject to certain conditions,
(v) by a party if the other party materially breaches its
non-solicitation covenants under the Arrangement Agreement, or
(vi) by a party in order for such party to enter into a
definitive agreement with respect to a superior competing business
combination transaction (provided that such party has not
materially breached its non-solicitation restrictions in any
material respect).
If the Arrangement Agreement is terminated in certain specified
circumstances, Sphere or Cathedra would be required to pay the
other party a termination fee of $500,000 dollars.
Each of Sphere and Cathedra have made customary representations,
warranties and covenants in the Arrangement Agreement for a
transaction of this nature, in each case generally subject to
customary materiality qualifiers. Among other things, each party
has agreed, subject to certain exceptions:
(i) to conduct its business in the ordinary course, from the
date of the Arrangement Agreement until the earlier of the
Effective Time and the termination of the Arrangement Agreement,
and not to take certain actions prior to the Effective Time without
the prior written consent of the other party,
(ii) not to solicit alternative acquisition proposals and
(iii) to convene the Sphere Meeting and the Cathedra Meeting, as
applicable, for the purpose of obtaining the Sphere Shareholder
Approval or Cathedra Shareholder Approval, as applicable, and
recommend to its shareholders to approve the Sphere Resolution or
the Arrangement, as applicable.
A full text copy of the Arrangement Agreement is available at
https://tinyurl.com/yn9tp8fh
The Arrangement Agreement and the description of the Arrangement
Agreement have been included to provide investors and security
holders with information regarding the terms of the Arrangement
Agreement. They are not intended to provide any other factual
information about Sphere, Cathedra or their respective
subsidiaries. The representations, warranties and covenants
contained in the Arrangement Agreement were made only for purposes
of the Arrangement Agreement and as of specific dates, were solely
for the benefit of the parties to the Arrangement Agreement, and
may be subject to limitations agreed upon by the parties, including
being qualified by confidential disclosures made by each
contracting party to the other for the purposes of allocating
contractual risk between them that differ from those applicable to
investors. Investors should not rely on the representations,
warranties and covenants or any description thereof as
characterizations of the actual state of facts or condition of
Sphere, Cathedra or any of their respective subsidiaries.
Moreover, information concerning the subject matter of the
representations, warranties and covenants may change after the date
of the Arrangement Agreement, which subsequent information may or
may not be fully reflected in public disclosures by Sphere and
Cathedra.
Voting and Support Agreements
In connection with the Arrangement Agreement:
(i) each of the directors and senior officers of Cathedra and
(ii) each of the directors and senior officers of Sphere,
entered into separate voting and support agreements with Sphere and
Cathedra, as applicable, whereby, among other things, each
Locked-Up Shareholder has agreed, subject to the terms and
conditions of the Support Agreement, to vote or cause to be voted
all Cathedra Shares or Sphere Shares, as applicable, beneficially
owned by such Locked-Up Shareholder in favor of the Arrangement and
against any other matter that could impede, interfere with or delay
Cathedra or Sphere, as applicable, from completing the Arrangement
and not to option, transfer, sell, gift, pledge, hypothecate,
encumber, or otherwise dispose of any such shares until completion
of the Arrangement, subject to certain customary exceptions.
The Support Agreements are subject to termination in customary
circumstances, including upon the termination of the Arrangement
Agreement in accordance with its terms.
A full text copy of the form of Support Agreement is available at
https://tinyurl.com/58vk2848
Amendment to Employment Agreement
On March 5, 2026, the Company entered into an amendmentto the
employment agreement with Kurt Kalbfleisch dated November 11, 2025.
The Amendment amends certain provisions of the Employment
Agreement, including the benefits available to Mr. Kalbfleisch if
the Employment Agreement is terminated by the Company without Cause
or by Mr. Kalbfleisch for Good Reason (as defined in the Employment
Agreement and as amended by the Amendment).
Additionally, the Amendment provides that as of the Closing, Mr.
Kalbfleisch's Base Salary (as defined in the Employment Agreement)
shall be reduced to $330,000 and his Target Bonus (as defined in
the Employment Agreement) for 2026 and subsequent years shall be
reduced to 90% of his Base Salary. The Amendment also provides:
(1) a cash bonus of $300,000 to Mr. Kalbfleisch if the
Arrangement is consummated and Mr. Kalbfleisch remains employed
with the Company at that time; and
(2) provides a cash bonus of $1,095,000, subject to the
performance of certain performance milestones set forth in the
Amendment. To the extent the Arrangement is not consummated, the
Amendment shall be deemed null and void and of no further effect.
A full text copy of the form of the Amendment is available at
https://tinyurl.com/5ydybjwd
Advisors and Counsel
Dumoulin Black LLP is acting as Canadian legal counsel to Cathedra
and Greenberg Traurig, LLP is acting as U.S. legal counsel to
Cathedra. Evans & Evans, Inc. was the fairness opinion provider to
Cathedra on this transaction.
Second Gate Advisory LLC is acting as strategic advisor to Sphere,
Meretsky Law Firm is acting as Canadian legal counsel to Sphere and
Pryor Cashman LLP is acting as U.S. legal counsel to Sphere.
Rosenblatt Securities was the fairness opinion provider to Sphere
3D on this transaction.
About Cathedra Bitcoin Inc.
Cathedra Bitcoin Inc. develops and operates digital infrastructure
assets across North America. Cathedra hosts bitcoin mining clients
across its portfolio of four data centers (45 megawatts total) in
Tennessee and Kentucky. Cathedra also operates a fleet of
proprietary bitcoin mining machines at its own and third-party data
centers, producing approximately 400 PH/s of hash rate. Cathedra is
headquartered in Vancouver and its shares trade on the TSX Venture
Exchange under the symbol CBIT and in the OTC market under the
symbol CBTTF. For more information about Cathedra, visit
cathedra.com.
About Sphere 3D
Sphere 3D Corp. (Nasdaq: ANY) -- https://www.Sphere3D.com/ -- is a
cryptocurrency miner, growing its industrial-scale digital asset
mining operation through the capital-efficient procurement of
next-generation mining equipment and partnering with best-in-class
data center operators. Sphere 3D is dedicated to increasing
shareholder value while honoring its commitment to strict
environmental, social, and governance standards.
In its report dated March 28, 2025, the Company's auditor
MaloneBailey, LLP, issued a "going concern" qualification citing
that the Company has suffered recurring losses from operations and
does not expect to have sufficient cash on hand to fund its
operations that raise substantial doubt about its ability to
continue as a going concern.
As of September 30, 2025, the Company had $31.1 million in total
assets, $1.6 million in total liabilities, and $29.5 million in
total stockholders' equity.
SPIRIT AVIATION: Esopus Creek Stake Drops Below 5%
--------------------------------------------------
Esopus Creek Value Series Fund LP - Series A (together with Esopus
Creek Advisors LLC and Andrew L. Sole), disclosed in a Schedule 13D
(Amendment No. 4) filed with the U.S. Securities and Exchange
Commission that as of March 6, 2026, they beneficially own 704,636
shares of Spirit Aviation Holdings, Inc.'s Common Stock, par value
$0.0001 per share -- with shared voting power and shared
dispositive power over all 704,636 shares held directly by Esopus
Creek Value Series Fund LP - Series A; Esopus Creek Advisors LLC
and Andrew L. Sole may be deemed to beneficially own these shares
through their control relationships, with no sole voting or
dispositive power reported for any reporting person -- representing
2.61% based on 27,044,569 shares of common stock outstanding as
reported in the Issuer's Form 10-Q filed on November 10, 2025.
Esopus Creek Value Series Fund LP - Series A may be reached
through
Andrew L. Sole (Managing Member)
1325 Avenue of The Americas
Suite 2724
New York, NY 10019
Tel: 212-763-8645
-- or --
Kleinberg, Kaplan, Wolff & Cohen P.C.
500 Fifth Avenue
New York, NY 10110
Tel: (212) 986-6000
A full-text copy of Esopus Creek Value Series Fund LP - Series A's
SEC report is available at: https://tinyurl.com/5axzracd
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.
SPIRIT AVIATION: Moves Closer to Chapter 11 Exit with RSA Filing
----------------------------------------------------------------
Spirit Aviation Holdings, Inc., parent company of Spirit Airlines,
LLC, announced on March 13, 2026, that it filed a Restructuring
Support Agreement and Plan of Reorganization with the U.S.
Bankruptcy Court for the Southern District of New York. This very
important milestone is another significant step forward in Spirit's
restructuring process and reflects continued support from the
Company's DIP lenders and secured noteholders. The RSA and Plan
outline the financial framework that underpins Spirit's expected
emergence from Chapter 11 by early summer.
Upon emergence, Spirit will reinforce its position as America's
leading value carrier with the following advantages:
-- Rightsized Fleet: The airline intends to further rightsize its
fleet to 76-80 planes by third quarter 2026, primarily consisting
of Airbus A320/321ceo aircraft. In addition to previously announced
fleet adjustments, the planned adjustment will further reduce
Spirit's debt, lease obligations and aircraft costs. The Company
anticipates adding aircraft between 2027 and 2030, commensurate
with profitable growth opportunities.
-- Optimized Network: Spirit will continue to align its network
with consumer demand and focus on its strongest routes and markets,
including Fort Lauderdale (FLL), Orlando (MCO), Detroit (DTW) and
the New York City area (EWR/LGA). The airline will increase
aircraft utilization on peak days, reduce off-peak flying and
maintain flexibility to adjust to seasonal demand across markets.
-- More Premium Choices: Spirit intends to expand its Spirit First
and Premium Economy products by adding a third row of the Big Front
Seat(R) and continuing its rollout of Premium Economy seating,
while continuing to lead the industry on price and focus on value.
-- Stronger Financials: The Company will further reduce its cost
structure, expanding its cost advantage compared to legacy and
other airlines. Spirit's debt and lease obligations are expected to
be reduced from $7.4 billion pre-filing to approximately $2 billion
post-emergence. The Company will continue to pursue efficiencies
and reduce costs across the business.
"We are pleased to achieve another milestone that reflects the
confidence our lenders and noteholders have in our future, with our
plan better positioning Spirit to continue delivering value to
American consumers," said Dave Davis, President and Chief Executive
Officer. "While we still have work to do with other important
stakeholders, today's agreements and filings are very material
steps forward toward emergence. I also want to thank our Team
Members and Guests for their support as we work together to build a
stronger Spirit."
During the restructuring process, Guests can continue to book,
travel and use tickets, credits and loyalty points as normal.
Additional Information
The Company maintains a dedicated website about its restructuring
process at www.spiritrestructuring.com. Additional information
about the Company's Chapter 11 case, including access to Court
filings and other documents related to the restructuring process,
is available at https://dm.epiq11.com/SpiritAirlines or by calling
Spirit's restructuring information line at (855) 952-6606 (U.S.
toll free) or +1 (971) 715-2831 (international).
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.
SSP WASTE: Gets Interim OK to Use Cash Collateral
-------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado issued an
interim order allowing SSP Waste, Inc. to use cash collateral to
maintain operations.
Under the order, the Debtor is permitted to use cash collateral
through the final hearing in accordance with its operating budget,
subject to a 15% variance per expense line item each month. This
authorization allows the Debtor to continue business operations
while restructuring its financial obligations under Chapter 11
protection.
To safeguard creditors that may hold a security interest in the
cash collateral, the court put in place adequate protection
measures including replacement liens on the proceeds of
post-petition accounts and inventory. The Debtor must also maintain
insurance coverage on its personal property, provide periodic
financial reports, and ensure all post-petition taxes are paid.
The final hearing is scheduled for March 27. Any objections must be
filed by March 25.
The order is available at https://is.gd/GuqSoI from
PacerMonitor.com.
About SSP Waste Inc.
SSP Waste, Inc. is engaged in the business of, among other things,
residential trash removal and recycling in Jefferson County, Clear
Creek County, and Park County, Colorado.
SSP Waste sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Colo. Case No. 26-11311) on March 4, 2026, listing
assets of between $500,001 and $1 million and liabilities of
between $1 million and $10 million.
Judge Michael E. Romero presides over the case.
David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C.
represents the Debtor as legal counsel.
SSP WASTE: Mark Dennis of SL Biggs Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a
certified public accountant at SL Biggs, as Subchapter V trustee
for SSP Waste, Inc.
Mr. Dennis will be paid an hourly fee of $475 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dennis declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Phone: 303-226-5471
Email: mdennis@slbiggs.com
About SSP Waste Inc.
SSP Waste, Inc. is a Colorado-based company that provides
residential and commercial trash removal, recycling, and dumpster
rental services in and around Pine, Colorado. Its operations
include managing roll-off dumpsters, residential pickups, and other
local waste disposal solutions for roughly 6,700 customers.
SSP Waste filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Colo. Case No. 26-11311) on March 4,
2026, with $946,202 in assets and $3,012,093 in liabilities. Adam
Shirley, president of SSP Waste, signed the petition.
Judge Michael E. Romero presides over the case.
David V. Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C.
represents the Debtor as legal counsel.
STARLIGHT US: Ventura Loan Default Notice Triggers Foreclosure Risk
-------------------------------------------------------------------
Starlight U.S. Residential (Multi-Family) Investment LP, announced
on March 13, 2026, that despite continuing to enter into good faith
negotiations with the first mortgage lender for its Ventura
Apartments property, SURF LP received a notice of a maturity
default from the lender of the loan secured by Ventura.
The maturity date for the loan was February 9, 2026 and the Notice
received expresses the Lender's right to demand repayment of the
borrowings secured by the Property. In the absence of a negotiated
modification and extension of such loan, the Lender has the right
to exercise the remedies available to it under the loan agreement,
including a foreclosure of the Property.
If the Notice was successfully defended by the Lender and such
remedies were exercised, the Lender would be able to foreclose on
the Property through a foreclosure sale process or a third party
purchaser at the foreclosure sale, with the proceeds of the sale
applied to amounts owed to Lender under the loan. As at the date
hereof, the Lender has not exercised any such remedies and the LP
continues to enter into good faith negotiations to modify and
extend the loan with such Lender. The LP does not expect a material
impact on its net asset value as a result of any remedies the
Lender may exercise.
About Starlight U.S. Residential (Multi-Family) Investment LP
SURF LP is a "closed-end" limited partnership formed under and
governed by the laws of the Province of Ontario, pursuant to an
amended and restated limited partnership agreement dated December
23, 2025. SURF LP was established for the primary purpose of
directly or indirectly acquiring, owning and operating a portfolio
primarily composed of income-producing residential properties in
SURF LP's target metrics. SURF LP currently owns interests in three
multi-family properties consisting of 1,029 suites.
SUPERSTAR ELIZABETH: Updates Elizabeth Bank & SBA Secured Claims
----------------------------------------------------------------
Atlantic Union Bank (the "Bank" or "Creditor") submitted an Amended
Disclosure Statement with respect to Liquidation Plan dated March
10, 2026.
After the Petition Date, the Debtor continued to operate as debtor
in possession subject to the supervision of the Bankruptcy Court
and in accordance with the Bankruptcy Code.
An immediate effect of the filing of the Debtor's bankruptcy
petitions was the imposition of the automatic stay under the
Bankruptcy Code which, with limited exceptions, enjoins the
commencement or continuation of all collection efforts by
Creditors, the enforcement of Liens against property of the Debtor,
and the continuation of litigation against the Debtor. This relief
has provided the Debtor with the over a year to assess its business
and carry out an organized liquidation. The automatic stay remains
in effect, unless modified by the Bankruptcy Court, until
consummation of a plan of liquidation.
The Bank believes the Plan provides for the greatest and earliest
feasible return to the holders of Allowed Claims in a fair and
equitable manner.
Class 3 consists of the Secured Claim Held by Elizabeth Bank as
Judgment Creditor. This category consists of the claim held by
Elizabeth Banker, based on a judgment lien against the Debtor in
the amount of $583,319.62. The Plan provides that the Class 3 claim
will be paid with funds available from the closing on the sale of
the Property, if any, after payment of (i) administrative claims
and professional fees, (ii) priority tax claims, (iii) Class 1
claim, and (iv) Class 2 claims. Any unpaid portion of the Class 3
claim will be deemed unsecured.
Class 4 consists of the Secured Claim Held by the U.S. Small
Business Administration. This category consists of the secured
claim filed by the U.S. Small Business Administration. This is a
claim for loans provided to the Debtor, who pledged furniture,
fixtures and equipment as collateral for that loan. The Plan
provides that holder of the Class 43 Claim shall be paid in full
with funds available from the closing from sale of the Property by
the Liquidating Trustee, after the payment of (i) administrative
claims and professional fees, (ii) priority tax claims, (iii) Class
1 claim, and (iv) Class 2 claims, and Class 3 claim. Any unpaid
portion of the Class 4 claim will be deemed unsecured.
There are no known claims in Class 5 General Unsecured Claims, with
the exception of any Class 2, Class 3, and Class 4 claims converted
to Class 5 after the sale of the Property by the Liquidating
Trustee. It is not anticipated that there will be funds available
to distribute to this class.
The owner of the membership interests in the Debtor will retain
their interests as owner herein. Class 6 is conclusively presumed
to have accepted the Plan and, therefore, Holders of Class 6
Interests are not entitled to vote to accept or reject the Plan.
Upon the Effective Date, the Lease shall be deemed rejected. The
Liquidating Trustee will be authorized to take possession and evict
the current Tenant. The tenant is currently $197,835.22 in arrears
on the leased, based upon the Debtor's most recently filed monthly
operating report for January 2026. Based on discussions with
Washington D.C. real estate professionals, the property will have a
higher resale value without a failing restaurant tenant. Any
inability to make adequate protection payments to the Bank should
be offset by the increased value.
Under the current valuation of the Property, a market sale would
likely result in a sales price of approximately $3,700,000.00 to
$4,050,000.00. This value is based upon the Debtor's Schedules, the
Debtor's refinance appraisal and Tax assessed value. In addition,
the Liquidating Trustee may pursue damages against the current
Tenant for unpaid rent in the amount of approximately $197,835.22.
Based upon discussions with real estate experts in Washington D.C.,
a vacant commercial property is likely to sell for more than a
commercial property occupied by a restaurant failing to make lease
payments.
Sources of funds for distributions to me made under the Plan
consist of income generated by the Liquidating Trustee from
business operations, rent collection, and sale of the Property
during the life of the Plan.
A full-text copy of the Amended Disclosure Statement dated March
10, 2026 is available at https://urlcurt.com/u?l=d1ZNoo from
PacerMonitor.com at no charge.
Counsel for Atlantic Union Bank:
Jeffery T. Martin, Jr., Esq.
Diana P. Dias, Esq.
Martin Law Group, P.C.
8065 Leesburg Pike, Suite 750
Vienna, VA 22182 703-834-5550
E-mail: jeff@martinlawgroup.com
About Superstar Elizabeth
Superstar Elizabeth LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
Superstar Elizabeth sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. D.C. Case No. 24-00253) on July 17,
2024, with $1 million to $10 million in both assets and
liabilities. Daniel Lledo, managing member, signed the petition.
Judge Elizabeth L. Gunn oversees the case.
The Debtor is represented by Michael A. Ostroff, Esq., at Montero
Law Group, LLC.
SWIFTSHIPS LLC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Swiftships, LLC
1105 Levee Road
Morgan City, LA 70380-1001
Business Description: Swiftships, LLC designs, builds and
supports military and commercial vessels, providing shipbuilding,
engineering, system integration, co-production, maintenance, repair
and overhaul, and service life extension services for naval and
government clients worldwide. Founded in 1942 and based in
Chantilly, Virginia, the company has constructed more than 1,000
vessels and provides life-cycle sustainment, follow-on technical
support and autonomous solutions to more than 50 operators, with
capabilities that include transfer-of-technology,
transfer-of-production and fleet management support.
Chapter 11 Petition Date: March 18, 2026
Court: United States Bankruptcy Court
Western District of Louisiana
Case No.: 26-50237
Judge: Hon. John W Kolwe
Debtor's Counsel: Ryan J. Richmond, Esq.
STERNBERG, NACCARI & WHITE, LLC
450 Laurel Street
Suite 1450
Baton Rouge, LA 70801
Tel: (225) 412-3667
E-mail: ryan@snw.law
Total Assets: $43,004,524
Total Liabilities: $26,087,683
The petition was signed by Shahraze Shah as manager.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5K2IP5A/Swiftships_LLC__lawbke-26-50237__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. AIT Machine $138,676
209 Venture Boulevard
Houma, LA 70360
2. Bigge Equipment Co $197,426
P.O. Box 843067
Dallas, TX
75284-3067
3. Caterpillar Inc. $746,683
100 N.E. Adams Street
AB 6310
Peoria, IL 61629
4. Consolidated Electrical $131,472
3321 Westbank Expressway
Harvey, LA 70058
5. Genoa Design $408,285
International Ltd.
900 Camp Street
New Orleans, LA 70130
6. Iberia Parish Tax Collector Unknown
300 Iberia Street
Suite 120
New Iberia, LA 70560
7. Infinity Energy $193,460
Services, LLC
122 Bourg Larose Hwy.
Bourg, LA 70343
8. Inner Parish Security Corp. $202,496
43222 Pecan Ridge Drive
Hammond, LA 70403
9. International Paint $94,079
6001 Antoine Drive
Houston, TX 77091
10. ISH International LLC $915,876
600 Palisade Avenue
Unit 308
Union City, NJ 07087
11. JD Networks, LLC $133,917
24829 Woodland Run PL
Aldie, VA 20105
12. NI Welding Supply, LLC $162,395
7917 Highway 182 East
Morgan City, LA 70380
13. Pacific Power Group LLC $142,850
3005 SW 3rd Ave
Fort Lauderdale, FL 33315
14. Republic Brass Sales, Inc. $225,495
6566 Federal Boulevard
Lemon Grove, CA 91945
15. Scott-Macon Equipment $156,116
Louisiana
800 3rd Avenue
16th Floor
New York, NY 10022
16. St. Mary Parish Unknown
Sheriff's Office
P.O. Box 610
Patterson, LA 70392
17. Sunbelt Rentals, Inc. $79,462
P.O. Box 409211
Atlanta, GA 30384
18. Terma North America Inc. $510,000
128 Osigian
Boulevard
Warner Robins, GA 31088
19. United Rental $88,162
P.O. Box 840514
Dallas, TX
75284-0514
20. Valkyrie Enterprises LLC $613,606
4460 Corporation Lane
Suite 130
Virginia Beach, VA 23462
SWOOP: Barings Corporate Marks $1MM Loan at 48% Off
---------------------------------------------------
Barings Corporate Investors has marked its $1,000,000 million loan
extended to Swoop to market at $515,152 or 52% of the outstanding
amount, according to Barings CI's N-CSR for the fiscal year ended
Dec. 31, 2025, filed with the U.S. Securities and Exchange
Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Swoop
Swoop provides marketing data and engagement technology solutions
to the biopharma industry.
T.E.A.M. PARKER: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
T.E.A.M. Parker Hospitality, LLC received interim approval from the
U.S. Bankruptcy Court for the Middle District of Alabama to use
cash collateral.
Under the interim order, the Debtor is authorized to use cash
collateral to fund ordinary operating expenses. It is also
authorized to escrow the funds related to the Subchapter V
trustee's fee.
The secured creditors with interests in the cash collateral include
BBVA USA, Corporation Service Company, and SmartBank.
As adequate protection, secured creditors will be granted
replacement liens to the extent of cash collateral actually used
and any resulting diminution in value, pursuant to 11 U.S.C.
Section 361(2).
The order does not determine the validity, priority, or extent of
any creditor's lien, and all parties retain the right to challenge
claims or seek further relief.
The final hearing is set for April 1.
The interim order is available at https://urlcurt.com/u?l=XWyW9P
from PacerMonitor.com.
The Debtor's Chapter 11 filing was primarily prompted by collection
activities from vendors due to account arrears. Immediate access to
cash is vital to pay approximately $10,000 in prepetition employee
wages and tax withholdings, as well as ongoing costs for food
supplies, lease payments, and utilities according to the Debtor.
The Debtor reports a relatively lean financial starting point, with
a balance of approximately $3,500 in a SmartBank account and no
accounts receivable other than those currently being processed
through merchant services. However, the business anticipates a
steady average monthly income of $150,000.
About T.E.A.M. Parker Hospitality LLC
T.E.A.M. Parker Hospitality, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-10218) on
February 20, 2026. In the petition signed by Elri Parker,
owner/managing member, the Debtor disclosed up to $1 million in
assets and up to $10 million in liabilities.
Judge Christopher L. Hawkins oversees the case.
Anthony Brian Bush, Esq., at The Bush Law Firm, LLC, represents the
Debtor as legal counsel.
TPI COMPOSITES: Court OKs Asset Deals to Resolve DIP Default
------------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas
bankruptcy court has approved two proposed asset sales involving
TPI Composites Inc., clearing a key hurdle in the company's Chapter
11 case. The ruling resolves a default declared by the
debtor-in-possession lender that had threatened the company's
bankruptcy financing.
The debtor told the court that the transactions would transfer
certain assets while generating proceeds needed to address
obligations under the DIP financing facility. The lender had raised
concerns over compliance with loan terms, prompting negotiations
that ultimately led to the sale agreements.
By authorizing the deals, the court enabled the company to cure the
default and preserve its access to financing while continuing to
restructure its operations. The approvals represent an important
step in the debtor's broader effort to reorganize under Chapter 11
protection, according to report.
About TPI Composites, Inc.
TPI Composites -- https://tpicomposites.com/ -- is a leading
wind-blade manufacturer and the only independent wind blade
manufacturer with a global footprint.
TPI Composites Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11,
2025. The company listed $500 million to $1 billion in estimated
assets, along with $1 billion to $10 billion in estimated
liabilities.
Honorable Bankruptcy Judge Christopher M. Lopez handles the case.
The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil,
Gotshal & Manges LLP.
Oaktree Capital Management L.P., as DIP agent, is represented by
William A. (Trey) Wood III, Esq. at Bracewell, LLP.
TRIPLETT FUNERAL: Claims to be Paid from Disposable Income
----------------------------------------------------------
Christopher Triplett, the sole member of record of Triplett Funeral
Homes, LLC, filed with the U.S. Bankruptcy Court for the Eastern
District of Missouri a Disclosure Statement in connection with Plan
of Reorganization for the Debtor dated March 9, 2026.
The Debtor is an Illinois limited liability company formed July
2018. Its sole member is Christopher Triplett.
The Debtor was formed to acquire the JW Neal Funeral Homes in
Kinmundy and Louisville, Illinois for $550,000, against a combined
appraisal value of approximately $500,000 by PFA Tax and Accounting
Professionals and Thomas W. Flynn, CPA/ABV, CFP ("Flynn").
In February 2021, Christopher Triplett suffered a severe automobile
accident requiring seven weeks of hospitalization and approximately
one year of recuperation. Sandra Triplett assumed primary
operational responsibility during that period. In January 2022, to
generate additional cash flow and support expanded staffing, the
Debtor acquired the Wood Funeral Home in Rushville, Illinois and
the Hunter Funeral Homes in Golden and Mendon, Illinois from Brent
Wood for approximately $1.5 million.
In March 2024, Sandra Triplett filed for dissolution of marriage in
Clark County, Missouri (No. 24CK-CC00020) (the "Dissolution
Proceeding"). By agreement, the court appointed Edwin Wilson as
receiver for the LLC. Christopher Triplett filed for Chapter 11
relief on March 27, 2025 (the "Petition Date"). Because the filing
predated the applicable increase in the Subchapter V debt ceiling,
the case was administered as a standard Chapter 11 proceeding and a
Chapter 11 Trustee was appointed.
On November 12, 2025, the Court entered an order approving sale of
the Rushville, Illinois location for $380,000. Of those proceeds,
$44,000 was paid to Ally Financial, LLC in full satisfaction of its
secured claim on the 2022 Cadillac Escalade (financed through
Ally), and the net remainder of approximately $336,000 was applied
to the ReadyCap indebtedness. The Mendon and Golden, Illinois
locations were sold for $437,000, with net proceeds applied to
ReadyCap. After application of those proceeds, the corrected
ReadyCap balance is $1,657,345, secured by the Kahoka real
property.
On February 18, 2026, Senior Judge Rick Roberts placed the
Dissolution Proceeding in general abeyance pending completion of
this bankruptcy, expressly preserving the Dissolution Court's
jurisdiction over marital property including Christopher Triplett's
membership interest. On February 17, 2026, Sandra Triplett filed
her First Amended Plan. Christopher Triplett filed his Objection to
the Disclosure Statement.
The Plan is a going-concern reorganization of the Kahoka, Missouri
funeral home.
Class 2 consists of General Unsecured Creditors. Paid pro rata from
Disposable Income, distributed quarterly over the Plan term.
Christopher Triplett's Equity Retained (Class 3). 100% membership
interest is unimpaired and retained. This eliminates the absolute
priority violation at the center of the Sandra Triplett Plan.
Under the Plan, ReadyCap receives full payment of its Allowed
Secured Claim with interest at 7% per annum over eight years.
General unsecured creditors receive pro rata quarterly
distributions from Disposable Income, distributions they would
receive nothing of in any liquidation scenario. Christopher
Triplett retains his membership interest, which has demonstrated
going-concern value. Every creditor and interest holder receives at
least as much under the Plan as in a Chapter 7 liquidation, and
most receive substantially more. The best interests test is
satisfied for each class.
Christopher Triplett's Plan provides a legally correct, financially
sound, and fair resolution. It pays ReadyCap in full at 7% per
annum interest-only on the confirmed Allowed Secured Claim (stated
as $1,657,345, subject to adjustment for the $44,000 Ally Financial
payment) with an 8 year balloon, compensates general unsecured
creditors from Disposable Income, provides a LaSalle-compliant
Market Process, pays the Wilson mortgage claim at $1,000/month
without interest, treats ReadyCap's alleged vehicle lien claims as
Disputed Claims with no distribution pending determination of
validity, and preserves the Clark County Dissolution Court's
jurisdiction.
Administrative claims, including Trustee compensation in the amount
to be approved by the Court, are paid in full. The Plan does not
cancel the equity of the sole member of record without compensation
and does not use the bankruptcy process to circumvent applicable
non-bankruptcy law.
A full-text copy of the Disclosure Statement dated March 9, 2026 is
available at https://urlcurt.com/u?l=QSsxM3 from PacerMonitor.com
at no charge.
Attorney for Proponent Christopher Triplett:
Steven A. Levy, Esq.
P.O. Box 711
Cuba, Missouri 65453
410-212-4650
Email: salevy@att.net
About Triplett Funeral Homes
Triplett Funeral Homes, LLC, a company in Kahoka, Mo., is a locally
owned and operated funeral service provider dedicated to offering
compassionate services and personalized care to families during
their time of need.
Triplett Funeral Homes sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27,
2025. In its petition, the Debtor reported between $1 million and
$10 million in both assets and liabilities.
Judge Kathy A. Surratt-States oversees the case.
The Debtor is represented by Fredrich J. Cruse, Esq., at Cruse
Chaney-Faughn.
Robert E. Eggmann is the Debtor's Chapter 11 trustee.
TRY TROUT: Amends Plan to Include Sortis Secured & Unsecured Claims
-------------------------------------------------------------------
Try Trout and Industrial, LLC, submitted a Disclosure Statement to
accompany Amended Plan of Reorganization dated March 10, 2026.
The Debtor owns two properties, referred to as Heritage Village and
Creekside Village (the "Properties").
The Plan contemplates paying all Allowed Claims in full through
either a Sale Transaction (i.e., a sale of the Properties) or a
Restructuring Transaction (i.e., a refinancing of the Properties, a
recapitalization of the Debtor, a sale of the secured debt, or an
alternative transaction that produces sufficing value to allow
Debtor to repay its debt in full).
To effectuate the Sale or Refinancing Transaction, Debtor has
engaged the real estate brokerage firms of Berkadia Real Estate
Advisors Inc. and Keen-Summit Capital Partners LLC ("Keen," and
together with Berkadia, the "Brokers") who have extensive
experience effectuating such transactions. The Brokers were
selected after consulting with Debtor's secured lenders, Builders
Capital Finance, LLC and Truckee Development Associates, LLC
("TDA").
The Debtor and Builders Capital have entered into a Court-approved
stipulation that includes the following milestone dates pertinent
to effectuating a sale or restructuring transaction as contemplated
in the Plan (the "BC Stipulation"), which dates may be extended by
an order of the Bankruptcy Court:
* on or before April 6, 2026, Debtor shall have entered into
either (a) a binding asset purchase agreement for a Sale
Transaction, or (b) one or more binding agreements whereby Debtor
will complete a Restructuring Transaction; and
* on or before June 4, 2026, Debtor shall have closed a sale
or refinance of 100% of the Properties.
The Debtor believes that it will be able to effectuate either a
Sale Transaction or a Restructuring Transaction (collectively
referred to as an "Effectuating Transaction") within these
timeframes and that such transaction will enable Debtor to pay all
Allowed Claims against Debtor in full.
The Debtor is requesting a confirmation hearing and a Plan
balloting deadline after April 6, 2026, to ensure that all
Creditors have visibility into whether a binding asset purchase
agreement for a Sale Transaction or Restructuring Transaction has
been entered into prior to voting on the Plan.
Class 3 consists of Sortis Secured Claim, which is the Secured
portion of the Sortis Claim held by Sortis Income Fund Reit, Inc.,
as assignee of Sorfi, LLC. The Sortis Secured Claim is equal to the
value of The Landing Personal Property. In full and final
satisfaction of Debtor's obligation on account of the Allowed
Sortis Secured Claim, The Landing Personal Property shall be
transferred to Tahoe Railyard in accordance with Section 5.1.4 of
the Plan and Sortis' first position Lien in The Landing Personal
Property shall be preserved and unaltered upon such transfer.
Sortis shall retain only the Lien rights against The Landing and
The Landing Personal Property (and not against property in which
the Estate or Debtor has an interest) arising under the Sortis Loan
Documents after the transfer. For the avoidance of doubt, upon the
transfer provided in Section 5.1.4 of the Plan being completed,
Sortis shall not receive any payment from Debtor on account of the
Allowed Sortis Secured Claim. Class 3 is Impaired under the Plan
and the Holder of the Allowed Class 3 Claim is entitled to vote on
the Plan.
Class 7 is comprised of the Allowed Sortis Unsecured Claim, if any.
The Sortis Unsecured Claim is equal to the amount by which the
Sortis Claim exceeds the sum of the values of The Landing and The
Landing Personal Property, if any, calculated as of the date of the
Confirmation Hearing. Sortis contends that the outstanding balance
of the Sortis Claim as of the Petition Date is $14,173,941.30. As
of the Confirmation Hearing, Debtor expects that to the extent not
disallowed, any Allowed Sortis Unsecured Claim will be a small
fraction of the asserted Sortis Claim.
The Debtor will implement its Plan by completing an Effectuating
Transaction, which shall be either the closing of a Sale
Transaction or Restructuring Transaction.
On the Effective Date, Debtor shall be reorganized pursuant to the
terms of the Plan and shall continue to exist as a separate entity
in accordance with applicable law. The Reorganized Debtor shall be
managed by Lamb Partners, LLC, Debtor's current manager. Debtor's
existing articles of organization and operating agreement (as
amended, supplemented, or modified) will continue in effect for the
Reorganized Debtor following the Effective Date, except to the
extent that such documents are amended in conformance with the Plan
or by proper corporate action after the Effective Date.
On the Effective Date, except for the Assets15 that are transferred
in accordance with the terms of an Effectuating Transaction (which
shall exclude The Landing Personal Property), the Debtor's Assets
shall be transferred to, and vest in, the Reorganized Debtor free
and clear of all Liens, Claims, and Equity Securities.
A full-text copy of the Disclosure Statement dated March 10, 2026
is available at https://urlcurt.com/u?l=6FtFoQ from
PacerMonitor.com at no charge.
Counsel to the Debtor:
William M. Noall, Esq.
Talitha Gray Kozlowski, Esq.
Garman Turner Gordon LLP
7251 Amigo Street, Suite 210
Las Vegas, NV 89119
Tel: (725) 777-3000
Fax: (725) 777-3112
Email: wnoall@gtg.legal
tgray@gtg.legal
About Try Trout and Industrial
Try Trout and Industrial LLC develops and manages property in
Truckee, California, focusing on parcels located at 11157, 11158,
and 11189 Church Street. The Company's projects are part of the
Downtown and Railyard Master Plan zones, including the Trout Creek
and Industrial Heritage Districts. It operates within the real
estate and property development sector, holding ownership of
multiple parcels.
Try Trout and Industrial LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August
27, 2025. In its petition, the Debtor reports estimated assets
between $50 million and $100 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Christopher D. Jaime handles the case.
The Debtor is represented by William M. Noall, Esq. at GARMAN
TURNER GORDON LLP.
TSUNAMI RESTAURANTS: Ryan Richmond Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Ryan Richmond as
Subchapter V trustee for Tsunami Restaurants, LLC.
Mr. Richmond will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Richmond declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ryan J. Richmond
450 Laurel Street, Suite 1450
Baton Rouge, LA 70801
Tel. (225) 412-3667
Fax: (225) 286-3046
Email: ryan@snw.law
About Tsunami Restaurants LLC
Tsunami Restaurants, LLC is a hospitality company engaged in
restaurant operations specializing in sushi and Asian-inspired
dishes. The company operates dining establishments that cater to
customers seeking modern and upscale culinary experiences.
Tsunami Restaurants, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-10176) on March 02, 2026. The
debtor reports estimated assets between $0 and $100,000 and
estimated liabilities between $100,001 and $1,000,000 in its
bankruptcy petition.
Honorable Bankruptcy Judge Michael A. Crawford presides over the
case.
The debtor is represented by H. Kent Aguillard, Esq.
TYRO ENTERPRISES: Case Summary & Four Unsecured Creditors
---------------------------------------------------------
Debtor: Tyro Enterprises LLC
9 Sunset Lane
Bridgeton, NJ 08302
Business Description: Tyro Enterprises LLC, based in
Bridgeton, New Jersey, operates a fleet of Kenworth and Mack
tractors along with supporting equipment such as a Bobcat to
provide freight transportation and logistics services across the
United States.
Chapter 11 Petition Date: March 17, 2026
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 26-12921
Debtor's Counsel: Daniel Reinganum, Esq.
LAW OFFICES OF DANIEL REINGANUM, PC
615 White Horse Pike
Haddon Heights, NJ 08035
Tel: 856-548-5440
Email: daniel@reinganumlaw.com
Total Assets: $1,025,501
Total Liabilities: $736,669
The petition was signed by Troy Pitts as owner.
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/DZS4UHA/Tyro_Enterprises_LLC__njbke-26-12921__0001.0.pdf?mcid=tGE4TAMA
UHY LLP: Barings CI Marks $4.1MM Loan at 47% Off
------------------------------------------------
Barings Corporate Investors has marked its $4,052,029 loan extended
to UHY LLP to market at $2,133,194 or 53% of the outstanding
amount, according to Barings CI's N-CSR for the fiscal year ended
Dec. 31, 2025, filed with the U.S. Securities and Exchange
Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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.
UNCLE NEAREST INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Uncle Nearest, Inc.
3125 US-231 North
Shelbyville, TN 37160
Business Description: Shelbyville, Tennessee-based Uncle
Nearest, Inc. owns and manages the Uncle Nearest Premium Whiskey
brand, producing, marketing, and distributing a portfolio of
Tennessee whiskeys. The company operates the Nearest Green
Distillery as its production facility and visitor destination,
highlights the legacy of Nathan "Nearest" Green, and has pursued
international growth through new spirits lines and strategic
partnerships.
Chapter 11 Petition Date: March 17, 2026
Court: United States Bankruptcy Court
Eastern District of Tennessee
Case No.: 26-30470
Judge: Hon. Suzanne H Bauknight
Debtor's Counsel: Lynn Tarpy, Esq.
TARPY, COX, FLEISHMAN & LEVEILLE, PLLC
1111 N Northshore Dr
Suite N-290
Knoxville, TN 37919
Tel: (865) 588-1096
Fax: (865) 588-1171
E-mail: ltarpy@tcflattorneys.com
Estimated Assets: $500 million to $1 billion
Estimated Liabilities: $100 million to $500 million
The petition was signed by Fawn Weaver as chief executive officer.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/N2NEL7Y/Uncle_Nearest_Inc__tnebke-26-30470__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Advanced Spirits, LLC $595,350
2803 Buffalo Speedway
Houston, TX 77098
2. Affinity Technology Partners $229,210
278 Franklin Rd.
Bldg. 4 Ste 350
Brentwood, TN 37027
3. Berlin Packaging, LLC $250,139
525 West Monroe St.
14th Floor
Chicago, IL 60661
4. Billups, LLC $286,258
PO Box 22012
New York, NY
10087-2012
5. Clear Channel Outdoor $271,821
4830 N. Loop 1604 W
Ste 111
San Antonio, TX 78249
6. Convesant $415,165
30501 Agoura Road
Suite 200
Agoura Hills, CA
91301-4386
7. Deluxe $193,077
PO Box 645635
Cincinnati, OH 45264
8. Deluxe - 20UNCNEA $859,695
3680 Victoria Street North
Saint Paul, MN 55126
9. Genesis Global Recruiting $1,418,759
3000 SW 148 Ave.
Ste 116
Hollywood, FL 33027
10. Gunderson Dettmer $268,739
550 Allerton St.
Redwood City, CA 94063
11. iHeartMedia, Inc. $177,799
3400 W Olive Ave.
Ste 550
Burbank, CA 91505
12. Monalto Corporate Events, Inc. $1,207,126
11720 Amber Park Dr.
Ste No. 160
Alpharetta, GA 30009
13. Morgan, Lewis & $287,999
Bockius, LLP
101 Park Ave.
New York, NY 10178
14. Oracle America Inc. $581,000
5612 Collections
Center Drive
Chicago, IL 60693
15. Pollinate, Inc. $660,706
315 SW 11th Ave.
Ste 200
Portland, OR 97205
16. Pratt Corrugated Holdings, Inc. $277,691
PO Box 933949
Atlanta, GA 31193
17. The Brand Guild $246,296
1056 Thomas
Jefferson St. NW
Washington, DC 20007
18. Tricorbraun Inc. $357,374
6 CityPlace Drive
Ste 1000
Saint Louis, MO 63141
19. VentraOps $199,120
1578 W San
Bernardino Rd. Ste E
Covina, CA 91722
20. Wedland Group $289,308
1601 Corporate Cir.
#5807
Petaluma, CA
94955-8810
UNCLE NEAREST: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Uncle Nearest Real Estate Holdings, LLC
3125 Highway 231 N
Shelbyville, TN 37160-7333
Business Description: Uncle Nearest Real Estate Holdings,
LLC, based in Shelbyville, Tennessee, owns the Nearest Green
Distillery, including the building, furniture, equipment, and
fixtures used in its operations.
Chapter 11 Petition Date: March 17, 2026
Court: United States Bankruptcy Court
Eastern District of Tennessee
Case No.: 26-30472
Judge: Hon. Suzanne H Bauknight
Debtor's Counsel: Lynn Tarpy, Esq.
TARPY, COX, FLEISHMAN & LEVEILLE, PLLC
1111 N Northshore Dr
Suite N-290
Knoxville, TN 37919
Tel: (865) 588-1096
Fax: (865) 588-1171
Email: ltarpy@tcflattorneys.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Fawn Weaver as chief executive officer.
The Debtor has listed Phillip G. Young, Jr. of Thompson Burton
PLLC, based in Nashville, Tennessee, as its only unsecured
creditor.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/EM25ECA/Uncle_Nearest_Real_Estate_Holdings__tnebke-26-30472__0001.0.pdf?mcid=tGE4TAMA
UNITED PROPERTY: Court OKs Deal on Cash Collateral Access
---------------------------------------------------------
United Property Maintenance Corporation obtained court approval to
access the cash collateral of First Internet Bank of Indiana.
The U.S. Bankruptcy Court for the Central District of California,
Santa Ana Division, approved a third stipulation allowing the
Debtor to continue using the bank's cash collateral to fund
operations.
Under the stipulation, the Debtor is authorized to utilize cash
collateral according to a court-approved operating budget. Spending
that exceeds the total budget by more than 10% requires either
court approval or written consent from First Internet Bank.
The Debtor's authority to access cash collateral continues until
May 31 unless its debt is fully paid earlier or a default occurs.
Defaults include failure to make monthly payments, maintain
insurance, pay utilities, comply with the stipulation, or continue
operating in the ordinary course. If a default occurs and is not
cured within seven days after notice, the Debtor's authority to use
cash collateral will terminate. The order also states that Fora
Financial is considered an unsecured creditor and is not entitled
to adequate protection.
First Internet Bank will be provided with protection through a
first-priority replacement lien on the Debtor's post-petition
assets and monthly payments of $7,442.12. The Debtor must also
maintain insurance on business assets, list the bank as a loss
payee, and provide operational and financial information upon
request, including allowing the bank to inspect collateral with
advance notice.
A copy of the stipulation and court order is available at
https://shorturl.at/ce26m from PacerMonitor.com.
United Property Maintenance had previously executed three
promissory notes with First Internet Bank of Indiana: a first loan
of $555,000 and a second loan of $75,000 in January 2022, later
increased to $350,000, and a Third Loan of $809,000 in September
2024. First Internet Bank of Indiana holds first-priority liens on
substantially all of the Debtor's assets, perfected via UCC
filings. In April, the Debtor obtained a $250,000 high-interest
loan from Fora, which asserts a blanket lien on the Debtor's
assets.
As the bankruptcy case progressed, the parties entered into a
series of stipulations extending the Debtor's authority to continue
using cash collateral. The initial stipulation, approved on
December 2, 2025, allowed such use through January 31, while the
second stipulation approved on January 6 extended the authorization
through March 15.
First Internet Bank of Indiana, as secured creditor, is represented
by:
Rebecca L. Matthews, Esq.
Frost Brown Todd, LLP
1 MacArthur Place, Suite 200
Santa Ana, CA 92707
Telephone: (714) 852-6800
Facsimile: (714) 852-6899
rmatthews@fbtlaw.com
About United Property Maintenance
United Property Maintenance Corporation, doing business as
California Construction Superior, provides residential and
commercial water damage restoration services in San Diego County,
California. It offers 24/7 emergency flood response, water
extraction, drying, mold prevention, and full-service rebuilding of
damaged areas including drywall, paint, and cabinetry. Its
operations include certified technicians, insurance consultations,
and the use of specialized equipment and virtual project tracking
technology.
United Property Maintenance sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12226) on August
11, 2025. In its petition, the Debtor reported total assets of
$470,779 and total liabilities of $2,271,035.
Honorable Bankruptcy Judge Mark D. Houle handles the case.
The Debtor tapped David A. Wood, Esq., at Marshack Hays Wood, LLP
as legal counsel, and Grobstein Teeple, LLP as financial advisor.
UNOSQUARE: Barings CI Marks $1.2MM Loan at 42% Off
--------------------------------------------------
Barings Corporate Investors has marked its $1,239,574 loan extended
to Unosquare to market at $724,324 or 58% of the outstanding
amount, according to Barings CI's N-CSR for the fiscal year ended
Dec. 31, 2025, filed with the U.S. Securities and Exchange
Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Unosquare
Unosquare provides outsourced digital engineering and software
development services to clients in the banking, financial services,
insurance, life sciences and high-tech industries.
VERRICA PHARMACEUTICALS: Narrows Net Loss to $17.9MM in 2025
------------------------------------------------------------
Verrica Pharmaceuticals Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $17.9 million for the fiscal year ended December 31, 2025,
compared to a net loss of $76.6 million for the fiscal year ended
December 31, 2024.
For the fiscal year ended December 31, 2025, the Company recorded a
total revenue of $35.6 million, compared to $7.6 million in 2024.
KPMG LLP, the Company's independent registered public accounting
firm since 2017 and headquartered in Philadelphia, Pennsylvania,
included an explanatory paragraph in its audit report dated March
11, 2026, expressing substantial doubt about the Company's ability
to continue as a going concern. The auditor cited that the Company
has incurred substantial operating losses since inception and has
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
As of December 31, 2025, the Company has an accumulated deficit of
$324.9 million and had cash outflows from operations of $17.6
million for the year ended December 31, 2025. Based on the
Company's current business plan and current capital resources,
consisting of cash and cash equivalents of $30.1 million as of
December 31, 2025, combined with the uncertainty regarding the
availability of additional funding, the Company has concluded that
substantial doubt exists regarding its ability to continue as a
going concern within the next 12 months.
The Company plans to secure additional capital in the future
through equity or debt financings, partnerships, or other sources
to carry out the Company's planned commercial and development
activities. There can be no assurance that such capital will be
available on acceptable terms, or at all. If the Company is unable
to raise capital when needed or on attractive terms, the Company
would be forced to delay, reduce or eliminate continued
commercialization efforts or research and development programs. In
addition, the amount of proceeds the Company may be able to raise
pursuant to its currently effective shelf registration statement on
Form S-3 is limited. As of March 11, 2026, the filing of this
Annual Report on Form 10-K, the Company is subject to the general
instructions of Form S-3 known as the "baby shelf rules." Under
these rules, the amount of funds the Company can raise through
primary public offerings of securities in any 12-month period using
its registration statement on Form S-3 is limited to one-third of
the aggregate market value of the shares of the Company's common
stock held by its non-affiliates. Therefore, the Company will be
limited in the amount of proceeds it is able to raise by selling
its securities using its Form S-3 until such time as the Company's
public float exceeds $75.0 million.
Management Comments:
"In 2025, Verrica successfully implemented a series of
transformational changes that we believe have fundamentally
improved the future growth and strategic value of our entire
business," said Jayson Rieger, PhD, MBA, President and Chief
Executive Officer of Verrica. "Our focused and efficient commercial
strategy allowed us to nearly double dispensed applicator units of
YCANTH from the prior year while cutting selling, general and
administrative expenses by over 40% over that same period. This
February, we dispensed more applicators of YCANTH per selling day
than in any month in our history, reflecting strong and increasing
demand for YCANTH. We are poised to advance our late-stage clinical
pipeline in common warts and basal cell carcinoma, which
collectively could represent a multiple billion-dollar opportunity.
Finally, in 2025 we significantly improved our financial position,
repaying our outstanding debt while extending our cash runway into
the first quarter of 2027.
"Looking ahead, in addition to growing YCANTH sales in the United
States we have multiple potential avenues to continue building
value by entering new markets and expanding our product portfolio.
Our first international partnership for YCANTH, with Torii
Pharmaceutical, has now launched in Japan. After recently gaining
alignment with regulators for YCANTH's approval pathway in the
European Union, we are now able to more meaningfully engage in
discussions with additional potential commercialization partners,
which could provide a significant source of non-dilutive funding
and future revenue for the Company," Dr. Rieger continued.
"We are also advancing toward pivotal Phase 3 studies of VP-315 for
the treatment of basal cell carcinoma. VP-315 represents a unique
opportunity to introduce a novel immunotherapy with potential
abscopal activity that could become a primary or neoadjuvant,
non-surgical treatment option for this large patient population.
With the opportunity to grow YCANTH in the United States, enter new
markets and develop transformative medicines, we are tremendously
excited about what 2026 has in store for Verrica and our patients,"
Dr. Rieger concluded.
A full text copy of the Company's Annual Report is available at
https://tinyurl.com/mufkdz8d
About Verrica Pharmaceuticals
West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a
dermatology therapeutics company developing and selling medications
for skin diseases requiring medical intervention.
As of December 31, 2025, the Company had $47.1 million in total
assets and $22.4 million in total liabilities, and total
shareholders' equity of $24.7 million.
VIAVI SOLUTIONS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Viavi Solutions Inc.'s Long-Term Issuer
Default Rating (IDR) at 'BB-'. Fitch also affirmed the company's
first-lien senior secured term loan B at 'BB+' with a Recovery
Rating of 'RR2' and senior unsecured notes at 'BB-'/'RR4'. The
Rating Outlook is Stable.
Viavi's ratings reflect its solid market position in the wireless
and wireline test-and-measurement sub-sectors and FCF profile. The
ratings also incorporate Fitch's expectation that Viavi's post-M&A
deleveraging plan will reduce EBITDA leverage to within the rating
sensitivities during 2027.
Key Rating Drivers
Post-Acquisition Deleveraging: Following the 2025 acquisitions of
Inertial Labs, Inc. and Spirent Communications plc's high-speed
ethernet, network security and channel emulation testing assets
(HSE & CE) and the subsequent leverage increase, Viavi's EBITDA
leverage is expected to reach around 5x at fiscal YE 2026. EBITDA
Leverage should decline below the 4.5x downgrade sensitivity and
the company's 4x long-term gross leverage target in fiscal 2027.
Fitch's expectation that Viavi will deleverage has allowed leverage
to be temporarily outside of its rating sensitivities.
Viavi repaid $100 million of its term loan B in January 2026,
following the December 2025 exchange of about $103 million in
principle of its 2026 convertible notes into equity.
Improving Market Tailwinds: Exposure to AI data center and related
fiber network interconnection needs is supporting a fast-growing
revenue stream for Viavi as hyperscalers and service providers
increase capex. Overall, Viavi operates in competitive markets
including wireline, wireless, aerospace and defense,
anti-counterfeiting pigments, and 3D-sensing optical filters for
mobile phones. Deep customer relationships and higher barriers to
entry in physical layers testing support its market positions.
Margin Improvement Actions: The 2025 acquisitions support EBITDA
margin through higher scale, a rising mix of higher-margin network
and services enablement revenue, and synergy capture. Viavi's 2026
restructuring and workforce plan, which follows its June 2024 plan,
is intended to reduce annual operating costs by $30 million,
including synergies related to the acquisition of Spirent's HSE &
CE assets. As much of the reductions are tied to workforce actions,
Fitch assumes a reasonable likelihood of execution.
Distinct Business Segments: Viavi operates two largely unrelated
segments that support revenue stability. About 70%-80% of revenue
typically comes from Network and Service Enablement (NSE),
including test and measurement and network optimization, with the
remainder from Optical Security and Performance Products (OSP).
These less-correlated businesses provide diversification, such as
the anti-counterfeiting business for which demand is supported by
stimulus-driven banknote growth in weaker economies. The 2025
acquisitions strengthened Viavi's operating profile but in turn
reduced the relative countercyclical benefit from OSP.
Technology Advancement Supports Demand: Viavi benefits from
exposure to the development and deployment of wireless and wireline
technologies. The availability of Ethernet speeds of 800 gigabits
per second and 1.6 terabits per second supports demand for module
prototypes and lab-test solutions. Viavi's relationships with
service providers support demand from 5G buildouts, while 6G
development supports deeper engagement with key wireless equipment
providers.
Peer Analysis
Viavi competes with Keysight Technologies, Inc. (BBB+/Stable) in
its NSE business segment. Keysight has a larger revenue scale of
about $6 billion versus about $1.4 billion for Viavi. Keysight's
credit profile benefits from higher EBITDA margins in the high-20%
range, compared with Viavi below 20%, and a more conservative
financial structure and policies.
Coherent Corp. (BB/Positive) competes with Viavi in OSP, which
includes optical filters used in 3D sensing. Coherent's revenue
scale is also about $6 billion. Coherent's EBITDA margins in the
low-20% range have been higher than Viavi's. Coherent's EBITDA
leverage is well below Viavi's, at about 2.0x in fiscal 2026,
reflecting its later stage in a post-acquisition deleveraging
cycle.
MKS Inc. (BB/Stable) is a 'BB' category peer. Fitch expects EBITDA
leverage of about 4.0x at fiscal year-end 2026. Like Viavi, MKS has
made discretionary term loan repayments to reduce post-acquisition
leverage. Fitch views financial structure as a key credit factor
for both issuers. Both generate FCF margins that support their
credit profiles, with MKS's typically around 10% and slightly
higher than Viavi's.
Fitch’s Key Rating-Case Assumptions
- Organic revenue growth in NSE in fiscal 2026 is support by the
increased demand for higher bandwidth through fiber buildout by
data center and service providers, along with the introduction of
1.6 terabits-per-second products;
- EBITDA margins improve from the mid-teens in fiscal 2026 to the
high teens in the forecast period as restructuring synergies and
improving operating leverage improve through the forecast period;
- Addition discretionary repayments on the $500 million TLB (net of
the $100MM January 2026 repayment) made during the forecast from
FCF. After Viavi's longer term gross leverage target of 4x is met,
FCF use is more balanced with tuck-in acquisitions and share
repurchases;
- Capex of 2.5%, in line with recent annual levels post a higher
capital investment requirement period.
- Base interest rates applicable to the company's outstanding
variable-rate debt obligations reflects the secured overnight
financing rate (SOFR) forward curve of 3.7%, 3.2%, 3.05% and 3.35%
in fiscal years 2026-2029.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb+, Moderate), Sector Characteristics
(bb, Higher), Market and Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bbb-, Lower), Profitability (bb+,
Lower), Financial Structure (b+, Higher), and Financial Flexibility
(bb, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
fiscal 2025, 50% for the forecast fiscal year 2026 and 40% for the
forecast fiscal year 2027.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'a' results in no
adjustment.
- The SCP is 'bb-'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA leverage sustained above 4.5x;
- Negative FCF margins;
- Sustained below-market organic revenue growth.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage sustained below 3.5x, along with a public
re-commitment to a target below this level;
- Sustained organic mid-single-digit growth;
- Evidence of a decrease in revenue and EBITDA margin volatility.
Liquidity and Debt Structure
As of fiscal 2Q26 on Dec. 27, 2025 Viavi held $766 million in cash
and cash equivalents, excluding about $1.9 million in short-term
investments and $4.7 million in restricted cash. Liquidity is
supported by an undrawn $200 million revolving credit facility
maturing in 2030. In January 2026, Viavi used $100 million of cash
to reduce its term loan balance.
Positive FCF generation is expected to support leverage reduction
and Viavi's liquidity position through its next debt maturity of
$400 million senior unsecured notes in 2029.
Issuer Profile
Viavi is a provider of network test, monitoring and assurance
solutions, as well as optical solutions for hard currency
anti-counterfeiting pigments and 3D sensing.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Viavi Solutions Inc.
LT IDR BB- Affirmed BB-
senior unsecured LT BB- Affirmed RR4 BB-
senior secured LT BB+ Affirmed RR2 BB+
VILLAGE HOMES: Court Oks VWP Property Sale to R. & S. Mitchell
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, has granted Village Homes LP to sell Property, free
and clear of liens, claims, interests, and encumbrances.
The Debtor is a Texas limited partnership formed in 1996. The
Debtor's general partner is DH Management, Inc., a Texas
corporation, which holds a 1% general partner interest. The Debtor
has two limited partners: Michael Dike and James R. Harris.
The Debtor is engaged in the construction of single-family homes,
acquisition of single-family residential lots and options to
acquire lots, and in the marketing and sale of the completed homes.
The Debtor's real properties are located in various subdivisions in
Tarrant and Parker Counties, Texas.
The Court has authorized the Debtor to sell the Property located at
2152 Village Walk Place, Fort Worth, Texas 76008 (VWP Property) to
Reid M. and Samantha L. Mitchell for the purchase price of
$450,000.
The VWP Property shall be sold free and clear of liens, claims and
interest of Huntington Bank with such liens, claims, and interest
to attach to the proceeds of the sale.
The VWP Property is not one of the Contract Lots and is not
included in the Lis Pendens filed by VilHom.
At the closing of the sale of the VWP Property, the closing agent
is authorized to distribute the sales proceeds.
Pursuant to the loan documents between the Debtor and Huntington
Bank, Huntington Bank consents to the distribution of the net sale
proceeds, after payment of the Release Price and closing costs, to
the Debtor for the Debtor’s use in the normal course of its
business operations and administration of this chapter 11 case.
Neither of the Buyers of the VWP Property as identified in the VWP
Agreement is an "insider" of the Debtor.
The VWP Agreement was negotiated between Buyers and the Debtor at
arms length and in good faith, and Buyers are purchasing the VWP
Property for value.
About Village Homes for Fort Worth
Village Homes for Fort Worth was established in 1996 and has grown
into a trusted homebuilder in Fort Worth, Texas, known for its
inspired designs and dedication to quality. With almost three
decades of experience, the company has fulfilled the dreams of over
1,500 homeowners while collaborating closely with the region's top
architects, craftsmen, and vendors.
KC 117 LLC sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on
October 1, 2025.
Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as
legal counsel of the Debtor.
VINTRENDI WINE: Court Extends Cash Collateral Access to April 2
---------------------------------------------------------------
Vintrendi Wine Company received fourth interim approval from the
U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, to use cash collateral to fund operations.
The court authorized the Debtor to use cash collateral through
April 2 within the budgeted amounts, plus 10% or as agreed by the
lien claimants.
The lien claimants include the U.S. Small Business Administration,
Funding Circle USA, Liberty Bank, WebBank as Shopify, and Byzfunder
NY, LLC.
As adequate protection, the lien claimants will be granted
replacement liens on the cash collateral and all property acquired
by the Debtor after the petition date similar to their
pre-bankruptcy collateral. These replacement liens will have the
same priority and extent as the lien claimants' pre-bankruptcy
liens.
The next hearing is set for April 1. The deadline for filing
objections is on March 27.
The interim order is available at https://shorturl.at/QkNJK from
PacerMonitor.com.
About Vintrendi Wine Company
Vintrendi Wine Company is a wine manufacture in Illinois.
Vintrendi sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 25-18650) on December 4, 2025, with
up to $100,000 in assets and up to $1 million in liabilities.
Rickey Nesbitt, president of Vintrendi, signed the petition.
Gregory K. Ster, Esq., at Gregory K. Stern, P.C., represents the
Debtor as legal counsel.
WARNER PACIFIC: Barings CI Marks $2.7MM Loan at 38% Off
-------------------------------------------------------
Barings Corporate Investors has marked its $2,719,762 loan extended
to Warner Pacific Insurance Services to market at $1,680,653 or 62%
of the outstanding amount, according to Barings CI's N-CSR for the
fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 providing employee benefits solutions.
WEATHERMASTER ROOFING: Gets Extension to Access Cash Collateral
---------------------------------------------------------------
Weathermaster Roofing Co. received another extension from the U.S.
Bankruptcy Court for the Northern District of New York to use cash
collateral for payroll and operational expenses.
The court issued a seventh interim order authorizing the Debtor to
use cash collateral in line with its budget until the next hearing
set for April 7.
The court recognized the continuing validity and perfection of
liens held by M&T Bank and other secured creditors, granting them
the same post-petition status and protection as existed
pre-bankruptcy.
Additionally, the Debtor was ordered to make monthly payments of
$500 to fund an escrow for Subchapter V trustee fees.
A further hearing is scheduled for April 7.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/0XAxj from PacerMonitor.com.
Based on a UCC search, there are four UCC financing statements that
have been filed by these creditors against cash collateral assets
of the Debtor: M&T Bank, Moby Capital and the U.S. Small Business
Administration.
To the extent that these liens and security interests are properly
perfected, all of the Debtor's cash on hand and to be collected
from its customers may constitute proceeds of the collateral and,
therefore, may be deemed to be cash collateral.
M&T Bank is represented by:
Marjorie A. Bialy, Esq.
One M&T Plaza, 8th Floor
Buffalo, NY 14203
Phone: (716) 842-2301
Fax: (716) 842-5376
mbialy@mtb.com
About Weathermaster Roofing Co. Inc.
Weathermaster Roofing Co. Inc., established in 1984, provides
commercial and institutional roofing installation and architectural
sheet metal services, operating in the Southern Tier region of New
York. The Company specializes in single ply systems, modified
bitumen systems, and specialty roofing systems. It is licensed,
bonded, and carries full liability and workers' compensation
insurance.
Weathermaster Roofing Co. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No.
25-60824) on September 12, 2025, listing total assets of $1,704,705
and total liabilities of $2,597,003. Mark Schlant, Esq., at
Zdarsky, Sawicki & Agostinelli, LLP serves as Subchapter V
trustee.
Honorable Bankruptcy Judge Wendy A. Kinsella handles the case.
The Debtor is represented by Peter A. Orville, Esq., at Orville &
McDonald Law, P.C.
WEST 3RD HOLDINGS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of West 3rd Holdings, LLC.
About West 3rd Holdings LLC
West 3rd Holdings, LLC, doing business as IL Giglio, operates an
Italian restaurant specializing in Tuscan and regional cuisine in
New York.
West 3rd Holdings filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Pa. Case No. 26-10329) on Jan. 27, 2026,
listing $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Lydia Katcoff, the authorized
representative, signed the petition.
Judge Derek J. Baker oversees the case.
Ciardi, Ciardi & Astin serves as the Debtor's legal counsel.
WEST RIDGE: Plan Exclusivity Period Extended to Aug. 3
------------------------------------------------------
Judge David L. Bissett of the U.S. Bankruptcy Court for the
Northern District of West Virginia extended West Ridge, Inc., and
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to Aug. 3 and Oct. 2, 2026,
respectively.
As shared by Troubled Company Reporter, the Debtors explain that
the factors set out in the Express One case weigh in favor of
extending the Exclusive Periods:
* Size and Complexity of the Bankruptcy Case. The Chapter 11
Case is complex, and the size of the case has grown from
encompassing the estates of three debtors to the estates of seven
debtors, three such debtors have been in bankruptcy for less than
two months. Because the Summit DIP Facility was originally
negotiated prior to current counsel's involvement and given the
expanded scope of the Chapter 11 Case after the filing of WRCPI,
WRCP3 and WRCD, Debtors and current counsel needed to spend the
last several weeks negotiating and seeking approval of the
Supplemental DIP Facility.
* Sufficient Time to Negotiate a Plan of Reorganization.
Debtors require time to negotiate a plan of reorganization. The
Debtors obtained interim approval of the Supplemental DIP Facility
on Feb. 17, and will seek final approval at a hearing on March 5.
The funding made available by the Supplemental DIP Facility will
provide the Debtors with the cash needed to formulate, solicit and
seek approval of a plan of reorganization. The Debtors and their
professionals simply need additional time to compile and propose
that plan.
* Good Faith Progress Towards Reorganization. As previously
stated, the Debtors' professionals have worked diligently since
their retention to move the Chapter 11 Case forward. They have
cured reporting and filing deficiencies in the cases of the Initial
Debtors and WR2E and commenced the cases of the Additional Debtors.
They have met ongoing obligations for the Debtors and negotiated a
second post-petition financing facility.
* Reasonable Prospect of Filing a Viable Plan. Debtors are
still evaluating the property of the estates and claims against the
estates and confirming their financial information. However, with
interim authority to use the Supplemental DIP Facility, Debtors now
have sufficient resources to propose, solicit and confirm a chapter
11 plan, and are confident in their ability to do so. The Debtors
are collecting signed non-disclosure agreements from parties in
interest so they may begin diligence in contemplation of potential
exit financing.
Counsel to the Debtors:
David L. Dubrow, Esq.
Scott B. Lepene, Esq.
Nicholas A. Marten, Esq.
Patrick Feeney, Esq.
Carolyn Indelicato, Esq.
ARENTFOX SCHIFF LLP
1301 Avenue of the Americas, 42nd Floor
New York, NY 10019
Telephone: (212) 484.3900
Facsimile: (212) 484.3990
Email: david.dubrow@afslaw.com
scott.lepene@afslaw.com
nicholas.marten@afslaw.com
patrick.feeney@afslaw.com
carolyn.indelicato@afslaw.com
- and -
Annie Y. Stoops, Esq.
ARENTFOX SCHIFF LLP
555 South Flower Street, 43rd Floor
Los Angeles, CA 90071
Telephone: (213) 629-740
Facsimile: (213) 629-7401
Email: annie.stoops@afslaw.com
About West Ridge
West Ridge, Inc., engaged in real estate development and management
in Morgantown, West Virginia, operating under a unified management
structure.
West Ridge and affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. W. Va. Lead Case No. 25-00451) on
Aug. 18, 2025. In its petition, West Ridge reported estimated
assets between $10 million and $50 million and estimated
liabilities between $50 million and $100 million.
Honorable Bankruptcy Judge David L. Bissett handles the cases.
The Debtors tapped David B. Salzman, Esq., at Campbell & Levine,
LLC as bankruptcy counsel and Barth & Thompson as local counsel.
WHITCRAFT HOLDINGS: Barings CI Marks $3.4MM Loan at 32% Off
-----------------------------------------------------------
Barings Corporate Investors has marked its $3,401,585 loan extended
to Whitcraft Holdings, Inc. to market at $2,314,722 or 68% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate Investors is a participant in a First 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate 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 used in commercial and military aircraft engines.
WHITE STAR: L. Todd Budgen Named Subchapter V Trustee
-----------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen,
Esq., a practicing attorney in Longwood, Fla., as Subchapter V
trustee for White Star International Inc.
Mr. Budgen will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Budgen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
L. Todd Budgen, Esq.
P.O. Box 520546
Longwood, FL 32752
Tel: (407) 232-9118
Email: Todd@C11Trustee.com
About White Star International Inc.
White Star International, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
26-01491) on March 4, 2026. At the time of the filing, the Debtor
reported up to $50,000 in both assets and liabilities.
WILLSCOT HOLDINGS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of WillScot Holdings Corporation, and its subsidiaries
Williams Scotsman, Inc. and Williams Scotsman Holding Corp.
(collectively WillScot) at 'BB'. The Rating Outlook is Stable.
Fitch has also affirmed Williams Scotsman, Inc.'s senior secured
debt rating at 'BB-'.
Key Rating Drivers
Established Franchise: WillScot's ratings reflect its established
franchise and leading market position as a provider of modular
office space and storage space solutions, as well as its solid
profitability, appropriately managed residual value (RV) risk, and
experienced management team.
Leverage Constrains Ratings: WillScot's ratings are primarily
constrained by its elevated balance sheet leverage, driven by
negative tangible equity. Cash flow leverage has also weakened over
the past two years due to weakening demand in non-residential
commercial construction. In addition, WillScot's reliance on
secured funding indicates limited financial flexibility.
Appropriately Managed Residual Value Risk: WillScot effectively
manages RV risk through conservative depreciation policies and the
capitalization of costs associated with acquiring and improving
rental equipment. The strong unit-level economics-including the
standardized nature and relatively long useful life of the modular
offices and storage containers further mitigate this risk, as
evidenced by the company's history of healthy margins on rental
unit sales.
Strong Asset Quality: Fitch views WillScot's asset quality as
strong. The allowance for credit losses was 15% of trade
receivables at YE25, which Fitch believes is adequate. In 2025,
WillScot realized RV gains equal to 42.8% of sales proceeds of
containers and modular office units, down from prior highs near 50%
but still solid.
Solid Leasing Margin: WillScot's core profitability is supported by
its high margin value-added products and services (VAPS) and
vertical integration through delivery, installation and removal
services. Excluding one-time items related to accelerated
depreciation tied to the disposal of idle units under the company's
network optimization plan, pre-tax return on average assets was
4.1% in 2025, down from the 2023 high of 10.8%, but still solid for
the current rating. WillScot's adjusted EBITDA margin was 42.6%.
Fitch expects WillScot will continue to report sound profitability
through the cycle, supported by core business growth and scale.
Weak Tangible Equity: Leverage, calculated as total
debt-to-tangible equity, is not meaningful given WillScot's
negative tangible equity balance at YE25. Goodwill and
intangibles-driven by the company's numerous acquisitions-amounted
to $1.5 billion at YE25. Fitch believes the company will accrete
retained earnings and restore positive tangible equity over time.
As a complementary metric, Fitch considers WillScot's cash flow
leverage (total debt/adjusted EBITDA), which was 3.7x at YE25.
While this is above WillScot's 2.5x - 3.5x target range, Fitch
expects leverage to return to the targeted range over time driven
by growth in VAPS revenue, as well as realized benefits from the
network optimization plan.
Limited Funding Flexibility: WillScot's funding flexibility is
limited, as reflected in its fully secured funding profile. Fitch
would view the addition of an unsecured funding component
favorably. The liquidity profile is adequate, with interest
coverage (adjusted EBITDA-to-interest expense) of 4.1x in 2025
compared with a four-year average of 5.0x. Liquidity resources
include $14 million of balance sheet cash and $1.4 billion of
borrowing capacity on committed facilities. WillScot's next major
debt maturity is not until 2028, when $497 million of senior
secured notes mature.
Stable Outlook: The Stable Outlook reflects Fitch's expectation
that WillScot will maintain adequate liquidity to meet operational
needs and debt service obligations, continue to report strong asset
quality metrics and generate consistent operating cash flows.
Additionally, the Outlook reflects the expectation that WillScot's
cash flow leverage will return to management's targeted range in
2026.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Leverage sustained above the 3.5x on a debt-to-adjusted EBITDA
basis;
- Sustained deterioration in the adjusted EBITDA margin to 40% or
below;
- Significant decline in market share or weakening market
position;
- Deterioration in the liquidity profile, as evidenced by a decline
in adjusted EBITDA/interest expense below 4.0x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Maintenance of an adjusted EBITDA margin over 45%.
- Sustained leverage ratio in the targeted range of 2.5x-3.5x
debt-to-adjusted EBITDA.
- Progress toward restoring a positive tangible equity balance.
- Enhancement of the liquidity profile, including an improvement in
EBITDA/interest expense of 5.0x or more on a sustained basis.
- Addition of an unsecured funding component above 10% of total
debt.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
WillScot's secured debt rating is one notch below its Long-Term
IDRs, reflecting the structural subordination of the secured notes
to the asset-based credit facility.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The senior secured debt rating is primarily sensitive to changes in
WillScot's Long-Term IDR. A meaningful decrease in recovery
prospects could result in the secured debt rating being notched
further from the Long-Term IDR. Conversely, the creation of a
separate collateral pool for the secured notes and/or the addition
of an unsecured funding component, which enhances recovery
prospects, could result in an equalization of the ratings.
SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES
The ratings of William Scotsman, Inc. and Williams Scotsman
Holdings Corp. are equalized with the Long-Term IDR of WillScot and
would be expected to move in tandem with it.
ADJUSTMENTS
- The Standalone Credit Profile (SCP) is assigned in line with the
implied SCP.
- The Business Profile score has been assigned below the implied
score due to the following adjustment reason(s): Business model
(negative).
- The Asset Quality score has been assigned below the implied score
due to the following adjustment reason(s): Risk profile and
business model (negative).
- The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason(s): Revenue
diversification (negative).
- The Capitalization & Leverage score has been assigned above the
implied score due to the following adjustment reason(s):
Profitability, pay-outs and growth (positive).
- The Funding, Liquidity & Coverage score has been assigned below
the implied score due to the following adjustment reason(s):
Funding flexibility (negative).
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity. Fitch's ESG Relevance Scores are not inputs in the
rating process; they are an observation on the relevance and
materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Williams Scotsman, Inc.
LT IDR BB Affirmed BB
senior secured LT BB- Affirmed BB-
WillScot Holdings
Corporation LT IDR BB Affirmed BB
Williams Scotsman
Holdings Corp. LT IDR BB Affirmed BB
WILSON LANGUAGE: Barings CI Marks $1.2MM Loan at 28% Off
--------------------------------------------------------
Barings Corporate Investors has marked its $1,255,067 loan extended
to Wilson Language Training to market at $900,301 or 72% of the
outstanding amount, according to Barings CI's N-CSR for the fiscal
year ended Dec. 31, 2025, filed with the U.S. Securities and
Exchange Commission.
Barings Corporate 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 Corporate Investors is a closed-end management investment
company that primarily invests in privately placed,
below-investment-grade corporate debt and equity securities.
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 Corporate Investors
300 South Tryon Street, Suite 2500
Charlotte, NC 28202
Telephone: (704) 805-7200
About Wilson Language Training
Wilson Language Training is a leading provider of supplemental
literacy curricula and professional development products for the
K-12 market, with a particular focus on early reading instruction
for grades K-3.
WOODFORD PROPERTY: Gets Final OK to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Kentucky
issued a final order allowing Woodford Property Management, Inc. to
use cash collateral.
Under the order, the Debtor is authorized to use cash collateral to
fund operations according to a court-approved budget.
The Debtor may spend funds on listed expenses but may exceed
individual budget line items by up to 10%, provided the total
budget is not exceeded by more than that amount without court
approval or creditor consent. The Debtor must also submit updated
budgets at least seven days before the current budget expires.
To protect secured creditors, the court granted them replacement
liens on the Debtor's property with the same priority they held as
of the petition date.
The Debtor is also required to account for its use of cash
collateral and allows funds to be set aside for professional fees
and future U.S. Trustee fees. The final order remains binding even
if the Debtor's Chapter 11 case is converted to Chapter 7 or is
dismissed.
Creditors claiming an interest in cash collateral include the
Internal Revenue Service, Kentucky Department of Revenue and
several lenders based on tax liens, UCC-1 filings, and merchant
cash advance agreements covering the Debtor's accounts,
receivables, and other personal property.
The Debtor owes $5,395,917.64 to the IRS, $516,774.46 to the
Kentucky Department of Revenue, plus smaller amounts to local tax
authorities. It also owes over $1.3 million to merchant cash
advance lenders, which, after default, have demanded direct payment
from the Debtor's customers.
The final order is available at https://is.gd/1acu8I from
PacerMonitor.com.
About Woodford Property Management Inc.
Woodford Property Management, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-30054)
on Feb 20, 2026, with $100,001 to $500,000 in assets and $1 million
to $10 million liabilities.
Judge Hon. Douglas L Lutz oversees the case.
The Debtor is represented by:
Dean A. Langdon, Esq.
Gartland Thacker Delcotto PLLC
Tel: 859-231-5800
Email: dlangdon@gtdfirm.com
WTA 25 LLC: Case Summary & Four Unsecured Creditors
---------------------------------------------------
Debtor: WTA 25, LLC
7454 Old Hickory Blvd
Whites Creek, TN 37189
Business Description: WTA 25, LLC, based in Whites Creek,
Tennessee, manufactures and sells high-end
luxury entertainer coaches and maintains a
fleet under a lease agreement with Encore
Luxury Coach Leasing TN, Inc.
Chapter 11 Petition Date: March 16, 2026
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 26-01198
Judge: Hon. Randal S Mashburn
Debtor's Counsel: Michael G. Abelow, Esq.
SHERRARD ROE VOIGT & HARBISON, PLC
1600 West End Avenue
Suite 1750
Nashville, TN 37203
Tel: (615) 742-4532
Email: mabelow@srvhlaw.com
Total Assets: $3,876,349
Total Liabilities: $3,993,427
The petition was signed by Justin Ward as member.
A full-text copy of the petition, which includes a list of the
Debtor's four unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/ELBAIIQ/WTA_25_LLC__tnmbke-26-01198__0001.0.pdf?mcid=tGE4TAMA
XWELL INC: James Joseph McCabe III Holds 5.5% Equity Stake
----------------------------------------------------------
James Joseph McCabe III, disclosed in a Schedule 13G filed with the
U.S. Securities and Exchange Commission that as of February 24,
2026, he beneficially owns 319,000 shares of XWELL, Inc.'s Common
Stock, par value $0.01 per share, representing 5.5% of the
5,766,703 shares of common stock outstanding as of November 11,
2025, as reported in the Company's Quarterly Report on Form 10-Q
filed with the SEC on November 14, 2025.
James Joseph McCabe III may be reached through:
James Joseph McCabe III
68 Fiesta Way
Fort Lauderdale, FL 33301
A full-text copy of James Joseph McCabe III's SEC report is
available at: https://tinyurl.com/ycxpskh2
About XWELL
New York, N.Y.-based XWELL, Inc. is a global wellness company
operating multiple brands and focused on bringing restorative,
regenerative and reinvigorating products and services to
travelers.
Morristown, N.J.-based Marcum LLP, the Company's former auditor,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has
incurred significant losses and needs to raise additional funds to
meet its obligations and sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
As of September 30, 2025, the Company had $21.7 million in total
assets, $18.3 million in total liabilities, and a total equity of
$3.1 million.
YELLOW CORP: Kasowitz Prevails Over Teamsters in Fee Dispute
------------------------------------------------------------
Rick Archer of Law360 Bankruptcy Authority reports that Yellow
Corp. has secured court approval to pay Kasowitz LLP more than $12
million in legal fees, following a ruling by a Delaware bankruptcy
judge on Tuesday. The fees relate to litigation in which the
company blames the Teamsters for contributing to its financial
collapse.
Although the Teamsters objected to the payment, the court found
that Kasowitz's work justified the requested compensation. The
judge concluded that the services provided were reasonable and
beneficial to the bankruptcy estate, the report states.
The decision clears the way for payment as Yellow continues
pursuing its claims against the union. The outcome underscores the
importance of the litigation in the company's broader restructuring
and recovery efforts, according to Law360.
About Yellow Corporation
Yellow Corporation -- http://www.myyellow.com/-- operates
logistics and less-than-truckload (LTL) networks in North America,
providing customers with regional, national, and international
shipping services throughout. Yellow's principal office is in
Nashville, Tenn., and is the holding company for a portfolio of LTL
brands including Holland, New Penn, Reddaway, and YRC Freight, as
well as the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow
Corporation had $2,152,200,000 in total assets against
$2,588,800,000 in total liabilities. The petitions were signed by
Matthew A. Doheny as chief restructuring officer.
The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel;
Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel;
Kasowitz, Benson and Torres, LLP as special litigation counsel;
Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as
investment banker; and Alvarez and Marsal as financial advisor.
Epiq Bankruptcy Solutions is the claims and noticing agent.
Milbank LLP serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve
as counsels to Beal Bank USA and the U.S. Department of the
Treasury, respectively.
On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Chapter 11 cases.
The committee tapped Akin Gump Strauss Hauer & Feld, LLP and
Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller
Buckfire as investment banker; and Huron Consulting Services, LLC,
as financial advisor.
ZHL SERVICES: Unsecureds Will Get 1% of Claims over 36 Months
-------------------------------------------------------------
ZHL Services, LLC filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Disclosure Statement regarding Plan of
Reorganization dated March 10, 2026.
The Debtor is the operator of a site prep/land clearing company in
NorthEast Florida which started operations in November of 2014 and
has continuously operated since that time.
The Debtor started operations with a small number of employees and
equipment on construction projects in the NorthEast Florida area.
The Debtor grew rapidly and took on secured debt for vehicles and
unsecured/MCA debt for payroll and other operating costs.
However, the Debtor eventually became unable to continue to
maintain current operating expenses and payments related to the MCA
lenders. The Debtor eventually defaulted on the vehicle loans and
MCA lender debts. The Debtor is still a viable business with
opportunities to continue growth if the vehicle and loan costs can
be reduced or eliminated.
This Plan of Reorganization proposes to pay unsecured creditors of
the Debtor all disposable income during months 1-36 from future
income of the Debtor derived from income generated from the
business that the Debtor will operate during the term of the plan
in order to obtain a discharge.
General unsecured claims are not secured by property of the estate
and are not entitled to priority under Section 507(a) of the Code.
The Plan places all general unsecured creditors in one creditor
class: Class 35. The Plan proposes payments of 1% of allowed claims
on account of all unsecured creditors over a 36-month payment
plan.
This Plan provides for 33 class(es) of secured claims, 1 Class of
Priority Claims and 1 class of unsecured claims. Unsecured
creditors holding allowed claims will receive distributions which
the proponent of this Plan has valued at approximately 1 cent on
the dollar based upon current projections of disposable income.
This Plan also provides for the payment of administrative and
priority claims either upon the effective date of the Plan or as
allowed under the Bankruptcy Code.
Class 35 consists of All General Unsecured Claims. The Debtor will
pay the amount of $500.00 per month for months 1-36 of the plan in
complete satisfaction of the unsecured claims in this case,
including any unsecured deficiency claims as a result of valuations
pursuant to Section 506 of the Bankruptcy Code.
A full-text copy of the Disclosure Statement dated March 10, 2026
is available at https://urlcurt.com/u?l=YJiFpu from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Bryan K. Mickler, Esq.
LAW OFFICES OF MICKLER & MICKLER, LLP
5452 Arlington Expressway
Jacksonville, FL 322211
Telephone: (904) 725-0822
E-mail: bkmickler@planlaw.com
About ZHL Services LLC
ZHL Services, LLC provides land-clearing, demolition, excavation,
utility, and septic services for industrial, commercial, and
residential projects in North Florida. The Company operates as a
locally owned contractor that has expanded from grade-work origins
to a broader range of site-development services. It is recognized
as a Jacksonville Small and Emerging Business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04182) on Nov. 13,
2025. In the petition signed by Haley Lundy, manager, the Debtor
disclosed $2,264,846 in assets and $3,965,913 in liabilities.
Judge Jacob A. Brown oversees the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP, is the Debtor's bankruptcy counsel.
[] Akerman Expands Bankruptcy Practice With Partner Luke Murley
---------------------------------------------------------------
Akerman on March 18, 2026, announced that Lucian ("Luke") Murley
has joined the firm as a partner in its Bankruptcy and
Reorganization Practice Group in Wilmington, Delaware. The addition
deepens the firm's national restructuring capabilities and
reinforces its commitment to delivering sophisticated legal counsel
in one of the country's most consequential jurisdictions for
complex Chapter 11 matters.
"Luke is one of the most respected bankruptcy practitioners in
Delaware, and his arrival significantly enhances the depth of our
practice group," said Andrea Hartley, co-chair of Akerman's
Bankruptcy and Reorganization Practice Group. "His experience
handling Chapter 11 matters — combined with his deep
relationships and standing in the Delaware bankruptcy court —
makes him an invaluable addition for our clients and our team."
Luke brings extensive experience representing companies and
individuals in corporate restructurings and distressed
acquisitions. He also counsels financially healthy businesses that
find themselves as creditors in Chapter 11 proceedings, helping
them navigate risk, maximize recoveries, and protect ongoing
commercial relationships. He has deep experience representing
official committees and fiduciaries in large, high-profile Chapter
11 cases and regularly advises middle-market and privately held
companies in restructuring matters nationwide.
A recognized leader in the Delaware bankruptcy bar, Luke serves as
a court-approved mediator for the U.S. Bankruptcy Court for the
District of Delaware and is a member of the court's Local Rules
Committee. He is an active member of the American Bankruptcy
Institute and serves on the advisory boards of the Mid-Atlantic and
Latin American Symposia. Luke has been ranked by Chambers USA in
Delaware for Bankruptcy/Restructuring and is listed in Best Lawyers
for Bankruptcy and Creditor Debtor Rights/Insolvency and
Reorganization Law and Bankruptcy Litigation.
"Bankruptcy has been central to our Wilmington growth strategy from
the start," said Andrew Dupre, managing partner of the Delaware
office. "With Luke on board, we are well-positioned to deliver
valuable insights to companies seeking to file and those navigating
complex Chapter 11 cases filed here."
Luke follows the recent arrival of Amanda Pooler in Charlotte,
whose practice focuses on high-stakes corporate governance matters
and M&A disputes venued in Delaware's Court of Chancery. Together
with recently joined Wilmington Litigation Partner Tammy Mercer,
these additions further expand Akerman's Delaware dispute
capabilities.
About Akerman
Founded in 1920, Akerman is an Am Law 100 firm recognized by Vault
among the nation's most prestigious law firms. The firm has more
than 700 lawyers and business professionals throughout the United
States.
[] Bae and Ruby Join Simpson Thacher's Capital Structure Practice
-----------------------------------------------------------------
Simpson Thacher & Bartlett LLP on March 17, 2026, announced that
Christine Bae and Jacob Ruby have joined the Firm as Partners in
the Capital Structure Solutions Practice.
Christine and Jacob bring extensive experience advising sponsors,
companies, lenders and investors on complex capital structure
matters, including liability management exercises, special
situations and private credit transactions. Both are known for
designing capital structure solutions that address clients' most
pressing strategic and financial challenges. Their addition
underscores the continued expansion of the Firm's multidisciplinary
platform to meet clients' evolving capital structure needs.
"Christine and Jacob bring deep technical capability, sound
judgment and the ability to craft bespoke solutions for clients
navigating their most complex capital structure challenges," said
David Nemecek, Partner and Head of the Capital Structure Solutions
Practice. "I have had the pleasure to work closely with them both
and know their addition will meaningfully enhance our ability to
deliver strategic client-aligned advice across the capital
structure."
The Capital Structure Solutions Practice integrates Simpson
Thacher's Liability Management and Special Situations, and
Restructuring groups with its broader financing capabilities into a
single global team designed to deliver unconflicted, commercially
focused guidance across the full spectrum of financing strategy,
credit solutions, distressed M&A and chapter 11 restructurings.
"Simpson Thacher's uniquely multidisciplinary approach—bringing
together market‑leading finance, restructuring and capital
markets capabilities into a single, truly integrated platform is a
differentiated offering that will help clients address their most
complex capital structure and financing needs," said Christine Bae.
"The Firm's commitment to building a seamless, coordinated practice
is highly compelling."
"Simpson Thacher's collaborative culture and ability to provide
clients with seamless, cross-practice advice make it an exceptional
platform," said Jacob Ruby. "The opportunity to help grow a team of
such remarkable talent—and to contribute to the continued
expansion of a practice with tremendous momentum - is exciting."
About Simpson Thacher
Simpson Thacher & Bartlett LLP -- http://www.simpsonthacher.com/--
is one of the world's leading international law firms. The Firm was
established in 1884 and has approximately 2,000 lawyers.
Headquartered in New York with offices in Beijing, Boston,
Brussels, Hong Kong, Houston, London, Los Angeles, Luxembourg, Palo
Alto, San Francisco, São Paulo, Tokyo and Washington, D.C., the
Firm provides coordinated legal advice and transactional capability
to clients around the globe.
[] Seasoned Bankruptcy Partner John Penn Joins Fox Rothschild
-------------------------------------------------------------
Fox Rothschild welcomes John D. Penn to the Dallas office as a
partner in the Financial Restructuring & Bankruptcy Department.
"John brings more than four decades of experience guiding clients
through complex bankruptcy and restructuring matters nationwide,"
said Robert J. Palmer, Dallas Office Managing Partner. "His
leadership and pragmatic approach will expand our abilities to
solve problems for clients facing major financial challenges."
Penn, a fellow of the American College of Bankruptcy and a past
president of the American Bankruptcy Institute, represents secured
and unsecured creditors, debtors, trustees and unsecured creditor
committees in high-profile reorganizations and insolvency
proceedings as well as various parties in bankruptcy-related
litigation.
He guides clients through complex Chapter 11 reorganizations and
restructurings spanning a range of industries, including aviation,
financial services, construction, energy, hospitality, home
furnishings, nonprofits, timber, and commercial real estate. He
also handles bankruptcy litigation, defending clients against
actions to recover alleged fraudulent transfers and preferential
transfers, and claims of equitable subordination.
Penn holds dual board certifications in Business Bankruptcy Law
from the American Board of Certification and the Texas Board of
Legal Specialization.
He earned his J.D. from Baylor University School of Law and B.B.A.
from Baylor University.
Prior to joining Fox, Penn was a partner at Perkins Coie.
[] Simpson Thacher Adds Bae & Ruby to Capital Structure Practice
----------------------------------------------------------------
Simpson Thacher & Bartlett LLP announced on March 17, 2026, that
Christine Bae and Jacob Ruby have joined the Firm as Partners in
the Capital Structure Solutions Practice.
Christine and Jacob bring extensive experience advising sponsors,
companies, lenders and investors on complex capital structure
matters, including liability management exercises, special
situations and private credit transactions. Both are known for
designing capital structure solutions that address clients' most
pressing strategic and financial challenges. Their addition
underscores the continued expansion of the Firm's multidisciplinary
platform to meet clients' evolving capital structure needs.
"Christine and Jacob bring deep technical capability, sound
judgment and the ability to craft bespoke solutions for clients
navigating their most complex capital structure challenges," said
David Nemecek, Partner and Head of the Capital Structure Solutions
Practice. "I have had the pleasure to work closely with them both
and know their addition will meaningfully enhance our ability to
deliver strategic client-aligned advice across the capital
structure."
The Capital Structure Solutions Practice integrates Simpson
Thacher's Liability Management and Special Situations, and
Restructuring groups with its broader financing capabilities into a
single global team designed to deliver unconflicted, commercially
focused guidance across the full spectrum of financing strategy,
credit solutions, distressed M&A and chapter 11 restructurings.
"Simpson Thacher's uniquely multidisciplinary approach--bringing
together market‑leading finance, restructuring and capital
markets capabilities into a single, truly integrated platform is a
differentiated offering that will help clients address their most
complex capital structure and financing needs," said Christine Bae.
"The Firm's commitment to building a seamless, coordinated practice
is highly compelling."
"Simpson Thacher's collaborative culture and ability to provide
clients with seamless, cross-practice advice make it an exceptional
platform," said Jacob Ruby. "The opportunity to help grow a team of
such remarkable talent--and to contribute to the continued
expansion of a practice with tremendous momentum--is exciting."
[^] BOOK REVIEW: Management Guide to Troubled Companies
-------------------------------------------------------
Taking Charge: Management Guide to Troubled Companies and
Turnarounds
Author: John O. Whitney
Publisher: Beard Books
Softcover: 283 Pages
List Price: $34.95
Order a copy today at:
http://beardbooks.com/beardbooks/taking_charge.html
Review by Susan Pannell
Remember when Lee Iacocca was practically a national hero? He won
celebrity status by taking charge at a company so universally known
as troubled that humor columnists joked their kids grew up thinking
the corporate name was "Ayling Chrysler." Whatever else Iacocca may
have been, he was a leader, and leadership is crucial to a
successful turnaround, maintains the author.
Mediagenic names merit only passing references in Whitney's book,
however. The author's own considerable experience as a turnaround
pro has given him more than sufficient perspective and acumen to
guide managers through successful turnarounds without resorting to
name-dropping. While Whitney states that he "share[s] no personal
war stories" in this book, it was, nonetheless, written from inside
the "shoes, skin, and skull of a turnaround leader." That sense of
immediacy, of urgency and intensity, makes Taking Charge compelling
reading even for the executive who feels he or she has already
mastered the literature of turnarounds.
Whitney divides the work into two parts. Part I is succinctly
entitled "Survival," and sets out the rules for taking charge
within the crucial first 120 days. "The leader rarely succeeds who
is not clearly in charge by the end of his fourth month," Whitney
notes. Cash budgeting, the mainstay of a successful turnaround, is
given attention in almost every chapter. Woe to the inexperienced
manager who views accounts receivable management as "an arcane
activity 'handled over in accounting.'" Whitney sets out 50
questions concerning AR that the leader must deal with -- not
academic exercises, but requirements for survival.
Other internal sources for cash, including judiciously managed
accounts payable and inventory, asset restructuring, and expense
cuts, are discussed. External sources of cash, among them banks,
asset lenders, and venture capital funds; factoring receivables;
and the use of trust receipts and field warehousing, are handled in
detail. Although cash, cash, and more cash is the drumbeat of Part
I, Whitney does not slight other subjects requiring attention. Two
chapters, for example, help the turnaround manager assess how the
company got into the mess in the first place, and develop
strategies for getting out of it.
The critical subject of cash continues to resonate throughout Part
II, "Profit and Growth," although here the turnaround leader
consolidates his gains and looks ahead as the turnaround matures.
New financial, new organizational, and new marketing arrangements
are laid out in detail. Whitney also provides a checklist for the
leader to use in brainstorming strategic options for the future.
Whitney's underlying theme -- that a successful business requires
personal leadership as well as bricks and mortar, money and
machinery -- is summed up in a concluding chapter that analyzes the
qualities that make a leader. His advice is as relevant in this
1999 reprint edition as it was in 1987 when first published.
John O. Whitney had a long and distinguished career in academia and
industry. He served as the Lead Director of Church and Dwight Co.,
Inc. and on the Advisory Board of Newsbank Corp. He was Professor
of Management and Executive Director of the Deming Center for
Quality Management at Columbia Business School, which he joined in
1986. He died in 2013.
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liabilities delivered to nation's bankruptcy courts. The list
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The Sunday TCR delivers securitization rating news from the week
then-ending.
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